U.S. Heritage Coins

While the Five Dollar Indian's were first minted in 1908, it came to immense social significance in early 1914, with Europe facing the First World War and the United States going through a depression. Henry Ford made an announcement that he would raise his workers’ wages from $2.30 a day to $5. Of course, this was princely, in those days. Not only that, but he would reduce the factory work day from nine to eight hours. The five dollar indian piece, then, became not only an efficient method of payment, but a prized symbol of a hard day’s work. The design of the Indian Head Half Eagle was very similar to the Buffalo Nickel, with each carrying a portrait of an American Indian, and both being roughly the same size. The $5 is also notable for a weird quirk of its design. The image and inscription are actually sunken below the surface of the coins, where most coins have raised images and inscription. This was a daring choice, and one that has not been used since. This came thanks to Theodore Roosevelt, who took a serious interest in every aspect of American life, including the design and minting of American coinage. The idea itself actually came from William Sturgis Bigelow, a physician and art lover from Boston who had been a close friend of Roosevelt’s. Bigelow borrowed the idea from a visit to the Boston Museum of Fine Arts, when he saw some Egyptian art works that bore this unique quirk. Roosevelt was open to new ideas, and gave the technique his blessing. Bigelow then approached a fellow Bostonian, Bela-Lyon Pratt, a noted sculptor, to create some models for minting. Pratt did some experimenting and came up with the Indian Brave on the obverse and an Eagle on the reverse. At first, these Five Dollar Indian coins confused Americans. Beyond their unusual design, this had also been the first time in seventy years that the coin had undergone a major design change. Allowing a few minor changes, such as the addition of IN GOD WE TRUST to the coin in 1866, the coin had always been known for Lady Liberty on the obverse. Many critics considered the $5 Indian Head a failure, such as Philadelphia coin dealer Samuel H. Chapman, who left no stone unturned in loudly harping on about the coin’s aesthetic shortcomings. Everything from the “emaciated” look of the Indian to what he considered to be health hazards regarding the sunken design of the coin. “A great receptacle for dirt and conveyor of disease!” Despite the disapproval of US Mint Chief Engraver Charles E. Barber, who many felt was simply jealous of this upstart from Boston taking matters of coin design into his own hands, the Five Dollar Gold Indian coins were minted every year between 1908 and 1916, and in 1929. In the end, Roosevelt liked the design, and that was all there was to it. While perhaps not quite as sought after as the Lady Liberty Half Eagles, the Indian Head Half Eagles are, nonetheless, highly valuable coins, specifically those minted in 1929.