America in 1908 was a nation in the midst of extensive social and economic change. Today’s headlines sound like they were ripped straight from today’s news. Women were banned from smoking in public in New York City. Production began on a car that was advertised to get 25 miles per gallon. The first car race “Around the World” was organized. New Year’s Day was celebrated with the famous ball drop for the first time in New York’s Times Square. And the new $5 Indian Head Half Eagle gold coin, as well as its smaller Quarter Eagle sister, debuted in November 1908 to great controversy.
President Theodore Roosevelt had determined that it was time for the currencies of nations to change and become more beautiful. Noted sculptor Bela Lyon Pratt designed the front and back of the Half Eagle, as well as the smaller Quarter Eagle. And the design was controversial from the start. It did not resemble the typical American gold coin with its engraved or sunken design. Complaints were made that the portrait of the Native American sitter appeared emaciated. Banks complained that gold coins were difficult to stack and would be too easy to counterfeit. Some even claimed that the design of the coins would harbor dirt, germs, and disease, making them a hygiene issue, all of which turned out to be false.
Roosevelt allowed coin production to proceed as planned despite grumbling and complaining. Production of the $5 Indian Head Half Eagle lasted only a few years, from 1908 to 1916. It was resurrected once more in 1929 with a production run of just 662,000 pieces, but most of these were destroyed before leaving the house of the currency. It was the last time a $5 Half Eagle gold coin was minted for circulation in the United States. From the time American gold coins were first minted in 1795 through 1916, the $5 gold coin only went out of production in 3 years, 1801, 1816, and 1817. It was one of the most successful denominations produced by the US Mint
Today, the $5 Indian Headed Half Eagle is one of the most popular collectible American gold coins. It’s relatively inexpensive compared to its big brother, the $20 St. Gaudens Double Eagle.
The obverse features a proud Native American looking to the left and wearing a war bonnet. Surrounding the obverse are 13 stars and the word FREEDOM at the top. At the bottom is the year of production and just above the year are the initials of Bela Lyon Pratt. A standing eagle dominates the reverse of the coin standing on a bundle of arrows. Around the circumference is UNITED STATES OF AMERICA, to the left of the Eagle is E PLURIBUS UNUM, to the right the motto IN GOD WE TRUST. Physically, the coin is 21.60 mm in diameter, weighs 8.359 grams and is made of .900 pure gold. There are key dates that stand out in this series. Obviously 1929 is one, followed by 1909-O and 1911-D.
Due to its design, it is somewhat difficult to classify it correctly, especially for those who are not familiar with its unique design even as it does not have the traditional high points that you would normally look to use. That’s why it’s important to look for coins that are PCGS or NGC graded, or that you know and trust the person you’re buying the coin from.
These beautiful American gold coins enjoy a large following and sell quickly, especially in certified mintage or near uncirculated condition. They are a great addition to anyone’s coin collection. The $5 Indian Head Half Eagle is much more popular today than it was during the time it was produced.