Indian $5 Gold Coin
(1908 – 1929)
The $5 Gold Indian Coin, also known as the Gold Half Eagle, was first minted in the early 1900s and remained in production for just over 20 years. While many of these coins are over a century old, their general condition may not be ideal. Even a coin in poor condition can still be valuable due to its historical significance and gold content.
During its time in circulation, the $5 Indian Gold Coin had significant purchasing power. While today $5 is not much, back then it was a much larger sum, often representing a considerable amount of buying power. However, not everyone used these coins regularly, and because of their limited mintage, they are rarer today. Over time, fewer examples of these coins have made it into the market, adding to their value.
The Value of a $5 Indian Gold Coin
Given the high demand for $5 Indian Gold Coins and their intrinsic gold content, these coins are typically not purchased by beginners or those with a limited budget. New collectors should focus on other coins before considering these pieces. Experienced collectors, however, are more likely to purchase them, especially if they can afford the higher price points associated with these coins.
Expect to pay at least $400 for a $5 Gold Indian Coin in poor condition. More well-preserved examples can easily reach over $1,000.
The Most Coveted $5 Indian Gold Coins
While all $5 Indian Gold Coins are considered valuable due to their scarcity and historical significance, there are certain years and mints that are particularly sought after by collectors.
1909-O Indian: This coin is especially coveted and can command close to $3,000 or more at auction, even in lower conditions. The rarity of the New Orleans mint (O mint mark) makes this year highly desirable.
1929 $5 Gold Indian: Similarly, the 1929 coin is another popular collectible, and even coins in low grades can sell for thousands of dollars due to the limited mintage and historical value.
Valuation Chart
Year | Mintage Estimate | Mint Mark | Average Value (Poor Condition) | Average Value (High Condition) |
|---|---|---|---|---|
1908 | 240,000 | – | $400 – $500 | $1,200 – $1,500 |
1909 | 331,000 | – | $450 – $600 | $1,500 – $2,000 |
1909-O | 34,000 | O | $2,000 – $3,000 | $7,000 – $9,000 |
1910 | 126,000 | – | $500 – $650 | $1,800 – $2,200 |
1911 | 167,000 | – | $600 – $800 | $2,000 – $2,500 |
1911-D | 55,000 | D | $800 – $1,000 | $2,500 – $3,000 |
1912 | 186,000 | – | $550 – $700 | $1,800 – $2,300 |
1913 | 158,000 | – | $600 – $800 | $2,000 – $2,500 |
1914 | 240,000 | – | $550 – $750 | $2,000 – $2,500 |
1915 | 330,000 | – | $450 – $650 | $1,800 – $2,200 |
1916 | 325,000 | – | $500 – $700 | $2,000 – $2,400 |
1917 | 149,000 | – | $600 – $850 | $2,300 – $2,800 |
1918 | 404,000 | – | $400 – $600 | $1,800 – $2,100 |
1919 | 486,000 | – | $400 – $650 | $1,700 – $2,200 |
1920 | 95,000 | – | $600 – $900 | $2,500 – $3,000 |
1921 | 281,000 | – | $500 – $750 | $2,000 – $2,400 |
1922 | 300,000 | – | $450 – $700 | $2,100 – $2,500 |
1923 | 228,000 | – | $500 – $800 | $2,200 – $2,700 |
1924 | 287,000 | – | $400 – $600 | $2,000 – $2,400 |
1925 | 288,000 | – | $450 – $650 | $2,000 – $2,500 |
1926 | 450,000 | – | $400 – $600 | $1,800 – $2,300 |
1927 | 370,000 | – | $400 – $650 | $2,000 – $2,500 |
1928 | 307,000 | – | $450 – $700 | $2,100 – $2,600 |
1929 | 193,000 | – | $700 – $1,200 | $3,000 – $4,000 |
Historical Context Year-by-Year
1908: The $5 Gold Indian Coin was first introduced. Designed by Bela Lyon Pratt, this coin features an unusual incuse (sunken) design, which was a departure from the traditional raised designs on most coins at the time. The coin was initially met with a mixed reception but became a staple in circulation during its short production run.
1909: The Indian Head design began to gain popularity. This year marked a continuation of regular mintage, and the coin continued circulating despite the relatively high gold content making it less commonly used in everyday transactions.
1909-O: The 1909-O coin, minted in New Orleans, becomes one of the key rarities in the series. With a much lower mintage of 34,000, this particular coin is now one of the most desirable and valuable coins in the $5 Indian Gold series.
1910: A steady mintage year with around 126,000 coins struck. The design was well-received by collectors, but the economic landscape in the U.S. was changing, and gold coins like the $5 Indian were not being used as much for everyday transactions.
1911: Mintage continues at a relatively high level, and the $5 Indian Gold Coin remains an important part of U.S. currency.
1911-D: The 1911-D coin, minted in Denver, is one of the key rarities in the series, with only 55,000 coins produced.
1912: Mintage remains fairly consistent at 186,000 coins, and the $5 Indian Gold Coin continues to be a part of everyday transactions for those dealing in larger sums. However, the coin’s usage was declining, and the U.S. Mint began to produce fewer of these types of gold coins.
1913: As with previous years, the $5 Indian Gold Coin sees consistent production, but this coin, like the others, begins to face lower demand due to the rise of paper currency and the growing use of other forms of money for transactions.
1914: The economy in the United States begins to shift in the wake of the early 20th-century recessions, and while the coin continues to circulate, it is becoming less common in daily transactions.
1915: This year sees a production of 330,000 coins, making the $5 Indian Gold Coin still relatively common compared to some of the rarer years. However, interest in gold coins is starting to wane with the increasing reliance on paper currency.
1916: The $5 Indian Gold Coin continues to circulate, and while it is still common, the economic climate leads to a decreased reliance on gold coins, making them more of a collector’s item rather than a regularly used currency.
1917: Production continues but drops slightly as the U.S. economy moves toward newer forms of currency. While the $5 Gold Indian is still used, it’s becoming a rarer sight in circulation.
1918: Economic conditions worsen during World War I, and gold coinage is used less frequently as paper currency becomes more widespread. This trend continues with the $5 Indian Gold Coin, which, while still in circulation, is becoming more valuable to collectors.
1919: Mintage remains high, but the circulation of gold coins is rapidly declining as the U.S. moves toward greater use of paper currency during the post-war period. The $5 Indian is becoming more of a collector’s piece than a commonly used coin.
1920: The mintage drops to 95,000 coins, and the $5 Gold Indian Coin becomes increasingly rare in circulation. This low mintage year contributes to the coin’s higher value in the future.
1921: Production continues with over 281,000 coins minted. The $5 Indian Gold Coin is still in circulation but beginning to be viewed more as a numismatic item than a regular medium of exchange.
1922: Mintage reaches around 300,000 coins, and while still in circulation, these coins are becoming harder to find, contributing to their growing value as a collectible item.
1923: With the mintage at 228,000, the $5 Indian Gold Coin begins to gain popularity with collectors as it is less commonly found in circulation. Demand begins to rise, leading to higher values.
1924: As production of gold coins starts to wane, the $5 Indian Gold Coin becomes more scarce. The coins in circulation begin to show wear, and those in good condition start to command higher prices in the marketplace.
1925: The mintage remains steady at 288,000 coins. This year marks the tail end of widespread circulation for the $5 Indian Gold Coin, and they start to be seen more as investments rather than currency.
1926: With mintage at 450,000 coins, the $5 Indian Gold Coin is now becoming increasingly rare in circulation. It is viewed primarily as a collector’s item at this point, with a growing interest in the coins due to their scarcity.
1927: Production of $5 Indian Gold Coins remains steady with 370,000 minted, but the coin’s usage is largely limited to collectors, as it is no longer a common medium of exchange.
1928: The mintage drops again, and the $5 Indian Gold Coin becomes more sought after by numismatists due to its decreasing availability in circulation.
1929: The final year of the $5 Indian Gold Coin series sees a mintage of 193,000 coins. With fewer coins in circulation, these coins grow in value, and the 1929 edition becomes one of the most valuable and collectible coins in the entire series.
Final Thoughts
The $5 Gold Indian Coin represents both an important historical period and a valuable collectible item. Though these coins may be pricey, they continue to be sought after by seasoned collectors due to their historical significance and the scarcity of higher-quality examples.
If you are an experienced collector with a larger budget, the $5 Gold Indian Coin is certainly a piece worth considering. They have consistently held their value and have the potential for further appreciation as they become rarer with time.
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