Gold Coins
Gold Dollar 1849-1889
The U.S. Gold Dollar, minted between 1849 and 1889, is the smallest denomination of U.S. gold coinage. It was introduced in response to the increased availability of gold following the California Gold Rush. The coin represents a unique chapter in American numismatic history, as it was the smallest and lightest coin the U.S. ever minted. Throughout its 40-year run, the gold dollar underwent three distinct design changes, each with its own varieties and production nuances.
Historical Context and Introduction
The U.S. Congress authorized the production of gold dollars in 1849, largely as a result of the influx of gold from California’s mining boom. The coin had a face value of $1 and a composition of 90% gold and 10% copper, with a weight of 1.672 grams. The gold dollar was both a practical solution to the increasing amounts of gold and a response to a demand for smaller denominations in circulation.
Gold dollars were struck at several U.S. mints, including Philadelphia, New Orleans, Charlotte, Dahlonega, and San Francisco, making the series notable for its extensive range of mint marks and varieties.
Three Major Types of U.S. Gold Dollars
The U.S. Gold Dollar went through three distinct design changes over its lifetime:
Type 1 – Liberty Head Gold Dollar (1849–1854):
Designer: James B. Longacre, who was the Chief Engraver of the U.S. Mint.
Design: The obverse features a classic portrait of Lady Liberty, facing left, wearing a coronet (small crown) inscribed with “LIBERTY.” The reverse displays a simple wreath of cotton, corn, and tobacco surrounding the denomination and year of issue.
Notable Characteristics: Type 1 gold dollars were extremely small in diameter (13 mm), which made them hard to handle and easy to lose. This contributed to a design change in 1854.
Key Varieties:
1849-C Open Wreath: This variety from the Charlotte mint is particularly rare, making it one of the most desirable in the series.
1849-D Closed Wreath: Struck at the Dahlonega Mint, this variety is also highly collectible.
Type 2 – Small Indian Head (1854–1856):
Designer: James B. Longacre, who retained his role as Chief Engraver.
Design: The obverse was redesigned to feature a small portrait of an Indian princess with a headdress of feathers inscribed with "LIBERTY". The reverse remained similar, with a wreath encircling the denomination and date. The coin’s diameter was increased to 15 mm, but the weight remained the same.
Challenges: The Type 2 design had a shallow relief, leading to poor strikes, especially at branch mints like Dahlonega and Charlotte. As a result, many examples from these mints have weak details, making high-quality coins rare.
Key Varieties:
1855-C: Extremely scarce, particularly in higher grades, this coin was struck in Charlotte and is known for weak strikes.
1855-D: Produced at Dahlonega, this variety is another rare issue with typical weak striking characteristics.
Type 3 – Large Indian Head (1856–1889):
Designer: Again, James B. Longacre, who made modifications to improve the strike.
Design: The obverse was altered to feature a larger Indian princess head with more pronounced details. The reverse retained the wreath but was slightly refined. This final type remained in production until the end of the series in 1889.
Striking Improvements: The larger portrait and adjustments to the design significantly improved the coin’s strike quality, and the Type 3 issues are generally more accessible in higher grades.
Key Varieties:
1856-D: A highly sought-after issue from the Dahlonega Mint, known for its scarcity.
1861-D: Struck during the early days of the Civil War at the Dahlonega Mint, it is one of the rarest gold dollars, with very few surviving examples.
1875 and 1876: These two dates are very rare, as the production of gold dollars was severely limited during this period due to low demand.
Interesting Historical Facts
First U.S. Mint Branch Production: The gold dollar was one of the few coins produced at Southern branch mints, such as Charlotte, North Carolina, and Dahlonega, Georgia, which were primarily focused on gold coinage. Coins from these mints are highly collectible due to their lower mintages and historical significance.
Civil War Connection: Gold dollar coin production sharply declined during the Civil War, particularly at Southern mints. Notably, the 1861-D gold dollar was struck under the authority of the Confederate States of America at the Dahlonega Mint, adding to its historical importance and desirability.
Impact of the Gold Standard: The U.S. operated under a gold standard during the gold dollar’s production years, making the coin an essential part of everyday commerce, especially for smaller transactions. However, as paper money became more accepted, the demand for these small gold coins waned.
Numismatic Legacy: The U.S. gold dollar holds the distinction of being the smallest U.S. coin both in terms of weight and diameter. Its relatively low face value and high intrinsic metal content make it a fascinating coin from both a historical and investment standpoint.
Varieties and Mint Marks
Gold dollars were minted at multiple mints, creating a wide variety of mint marks and subtle differences in design. Collectors seek out coins based on mint, date, and varieties, with coins from Charlotte (C) and Dahlonega (D) mints being particularly prized due to their low mintages and Southern heritage.
Philadelphia (No Mint Mark): The largest producer of gold dollars, these coins are generally more common, but still collectible, especially in early years like 1849 and later rarities like 1875 and 1876.
Charlotte (C): Coins from this Southern mint are highly sought after due to lower production numbers and their distinctive Southern heritage.
Dahlonega (D): These coins were often poorly struck, making well-preserved examples highly valuable.
New Orleans (O): While not as prolific as Philadelphia, New Orleans produced a notable number of gold dollars in the early years of the series.
San Francisco (S): Only a few years of production occurred in San Francisco, but these coins are also of interest to collectors.
End of the Gold Dollar Series
The gold dollar was discontinued in 1889, as the U.S. shifted away from small-denomination gold coins due to the rising use of paper currency and the decreasing practicality of such small gold pieces. The introduction of other gold coins, such as the $2.50 quarter eagle and the $5 half eagle, offered a more practical form for gold coinage in everyday commerce.
Drapped Bust $2.5 1796-1807
The Draped Bust $2.50 Quarter Eagle gold coin was minted between 1796 and 1807 and represents one of the earliest gold coin issues by the United States Mint. Known for its classic design and extreme rarity, this series holds a special place in U.S. numismatic history, both for its historical context and its distinctive design characteristics. These coins are highly prized by collectors, and their low mintages make them some of the rarest gold coins produced by the U.S. Mint.
Historical Context
The Draped Bust $2.50 Quarter Eagle series was introduced shortly after the establishment of the U.S. Mint, during a period when the young United States was stabilizing its economy and establishing its own currency. Gold coinage in the United States began in 1795, and the quarter eagle was one of the first gold denominations struck. The series was minted under the Coinage Act of 1792, which established the U.S. dollar as the nation's currency and outlined the specifications for various denominations, including gold coinage.
The production of quarter eagles was sporadic, and the series saw very low mintages throughout its production run. This was partly due to the limited demand for small denomination gold coins and the logistical difficulties of producing gold coinage at the time.
Designer: Robert Scot
The Draped Bust design was created by Robert Scot, the first Chief Engraver of the U.S. Mint. Scot was responsible for many of the early coin designs in the United States, and his work on the Draped Bust series set a standard for American coinage in the late 18th and early 19th centuries.
Obverse Design: The obverse of the coin features a profile of Lady Liberty, with flowing hair and a draped bust, facing right. Above her is the word "LIBERTY," and the date of issue appears below the bust. Liberty's portrait is classic and elegant, reflecting the neoclassical design trends of the time. There are thirteen stars surrounding her portrait, representing the original thirteen colonies.
Reverse Design: The reverse design shows a small eagle perched on a cloud, surrounded by a wreath. Above the eagle is a banner inscribed with "UNITED STATES OF AMERICA." The eagle is depicted in a simple, almost heraldic form, which was typical of early U.S. coinage. This design is sometimes referred to as the "small eagle" reverse.
Major Varieties
The Draped Bust $2.50 Quarter Eagle series includes two major varieties, both distinguished by their reverse designs:
1796 Draped Bust, No Stars (Type 1):
Obverse Design: This unique variety, struck only in 1796, features no stars on the obverse, making it a rare and highly collectible issue. The absence of stars was initially part of the design, but public outcry led to the addition of stars in later issues. Only about 963 coins were struck in this variety, making it one of the rarest U.S. gold coins.
Reverse Design: The reverse features the small eagle perched on a cloud, encircled by a wreath, with the denomination not explicitly stated. The eagle is small and lacks the grandeur seen in later designs.
Collectibility: The 1796 No Stars Quarter Eagle is one of the most coveted U.S. coins due to its low mintage and unique design.
1796-1807 Draped Bust, with Stars (Type 2):
Obverse Design: In later issues, starting in 1796, stars were added to the obverse around Liberty’s portrait. The number of stars initially fluctuated, but ultimately settled at 13 stars, representing the original colonies.
Reverse Design: This type retained the small eagle reverse from the earlier No Stars variety. The reverse shows the same eagle perched on a cloud and encircled by a wreath, with the inscription "UNITED STATES OF AMERICA."
Mintage: The mintage of this variety remained low throughout its run, with only a few thousand coins produced in total across all years. Coins from certain years, such as 1796, 1804, and 1807, are particularly rare.
Historical Facts and Mintages
Low Mintages: The entire Draped Bust $2.50 series had extremely low mintages, contributing to its rarity today. For example, only 963 coins were minted in 1796 without stars, and in 1804, only 1,390 coins were produced. The total mintage for the entire series from 1796 to 1807 was just over 19,000 coins.
Transition to Heraldic Eagle: In 1808, the small eagle design on the reverse was replaced with a more grandiose heraldic eagle design, which became standard on other U.S. coinage. This marked the end of the Draped Bust Quarter Eagle series, which was replaced by the Capped Bust series.
Civilian Use: The Draped Bust quarter eagles were rarely used in everyday transactions, as they were of higher value and gold coins were typically reserved for larger, more significant transactions or international trade. Many of these coins were melted down, further reducing the surviving population.
Collectibility and Varieties
Collectors of U.S. gold coinage prize the Draped Bust $2.50 Quarter Eagle series due to its historical significance and rarity. Major varieties, especially the 1796 No Stars and the different years with slight variations in the number of stars, are of particular interest.
1796 No Stars: As mentioned, this is the rarest and most sought-after variety, with fewer than 1,000 pieces minted and even fewer surviving today.
Star Variations: The number of stars on the obverse varied slightly, with early issues having 8 stars on the left and 7 on the right. While this isn’t a major variety in terms of classification, collectors often seek out well-struck examples with strong star details.
Condition: As with many early U.S. gold coins, examples in higher grades are extremely rare. Most surviving coins exhibit significant wear due to their age and handling, making Mint State examples exceptionally valuable.
Capped Bust $2.5 1808-1834
The Capped Bust $2.50 Quarter Eagle gold coin, minted from 1808 to 1834, represents a fascinating chapter in early U.S. coinage. Designed by John Reich, this series is known for its relatively short run and extremely low mintages, making it highly prized by numismatists. The Capped Bust design followed the Draped Bust series and marked a new phase in U.S. gold coinage.
Historical Context
The Capped Bust $2.50 Quarter Eagle was introduced during a period when the United States Mint was transitioning to more efficient production processes. The U.S. economy was still developing, and gold coinage, though officially part of the monetary system, saw limited use in everyday commerce. The small denomination $2.50 Quarter Eagle was a valuable coin, and as a result, relatively few were produced or used in daily transactions.
The coinage of gold was sporadic, and the small size of the quarter eagle denomination meant that it wasn't produced in large quantities. The Capped Bust $2.50 is divided into two major subtypes: the Capped Bust to Left (1808), and the Reduced Diameter (1821-1834) versions.
Designer: John Reich
John Reich, a German immigrant and assistant engraver at the U.S. Mint, designed the Capped Bust quarter eagle. His design for the quarter eagle would later influence other U.S. coinage, including the half dollars and dimes of the same period.
Obverse Design: The obverse features Lady Liberty facing left, wearing a soft cap inscribed with "LIBERTY." Her hair is flowing beneath the cap and is draped over her shoulders, giving the design its name "Capped Bust." The year of issue appears below Liberty’s bust. The design has a more realistic appearance than earlier depictions of Liberty, reflecting the neoclassical style of the time.
Reverse Design: The reverse design showcases a heraldic eagle, with a shield on its chest, clutching arrows and an olive branch in its talons, symbolizing war and peace. Above the eagle's head is a ribbon inscribed with "E PLURIBUS UNUM," and around the eagle is the inscription "UNITED STATES OF AMERICA." The denomination "2 1/2 D." appears below the eagle.
Major Varieties
The Capped Bust $2.50 Quarter Eagle series can be divided into two distinct types:
1. 1808 Capped Bust to Left (Large Diameter):
Obverse Design: Liberty faces left, wearing the signature cap, and the design fills much of the surface of the coin, giving it a bold and large appearance.
Reverse Design: The heraldic eagle with the traditional elements of the shield, arrows, and olive branch.
Mintage: Only 2,710 coins were minted in 1808, making it a highly sought-after coin among collectors. This was the only year that the large diameter version of the Capped Bust quarter eagle was struck.
Rarity: The 1808 Capped Bust to Left is one of the rarest U.S. gold coins and is extremely valuable in all grades. Its low mintage and historical significance contribute to its desirability.
2. 1821-1834 Capped Bust (Reduced Diameter):
Obverse Design: The overall design remains similar to the 1808 version, but the diameter of the coin was reduced to make it easier to mint and handle. Liberty still faces left, but the proportions of the design are slightly more compact.
Reverse Design: The heraldic eagle remains similar, but like the obverse, the design is more compact to fit the reduced diameter.
Mintages: This version was struck in various years, with modest mintages each year. For example, the 1821 mintage was 6,448 coins, and the 1834 mintage was 4,000 coins. Mintages never exceeded a few thousand per year, contributing to the overall rarity of the series.
Collectibility: The later Capped Bust quarter eagles are also rare, but not as scarce as the 1808 issue. However, they are still highly prized for their historical value and low mintages.
Historical Facts and Minting Challenges
Economic Use: The Capped Bust quarter eagle was not widely used in daily commerce because of its high value. It was primarily used for international trade or as a store of wealth, and many were melted down over the years. The limited use of gold coinage in the early 19th century in the U.S. meant that many of these coins were either hoarded or exported.
Reduction in Diameter: The decision to reduce the diameter of the coin in 1821 was part of an effort to standardize coin production and make the coin easier to mint. The reduced diameter allowed for better die alignment and more efficient production, although mintages remained low due to limited demand.
Gold Content and Standardization: The coin contained 91.67% gold and weighed 4.37 grams. It adhered to the gold content standards established in the Coinage Act of 1792, which defined the weight and composition of U.S. gold coinage.
Varieties and Collectibility
Die Varieties: As with many early U.S. coins, there are notable die varieties among the Capped Bust quarter eagles. These varieties can include differences in the spacing of stars, the position of letters, or small details in Liberty’s portrait or the eagle’s feathers. Collectors often seek out these die varieties, and some can command significant premiums.
Key Dates: The 1808 Capped Bust to Left is considered the key date of the series due to its extremely low mintage. Other important dates include the 1821, 1824/1 (an overdate), and the final 1834 issue before the series was replaced by the Classic Head design
Classic Head $2.5 1834-1839
The Classic Head $2.5 Quarter Eagle Gold Coin, minted from 1834 to 1839, represents a significant evolution in U.S. coinage, both in terms of design and practical utility. These coins were designed by William Kneass, the second Chief Engraver of the U.S. Mint, and were part of a broader effort to revamp the nation’s gold coinage in response to the economic conditions of the time.
Historical Context
The Classic Head $2.5 Quarter Eagle was introduced in 1834 as part of the Coinage Act of 1834. This act was crucial in addressing a significant issue facing U.S. coinage in the early 19th century: the overvaluation of gold relative to silver. Prior to 1834, U.S. gold coins had a higher gold content, leading to their widespread melting or exportation, as they were worth more as bullion than their face value. The Coinage Act reduced the gold content of U.S. gold coins, bringing their market value more in line with their face value and preventing their disappearance from circulation.
The Classic Head series was introduced to accompany this change in gold content. The name "Classic Head" comes from the design of Lady Liberty, which featured a classical Roman-style head, a design much simpler than the previous Bust and Capped Bust designs.
Designer: William Kneass
William Kneass, the Chief Engraver of the U.S. Mint at the time, was tasked with designing the new quarter eagle to reflect the updated gold standards. His design is notable for its simplicity and clarity, aligning with the economic reforms of the period.
Obverse Design: The obverse features Liberty’s head facing left, wearing a headband inscribed with "LIBERTY." Her hair is tied with a ribbon and flows down, and stars surround her head, representing the original thirteen colonies. The date of issue appears below Liberty’s portrait.
Reverse Design: The reverse of the coin features an American eagle, clutching arrows in one talon and an olive branch in the other, symbolizing war and peace. The inscription "UNITED STATES OF AMERICA" surrounds the eagle, and the denomination "2 1/2 D." is prominently displayed below the eagle.
Varieties and Key Dates
There are two significant types within the Classic Head $2.5 Quarter Eagle series, mainly due to small variations in the design and minting process. These varieties are highly sought after by collectors, and some represent important overdates and minting errors.
1. 1834 Plain 4 & Crosslet 4:
The 1834 issue features two varieties: the Plain 4 and Crosslet 4 in the date. The Crosslet 4 has a small serif on the right side of the number "4" in the date.
Mintage: 112,234
The Plain 4 variety is more common, while the Crosslet 4 is scarcer and commands a premium among collectors.
2. 1835 to 1839 Issues:
Subsequent years of the Classic Head $2.5 Quarter Eagle were minted in fairly modest quantities, with mintages ranging from 19,800 to 131,402 annually.
A notable variety in this series is the 1839 issue, which features a small head variety. The small head variety is distinguished by a slightly smaller Liberty head on the obverse compared to earlier years in the series.
Overdates and Varieties:
1834/3 Overdate: One of the most famous varieties in the Classic Head series is the 1834/3 overdate, where the number 3 in the date is visible beneath the 4. This variety is highly collectible due to its relative scarcity.
Small Date/Small Head 1839: This rare variety from 1839 features a smaller portrait of Liberty on the obverse and a smaller date compared to earlier issues, making it particularly desirable among advanced numismatists.
Minting and Composition
The Classic Head $2.5 Quarter Eagle was struck in 90% gold and 10% copper, with a total weight of 4.18 grams. It had a diameter of 18.2 mm, smaller than its predecessors, in line with the reduced gold content established by the Coinage Act of 1834.
Gold Content: The reduction in gold content was a key change in this series. Prior to 1834, the higher gold content led to the melting of U.S. gold coins for their bullion value, causing a scarcity of circulating gold coins. The 1834 Coinage Act corrected this by reducing the weight and fineness, bringing the coins into line with the global gold-to-silver ratio.
Collectibility and Historical Significance
The Classic Head series is especially significant due to its role in stabilizing U.S. gold coinage during a crucial period of the nation’s economic development. It represents the transition from the older, heavier gold coins that were often melted down to the more practical and economically viable coinage that could circulate without being hoarded for its intrinsic value.
For collectors, the Classic Head $2.5 Quarter Eagles are desirable for several reasons:
Low Mintages: Most years in the series were minted in relatively small quantities, with only a handful of coins surviving in high grades.
Historical Context: The Classic Head series is linked to one of the most important coinage reforms in U.S. history, making it an essential part of any collection focusing on 19th-century American coinage.
Varieties: With notable overdates like the 1834/3, varieties such as the 1839 Small Head, and subtle design differences, the series offers plenty of opportunities for collectors specializing in early U.S. gold coins.
Liberty Head $2.5 1840-1907
The Liberty Head $2.5 Quarter Eagle, minted from 1840 to 1907, is one of the most iconic and widely recognized U.S. gold coins of the 19th century. This coin series saw extensive use, bridging key historical periods from the antebellum era through the Civil War and into the early 20th century. Designed by Christian Gobrecht, Chief Engraver of the U.S. Mint, the Liberty Head quarter eagle became an integral part of U.S. numismatic history, representing both artistry and utility.
Designer: Christian Gobrecht
Christian Gobrecht was appointed as Chief Engraver of the U.S. Mint in 1840, and his design for the Liberty Head $2.5 coin, also known as the Coronet Head, is a classic example of mid-19th century American coinage. Gobrecht's work on this series established a clean, neoclassical design that would influence U.S. coins for decades.
Obverse Design: The obverse of the coin features the profile of Lady Liberty, facing left, wearing a coronet (crown-like headband) inscribed with "LIBERTY". Her hair is tied in a bun with curls flowing down her neck. Thirteen stars encircle her head, symbolizing the original thirteen colonies, and the date is located at the bottom.
Reverse Design: The reverse depicts a heraldic eagle with a shield on its chest, clutching an olive branch in its right talon and arrows in its left, symbolizing peace and military readiness. Above the eagle is the inscription "UNITED STATES OF AMERICA", with the denomination "2 1/2 D." placed below.
Historical Context
The Liberty Head $2.5 coin was issued at a time when the U.S. Mint was looking to create a uniform design across several denominations of gold coins. It replaced the Classic Head design that had been used from 1834 to 1839. The new design reflected the elegance and neoclassical trends of the period, and it was used on several other denominations, including the $5 half eagle and $10 eagle.
Varieties and Mint Locations
This series was produced for a lengthy period, and it is known for the variety of mint marks and subtle design changes over the decades. The Liberty Head $2.5 quarter eagle was struck at multiple U.S. Mint locations, and each mint is identified by its unique mint mark:
Philadelphia (No mint mark): Produced consistently throughout the series.
Charlotte (C): Minted from 1840 to 1860. The Charlotte Mint was known for producing gold coins from locally sourced gold in the southeastern U.S.
Dahlonega (D): Minted from 1840 to 1859. Dahlonega was another Southern mint, known for striking gold coins from local deposits during the Gold Rush.
New Orleans (O): Minted from 1840 to 1857, and again in 1892 to 1906.
San Francisco (S): Minted from 1854 to 1879, reflecting the booming California gold rush economy.
Key Varieties:
1840-1848: The earlier issues feature smaller mintages from mints like Charlotte and Dahlonega. These early dates are more valuable due to their scarcity and historical significance.
1854-S (San Francisco debut): This was the first year the San Francisco Mint struck the $2.5 Liberty Head, making it an important issue. The coins from the San Francisco Mint were in high demand in the bustling West Coast economy of the Gold Rush.
1861 Civil War Issues: During the Civil War, production of gold coins decreased significantly, especially at Southern mints. Coins from 1861 from mints such as New Orleans are rare and highly collectible due to their historical significance.
1875 Rarity: One of the key rarities in the series is the 1875 $2.5 Liberty Head, with only 400 coins struck. This issue is considered a major rarity and is one of the most sought-after dates in the series.
1900-1907 Issues: The final years of the Liberty Head quarter eagle series saw high mintages, particularly from the Philadelphia and San Francisco mints, and these are generally more common in the marketplace.
Composition and Specifications
The Liberty Head $2.5 quarter eagle was composed of 90% gold and 10% copper, with a weight of 4.18 grams and a diameter of 18 millimeters. The edge of the coin was reeded, and it carried a face value of $2.50, although its intrinsic value in gold fluctuated with market conditions.
Gold Content: 0.12094 troy ounces
Diameter: 18 mm
Weight: 4.18 grams
Mintages and Collectibility
The Liberty Head quarter eagle was minted in large quantities over its 67-year run, but several dates and mint marks are scarce, especially those from the Charlotte and Dahlonega mints, as well as the lower-mintage years during the Civil War. The 1875 quarter eagle stands out as a key date, as previously mentioned, with only 400 coins produced, making it a centerpiece for any collection.
Notable Varieties and Errors:
Overdates: Some coins, particularly from the mid-19th century, feature overdate varieties (e.g., 1842/1), which are coveted by collectors.
Double Die Reverses: Certain issues exhibit doubled die varieties, adding to their desirability.
Historical Significance
The Liberty Head $2.5 gold coin saw circulation during pivotal moments in U.S. history, from the pre-Civil War era through the Reconstruction and into the economic growth of the early 20th century. It was a favorite coin for small transactions in areas where paper currency was less trusted. The coin's design became an enduring symbol of American monetary stability, and its widespread use made it an essential part of everyday commerce, especially in the gold-rich regions of the American South and West.
Coins minted at Southern mints like Charlotte and Dahlonega hold special historical significance, as these mints ceased operation during the Civil War and never reopened. As a result, the coins from these mints, particularly in higher grades, command premium prices due to their rarity and the historical narrative they represent.
Indian Head $2.5 1908-1929
The Indian Head $2.5 Quarter Eagle (1908–1929) is a remarkable and historically significant coin within the annals of U.S. numismatics. It holds a special place for its unique design and artistic departure from the traditional coinage of its time, particularly due to its incuse design—where the details are sunken into the surface of the coin rather than raised.
Designer: Bela Lyon Pratt
The Indian Head $2.5 gold coin was designed by Bela Lyon Pratt, a noted American sculptor and medalist. Pratt's design was commissioned by President Theodore Roosevelt, who sought to reform U.S. coinage and introduce more artistic and distinctive designs. Roosevelt’s vision for the coin was part of a broader initiative, which also saw the introduction of Augustus Saint-Gaudens' designs for the $10 and $20 gold pieces.
Pratt's design was groundbreaking in that it featured an incuse relief, where the design elements are carved below the surface of the coin, a method previously unseen on U.S. coins. This departure from the traditional raised designs was met with mixed reviews at the time, though it has since gained admiration among numismatists for its unique approach.
Obverse Design
The obverse of the Indian Head $2.5 coin features a Native American chieftain wearing a traditional war bonnet, facing left. The word "LIBERTY" is inscribed above the portrait, and 13 stars, representing the original 13 colonies, surround the chief. The date is located just below the portrait. Pratt's depiction of the Native American is noted for its dignity and simplicity, aligning with President Roosevelt's desire to showcase American identity and history through the use of native imagery.
Reverse Design
The reverse of the coin features a majestic eagle perched on a bundle of arrows and an olive branch, symbolizing both military readiness and the desire for peace. The inscription "UNITED STATES OF AMERICA" surrounds the top of the coin, while the denomination "2 1/2 DOLLARS" is located at the bottom. Additionally, the mottoes "E PLURIBUS UNUM" (Out of many, one) and "IN GOD WE TRUST" are placed to the right and left of the eagle.
Historical Context and Significance
The Indian Head $2.5 coin was issued between 1908 and 1929, with breaks in production due to fluctuating demand for gold coins and economic conditions, such as during World War I. The coin is closely associated with the period of economic expansion and the early 20th-century reform movements that sought to modernize the U.S. Mint’s output. President Roosevelt, in particular, was instrumental in pushing for more artistic and culturally significant coin designs during his tenure, and Pratt’s Indian Head design fit into this nationalistic vision.
The coin is particularly important due to its incuse relief, a highly unusual technique for circulating coinage. This design innovation gave the coins a distinctive appearance and feel but also presented challenges for both production and circulation. The recessed surfaces were prone to dirt accumulation, which led to concerns about hygiene during its time in circulation. Despite these issues, the design endured and is now appreciated for its originality and aesthetic appeal.
Mint Marks and Varieties
The Indian Head $2.5 Quarter Eagle was minted at three locations:
Philadelphia (No mint mark)
Denver (D)
San Francisco (S)
While most years saw only Philadelphia production, the Denver and San Francisco mints produced some notable rarities.
Key Varieties and Dates:
1908 (No Motto): The first year of issue, without the "IN GOD WE TRUST" motto on the reverse. A key date and popular among collectors.
1911-D: This is the rarest and most valuable of all Indian Head $2.5 coins, especially in higher grades. The 1911-D is notable for its low mintage of only 55,680 coins, making it a key date for collectors.
1914: While not as rare as the 1911-D, the 1914-D and 1914-S are also lower-mintage issues, making them desirable in higher grades.
1925 and 1926: These years saw a resurgence in mintages, particularly from the Philadelphia Mint, after several years of no production due to World War I.
Composition and Specifications
Composition: 90% gold, 10% copper
Gold Content: 0.12094 troy ounces
Weight: 4.18 grams
Diameter: 18 mm
Edge: Reeded
The 90% gold and 10% copper alloy provided durability for the coins during circulation, which was a standard alloy used for U.S. gold coins during this period.
Varieties and Collectibility
The Indian Head $2.5 gold coin series is notable for its limited number of varieties, which makes it a manageable set for collectors, yet it still offers a significant challenge due to the key date and rarities like the 1911-D.
Major Varieties: As mentioned earlier, the 1908 No Motto and 1911-D are key coins in the series. The addition of the "IN GOD WE TRUST" motto on later issues was one of the major design modifications.
Errors: Some minor varieties exist in the form of die variations, including weak mint marks on the 1911-D, where the “D” is faint or poorly struck, making certain variations of this date even more desirable.
Three Dollar 1854-1889
The Three Dollar Gold Coin (1854–1889) is one of the more unusual and lesser-known denominations in U.S. coinage, primarily issued during the mid-19th century. Its relatively low mintage and brief period of circulation make it a particularly interesting coin for numismatic experts. Below is a detailed exploration of its design, history, and varieties tailored for advanced collectors.
Designer: James Barton Longacre
The Three Dollar gold coin was designed by James Barton Longacre, the Chief Engraver of the U.S. Mint from 1844 to 1869. Longacre is also credited with other notable designs, such as the Indian Head cent and the Liberty Head double eagle. His design for the Three Dollar gold coin is often considered one of his more refined works, blending elements of classical European numismatics with distinctly American themes.
Historical Context
The introduction of the Three Dollar coin in 1854 was part of a broader move by the U.S. government to streamline commerce, particularly in relation to the sale of postage stamps. In 1851, Congress reduced the cost of a first-class stamp to 3 cents, and the $3 coin was initially envisioned to facilitate bulk purchases of 100 stamps. However, the coin never achieved widespread use and was primarily utilized for ceremonial or banking purposes.
Despite its lack of practical utility, the Three Dollar coin stands out as a curious piece of American numismatic history. It was minted from 1854 until 1889, though by the latter part of its run, mintages were very low, and the coin was effectively obsolete.
Design Details
Obverse Design
The obverse features an elegant portrait of Lady Liberty, wearing a Native American-style headdress adorned with a band inscribed "LIBERTY." The headdress consists of three large feathers, tied together by a ribbon, which is meant to represent America’s identity and ideals. This portrayal of Liberty was inspired by Longacre’s earlier design on the Indian Princess motif used for the gold dollar. It reflected a growing interest in American symbolism during the mid-19th century.
Reverse Design
The reverse of the coin is dominated by the denomination and date, encircled by a wreath of wheat, cotton, corn, and tobacco. The choice of these agricultural elements is significant, as they symbolize the diverse agricultural economy of the United States at the time. The inscription "UNITED STATES OF AMERICA" appears around the rim. The combination of these agricultural symbols with Lady Liberty created a design that was uniquely American in its theme and context.
Composition and Specifications
Composition: 90% gold, 10% copper
Gold Content: 0.1451 troy ounces
Weight: 5.015 grams
Diameter: 20.5 mm
Edge: Reeded
Varieties and Notable Dates
Several significant varieties and key dates exist for the Three Dollar gold coin series, making it a fascinating challenge for collectors.
1. 1854 (First Year of Issue)
Varieties: The 1854 Three Dollar coin was minted at Philadelphia, Dahlonega, and New Orleans. The Philadelphia mint struck the majority of the coins (138,618), while the Dahlonega (1,120) and New Orleans (24,000) mintages are much scarcer, making these branch mint issues particularly sought after by collectors.
Closed vs. Open 3: Some 1854 Three Dollar coins feature a Closed 3 in the date, where the “3” in 1854 appears nearly closed at the loops. Later issues corrected this to an Open 3 variety.
2. 1855
Low Mintage: The mintage of the 1855 Three Dollar coin dropped significantly compared to 1854, with only 50,555 pieces struck. Despite the reduction in mintage, the 1855 Philadelphia issue is relatively accessible to collectors.
Dahlonega Issue: The 1855-D Three Dollar is an extremely rare and valuable issue, with just 1,123 pieces struck. It is one of the key dates in the series, and examples in high grade are particularly scarce.
3. 1860s – Civil War Era
The 1860–1866 issues are notable for their scarcity, as production was dramatically reduced during the Civil War. The coins from this period were primarily struck in small numbers and mostly in Philadelphia.
1861-D: This is a notable and very rare issue, with only 1,597 coins minted. Some of these coins were struck by the Confederacy after the takeover of the Dahlonega Mint in early 1861.
4. 1870-S (Legendary Rarity)
The 1870-S Three Dollar is one of the great rarities in all of U.S. numismatics. Only one example is known to exist, and it was discovered in the cornerstone of the San Francisco Mint. This coin is often the subject of intense interest due to its unique status.
5. 1873 Closed vs. Open 3
As with the 1854 coins, there are Closed 3 and Open 3 varieties for 1873. The Closed 3 coins are rarer and more valuable.
6. 1875 (Proof Only)
No business strikes were produced in 1875, making this a proof-only issue. Only 20 proof coins were struck, making the 1875 Three Dollar coin one of the scarcest in the series and a coveted piece among collectors.
7. 1876 (Centennial Year)
The 1876 Three Dollar coin, minted in celebration of the United States’ centennial, saw a mintage of 45 pieces. This low mintage makes it another desirable issue in the series.
8. 1880-1889 (Final Years)
By the 1880s, the Three Dollar coin was largely a relic of the past, with mintages dwindling to almost insignificant numbers. The 1881 (500 pieces), 1885 (801 pieces), and 1887-1889 (all below 10,000) are among the lowest mintage business strikes.
1887-1889 saw the final issues of the series, with the 1889 coin (2,300 pieces) marking the official end of production for this denomination.
Collectibility and Rarity
The Three Dollar gold coin is a challenge for collectors due to its many rare dates and varieties. Collectors often seek out both the major varieties, such as closed vs. open 3 dates, and the scarce branch mint issues, particularly from Dahlonega and San Francisco.
Key Dates
1854-O and 1855-D are particularly scarce.
The 1870-S is a one-of-a-kind coin, and the 1875 is a proof-only issue.
Low-mintage years such as 1878, 1881, and 1885 are highly prized.
Condition Rarity
In addition to date rarity, condition rarity is a major factor in the value of Three Dollar coins. Higher-grade examples are scarce, especially for the earlier branch mint issues. Collectors aim to acquire coins in Mint State (MS) grades, although Extremely Fine (XF) or About Uncirculated (AU) examples are also considered desirable, particularly for rare dates.
$4 Stella 1879-1880
The $4 Stella gold coin (1879–1880) holds a special place in U.S. numismatic history as one of the most famous patterns ever produced by the U.S. Mint. It was conceived during a period when the United States was exploring the possibility of creating an internationally recognized coin for use in trade. The Stella was named after the star (Latin: "stella") depicted on its reverse and had a short minting period, resulting in a relatively low number of examples. Below is a detailed examination of the $4 Stella gold coin, designed for advanced numismatists.
Historical Context
The $4 Stella coin emerged from an effort to produce a coin compatible with European gold coinage, particularly to facilitate international trade. During the late 19th century, European nations utilized various gold coins in their monetary systems, such as the British sovereign and the French 20 franc. The idea behind the Stella was to create a coin with a denomination that could easily exchange with these European coins under the Latin Monetary Union, which had standardized weights and measures for gold and silver coins across several European countries.
In the end, the coin was never adopted for circulation and remained a pattern, a coin produced primarily as a test or trial. Despite its limited purpose, the Stella became highly prized among collectors due to its rarity and historical significance.
Designers
There were two distinct designs for the $4 Stella coin, each created by different U.S. Mint engravers:
Charles E. Barber - Chief Engraver of the U.S. Mint, Barber designed the Flowing Hair variety of the Stella, first minted in 1879. Barber's design features a classical portrayal of Liberty, reminiscent of earlier coinage, with flowing hair cascading down her neck.
George T. Morgan - An assistant engraver best known for the Morgan dollar, Morgan was responsible for the Coiled Hair design, which was introduced later in 1879. This design depicts Liberty with her hair coiled tightly at the top of her head, offering a more intricate and detailed portrayal of the figure.
Design Details
Flowing Hair (1879–1880)
Obverse: The obverse design by Charles E. Barber features Lady Liberty facing left with flowing hair. The inscription around the rim reads "✮ 6 G .3 S .7 C 7 GRAMS", referencing the coin’s alloy composition (gold, silver, copper, and its total weight). The words "LIBERTY" appear on the headband, and the date is placed below Liberty’s portrait.
Reverse: The reverse shows a five-pointed star (the "Stella") in the center, with "UNITED STATES OF AMERICA" and "FOUR DOL." (denomination) surrounding it. Around the outer rim are the inscriptions "E PLURIBUS UNUM" and "DEO EST GLORIA", which translates to "To God is the Glory."
Coiled Hair (1879–1880)
Obverse: George T. Morgan’s Coiled Hair design portrays Liberty facing left as well, but with her hair coiled tightly on top of her head. The same composition inscription (6 G .3 S .7 C 7 GRAMS) and date appear around the portrait, along with a similar headband inscribed with "LIBERTY."
Reverse: The reverse of the Coiled Hair variety is almost identical to the Flowing Hair design, with the five-pointed star and the denomination "FOUR DOL." at the center, surrounded by "UNITED STATES OF AMERICA" and the mottos "E PLURIBUS UNUM" and "DEO EST GLORIA."
Composition and Specifications
Composition: 85.71% gold, 4.29% silver, 10.00% copper
Gold Content: 0.2419 troy ounces
Weight: 7 grams
Diameter: 22 millimeters
Edge: Reeded
Varieties
There are four primary varieties of the $4 Stella, divided into Flowing Hair and Coiled Hair designs, and further categorized by their dates of issue.
1. 1879 Flowing Hair
Designer: Charles E. Barber
Mintage: Estimated 425 pieces
Availability: The most commonly available of the Stellas, though still a prized rarity. Many of these pieces were distributed to Congress members for evaluation as part of the international trade coin proposal.
2. 1880 Flowing Hair
Designer: Charles E. Barber
Mintage: Only 15 pieces
Availability: Extremely rare, this is one of the most difficult Stellas to acquire. Most examples are housed in private collections or museums.
3. 1879 Coiled Hair
Designer: George T. Morgan
Mintage: Estimated 12 pieces
Availability: This is one of the rarest and most valuable of the $4 Stellas. Few examples exist, and they are rarely seen at auction.
4. 1880 Coiled Hair
Designer: George T. Morgan
Mintage: Estimated 9 pieces
Availability: Another extremely rare variety, with fewer than ten known specimens. These coins are regarded as some of the ultimate trophies in U.S. numismatics.
Interesting Historic Facts
Never Circulated: Although the Stella was proposed as an international trade coin, it never entered circulation. Most examples are classified as patterns and were produced for testing and presentation purposes only.
Congressional Interest: Many of the 1879 Flowing Hair Stellas were distributed to members of Congress to garner support for the international coinage proposal. Despite the intriguing design, the proposal never gained traction, and the coin was not officially adopted.
Collectibility and Value: The $4 Stella is one of the most coveted coins in American numismatics. Even the more "common" 1879 Flowing Hair variety commands high prices at auction, often exceeding $200,000 in lower grades. The rarer Coiled Hair varieties, particularly in high grades, can sell for millions of dollars.
Proof Strikes: All $4 Stellas were struck as proofs, meaning they were made with specially prepared dies and planchets to create a sharp, highly detailed finish. This further enhances their appeal to collectors.
The Name "Stella": The coin takes its name from the star on the reverse, which represents the idea of unity and cooperation with European nations. The word "Stella" is Latin for "star."
Highly Coveted by Collectors: The Stella has become a symbol of elite numismatic collecting. It is one of the most famous and desirable coins ever struck by the U.S. Mint, with its rarity, design, and historical significance making it a centerpiece for advanced collections.
Drapped Bust $5 1795-1807
The Draped Bust $5 Gold Coin (1795–1807) is a highly significant coin in early American numismatic history, being one of the first gold coins produced by the United States Mint. These coins reflect the young nation's aspirations and artistry during its formative years. The Draped Bust Half Eagle, often referred to as the $5 gold coin, played a key role in establishing the United States' gold coinage system.
Designer and Minting History
The Draped Bust $5 gold coin was designed by Robert Scot, the first Chief Engraver of the U.S. Mint. Scot's design for the Draped Bust motif, used on both silver and gold coinage, is based on a portrait by Gilbert Stuart, depicting a classical rendition of Lady Liberty. The coin is significant for being the first of its kind to be produced in gold in substantial numbers, and it also reflects the developing artistry and technical expertise of the U.S. Mint at the time.
The first $5 gold coin of the Draped Bust series was struck in 1795 at the Philadelphia Mint, which was the only U.S. mint in operation at that time. Production continued until 1807, at which point the design was replaced by the Capped Bust motif.
Historical Context
The Half Eagle ($5 gold coin) was the first gold coin struck by the U.S. Mint, and its production marked an important milestone for the fledgling nation's economy. The gold used in these early coins came primarily from foreign sources, especially coins imported from Europe or Spanish colonies.
At the time, the U.S. was establishing itself as a credible nation with a stable currency system. The Draped Bust $5 gold coin became a critical element of U.S. commerce, and the coin’s gold content was set to align with international standards to facilitate trade.
Varieties and Design Changes
There are two major design subtypes of the Draped Bust $5 gold coin, separated by the type of eagle on the reverse:
Small Eagle Reverse (1795-1798):
Obverse: Lady Liberty with a flowing drapery, facing right, with her hair tied with a ribbon at the back of her head. Thirteen stars surround her, representing the original 13 colonies, with the date at the bottom.
Reverse: The reverse design features a small eagle with outstretched wings, holding a laurel wreath in its beak. The eagle is surrounded by the words "UNITED STATES OF AMERICA."
Interesting Facts: This variety is scarce and highly collectible. The small eagle reverse was soon replaced as it was considered a weak design, both artistically and symbolically. The small eagle design was not robust enough to reflect the strength of the new nation.
Heraldic Eagle Reverse (1795-1807):
Obverse: The obverse remains the same, with Lady Liberty’s profile and the same arrangement of 13 stars. However, in 1798, some coins were produced with 16 stars, reflecting the admission of Tennessee as the 16th state.
Reverse: The reverse features a heraldic eagle, derived from the Great Seal of the United States. The eagle holds an olive branch in its right talon and a bundle of arrows in its left talon, symbolizing peace and war, respectively. A shield covers the eagle’s chest, and a ribbon in its beak bears the motto "E PLURIBUS UNUM" ("Out of Many, One"). Above the eagle are 13 stars and a cloud, and the words "UNITED STATES OF AMERICA" surround the design.
Interesting Facts: The heraldic eagle design was considered a more powerful and dignified image, representing the strength and unity of the United States. This version remained in use until 1807, when the design was replaced by the Capped Bust series.
Key Varieties and Mintages
The Draped Bust $5 coin, minted over a span of 12 years, features numerous varieties, primarily due to the frequent changes in die usage, including the number of stars and minor differences in the details. Below are some notable varieties:
1795 Small Eagle Reverse:
Mintage: Approximately 8,707.
Varieties: Includes major varieties like the 1795 Large Eagle and 1795 Small Eagle, the latter being the first produced. Some variations include repunched dates and differences in the arrangement of stars.
Rarity: Extremely rare in higher grades, particularly uncirculated examples. The Small Eagle design makes this one of the most highly prized coins from the early U.S. Mint.
1796 Small Eagle Reverse:
Mintage: Approximately 6,196.
Varieties: Includes the 1796 no stars on obverse (one of the most significant varieties, lacking stars around Liberty's bust). This variety is highly collectible due to its unique design choice.
Rarity: The no stars variety is rare and commands high premiums at auctions.
1797 Small Eagle Reverse:
Mintage: Fewer than 3,000 struck.
Rarity: One of the rarest in the series, especially in higher grades, due to its low mintage and scarcity.
1798-1807 Heraldic Eagle Reverse:
Mintage: Production ramped up during this period, with significantly higher mintages compared to earlier years. The total mintage of the heraldic eagle reverse coins was over 100,000.
Varieties: 1798 coins exist with both 13 stars and 16 stars, marking a transition as Tennessee became the 16th state. This provides a rich field for collectors of varieties.
1807 Draped Bust Heraldic Eagle:
Mintage: Approximately 51,605.
Varieties: Some minor varieties related to die differences, but it was the final year of the Draped Bust series, transitioning into the Capped Bust design later that year.
Composition and Specifications
Composition: 91.67% gold, 8.33% copper (standard for U.S. gold coins at the time)
Weight: 8.75 grams
Diameter: 25 mm
Edge: Reeded
Rarity and Value
The Draped Bust $5 gold coin is highly sought after by numismatists due to its early place in U.S. coinage history, its beautiful design, and its rarity. Prices for these coins vary significantly depending on the year, variety, and condition. Coins from the earlier Small Eagle reverse years are generally much rarer and command higher prices. Even common dates in circulated grades can fetch thousands of dollars, with high-grade and uncirculated specimens often reaching into six figures.
Interesting Facts
Transition to Heraldic Eagle: The switch from the Small Eagle to the Heraldic Eagle was not just an aesthetic change but also a reflection of the evolving perception of the United States' identity. The stronger, more imposing eagle design became a staple of U.S. coinage for many years.
Hand-Struck Dies: All Draped Bust $5 gold coins were hand-struck, leading to a wide variety of die imperfections and varieties, including doubled dies, overdates, and unique star arrangements. This makes the series especially interesting for variety collectors.
First U.S. Gold Coins: The Draped Bust $5 gold coin was the first gold coin to be produced by the U.S. Mint in any significant numbers. It marked the beginning of America's gold coinage tradition.
Capped Bust $5 1807-1834
The Capped Bust $5 Half Eagle gold coin, minted from 1807 to 1834, represents a significant transition in early U.S. coinage and is an important series for numismatic experts. This coin was designed by John Reich, a highly skilled engraver who served as Assistant Engraver at the U.S. Mint. The Capped Bust $5 coin is a part of the broader "Half Eagle" series, which includes the $5 gold coins—the first gold coins produced by the United States.
Designer and Minting History
Designer: John Reich was tasked with redesigning several of the U.S. coinage series, including the Half Eagle, after joining the U.S. Mint in 1807. His redesign brought a more classical and refined appearance to the U.S. gold coinage, aligning with the neoclassical artistic movement prevalent in the early 19th century. The design was distinctive, featuring a more naturalistic and flowing rendition of Liberty compared to earlier versions.
Obverse Design: The obverse of the coin features Lady Liberty wearing a cap, often referred to as the "turban head" or "capped bust," facing left. Liberty's hair flows from underneath the cap, and she is surrounded by stars representing the states. The date appears below the bust.
Reverse Design: The reverse design displays a majestic Heraldic Eagle with a shield on its chest, similar to the Great Seal of the United States. The eagle holds an olive branch in its right talon, symbolizing peace, and a bundle of arrows in its left, symbolizing readiness for war. Above the eagle’s head is a banner that reads "E PLURIBUS UNUM", and the words "UNITED STATES OF AMERICA" encircle the design.
Years of Minting: This series ran from 1807 to 1834, after which it was replaced by a new design. During this period, the coin saw changes in its diameter, weight, and fineness, making it a key piece of early U.S. numismatic history.
Varieties and Design Changes
The Capped Bust $5 gold coin can be divided into two main subtypes based on important changes that occurred during its minting period:
1. Capped Bust (Large Size) 1807–1812
Weight: 8.75 grams
Diameter: 25 mm
Fineness: 91.67% gold, 8.33% copper and silver
Varieties: This earlier version of the Capped Bust Half Eagle featured a larger diameter of 25 mm and a higher gold content. It is sometimes referred to as the "large diameter" variety.
Key Dates:
1807: The inaugural year of the design. The 1807 issue is a one-year variety and is highly prized among collectors due to its status as the first of the series.
1812: The last year of the large-diameter variety, which would later be reduced in size in response to rising gold prices.
2. Capped Bust (Reduced Size) 1813–1834
Weight: 8.75 grams
Diameter: 23.8 mm
Fineness: 91.67% gold, 8.33% copper and silver
Varieties: This second version features a smaller diameter of 23.8 mm. A reduction in diameter was made to lower the intrinsic value of the coin, thus keeping it in circulation during a period of rising gold prices. During this time, several minor varieties, including overdates and variations in the number of stars, emerged.
Key Dates:
1813: This year saw the transition to the reduced-diameter coin. The 1813 issue is the first of the smaller-sized Capped Bust $5 coins, and it is one of the key dates in the series.
1829: Another significant date, notable for the "Large Planchet" variety, as it was a transition year in the series.
Key Varieties
The Capped Bust $5 series offers a range of varieties due to the manual striking process and the reuse of dies. Here are some notable varieties that collectors seek:
1807 Capped Bust (Large Size):
Mintage: 51,605 coins.
Varieties: Two major varieties exist, with differences in the size of Liberty’s cap and slight changes in die alignment.
Rarity: A highly desirable issue, especially in higher grades. This one-year type is a cornerstone for collectors.
1812 Capped Bust (Large Size):
Mintage: 58,087 coins.
Varieties: Notable for a rare overdate variety, 1812/11, where the date shows remnants of an 1811 date beneath the 1812.
Rarity: The overdate variety is particularly scarce and commands a premium.
1813 Capped Bust (Reduced Size):
Mintage: 95,428 coins.
Varieties: No significant varieties, but the smaller diameter makes this year notable.
Rarity: A key date in the series due to the design transition.
1829 Capped Bust:
Mintage: 57,342 coins.
Varieties: Known for two distinct planchet sizes—Large Planchet and Small Planchet. The Large Planchet variety is rarer and more valuable.
Rarity: The Large Planchet variety is highly sought after by collectors.
1834 Capped Bust (Reduced Size):
Mintage: 50,141 coins.
Rarity: This was the final year of the Capped Bust design and marks the end of an era in U.S. gold coinage. The 1834 issue is often considered a transition piece before the new Classic Head design.
Historical Context
The Capped Bust $5 gold coin series was minted during a time of economic growth and expansion in the United States. The 1812–1814 War of 1812 had a significant impact on the economy, and as a result, the rising price of gold put pressure on the mint to reduce the size and weight of its coinage to keep gold coins in circulation. This led to the decision to reduce the size of the Half Eagle in 1813.
This series also reflects the challenges of maintaining a stable monetary system in the early 19th century, when gold prices fluctuated, and the U.S. Mint struggled to balance the need for valuable coinage with practical circulation. The Capped Bust series is also known for its aesthetic refinement, with the new design being part of the Mint's ongoing efforts to create more visually appealing and durable coinage.
Specifications
Composition: 91.67% gold, 8.33% copper
Weight: 8.75 grams
Diameter:
Large Diameter (1807-1812): 25 mm
Reduced Diameter (1813-1834): 23.8 mm
Edge: Reeded
Mint Mark: All coins were struck at the Philadelphia Mint, and no mint mark is present on these coins.
Rarity and Value
The Capped Bust $5 Half Eagle series is highly collectible, especially due to its age, design variations, and limited mintages. Prices for these coins can vary greatly based on their year, variety, and condition, but even common dates command significant premiums in high grades. Uncirculated examples and those with notable varieties, such as overdates or planchet differences, are especially valuable and can sell for tens of thousands of dollars or more at auction.
Classic Head $5 1834-1838
The Classic Head $5 Half Eagle was minted between 1834 and 1838 and represents a critical phase in U.S. numismatic history. It was introduced during the presidency of Andrew Jackson as part of his effort to reform the nation's monetary system, known as the "Coinage Act of 1834". The Classic Head $5 gold coin is notable for its design and historical context, as it was intended to address the issue of U.S. gold coins being hoarded or melted due to the rising price of gold relative to silver.
Designer
The Classic Head $5 Half Eagle was designed by William Kneass, who served as the Chief Engraver of the United States Mint from 1824 until his death in 1840. Kneass was responsible for several key coin designs during his tenure, and the Classic Head series was among the most significant of his contributions. The design on the obverse and reverse of the Classic Head $5 Half Eagle was a departure from previous gold coin designs, bringing a more refined neoclassical style to U.S. gold coinage.
Key Design Elements
Obverse: The obverse of the coin features Liberty wearing a classical headband or fillet, inscribed with the word LIBERTY. This design element gives the coin its "Classic Head" name. Liberty's hair flows naturally down her neck, and thirteen stars encircle her head, representing the original thirteen colonies. The date of issue is located below the bust of Liberty.
Reverse: The reverse of the coin depicts the iconic Heraldic Eagle, a symbol of the United States. The eagle holds an olive branch in its right talon, symbolizing peace, and a bundle of arrows in its left talon, symbolizing the nation's readiness for war. A shield appears on the eagle’s chest, and the eagle holds a ribbon in its beak inscribed with the motto "E PLURIBUS UNUM". The words "UNITED STATES OF AMERICA" surround the eagle, with the denomination "FIVE D." displayed below.
Historical Context and Significance
The introduction of the Classic Head design came about in response to a significant issue facing U.S. coinage in the early 1830s. Prior to the Coinage Act of 1834, U.S. gold coins contained a higher gold content, which made them worth more than their face value in the open market. This led to widespread melting and hoarding of U.S. gold coins, as they were more valuable as bullion than as currency. As a result, gold coins virtually disappeared from circulation.
To address this, Congress passed the Coinage Act of 1834, which reduced the amount of gold in the nation's gold coinage. The Act reduced the weight of the $5 gold coin from 8.75 grams to 8.36 grams and its gold content from 91.67% to 89.92%. The goal was to make U.S. gold coins less valuable as bullion and keep them in circulation. The Classic Head $5 gold coin was the first to be struck under this new standard.
Varieties
The Classic Head $5 Half Eagle series, though only minted for a short period (1834–1838), includes several important varieties that are of interest to numismatists. These varieties mainly revolve around changes in the motto, date size, and overdates:
1834 Classic Head $5
Varieties: The 1834 issue includes two key varieties:
Small Date, Small 5D: This variety is notable for its smaller date and smaller "5 D." on the reverse.
Large Date, Large 5D: This is the more common variety, with a larger date and denomination.
1835 Classic Head $5
Varieties: There are multiple minor varieties for this year, including differences in the date size and placement, and the spacing of the letters in the legend.
1836 Classic Head $5
Varieties: The 1836 issue includes an overdate variety known as 1836/5, where the underlying 5 is visible beneath the 6. This overdate is a key variety for collectors.
1837 Classic Head $5
Varieties: This issue does not feature any major varieties, but its lower mintage makes it more valuable, especially in higher grades.
1838 Classic Head $5
Varieties: The final year of issue for the Classic Head $5 series. It is a significant date for collectors, as it marks the end of this series before transitioning to the Liberty Head (or Coronet) design.
Mint Locations
The Classic Head $5 Half Eagle was struck at the Philadelphia Mint throughout its production from 1834 to 1838. No mint marks are present on these coins, as branch mints had not yet started producing gold coins during this period.
Key Dates and Mintage
1834: Mintage of 657,460 coins. The large date variety is more common than the small date variety.
1835: Mintage of 407,000 coins. Known for small variations in the placement of the date and letters.
1836: Mintage of 553,147 coins. The 1836/5 overdate is a key variety.
1837: Mintage of 207,121 coins. Scarcer date, especially in higher grades.
1838: Mintage of 286,588 coins. The final year of the Classic Head design.
Collectibility and Value
The Classic Head $5 gold coins are highly collectible due to their historical significance and their short minting period. Even circulated examples can command significant premiums, with uncirculated examples being highly prized. Key varieties, such as the 1836/5 overdate and the 1834 Small Date, are particularly valuable and sought after by advanced collectors.
Specifications
Composition: 89.92% gold, 10.08% copper
Weight: 8.36 grams
Diameter: 22.5 mm
Edge: Reeded
Designer: William Kneass
Mint Location: Philadelphia (no mint mark)
Liberty Head $5 1839-1908
The Liberty Head $5 Half Eagle, minted from 1839 to 1908, is one of the longest-running and most widely collected U.S. gold coin series. Also known as the "Coronet Head" design, it was introduced to address the need for a redesign of U.S. coinage and to reflect the nation’s growing identity in the mid-19th century. The coin was issued by multiple mints and featured several varieties, including rare and significant issues that are highly prized by collectors.
Designer
The Liberty Head $5 Half Eagle was designed by Christian Gobrecht, the third Chief Engraver of the U.S. Mint. Gobrecht’s work on this coin was part of a broader effort to modernize U.S. coinage. His Liberty Head design was used across several denominations, including the $2.50 Quarter Eagle and the $10 Eagle. Gobrecht’s designs are notable for their neoclassical style, which emphasized elegance and simplicity.
Key Design Elements
Obverse: The obverse features the classic Liberty Head, also called the Coronet Head. Liberty is depicted wearing a coronet inscribed with the word "LIBERTY". Her hair is gathered in a bun, and thirteen stars encircle her head, representing the original thirteen colonies. The date of issue is located beneath the bust of Liberty.
Reverse: The reverse of the coin displays the Heraldic Eagle, which holds an olive branch in its right talon, symbolizing peace, and a bundle of arrows in its left talon, symbolizing readiness for war. The eagle’s chest is adorned with a shield, and it holds a ribbon in its beak with the motto "E PLURIBUS UNUM". The words "UNITED STATES OF AMERICA" surround the eagle, with the denomination "FIVE D." appearing below.
Historical Context and Significance
The Liberty Head Half Eagle series spanned a pivotal period in U.S. history, encompassing the Civil War, Reconstruction, and the nation’s westward expansion. It was the first gold coin series to be struck at multiple U.S. Mints, including branch mints that opened during the gold rush era, such as those in Charlotte, Dahlonega, San Francisco, and New Orleans.
This coin circulated widely and became a symbol of American commerce and industry, as well as a cornerstone of U.S. gold coinage during a period of intense growth and change. It was minted in a range of sizes and compositions over its nearly 70-year lifespan, with various important varieties being produced.
Varieties and Major Types
The Liberty Head $5 Half Eagle went through several changes during its long production run, resulting in a number of key varieties that are of interest to numismatists:
1. 1839 Variety (First Year Issue)
The 1839 Liberty Head $5 is a transitional coin that was struck with a slightly different design. The bust of Liberty is positioned further to the left compared to later issues, and the mint mark appears on the obverse, below the bust of Liberty. This first-year variety is highly prized by collectors.
2. 1840-1866 Variety (No Motto)
From 1840 to 1866, the Liberty Head $5 coin was struck without the "IN GOD WE TRUST" motto on the reverse. These coins are referred to as the "No Motto" type.
This period also saw significant minting at branch mints, especially at the Charlotte (C) and Dahlonega (D) mints, which specialized in using locally mined gold. These Southern mint issues are particularly rare and valuable.
3. 1866-1908 Variety (With Motto)
In 1866, the "IN GOD WE TRUST" motto was added to the reverse of the coin, placed on a ribbon above the eagle’s head. This change was part of a broader effort to include the motto on U.S. coinage, reflecting the religious sentiment of the time, especially during and after the Civil War.
This "With Motto" type ran until the end of the series in 1908, with several notable issues, especially from the San Francisco (S) and Carson City (CC) mints.
4. Branch Mint Varieties
Charlotte (C) and Dahlonega (D): Both mints operated from 1838 to 1861, and coins from these mints are highly collectible due to their scarcity. The Charlotte and Dahlonega mintmarks are sought after because they primarily used Southern gold. The production at these mints ceased at the start of the Civil War.
New Orleans (O): Minted from 1840 to 1906, these coins are generally more common than those from Charlotte or Dahlonega, but they still offer important rarities.
San Francisco (S): Starting in 1854, coins from this mint served the growing population of the West Coast. Many of these issues saw heavy circulation, making high-grade examples rare.
Carson City (CC): Carson City mint issues, struck from 1870 to 1893, are among the most prized by collectors due to the historic association with Nevada's silver and gold boom.
5. Major Varieties
Closed 3 and Open 3 Varieties: In 1873, there were two varieties based on the style of the numeral "3" in the date. The Closed 3 variety is rarer than the Open 3.
Overdates and Repunched Dates: Several coins in the series feature repunched or overdates, where the original date was struck over an earlier date. Examples include the 1842/1, 1846/5, and 1848/7 overdates, which are highly collectible.
Mintmark Varieties: Some years saw slight variations in the placement and size of the mintmarks, particularly for branch mint issues. Collectors of these varieties pay close attention to such details.
Key Dates and Rarities
1839: The first year of issue, with Liberty’s bust positioned differently. This variety is highly sought after.
1841-C and 1841-D: Rare branch mint issues from Charlotte and Dahlonega.
1854-S: The first year of production at the San Francisco Mint, an important date for West Coast gold coinage.
1861-D: Struck at the Dahlonega Mint just before it ceased operations due to the Civil War. It is a famous rarity.
1870-CC: The first year of issue for the Carson City Mint, another key coin for collectors.
1908-S: The last year of the Liberty Head series, with low mintages.
Mint Locations
Philadelphia (no mint mark)
Charlotte (C)
Dahlonega (D)
New Orleans (O)
San Francisco (S)
Carson City (CC)
Composition and Specifications
Composition: 90% gold, 10% copper
Weight: 8.359 grams
Diameter: 21.6 mm
Edge: Reeded
Collectibility and Value
The Liberty Head $5 Half Eagle is a favorite among collectors due to its long production run, historical significance, and the wide range of dates, mints, and varieties available. Coins from branch mints like Charlotte, Dahlonega, and Carson City are especially prized, particularly in high grades. Additionally, overdates and repunched varieties from this series command significant premiums.
High-grade, uncirculated examples of common dates can range from several thousand dollars to tens of thousands of dollars for rare branch mint issues or key dates. Proof coins are exceptionally rare and highly sought after.
Indian Head $5 1908-1929
The Indian Head $5 Gold Half Eagle (1908-1929) is one of the most innovative and unique designs in U.S. coinage history, recognized for its distinct incuse design and symbolic imagery. This coin series marked a significant departure from previous coinage designs, breaking with traditional raised relief elements. It was part of President Theodore Roosevelt's push to beautify U.S. coinage and elevate the aesthetic quality of American currency.
Designer
The Indian Head $5 Gold Half Eagle was designed by Bela Lyon Pratt, a prominent American sculptor and medalist. Pratt was a student of the famed Augustus Saint-Gaudens, and his work on the Indian Head $5 (and $2.5 Quarter Eagle) coins followed in the footsteps of his mentor's artistic influence.
Pratt’s design for the Indian Head series is notable for the use of incuse engraving, where the design elements are sunken into the coin’s surface rather than raised. This was a radical innovation for U.S. coinage, as no other coin in circulation at the time (or since) has employed this technique.
Key Design Elements
Obverse: The obverse features a Native American chief in full feathered headdress, facing left. The chief’s face is highly detailed, emphasizing strength and dignity. Around the bust of the Native American, 13 stars represent the original colonies, with the word "LIBERTY" inscribed above. The date appears below the bust.
Reverse: The reverse displays a bold standing eagle, perched on a fasces and an olive branch, symbols of both military readiness and peace. The eagle design was meant to convey strength and unity, echoing classical symbolism. Surrounding the eagle are the inscriptions "UNITED STATES OF AMERICA", "E PLURIBUS UNUM", and the denomination "FIVE DOLLARS".
Both the obverse and reverse elements are incuse, meaning they are recessed into the coin, which was an artistic and technical departure from previous raised designs. This feature made the coin both unique and controversial at the time of its release.
Historical Context and Significance
The Indian Head $5 Half Eagle was part of a broader movement spearheaded by President Theodore Roosevelt to enhance the artistic quality of American coinage, a movement that also included the creation of the Saint-Gaudens $20 Double Eagle and the Buffalo Nickel. Roosevelt believed that U.S. coinage should reflect the nation’s growing prominence on the world stage, and he sought the talents of leading artists to accomplish this vision.
The Indian Head $5, with its distinctly American theme and incuse design, symbolized Roosevelt’s vision of strong, uniquely American coinage. Despite initial resistance to the design (some objected to its departure from traditional coin relief), the series has since become celebrated for its boldness and artistic merit.
Varieties and Major Types
1. 1908 Variety (First Year Issue)
The 1908 issue is notable as the inaugural release of the series and marks the introduction of the incuse design. The "No Motto" version (without the "IN GOD WE TRUST" inscription) was minted in Philadelphia and is highly prized by collectors.
2. 1908-1909 (No Motto)
The early issues of the Indian Head $5 from 1908 and part of 1909 do not feature the "IN GOD WE TRUST" motto. This omission was controversial at the time, leading to its addition in later years. Collectors often distinguish between these "No Motto" and subsequent "With Motto" varieties.
3. 1908-1929 (With Motto)
Starting in late 1908 and continuing through 1929, the motto "IN GOD WE TRUST" was added to the reverse of the coin, positioned to the right of the eagle. The addition of the motto was prompted by public pressure, as the absence of the phrase on the initial issues caused some outcry.
4. Mintmark Varieties
Indian Head $5 Half Eagles were struck at the Philadelphia (no mintmark), Denver (D), New Orleans (O), and San Francisco (S) Mints, providing a wide range of mintmark varieties for collectors. The New Orleans Mint only struck this coin in 1909, making it a one-year type for this mint.
Key Dates and Rarities
1909-O: The 1909-O Indian Head $5 is particularly significant, as it was the last year of gold coinage struck at the New Orleans Mint. This makes the 1909-O an especially desirable coin among collectors, with a low mintage and relatively few high-grade survivors.
1929: The final year of issue for the series, 1929, is a key date. Due to the stock market crash and the onset of the Great Depression, most 1929 Half Eagles were melted down, making this year very rare in higher grades.
Mint Locations and Mintmarks
Philadelphia (no mintmark)
Denver (D)
New Orleans (O) (1909 only)
San Francisco (S)
The mintmark can be found on the reverse, to the left of the fasces upon which the eagle is perched.
Composition and Specifications
Composition: 90% gold, 10% copper
Weight: 8.359 grams
Diameter: 21.6 mm
Edge: Reeded
Collectibility and Value
The Indian Head $5 Half Eagle is widely admired for its bold design and historical significance. Collectors are particularly drawn to the incuse design, which sets this series apart from other U.S. gold coins. High-grade examples of common dates command strong premiums, while key dates like the 1909-O and 1929 can reach significant values, especially in uncirculated grades.
As with most pre-1933 gold coins, the condition and rarity of a specific date heavily influence its market value. Uncirculated examples, especially those certified by grading services such as PCGS or NGC, are the most desirable. The coin's historical context, association with the Roosevelt era of coin redesign, and unique incuse design contribute to its appeal among advanced collectors.
Drapped Bust $10 1795-1804
The Draped Bust $10 Gold Eagle (1795-1804) represents one of the earliest and most significant gold coins in American history. The series was minted shortly after the founding of the U.S. Mint and is notable for its elegant design, large size, and historical importance. The $10 gold piece, also known as the "Eagle," was the largest denomination authorized by the Coinage Act of 1792 and played a vital role in the U.S. financial system during its brief production.
Designer
The Draped Bust $10 Gold Eagle was designed by Robert Scot, the first Chief Engraver of the U.S. Mint. Scot's design for the Draped Bust series reflected a neoclassical artistic style that was popular during the late 18th century, with its depiction of Liberty in a classical draped gown. Scot’s work also included other major coin designs, such as the Flowing Hair series and later varieties of the Draped Bust coinage.
Key Design Elements
Obverse:
The obverse features a bust of Liberty facing right, with flowing hair and a draped gown, hence the name "Draped Bust." The word "LIBERTY" appears above, with 13 stars representing the original colonies arranged around Liberty’s portrait (either 13 or 16 stars, depending on the year).
The date is centered at the bottom of the coin below Liberty’s bust.
Reverse:
The reverse design features an eagle with a shield on its chest, holding an olive branch and arrows in its talons, symbolizing both peace and military readiness. Above the eagle’s head is a cloud with stars (the number of stars varies between issues). This is commonly referred to as the "Heraldic Eagle" design, adapted from the Great Seal of the United States.
Surrounding the eagle are the inscriptions "UNITED STATES OF AMERICA."
The earlier coins from 1795 to mid-1797 feature a different reverse, with a small eagle design. This was later replaced by the more prominent Heraldic Eagle design, making it a significant shift within the series.
Historical Context and Significance
The Draped Bust $10 Eagle was minted during a critical time in U.S. history when the nation was solidifying its financial and economic systems. The Coinage Act of 1792 established the U.S. Mint and authorized the production of coins ranging from the half-cent to the $10 gold Eagle. The $10 Eagle was the highest denomination and thus represented substantial wealth at the time, primarily used in major financial transactions and trade.
This series was produced from 1795 to 1804, though actual production ended in 1804 due to various factors, including rising gold prices and the suspension of gold coinage after President Thomas Jefferson halted gold coinage in 1804 due to concerns about the depletion of bullion stocks.
Varieties
There are several major varieties within the Draped Bust $10 Eagle series, which are of great interest to numismatic experts. These varieties primarily relate to changes in the reverse design and the number of stars on the obverse.
1. 1795 Small Eagle Reverse
The first coins in the series, minted in 1795, featured a small eagle on the reverse. The eagle is perched on a wreath and has a more simplistic design compared to later issues.
The 1795 coins are highly collectible and are among the most sought-after in the series.
Varieties include differences in the number of obverse stars, which can either be 13 or 15 stars.
2. 1797 Small Eagle Reverse
A continuation of the small eagle design from 1795, but the mintage was low, making these coins rare.
Some examples from 1797 are struck with 16 stars on the obverse, representing the addition of Tennessee as the 16th state in 1796.
3. 1797 Heraldic Eagle Reverse
In 1797, the small eagle reverse was replaced with the more majestic Heraldic Eagle, inspired by the Great Seal of the United States.
This change marked a shift toward a more powerful and recognizable symbol of the U.S., and the heraldic design would continue through the remainder of the series.
The 16-star obverse was also used briefly in this year.
4. 1798-1804 Heraldic Eagle Reverse
From 1798 onward, the Heraldic Eagle design became standard. These coins generally featured 13 stars on the obverse, returning to the original number of states in the Union.
Over the years, minor variations exist, such as the size and placement of the stars, the dentils (border designs), and the detailing on the eagle’s feathers.
Key Dates and Rarities
1795: The inaugural year of the Draped Bust $10 Eagle is a key date, especially the Small Eagle variety. The 1795 issues are prized for their historical importance and the limited numbers that were struck.
1797: The 1797 variety featuring 16 stars is rare, making it a highlight for collectors. The same applies to the 1797 Heraldic Eagle variety, which is the first of its kind.
1804: Though the 1804-dated coins were minted in small numbers, no genuine examples were released for circulation, making this a technically non-circulating issue, although 1804-dated Eagles are still considered part of the series.
Composition and Specifications
Composition: 91.67% gold, 8.33% copper (standard for U.S. gold coins of the time)
Weight: 17.50 grams
Diameter: 33 mm
Edge: Reeded
Collectibility and Value
The Draped Bust $10 Gold Eagle is highly collectible due to its historical importance, elegant design, and rarity. Coins from the 1795 Small Eagle variety, as well as the transitional 1797 and 1804 Heraldic Eagle varieties, are particularly valuable, with premium prices in higher grades.
Because of their gold content and the historical context of early U.S. coinage, these coins command strong interest not only from numismatists but also from investors. Their values increase significantly with condition, and high-grade examples are particularly sought after at auctions.
Liberty Head $10 1838-1907
The Liberty Head $10 Gold Eagle series (1838-1907), designed by Christian Gobrecht, represents one of the longest-running gold coin series in U.S. history. Often referred to as the Coronet Head or "Liberty Head" Eagle, this coin played a significant role in American commerce and is highly prized by numismatists due to its long history, elegant design, and key varieties.
Designer
The Liberty Head $10 Eagle was designed by Christian Gobrecht, the third Chief Engraver of the U.S. Mint. Gobrecht is renowned for several important coin designs, including the Seated Liberty series, and his Liberty Head design for the gold eagles is a masterpiece of neoclassical elegance, reflecting the artistic preferences of the mid-19th century.
Key Design Elements
Obverse:
The obverse features Lady Liberty facing left, crowned with a coronet inscribed with the word "LIBERTY." Her hair is pulled back in a bun, with curls cascading down her neck, a classic representation of Liberty from this period.
Surrounding her are 13 stars, representing the original colonies, and the date of issue is placed at the bottom.
Reverse:
The reverse features a heraldic eagle, reminiscent of the Great Seal of the United States, with a shield covering its breast. The eagle holds an olive branch in its right talon, symbolizing peace, and a bundle of arrows in its left talon, symbolizing readiness for war.
Above the eagle’s head is a scroll with the motto "IN GOD WE TRUST" (added in 1866).
The inscription "UNITED STATES OF AMERICA" surrounds the eagle, with the denomination "TEN D." at the bottom.
Historical Context and Significance
The Liberty Head $10 Eagle was introduced in 1838 to replace the earlier Capped Bust Eagle, which had ceased production in 1804. Its issuance marked the U.S. Mint’s renewed effort to produce large-denomination gold coins to facilitate trade and commerce. The Coinage Act of 1834 had earlier reduced the gold content of U.S. coins to prevent the export of American gold coinage, which had been happening under the previous gold standard.
This series was minted continuously for nearly 70 years, witnessing significant periods in American history, including the Civil War, the westward expansion, and the establishment of the U.S. as an economic powerhouse. The coin also played a vital role in international trade, especially in the settlement of large transactions due to its substantial gold content.
Key Varieties and Changes
Over its long production run, the Liberty Head $10 Eagle saw several important varieties and design changes. Collectors often differentiate coins based on the presence or absence of the motto "IN GOD WE TRUST", mint marks, and certain die variations. Below are the major varieties of the Liberty Head $10 Eagle:
1. 1838-1839 "No Motto" Variety
The original design, issued from 1838 to 1866, does not feature the motto "IN GOD WE TRUST" on the reverse. This design reflects a simpler layout and is sometimes referred to as the "No Motto" variety.
Early mintages were small, especially the first year, making 1838 and 1839 examples particularly rare and valuable.
2. 1866-1907 "With Motto" Variety
Starting in 1866, the motto "IN GOD WE TRUST" was added to the reverse above the eagle, following the passage of legislation that mandated the inclusion of this phrase on U.S. coinage.
The addition of the motto reflected the country’s growing sense of religious devotion during and after the Civil War. This variety was produced from 1866 until the end of the series in 1907.
3. Branch Mint Issues
In addition to coins minted at the Philadelphia Mint, Liberty Head $10 Eagles were also produced at branch mints, including:
New Orleans (O): Coins minted from 1841 to 1906. Some of the rarest dates in the series are New Orleans mint issues, especially early issues from the 1840s.
San Francisco (S): Minted from 1854 to 1907, many of these coins were used in West Coast commerce, and high-grade examples can be challenging to find.
Carson City (CC): Produced from 1870 to 1893, Carson City Eagles are some of the most sought-after due to their historical connection to the Wild West and the Carson City Mint's lower mintages.
Denver (D): The Denver Mint began production of gold coins in 1906, and its issues from 1906 and 1907 are relatively scarce.
Major Varieties of Interest
1838-1839 "No Motto": The first years of issue with no motto and small mintages are particularly prized. Coins from these years are rare in high grades, especially the 1838, which was the inaugural issue of the design.
1866 "With Motto" Transition: Coins minted in 1866, the year the motto "IN GOD WE TRUST" was added, are important to collectors. Both "No Motto" and "With Motto" varieties exist for 1866, making it a key transitional year for the series.
New Orleans Mint Issues: Some of the lowest mintage coins in the series come from the New Orleans Mint, especially in the early years. For instance, the 1841-O, 1842-O, and 1858-O issues are scarce and highly sought after.
Carson City Mint Issues: Coins minted at the Carson City Mint between 1870 and 1893 are among the rarest and most valuable. The 1870-CC, in particular, has a low mintage and is one of the key dates in the entire series.
1907 "Final Year": The last year of issue, 1907, marks the end of the series, and coins from this year are often collected as the final examples before the switch to the Indian Head design.
Composition and Specifications
Composition: 90% gold, 10% copper (standard for U.S. gold coins at the time)
Weight: 16.718 grams
Diameter: 27 mm
Edge: Reeded
Collectibility and Value
The Liberty Head $10 Eagle is widely collected both for its historical significance and its gold content. The most valuable coins in the series tend to be those from branch mints with low mintages, such as the Carson City and early New Orleans issues. Collectors also seek out high-grade examples with original mint luster, as well as coins that have survived the melting of gold coins during the 1930s.
High-grade, uncirculated coins: The value of these coins can vary dramatically based on their mint mark and condition. Coins graded by professional services such as PCGS or NGC typically command premium prices, especially for key dates.
Rarity by year and mint: Many branch mint coins, particularly from New Orleans and Carson City, have lower survival rates, making them rare and desirable.
Historical context: The Liberty Head series spanned significant events in U.S. history, including the Civil War, the Gold Rush, and the expansion of U.S. territories, adding a rich historical narrative to its appeal.
Indian Head $10 1907-1933
The Indian Head $10 Gold Eagle (1907-1933) is one of the most iconic American gold coins, both for its artistic merit and for its place in U.S. monetary history. Designed by the renowned sculptor Augustus Saint-Gaudens, it is a product of President Theodore Roosevelt's desire to beautify American coinage during the early 20th century. The coin is often regarded as a masterpiece of American numismatic art and reflects the shift towards more neoclassical design elements in U.S. coinage.
Designer: Augustus Saint-Gaudens
Augustus Saint-Gaudens was one of the most influential sculptors of his time. He was personally selected by President Theodore Roosevelt to redesign the nation’s coinage as part of a broader artistic revival.
Saint-Gaudens was tasked with designing both the $20 Double Eagle and the $10 Gold Eagle, and his designs revolutionized U.S. coinage, bringing a new level of artistic sophistication to the country's currency.
Key Design Elements
Obverse:
The obverse of the coin features Lady Liberty wearing a full-feathered Native American headdress, which gives the coin its famous "Indian Head" nickname. Despite the headdress, the figure represents Liberty, not a Native American, symbolizing the American spirit and liberty.
Around Liberty’s head are 13 stars, representing the original 13 colonies, and the word "LIBERTY" is inscribed above the headdress.
The design reflects Saint-Gaudens' innovative approach of combining classical allegory (Liberty) with Native American imagery, a unique blending that had not been seen before on U.S. coinage.
Reverse:
The reverse features a majestic standing eagle perched on a bundle of arrows and an olive branch, symbolizing both war and peace. This design echoes the neoclassical style with its bold and elegant presentation of the eagle.
The inscriptions "UNITED STATES OF AMERICA" and the denomination "TEN DOLLARS" are above and below the eagle, respectively. The motto "E PLURIBUS UNUM" is inscribed to the right of the eagle.
Motto Varieties:
"No Motto" (1907-1908): Initially, the coin was issued without the motto "IN GOD WE TRUST", following President Roosevelt's belief that placing the motto on coinage was a form of sacrilege.
"With Motto" (1908-1933): Public outcry and congressional intervention led to the addition of the motto "IN GOD WE TRUST" on the reverse starting in late 1908. This created two major varieties within the series.
Historical Context and Significance
The Indian Head $10 Gold Eagle is part of the broader gold coinage reform initiated by President Theodore Roosevelt, who sought to improve the artistry of American coins. Roosevelt believed that American coinage should be as beautiful as the coins of ancient Greece and Rome, and Saint-Gaudens was tasked with leading this artistic revolution.
The Indian Head $10 Eagle circulated during a time of great economic and political change in the U.S., including the lead-up to World War I and the subsequent economic boom of the 1920s. It remained in circulation until the Gold Recall Act of 1933, when President Franklin D. Roosevelt ordered the cessation of gold coinage and the recall of circulating gold coins as part of measures to stabilize the economy during the Great Depression.
Key Varieties and Major Types
There are two major varieties within the Indian Head $10 Gold Eagle series based on the inclusion or exclusion of the motto "IN GOD WE TRUST":
1. "No Motto" (1907-1908):
The original design, issued in 1907 and early 1908, did not feature the motto "IN GOD WE TRUST." This design was issued only for a short period and is highly sought after by collectors for its historical significance and relative rarity compared to the "With Motto" variety.
The 1907 "Wire Rim" variety is one of the most notable and rarest sub-varieties within the "No Motto" issues. It features a prominent raised rim, which resulted from the striking process. A "Rolled Rim" variety followed, where the rim was more rounded.
Low Relief: Some 1907 coins were struck in high relief, but this was soon altered to a low-relief version for practical reasons, as high-relief coins were difficult to strike and stack properly.
2. "With Motto" (1908-1933):
In response to public demand and congressional action, the motto "IN GOD WE TRUST" was added to the reverse of the coin starting in late 1908. This variety became the standard for the remainder of the series.
The addition of the motto is the key differentiating factor between the two types, and collectors often seek to own both varieties to complete the set.
Branch Mint Issues
Indian Head $10 Gold Eagles were minted at several U.S. Mint facilities, and coins from the branch mints are particularly sought after by collectors. The mint marks appear on the reverse, to the left of the arrows.
Philadelphia (No Mint Mark): Coins minted at the Philadelphia Mint are generally more common, especially in higher grades.
Denver (D Mint Mark): Coins minted in Denver are scarcer and command higher premiums.
San Francisco (S Mint Mark): The San Francisco Mint also produced Indian Head Eagles, with several key rarities, particularly from the early years.
Key Dates: The 1933 Indian Head $10 is the rarest in the series, with very few examples known to exist. It was struck but never released into circulation due to the Gold Recall Act of 1933.
Composition and Specifications
Composition: 90% gold, 10% copper
Weight: 16.718 grams
Gold Content: 0.48375 oz of pure gold
Diameter: 27 mm
Edge: Raised stars (a unique feature of this design, with 46 stars initially, increased to 48 stars in 1912 to represent New Mexico and Arizona joining the Union)
Collectibility and Value
The Indian Head $10 Eagle is considered one of the most beautiful and historically significant U.S. gold coins. The series is popular among collectors for several reasons:
Artistic Merit: Saint-Gaudens' design is widely considered one of the most beautiful in U.S. coinage history, making these coins highly desirable to collectors.
Historical Significance: These coins were produced during a transformative period in U.S. history, encompassing both world wars, economic growth, and financial crises.
Rarity and Varieties: The "No Motto" varieties (particularly the 1907 Wire Rim and Rolled Rim) and branch mint issues from Denver and San Francisco are highly prized.
Condition: High-grade, uncirculated coins are particularly sought after by collectors, with mint state examples commanding significant premiums.
1933 Issues: The 1933 Indian Head $10 Eagle is exceptionally rare, as very few were released to the public before the Gold Recall Act. The 1933 coin is considered one of the greatest rarities in American numismatics.
Liberty Head $20 1849-1907
The Liberty Head $20 gold coin, also known as the Double Eagle, was minted from 1849 to 1907 and is one of the most significant and iconic U.S. gold coins, both for its historical context and numismatic value. The coin’s creation was directly tied to the California Gold Rush, which drastically increased the supply of gold, necessitating a higher denomination coin. It was designed by James Barton Longacre, the chief engraver of the United States Mint.
Designer: James B. Longacre
James B. Longacre was the chief engraver of the U.S. Mint from 1844 until his death in 1869. He was responsible for several important U.S. coin designs, including the Liberty Head $20 gold coin.
Longacre's design for the Double Eagle was classic, in keeping with the neoclassical trends of the time, featuring a rendition of Lady Liberty on the obverse and a majestic eagle on the reverse.
Historical Context
The Liberty Head Double Eagle was introduced in response to the California Gold Rush, which began in 1848 and resulted in a massive influx of gold into the economy. The U.S. Mint decided that a higher-denomination coin was necessary to handle large transactions and to take advantage of the increased gold supply.
The first coin was struck in 1849, but only two examples were minted that year. One resides in the Smithsonian Institution, and the other is believed to be lost. Regular production began in 1850, and the coin remained in production until 1907.
The Liberty Head $20 gold coin was produced through several significant periods in U.S. history, including the Civil War, the Reconstruction Era, and the turn of the century. It was used for large-scale commercial transactions, bank reserves, and international trade.
Design Features
Obverse:
The obverse features Lady Liberty facing left, wearing a coronet inscribed with the word “LIBERTY.”
Thirteen stars surround her image, representing the original thirteen colonies.
The date of issue appears at the bottom of the coin below Liberty's bust.
Longacre’s design depicts Liberty in a simple, classical style, which was common in U.S. coinage during the mid-19th century.
Reverse:
The reverse of the coin features a heraldic eagle with a shield on its chest. The eagle is holding an olive branch (symbolizing peace) and arrows (symbolizing strength) in its talons.
The inscriptions "UNITED STATES OF AMERICA" and "TWENTY D." encircle the eagle, indicating the coin’s denomination.
Above the eagle’s head is a halo of stars, representing the original 13 colonies. Between 1866 and 1907, the reverse also included the motto "IN GOD WE TRUST", placed above the eagle’s head.
Varieties and Types
There are three major varieties of the Liberty Head $20 gold coin, primarily based on the presence or absence of the motto "IN GOD WE TRUST" and changes to the denomination.
Type I (1849-1866): No Motto
The first variety of the Liberty Head $20 coin does not include the motto "IN GOD WE TRUST" on the reverse.
These coins are often referred to as Type I Double Eagles, and they are highly sought after by collectors.
The denomination on the reverse reads "TWENTY D."
Key Dates: The 1854-O (New Orleans) and 1861 Paquet Reverse (with an experimental reverse design by Anthony C. Paquet) are particularly rare and valuable. The 1856-O is also a key date with very few known examples.
Type II (1866-1876): With Motto
After the Civil War, the motto "IN GOD WE TRUST" was added to the reverse of the coin, just above the eagle. This change was a result of religious sentiment in the country following the conflict.
These coins are referred to as Type II Double Eagles.
The reverse design remained largely the same, but the addition of the motto distinguishes this variety from earlier issues.
The denomination is still written as "TWENTY D."
Key Dates: The 1870-CC (Carson City Mint) is one of the most desirable coins in the series, along with several other low-mintage issues from Carson City.
Type III (1877-1907): With Motto, TWENTY DOLLARS
In 1877, the denomination on the reverse was changed from "TWENTY D." to the full inscription "TWENTY DOLLARS."
The Type III Double Eagles continued with the same general design elements, including the motto "IN GOD WE TRUST."
Key Dates: The 1879-O (New Orleans) and several issues from Carson City, such as the 1877-CC and 1885-CC, are particularly rare and command high premiums in the numismatic market.
Mint Locations
Liberty Head Double Eagles were struck at multiple mints across the United States. The mint mark is located on the reverse below the eagle.
Philadelphia (no mint mark): The Philadelphia Mint struck the largest number of coins in the series and produced coins in all three types.
New Orleans (O): New Orleans struck a limited number of Double Eagles from 1850 to 1861 and again in 1879. Coins from New Orleans tend to be scarcer, particularly in higher grades.
San Francisco (S): The San Francisco Mint, due to its proximity to the California gold fields, struck large numbers of Double Eagles throughout the series. Many of the more common dates come from San Francisco.
Carson City (CC): The Carson City Mint struck Double Eagles intermittently between 1870 and 1893. Carson City coins are among the most highly prized by collectors due to their lower mintages and historical connection to the Wild West.
Denver (D): The Denver Mint only struck Liberty Head Double Eagles in 1906 and 1907, making them part of the final issues of the series.
Composition and Specifications
Composition: 90% gold, 10% copper
Weight: 33.436 grams (1.0750 troy ounces)
Gold Content: 0.9675 oz of pure gold
Diameter: 34 mm
Edge: Reeded
Collectibility and Value
The Liberty Head $20 Double Eagle is one of the most popular and widely collected U.S. gold coins due to its historical significance and large gold content. It was heavily used in commerce, and many coins were shipped overseas for international trade.
Condition: As with most gold coins, the value of a Liberty Head Double Eagle is heavily influenced by its condition. Uncirculated (Mint State) coins command higher premiums, particularly for key dates and rare varieties.
Rarity: Carson City issues are particularly prized for their historical association with the Wild West and lower mintages. Certain New Orleans issues and Philadelphia Mint varieties, such as the 1854-O, 1870-CC, and 1879-O, are also highly valuable.
Shipwreck Coins: A significant number of Liberty Head Double Eagles have been recovered from famous shipwrecks, such as the SS Central America and the SS Republic. These coins, preserved underwater for over a century, have become valuable collectors’ items, often commanding premiums due to their historical provenance.
St. Gaudens $20 1907-1933
The Saint-Gaudens $20 gold coin, also known as the Double Eagle, is widely regarded as one of the most beautiful coins ever produced by the United States Mint. Designed by the famed sculptor Augustus Saint-Gaudens, it was minted from 1907 to 1933, and its design and significance have made it a centerpiece for numismatic experts. The coin represents a pivotal moment in U.S. coinage, transitioning from the more traditional designs of the 19th century to a more modern, artistic era in the 20th century.
Designer: Augustus Saint-Gaudens
Augustus Saint-Gaudens was a renowned sculptor and artist, known for his works in monumental sculpture and reliefs. He was selected by President Theodore Roosevelt to design the new $20 Double Eagle as part of Roosevelt’s efforts to revitalize U.S. coinage.
Roosevelt admired the high-relief designs of ancient Greek coins and wanted American coinage to reflect similar artistic beauty. Saint-Gaudens' design became a cornerstone of Roosevelt's "Renaissance of American Coinage" project.
Historical Context
The Saint-Gaudens Double Eagle was introduced during a time of economic growth and increased political prominence for the United States, reflecting the nation's confidence on the global stage.
The Double Eagle was minted during the Gilded Age and the Roaring Twenties, two periods characterized by economic prosperity before the onset of the Great Depression.
In 1933, due to the financial crisis of the Great Depression and the U.S. government’s move to abandon the gold standard under President Franklin D. Roosevelt, production of gold coins, including the Saint-Gaudens Double Eagle, was halted.
Design Features
Obverse:
The obverse of the coin features a striking image of Lady Liberty striding forward, holding a torch in her right hand, symbolizing enlightenment, and an olive branch in her left, symbolizing peace.
The design showcases Liberty standing confidently with flowing robes, set against a background of the sun’s rays and the U.S. Capitol building in the distance.
The word "LIBERTY" is inscribed at the top of the coin, and 46 stars (later increased to 48 stars after Arizona and New Mexico became states in 1912) encircle the image, representing the states of the Union at the time.
Saint-Gaudens’ artistic approach is one of dynamism and movement, giving Lady Liberty a sense of purpose and vigor.
Reverse:
The reverse features a majestic flying eagle with rays of the rising sun in the background, symbolizing the dawn of a new era for the United States.
The inscription “UNITED STATES OF AMERICA” and “TWENTY DOLLARS” is boldly placed across the top and bottom of the design, with the motto "IN GOD WE TRUST" added in 1908.
The eagle, soaring powerfully, symbolizes the strength and optimism of the nation.
Varieties and Types
There are several notable varieties of the Saint-Gaudens Double Eagle, with the main distinction being the relief (high relief versus normal relief) and the inclusion or exclusion of the motto "IN GOD WE TRUST."
Ultra High Relief 1907
Ultra High Relief (sometimes referred to as "Extra High Relief") coins were struck in 1907 at the direction of President Theodore Roosevelt, who desired a coin of the highest artistic quality.
These coins are some of the most beautiful ever produced, but due to the impracticality of minting such coins in large quantities, only about 12-20 Ultra High Relief Double Eagles were struck. These coins are extremely rare and highly valuable.
The coins required multiple strikes to bring out the full detail of the design and were not suitable for mass production.
High Relief 1907
The High Relief variety of the Saint-Gaudens Double Eagle is one of the most celebrated U.S. coin designs. Approximately 11,250 coins were struck in high relief, but like the Ultra High Relief, these coins required multiple strikes and were not efficient for minting.
The high-relief coins have a concave shape due to the deep impression of the design, and they are cherished by collectors for their beauty and artistry.
The edge of the coin features an inscription, “E Pluribus Unum,” rather than the traditional reeded edge.
Low Relief 1907-1933
After the difficulties of producing the high-relief coins, the design was modified to a low-relief version in late 1907 to facilitate mass production. This version was minted for the remainder of the coin’s production run.
The low-relief coins are much more common and were produced in large quantities.
The coins minted in 1907 lacked the motto “IN GOD WE TRUST,” which was a controversial omission at the time. Public pressure eventually led to the inclusion of the motto starting in 1908.
No Motto 1907-1908
The first Saint-Gaudens Double Eagles produced did not feature the motto "IN GOD WE TRUST" on the reverse. This was in line with President Roosevelt's preference for classical designs without religious inscriptions.
Coins from 1907 and early 1908 are often referred to as "No Motto" coins.
These coins are scarcer and highly sought after by collectors.
With Motto 1908-1933
Due to public outcry and congressional legislation, the motto "IN GOD WE TRUST" was added to the reverse design in mid-1908. This variety continued through the end of the series in 1933.
Key Dates: Some key dates for the Saint-Gaudens Double Eagle include the 1927-D, which is one of the rarest and most valuable coins of the series, as well as the 1920-S and 1930-S, which also command high premiums due to their low mintages.
Mint Locations
The Saint-Gaudens Double Eagle was struck at several different mints, and the mint mark can be found on the reverse, to the left of the eagle’s tail feathers.
Philadelphia (no mint mark): The Philadelphia Mint struck the majority of the Saint-Gaudens Double Eagles, including the Ultra High Relief and High Relief coins.
Denver (D): The Denver Mint produced Double Eagles intermittently during the series, including rare issues such as the 1927-D.
San Francisco (S): The San Francisco Mint struck Double Eagles, especially during the early years of the series, with several rarities coming from this mint.
Specifications
Composition: 90% gold, 10% copper
Weight: 33.436 grams (1.075 troy ounces)
Gold Content: 0.9675 oz of pure gold
Diameter: 34 mm
Edge: Reeded or inscribed “E Pluribus Unum” (on the early high-relief issues)
Key Dates and Rarities
1907 Ultra High Relief: Extremely rare and among the most valuable of U.S. coins.
1927-D: Considered one of the greatest rarities in the series, with only a handful known to exist. It commands a very high premium at auctions.
1933 Double Eagle: The 1933 Saint-Gaudens Double Eagle is perhaps the most famous of all U.S. gold coins. Although 445,500 were minted, none were officially released for circulation due to the U.S. government’s decision to halt gold coinage. Most were melted down, but a few escaped the melting pot, with one famously being sold at auction for over $7.5 million in 2002. It is illegal to own most 1933 Double Eagles without a special license from the U.S. Treasury, but the coin remains a symbol of rarity and intrigue.
Collectibility and Value
The Saint-Gaudens Double Eagle is one of the most collected U.S. coins due to its stunning design, historical importance, and significant gold content. It is sought after by both numismatists and investors alike.
Condition: Like most gold coins, the value of a Saint-Gaudens Double Eagle depends heavily on its condition. Uncirculated (Mint State) coins, especially those graded by professional services such as PCGS or NGC, can command high prices, particularly for rarer dates.
Shipwreck Coins: Some Saint-Gaudens Double Eagles have been recovered from shipwrecks, such as the SS Central America and SS Republic, adding another layer of historical interest and value.