Owner Comments:
The 1844 $10 is one of the rarest No Motto Eagles from any mint; only 6,361 pieces ensures the scarcity of survivors, and significantly, not a single 1844 Eagle was discovered in the remains of the S.S. Republic.
That low mintage begins to tell a story with good reasons for its rarity. After the Panic of 1837, the country went through some difficult years between 1838 and 1844. The unemployment rate was very high, and since there was virtually no social safety net in place, people actually starved in the USA. As a result, few gold coins were struck and even fewer were saved, therefore scattered abrasions and some marks on the portrait are not uncommon for the issue.
Remember, the California Gold Rush had not yet occurred, and the issue was struck at a time when $10 was the highest gold denomination in the land. Only 40 to 50+ examples are presently known in all grades, When available, the typical 1844 ten dollar grades VF-XF, and AU coins are rare with perhaps only 10 pieces known. There are only two or three coins known in MS. Virtually all of the higher grade 1844 eagles that exist have come onto the market in the past few years. These have come from different sources, so it is unlikely that there was a hoard, and none appear to have originated overseas.
Here is a well-detailed XF example of this early Philadelphia issue, showing original olive-gold patina. The auction record for Heritage June 2002 shows it sold for only $2,127.50 -- those were the days! -- and describes it thus:
"The 1844 No Motto Ten is an exceptionally scarce coin with a low mintage of only 6,361 pieces, a mintage that, in this case, is a good indicator of how difficult the issue really is. Much luster is still in evidence beneath a uniform reddish patina and the most noticeable contact marks are found on Liberty's cheek and in the reverse field between the eagle's beak and the A in STATES."
Was lucky enough to get this from the Steve Studer Collection Part 2, and its certificate number has '1863' within it, the year that Baha'u'llah fulfilled the promises of the Bab's teachings begun in 1844 -- look up the Declaration of Baha'u'llah in the Garden of Ridvan, April 21-May 2, 1863. :-)