INDIAN HEAD FIVE DOLLARS OR HALF EAGLE (1908-1929)
1909-O Half Eagle
1909-O Half Eagle Indian. Extremely rare date Indian Half
Eagle in strickly uncirculated condition. This specimen is
found very rarely and as thus is a key in the entire Indian
Half Eagle gold series. Could be a long time before you see
another one of these. This issue is one of the rarest in the
entire series, ranking as the fourth most difficult to obtain
in gem MS-65 grades behind the San Francisco condition-rarity
trio of 1912-S, 1914-S, and 1915-S. Examples
are generally found sharply impressed, often with the mintmark
doubled to the left. This is one of the most sought-after
issues in the series because of the low mintage and general
rarity in any Mint State grade. It has long been considered
a key date and is always in feverish demand. Two gems have
been offered in the past decade: one sold in November 1998,
a NGC MS-65 coin for $178,500; another in May 1998, which
was a gem Uncirculated specimen that realized $374,000 and
may, indeed, be the finest known of this date. The Price coin
traces its pedigree to the Eliasberg Collection. A gem example
is also in the collection of the Smithsonian.
1909-O
$5 or Half Eagle ( 1909-O Half Eagle Indian )
PCGS
No:
8515
Mintage
Circulation strikes:
34,200
Proofs:
0
Designer:
Bela Lyon
Pratt
Diameter:
±21.6
millimeters
Metal
content:
Gold - 90%
Copper - 10%
Weight:
±129
grains (±8.24 grams)
Edge:
Reeded
Mintmark:
"O"
(for New Orleans, LA) left of the arrowheads on
the reverse.
1909-O Indian Head Half Eagle
The 1909-O has the lowest mintage in the Indian Head
series and it is a rare coin in any condition. Because
of its rarity, especially in mint state, this date
is generally overgraded and therefore it is not as
common in the AU and Unc. categories as the relatively
numerous auction records might lead one to believe.
Most known specimens are in the VF to EF range and
strictly graded AU examples are seldom available.
I consider this date to be extremely rare in full
mint state and have seen only a few at that level,
the finest being the nearly perfect gem in the Lilly
Collection in the Smithsonian Institution.
The mintmark on genuine specimens is always weak,
particularly on the left side, and all specimens should
be carefully inspected to be sure they are not really
the common 1909-D .
PRATT'S INDIAN HEAD DESIGN (1908-29)
One of the fulfillments of Pres. Theodore Roosevelt's
"pet crime" plan-improving coinage designs,
bypassing the stupefying mediocrity of Mint Engraver
Barber-was issue of gold coins in the new design by
Bela Lyon Pratt. The story behind this design is in
Chap. 33, Sect, viii, introductory text. To this same
"pet crime" project we owe the magnificent
St. Gaudens eagles and double eagles, and ultimately
also the Lincoln cent and buffalo nickel, undisputedly
making this period the zenith of American coinage
art, at least for sheer numbers of excellent designs
introduced to circulation. (Barber got his revenge
by watering down the designs.)
Nevertheless, hardly were the first Pratt half eagles
out of the Mint before traditionalists began attacking
the design on flimsy grounds. Earlier I cited S. Hudson
Chapman's objections. A more serious criticism which
could have been raised is that Barber ordered mintmarks
to be placed just 1. of arrowheads, failing to notice
that the O, S, or D will be weakly struck and wear
down in that location more quickly than any other
detail.
As
a result, some of the rarer dates like 1908 S and
1909 O come so weak that mintmarks are difficult to
read with certainty, and occasionally the ungodly
either affix an O to a genuine Philadelphia coin or
alter 1909 D to simulate the rarer mint-mark.
A consequence of a different kind is the 1916 without
mint-mark S. Though the Philadelphia Mint issued no
half eagles in 1916, at least two survivors lack the
mintmark. These are generally thought to be 1916 S's
weakly struck so that S does not show. The only one
I have examined is strong enough to make that conclusion
dubious. Alternative possibilities include foreign
matter in the die clogging the mintmark, lapping to
remove clash marks, and inadvertent omission of mintmark.
As neither specimen reported is uncirculated, the
question remains undecidable.
Aside
from this var., the rarest Pratt half eagles in mint
state are 1909 O, 1915 S, 1911 D, and most other S-Mint
issues. In other grades, 1929 is unquestionably rarest.
It remained unrecognized until March 1944, when a
specimen estimated at a routine $25 at auction brought
nine times that figure. During ensuing decades, at
least 60 specimens (mostly mint state with varying
amounts of bag marks) were dispersed from original
rolls; a fourth roll of 20 remained in private hands
in 1978. Dispersal has been slow to avoid depressing
the market.
Proofs 1908-15 are much rarer than those of the preceding
decade, rarer than their reported mintages suggest.
Doubtless heirs mistakenly spent some, and turned
in others during the Great Recall of 1934. Reportedly,
many of the [75P] of 1915, with some unsold 1914's,
went to the Mint's melting pots in Jan. 1917. These
proofs use several variants of the matte, sandblast,
and satin finishes. The list herein (as in Breen {1977})
is doubtless incomplete, but any authentic proof of
an unlisted finish will be an extreme rarity. Fraud
artists have simulated proofs by sandblasting business
strikes; but the real proofs have much more sharpness
of detail (especially on feathers). Edges are much
sharper than on business strikes. Some of these fraudulently
altered coins aroused suspicion because the sandblast
finish covered nicks and scratches. Authentication
is recommended.
The Coinage Act of July 23, 1965 (PL 89-81), Sect.
392, has apparently restored legal-tender status to
half eagles.
PRATT'S INDIAN HEAD
DESIGN
Designer, Bela Lyon Pratt. Engraver, Charles E. Barber,
after Pratt. Mints, Philadelphia (no mintmark), New
Orleans (mintmark O), San Francisco (S), Denver (D).
Mintmarks 1. of arrowheads. Physical Specifications,
Authorizing Acts, as before.
Grade range, VERY GOOD to UNC.; not collected below
VERY FINE. FINE: Knot of hair cord visible; partial
feather contours both sides; full date, letters, and
stars, but no central details. VERY FINE: Over half
headband details; hair-cord knot clear; partial internal
details to Indian's feathers; partial details on breast
and leg feathers, over half wing-feather details.
EXTREMELY FINE: Isolated tiny rubbed spots only; partial
mint luster. UNCIRCULATED: No trace of wear; look
on cheekbone, headdress below BE, and shoulder of
wing (below back of eagle's neck). NOTE: Mintmarked
coins are often weak in centers and at mintmarks.