Pratt's
Indian Head Quarter Eagles - The
new Indian
Head Quarter Eagles were put into production in 1908.
Theodore Roosevelt, who had become president as a result of
McKinley's assassination in 1901 and was in his second term
of office, believed that it was time to reform all United
States coinage, which in his opinion was “atrociously
hideous.” He wanted to put into place his “pet
crime” to improve coinage designs by bypassing the mediocre
Mint Engraver, Charles Barber. Earlier Roosevelt prevailed
on the world-renown sculptor, Augustus Saint-Gaudens, to remake
the gold eagle and double eagle coins. Now, influenced by
Dr. William Sturgis Bigelow, a friend and art connoisseur,
Roosevelt agreed to have Bela Lyon Pratt redesign the gold
half eagle and quarter eagle. Roosevelt got the idea of making
the coins incuse, like certain ancient Egyptian coins. Certainly
this new design would make them different from the coinage
that preceded.
The incuse design of the Indian
Head Quarter Eagle was an innovation never previously
used on circulating United States coinage. The incuse Indian
Head Quarter Eagle was criticized by people in banking
and numismatics. They felt that the new coins could be easily
counterfeited, wouldn’t stack easily, and were unsanitary
because dirt would remain in the incused features. However,
as a whole, the public was indifferent to the new coins, and
the Indian
Head Quarter Eagles coins remained in production and circulation
until 1929, when the Great Depression caused economic upheaval.
Pratt was an accomplished
sculptor and medal maker. A former student of Saint-Gaudens
and the Ecole des Beau Arts in Paris, he became an instructor
at the Boston Museum School. Prominent among his works were
a medal for the President of Harvard University and a bicentennial
medal for Yale University. In addition to medals, he also
made busts and other sculptures. In 1915 he won a gold medal
for an exhibit of seventeen pieces at the Panama-Pacific Exposition
in California.
The series was minted from
1908 to 1915 and then from 1925 to 1929. During these years
and until the Great Recall of 1933, the coins circulated in
commerce. They were often used as birthday and Christmas gifts.
Circulated coins are often seen with rubbed spots on the high
points. Since they were also used extensively for jewelry,
one should be aware of traces of solder or evidence of its
removal. Imperfect reeding might indicate this problem, and
doubtful coins should be authenticated. Authentication is
also recommended for the key coin, the 1911-D, because a number
of counterfeits have been seen. Sometimes a 1911 Philadelphia
minted coin will have a D mintmark added. In uncirculated
grades, the 1911-D is ten times more costly than the plain
issue. (All USRCI coins are guaranteed genuine and authenticated
by one of the major grading services.)
Another innovation is Pratt’s
use of realism in the obverse design. In 1899 a portrait of
“Running Antelope” was used on the five dollar
silver certificate. Pratt continued this trend by using a
realistic portrait of an Indian brave for his emblem of liberty,
as required by law. Although his name and tribe are unknown,
the motif is a striking departure from the Indian head designs
of the past that used stylized busts with fanciful headdresses
to be emblematic of liberty. Above the portrait on the obverse
is the word LIBERTY and below is the date. Six stars are on
the left and seven are on the right. For the reverse, Pratt
borrowed from his mentor’s eagle coin and chose the
standing eagle motif. The magnificent eagle stands on a bundle
of arrows that look like fasces, the Roman symbol of the power
to kill, and the olive branch, symbolizing peace. Pratt placed
all four inscriptions are on the reverse without it seeming
too crowded. E PLURIBUS UNUM is in the left field and IN GOD
WE TRUST is in the right. UNITED STATES OF AMERICA, separated
by dots, arcs above the eagle, and the denomination written
as 2 ½ DOLLARS is below. Because it the highest point
on the reverse, the mintmark shows wear before any other part
of the coin.
Of all the gold coin sets
available, the Indian
Head Quarter Eagles are the most affordable and obtainable.
Even the key 1911-D, with its low mintage of 55,680, is available
in uncirculated condition. All the other coins in the series
have mintages that range from 240,000 (1914, the second lowest)
to 722,000 (1913, the highest).
1908
Indian $2.5 NGC PF67 , 1908
Indian Head $2.5 NGC PF67 Most show weak strike on
upper part of wing; available in all grades up to MS66;
proof coins have heavy matt texture; 221 proofs have been
certified by both services.
Most are well struck; none certified above MS66. Proof
coins are made with Roman Finish; less than 100 proofs
known today; 91 proofs have been certified by both services.
1911
Indian Head $2.5 NGC PF68 Usually poorly struck; only
7 certified in MS66 with none higher. Proofs made with
matte finish; 175 proofs have been certified by both services.
1912
Indian Head $2.5 NGC PF67 Common in lower Mint State
grades; only 7 certified in MS66 with none higher. Proof
coins made with sandblast texture; 100 proofs known today;
82 proofs have been certified by both services.
1913
Indian Head $2.5 NGC PF67 Usually granular planchets;
only 8 certified in MS66 with none higher. Proof coins
made with sandblast texture; less than 100 proofs known
today; 95 proofs have been certified by both services.
1914
Indian $2.5 NGC PF66, 1914
Indian Head $2.5 PCGS MS65 Second lowest mintage of
the series; usually well struck; only 5 certified in MS66
with one higher; Proof coins made with a coarse, sandblast
texture; 70 to 90 proofs known today; 126 proofs have
been certified by both services.
1915
Indian Head $2.5 NGC PF67 Usually well struck with
good luster; only 10 certified in MS66 with none higher.
Proof coins made with a coarse, sandblast texture; 60
to 75 proofs known today; 75 have been certified by both
services.
