The
Saint-Gaudens double eagle (or $20 gold piece) is frequently
acclaimed as the single most beautiful coin in American
history. A case can be made, however, that two smaller United
States gold coins from the same historical period are really
much more innovative and daring. And, at the time they made
their first appearance, they were also quite a bit more
controversial. These two coins are the Indian Head quarter
and half eagles-or, in layman's terms, the Indian Head $2.50
and $5 gold pieces, respectively.
At the start of the 20th century, the life expectancy of
the average American was less than fifty years. But the
four gold coins then being issued by Uncle Sam had all been
around without a major design change for more than fifty
years. Three, in fact, had carried the same design-a portrait
of Miss Liberty wearing a coronet-for more than 60 years.
Clearly, it was time for a change, and in 1901 the groundwork
was laid for that change when Theodore Roosevelt succeeded
to the presidency upon the assassination of William McKinley.
The restless, dynamic Roosevelt was a quintessential agent
of change, taking a personal interest and stamping his imprint
upon the entire gamut of national life-including U.S. coinage.
It was Roosevelt who arranged for famed sculptor Augustus
Saint-Gaudens to redesign the double eagle and eagle (or
$10 gold piece), and he basked in reflected glory when the
stunning new coins debuted to rave reviews in 1907. He then
gave his personal blessing to redesigning the two remaining
gold coins the following year.
The Indian Head quarter eagle and its larger companion,
the half eagle, stand out from all the rest of United States
coinage because their designs and lettering are sunken in
a plane that is uniformly flat. The highest points of relief
are level with the coins' fields, and they have no raised
rims to protect them from wear. In fact, the only element
of these coins to exceed the level of their fields are their
mintmarks, if any.
The concept for such coins came from a Boston physician
and art lover named William Sturgis Bigelow, who happened
to be a close friend of Teddy Roosevelt's. Big-elow's interest
apparently had been stimulated by Egyptian reliefs in the
Boston Museum of Fine Arts, and although there was no modern
precedent for the use of this technique in producing coins,
he and Roosevelt both thought the notion had merit.
Another prominent Bostonian, sculptor Bela Lyon Pratt, got
the assignment of fashioning designs. Unlike Saint-Gaudens,
who had come up with different designs for the double eagle
and eagle, Pratt provided identical portraits for both of
the smaller coins, but their dignity and strength amply
justify this added exposure.
The obverse depicts a realistic-looking Indian brave in
a war bonnet, with the date, thirteen stars and the motto
LIBERTY forming a circle around this central device. The
reverse shows an eagle in repose, perched upon fasces and
an olive branch, the intertwined symbols of preparedness
and peace. Through judicious sizing and placement, Pratt
succeeded in incorporating four different inscriptions on
this side, (UNITED STATES OF AMERICA, E PLURIBUS UNUM, IN
GOD WE TRUST and the statement of value) without causing
the coin to seem unbalanced, cluttered or cramped.
The public of 1908 received the coin with mixed feelings.
Although many appreciated the design's artistic merits,
others immediately found fault. Some felt neither the Indian
nor the eagle were properly represented, while others questioned
the coin's ability to stack properly. Inevitably, the incusing
of the design elements, being unfamiliar, also stirred criticism.
Philadelphia coin dealer Samuel H. Chapman found it particularly
objectionable, warning President Roosevelt that the "sunken
design" would lead to a multitude of problems, including
counterfeiting and even illness (he maintained that the
recessed areas would become clogged with filth and convey
disease). The president remained unshakable, however, in
his support for the coins.
This
Specimen
Though more attractive overall
than the matte finish, the satiny texture employed
for 1909-10 gold proofs prompted some complaints
that the coins were nearly indistinguishable from
currency pieces. While this is hardly the case,
the Mint resumed producing matte proofs in 1911.
Due to their distinctive nature, these seem to have
survived in greater proportion, though rarely is
one seen so beautiful as this specimen. This beauty
is tied with just nine others certified by NGC as
PF-68 (4-07). It is essentially as issued, with
pristine surfaces and uniform surfaces throughout.
Indian Head quarter eagles were issued annually from 1908
through 1915. At that point, the Mint suspended their production
for a decade; when it resumed in 1925, the coins were struck
for five more years before the series ended in 1929-one
of many victims of that year's Wall Street crash. As the
depression took hold, what little gold came into the Mint
was used for production of double eagles. With the cessation
of gold coinage and the great recall of 1934, the quarter
eagle would not return.
With just fifteen different date-and-mint combinations (twelve
issues from the Philadelphia Mint and three from Denver),
the series is one of the smallest in U.S. coinage, making
a complete set attainable for many collectors despite the
relatively high cost of buying anything made of gold. Its
affordability is enhanced by the fact that only one coin,
the 1911-D, is notably scarce; at 55,680, it's the only
coin with a mintage of less than 240,000. The Denver mintmark
can be found on the reverse, to the left of the arrowheads.
Relatively small numbers of matte proofs were made in every
year from 1908 through 1915, but not in the final five years.
The flat matte finish of the proofs proved unpopular with
collectors of the day, and many remained unsold, to later
be melted by the Mint.
Being recessed, the design elements on Indian Head quarter
eagles are protected from excessive wear. At the same time,
this complicates the grading of these coins, since the patterns
of normal wear differ from those of raised-relief coins.
Critical areas for detecting traces of wear are the Indian's
cheekbone and headdress feathers and the shoulder of the
eagle's left wing. Although these coins are relatively plentiful
in grades up to Mint State-64, a sharp drop-off occurs above
that level and very few examples exist in grades of Mint
State-66 and above. Counterfeits of many dates exist, and
some are very deceiving. Any questionable piece should be
authenticated.
The Indian Head quarter eagle may not be quite as magnificent
as the Saint-Gaudens coinage, but it has its fair share
of admirers and has long since overcome its early criticism.
This series offers the advantage of being perhaps the only
series of United States gold coins easily completed. Aside
from the 1911-D, all dates in this series are readily available
in mint state. They also make for a fun and satisfying collection.
Specifications:
Diameter: 18
millimeters
Weight: 4.18 grams
Composition: .900
gold, .100 copper
Edge: Reeded
Net Weight: .12094
ounce pure gold
Mintage Circulation strikes: 704,000
Proofs: 191
Designer: Bela Lyon
Pratt
BIBLIOGRAPHY:
Akers, David W., A Handbook of 20th-century United States
Gold Coins 1907-1933, Bowers & Merena Galleries, Wolfeboro,
NH, 1988.
Breen, Walter, Walter Breen's Complete Encyclopedia of U.S.
and Colonial Coins, F.C.I. Press/Doubleday, New York, 1988.
Fuljenz, Michael & Douglas Winter, A Collector's Guide
to Indian Head Quarter Eagles, published by the authors,
2001.
Garrett, Jeff & Ron Guth, Encyclopedia ofU. S. Gold
Coins 1795-1933, Whitman Publishing, LLC, Atlanta, 2006.
Lange, David W., History of the United States Mint and its
Coinage, Whitman Publishing, LLC, Atlanta, 2005.
Yeoman, R.S., A Guide Book of United States Coins, 60th
Edition, Whitman Publishing, LLC, Atlanta, 2006.
