Indian Head gold pieces

Discovering the Enigma of Indian Head Gold Coins

The Indian Head gold coins or Pratt-Bigelow gold coins were two separate coin series, identical in design, struck by the US Mint. The quarter eagle was struck from 1908 to 1915 and again in 1925-1929, while the half eagle was struck from 1908 to 1916 and in 1929. These coins were the last of their denominations to be struck for circulation and remain the only US circulating coins with recessed designs.

President Roosevelt’s Vision

Imagine a time when President Theodore Roosevelt envisioned a new era of American coinage, one that would reflect his ideals of beauty and naturalism. He sought to replace the outdated designs with something more fitting for a nation on the rise. His friend, the renowned sculptor Augustus Saint-Gaudens, was tasked with this monumental task.

The Challenges Faced

However, the Mint encountered difficulties fitting inscriptions on the small gold coins. President Roosevelt convinced Mint Director Frank Leach that striking a design similar to the eagle but below the background would secure a high-relief effect. This decision led to the creation of the recessed designs seen in these coins.

The Collaboration

Dr. William Sturgis Bigelow, a friend of President Roosevelt, had an idea for high-relief coins that would have designs protected from wear and stack easily. Roosevelt expressed interest in the idea and Pratt was soon working on a model for him to examine.

The Design Process

Pratt completed plaster models using an unknown male Indian from his photo collection instead of Saint-Gaudens’ female Liberty. Roosevelt liked the proposed coin and agreed to cooperate with Bigelow and Pratt in making it. The President requested a modification of Saint-Gaudens’ eagle design for the ten-dollar piece, which would be used on both the half-eagle and quarter-eagle coins.

The Coins’ Circulation

Despite initial criticism, both the half and quarter eagle were struck annually through 1915. The coins were used as Christmas presents due to their production schedule, but their circulation decreased after the establishment of the Federal Reserve System in 1913. World War I’s economic unrest caused gold prices to rise, leading to a decrease in the circulation of gold coins.

The Transition

The quarter eagle remained popular as a Christmas gift but was not initially produced after the prewar years’ stock was depleted. Production resumed in 1925, with some variation between mints. The half eagle series also resumed in 1929, but most of its coins were melted during the Depression due to President Roosevelt’s actions in 1933, ending the issuance of gold coins.

Conclusion

The Indian Head gold coins stand as a testament to the vision and collaboration between President Theodore Roosevelt and his friends. These coins not only marked a transition towards naturalism but also faced numerous challenges that shaped their design and circulation. As we reflect on these historic pieces, it’s clear that they hold more than just monetary value—they represent a pivotal moment in American numismatic history.