Indian Head (1908-1929)

Among U.S. coinage, the Indian Head half eagle represented a completely new and unusual design technique, inspired by ancient Greek coins and developed by Bela Lyon Pratt. Nor¬mally, coin designs are raised above a flat field. On incuse coins, the design is impressed into the metal and is lower than the field. Until Pratt's design appeared on the half eagles and eagles of 1908, no American coin had been produced with an incuse design. Pratt came to the attention of Theodore Roosevelt through a mutual friend, Dr. William Bigelow, who shared the president's desire to improve the artistry on American coinage.

Critics of the design feared that the recessed features would collect disease-bearing dirt, and that the coins would be unhealthy and become unsightly. In reality, the incuse coins gathered no more dirt than coins with raised relief, nor has any study shown incuse coins to be any less healthy. Other concerns focused on the "stackability" of the coins (a non-issue, as it turned out) and the ease with which con men could simply carve the design into a blank piece of gold (a very difficult task that was rarely, if ever, tried).

The Indian Head half eagle type was issued from 1908 to 1929, with a large gap from 1917 to 1928. Primary production took place at the Philadelphia Mint, with sporadic help from the Denver and San Francisco mints. Even the New Orleans Mint joined in, just before the facility was shuttered for good (in 1909).

Rarities include 1909-O (a true low-mintage date) and 1929 (a high-mintage date that saw only a limited release before the large majority of the coins were destroyed). Many dates in this series are "condition rarities"-common in low grade, but often extremely rare in high grade. Nonetheless, sufficient high-grade examples exist of some dates to keep the price affordable. Proof half eagles were made from 1908 to 1915, inclusive, with a matte or satin finish completely unlike the brilliant, sometimes cameo, finish of prior years. All are extremely rare and valuable, representing some of the most desirable of all U.S. issues.

Designed by Bela Lyon Pratt. This new type is one of only two American coins with an entirely incuse design (the other is the Indian Head quarter eagle). The obverse features an Indian chief in ceremonial headdress, with the word LIBERTY above and the date below. Six stars appear on the left side and seven on the right. The reverse features an American eagle, majestically posed with his wings at his side. The eagle is perched atop a bundle of arrows with an olive branch entwined about it. UNITED STATES OF AMERICA appears above, E PLURIBUS UNUM (in smaller letters) appears to the left, and IN GOD WE TRUST (also in smaller letters) appears to the right of the eagle. The denomination "5 DOLLARS" appears at the base of the reverse. Edge: reeded. Standards: weight, 8.359 grams; composition, 90% gold / 10% silver and copper; diameter, 21.6 mm.