From 1907 through 1916, every United States circulating coin underwent a significant design change. After decades of monotony, each denomination was completely overhauled by some of America’s most talented and famous artists. This represented a major break from tradition. For most of the 19th century, American coins were designed by U.S. Mint staff engravers. Furthermore, multiple denominations often shared the same motif. Five different silver coins, for example, were virtually identical in appearance with the only difference being size.
This practice came to a screeching halt when Theodore Roosevelt became president. He felt America’s coinage should be beautiful, majestic and creative in appearance. This is what spurred the hiring of renowned sculptor Augustus Saint-Gaudens to revamp the $10 and $20 gold pieces. Although Saint-Gaudens passed away before he could tackle the rest of the U.S. gold series, Roosevelt remained committed to the project.
Designing the $2.50 Quarter Eagle and $5 Indian Half Eagle
To maintain the spirit of Saint-Gaudens’ work, Roosevelt commissioned one of his students to design the $2.50 Quarter Eagle and $5 Half Eagle. Bela Lyon Pratt, who had been mentored by Saint-Gaudens, began working on the two denominations in January 1908. By springtime of that year, Pratt submitted plaster models of the coins for Roosevelt’s approval. The President was pleased and ordered the U.S. Mint to begin adopting the design for production.
Pratt’s proposed version of the $5 Half Eagle was unlike any previous U.S. coin. The design details were incused, or sunken. This unique and innovative format had never been attempted on a circulating American coin. U.S. Mint officials were worried the coin would be difficult to strike, as it would be thinner than the Liberty Half Eagle design. Merchants were also concerned the coins would not stack properly or go through automatic counters.
There was even more controversy when the coins were released to the general public. Citizens were gravely concerned that dirt, grime and germs could become trapped in the coin’s recesses. Although these fears were unfounded, one prominent numismatist actually complained directly to the President about the issue. He also called the male Indian on the obverse “emaciated” and believed the coins might be easy to counterfeit. Ultimately, however, most Americans were pleased with the new Half Eagle. In fact, their unusual design made them quite popular as gifts.
Condition & Rarity
There’s one more important factor when discussing the rarity of $5 Indians - condition. This is a direct consequence of the coin’s unusual format. Since the coin is flat and lacks a raised rim, it is especially susceptible to nicks and abrasions. Also, as mentioned earlier, the Mint had difficulty producing the $5 Indian with a complete strike. The incused design was very much a double-edged sword; it was highly attractive, but made the coin less durable and a challenge to produce.
Of the major late 19th and early 20th century gold types, the $5 Indian Half Eagle is actually the rarest in MS64! So when it comes to buying $5 Indians, there's a sweet spot with MS63 graded coins, slightly more common than the very rare higher grades, but still making up quite a small portion of the surviving population.
The Philadelphia Mint $5 Indian from 1908 is one of the most available dates of this series in mint state. All other issues seem to have survived in this condition by mere chance. Easily the most commonly seen mint state examples of this type are those dated 1909-D. Today we want to highlight three dates that represent excellent value for their relatively rarity when compared to the most common dates, and accessible price points.
1910
The 1910 is not especially difficult to find in lower grades, but top grade examples are certainly rare. Overall, the 1910 is roughly comparable to the 1909 and 1912 but it is marginally more difficult to find in MS-64 or MS-65 than either of those two issues. In addition, out of a known roughly 9,000 total surviving population from this year of issue, and while over 3,000 known specimens exist in MS62, in MS63, it drops to just 1,546, making it MUCH rarer.
1911
Although "common" by the standards of this extremely "difficult" series, the 1911 is certainly not common in gem condition in any absolute sense. True gems are very difficult to find and superb quality pieces, although a few do exist, are nearly impossible to locate. Just 8% of the total population of 11,459 exist in MS63, with that number dropping to just 4% in MS64, and exponentially rarer at any higher grade.
1912
This issue was well-made and had a mintage of 790,000 coins, yet it is still relatively difficult to find in gem, in fact, true gems are very rare and almost never seen. A very few really superb (MS-67) examples exist, but a 1912 (or any Indian head $5 for that matter) is a major rarity at that level. Almost without exception, the 1912 is very sharply struck with very good to excellent luster, usually the latter.
In Comparison
The vast majority of Uncirculated coins left from these dates of issue are graded MS61. It’s also worth noting that just 538 $5 Indians have ever graded MS65. This explains why seemingly “common” $5 Indians become five figure rarities in MS65. Even the generic date (1909-D), which is abundant in lower grades, sells for over $10,000 in Gem Uncirculated.
In our view, the current “best value grade” for $5 Indian Half Eagles is MS63. Not only are $5 Indians an outstanding value relative to the price of an MS64 and 65, but they are also selling for a tremendous discount relative to past price levels. In 2006, during a severe shortage, they surged above $5,000 each. Today, remarkably, you can purchase a $5 Indian in the mid $2,000s.
If you’re going to buy MS63 $5 Indians, these three dates represent exceptional value. They are all 5-7x rarer than the common 1909-D, yet sell for just a slightly higher premium...
Current Offer
Today, we can offer you a very limited quantity of these MS63 $5 Indians at a significant discount to their current and peak NGC Price Guide values. We located a superbly-priced group and pounced on the opportunity. In addition to being extremely favorably priced, this high-quality batch contains three guaranteed dates.
Subject to availability, the following options are available for $5 Indians:
Of all the major U.S. gold design types, the MS63 $5 Indian stands out as a remarkable opportunity. They’re 5-7x rarer than the most common date, sell for a miniscule date premium over the generic price, and are virtually impossible to find in higher grades. This is the exact recipe we look for in a Spotlight coin offer! We think you’ll agree – so, expect these coins to vanish quite quickly.
Call us at 800-831-0007 or send us an email to add an MS63 $5 Indian to your investment portfolio today!
*Prices are subject to change based on product availability and market fluctuation. Free shipping, handling and insurance included. Prices reflected are for cash, check, or wire transfer only. Offer expires Friday August 9, 2024.