Lucius S. Ruder was a remarkable figure born on September 18, 1901, in Hamilton, Ohio. He spent a significant part of his life as a director and co-owner of the Cincinnati Sheet Metal and Roofing Company. Ruder was known not only for his business skills but also for his deep roots in Butler County, Ohio. The introduction to a catalog about his work described him as “a quiet, intellectual, punctilious businessman.” His family history is notable; he followed in his father’s footsteps, who had been the president and founder of The First National Bank of Hamilton, Ohio, where Ruder also served as a director.
Ruder’s interest in coin collecting was extraordinary, leading him to own a selection of gold coins that are considered some of the finest in U.S. history.
| Feature | Details |
|---|---|
| Name | Lucius S. Ruder |
| Birth Date | September 18, 1901 |
| Place of Birth | Hamilton, Ohio |
| Career | Director and part owner of the Cincinnati Sheet Metal and Roofing Company |
| Banking Involvement | Director of The First National Bank of Hamilton, Ohio |
| Notable Coins | – 1907 Indian Head, Wire Rim, Period gold $10 eagle (sold for $192,000) |
| – 1849 Mormon gold $2.50 coin (sold for $84,000) | |
| Collection Highlights | Included U.S. gold coins, Washington medals, tokens, and world coins |
| Historical Significance | – 1907 Indian Head: Part of design experiments at the Philadelphia Mint |
| – 1849 Mormon Gold: Linked to the California Gold Rush | |
| Coin Design | 1907 Indian Head featured irregular raised stars; designed by Augustus Saint-Gaudens, modified by Charles Barber |
| Collecting Philosophy | Valued quality and historical context; studied the historical settings of his coins with his wife, Louise |
| Legacy | His collection became highly regarded posthumously, reflecting his love for history and numismatics |
| Death | 1965 |
A Notable Gold Coin Collection
One of Ruder’s most prized possessions was a rare 1907 Indian Head, Wire Rim, Period gold $10 eagle coin, known as Judd-1901. This coin is a true masterpiece and was graded Mint State 64 by the Professional Coin Grading Service (PCGS). It fetched an impressive $192,000 at auction. The coin features irregular raised stars on its edge, a result of experimental designs at the Philadelphia Mint in 1907. The mint was trying to perfect the artistic designs created by Augustus Saint-Gaudens, a renowned American sculptor and designer.
The Wire Rim design was based on Saint-Gaudens’ original concept. However, Chief Engraver Charles Barber made modifications to create the Rounded Rim type, allowing for better stacking of the coins. Barber believed that the changes made to the design did not take away from its artistic value but instead enhanced its appearance. He wrote in a letter that the changes “overcome the objections mentioned” and improved the overall look of the coin.
To identify this particular pattern, PCGS assigned a new coin number (98850). Researcher Roger Burdette stated that these coins were struck using a hastily made edge collar featuring two large stars, with a total of 46 stars arranged in a specific pattern. Notably, the only known specimens of both the Wire Rim and Rounded Rim Indian eagles with raised stars on the edge were previously part of the National Numismatic Collection at the Smithsonian Institution. This collection included three Wire Rim coins and two Rounded Rim coins.
The Charm of Mormon Gold
Ruder’s journey into coin collecting began with a significant acquisition. He purchased a vast collection from Dr. Philip Holmes, a Chicago surgeon who had been building his collection since the 1920s. Ruder not only maintained this collection but also expanded it over the years. His collection included Washington medals, tokens, world coins, and significant U.S. gold coins.
One standout piece from Ruder’s collection was a historic 1849 Mormon gold $2.50 coin. This coin, graded PCGS About Uncirculated 50, sold for $84,000. According to the “Red Book,” Brigham Young, a prominent leader in the Mormon community, introduced the coinage system that included $2.50, $5, and $10 gold pieces. He personally supervised the minting process, which took place in a small adobe building in Salt Lake City.
Stack’s Bowers, a reputable auction house, noted that these coins were often crudely made and typically had striking weaknesses in the center due to the bulging dies used during production. Many circulated widely, but Ruder’s coin featured a soft satin texture with honey-olive surfaces and impressive detail, particularly in the center, where the intricate designs of the all-seeing eye and clasped hands remained crisp despite some wear.
At the time, users valued these $2.50 coins at $2.25 based on their gold content. This valuation occurred because the gold used in the coins was not pure, despite the coins claiming to be “G.S.L.C.P.G.” (Great Salt Lake City Pure Gold). Nonetheless, collectors appreciated these coins for their historical significance as a connection to the California Gold Rush. The gold used for striking the Mormon coins from 1849 to 1850 was sourced from the rich gold fields of California, not from the Great Salt Lake Valley.
Ruder’s Love for History
Ruder enjoyed spending time at home with his wife, Louise. Together, they delved into the historical significance of the coins in his collection. Ruder also had an extensive collection of American letters and historical documents. The introduction to the catalog noted, “Were it not for his untimely death in 1965, Mr. Ruder would have amassed a truly great work when his coins were correlated with the financial documents.” His passion for quality and history shone through in his coins, especially those offered during the Rarities Night session, where collectors gathered to appreciate the beauty and significance of these historical pieces.
In summary, Lucius S. Ruder was more than just a businessman; he was a passionate collector of coins and a lover of history. His impressive collection of U.S. gold coins, especially the rare pieces like the 1907 Indian Head and the 1849 Mormon gold coin, reflects his deep appreciation for the art and history behind each piece. Ruder’s legacy lives on through his coins, which continue to be celebrated by collectors and historians alike.
FAQs
1. Who was Lucius S. Ruder?
Lucius S. Ruder was a businessman and coin collector born on September 18, 1901, in Hamilton, Ohio. He was a director and part owner of the Cincinnati Sheet Metal and Roofing Company and was known for his deep roots in Ohio. He had a passion for collecting coins, especially rare U.S. gold coins.
2. What are some notable coins in Ruder’s collection?
Ruder’s collection included several rare coins, notably the 1907 Indian Head, Wire Rim, Period gold $10 eagle and the 1849 Mormon gold $2.50 coin. These coins are significant due to their historical and artistic value.
3. What is the 1907 Indian Head coin?
The 1907 Indian Head coin is a gold $10 eagle known for its distinctive design featuring irregular raised stars on the edge. It was created during experimental design phases at the Philadelphia Mint and is highly valued among collectors, with one example selling for $192,000.
4. What is unique about the 1849 Mormon gold coin?
The 1849 Mormon gold coin, valued for its historical significance, was part of a coinage system introduced by Brigham Young. Despite its gold content not being pure, it is appreciated for its connection to the California Gold Rush, as the gold used to strike these coins came from California.
5. Why are Ruder’s coins considered historically significant?
Ruder’s coins are historically significant because they represent important periods in American history, including the California Gold Rush and the development of the U.S. coinage system. His collection showcases the artistry and craftsmanship of early American coin designs.