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The $5 Gold Indian 1909-S in Extra Fine (XF) condition is a fascinating and desirable example of early 20th-century U.S. coinage, notable for its unique incuse design, historical significance, and relative scarcity. Struck at the San Francisco Mint during the second year of the Indian Head Half Eagle series, this coin showcases the innovative artistry of Bela Lyon Pratt, whose design marked a bold departure from the raised reliefs traditionally used in U.S. gold coinage. In Extra Fine condition, the 1909-S retains strong detail with modest wear, making it an excellent choice for collectors seeking an attractive, historic piece with tangible signs of circulation and character.
The Indian Head Half Eagle series was introduced in 1908 as part of President Theodore Roosevelt’s sweeping reform to enhance the artistic merit of American coins. Designed by Bela Lyon Pratt, the $5 Indian is one of only two U.S. coins to feature an incuse, or sunken, design—the other being the $2.50 Indian Quarter Eagle. Instead of raised devices above the field, the design elements are recessed, producing a sculptural appearance that is both distinctive and elegant. This novel approach initially received mixed reactions due to concerns about stacking and hygiene, but it has since become a beloved and distinctive attribute of early 20th-century U.S. gold coinage.
The obverse of the 1909-S Gold Indian features a left-facing Native American chief wearing a full-feathered war bonnet, symbolizing strength, heritage, and dignity. The headdress is detailed, with clearly defined feathers that in Extra Fine condition still retain much of their contour and texture. Surrounding the portrait are thirteen stars representing the original colonies, with the word “LIBERTY” inscribed at the top and the date “1909” at the bottom. In XF condition, wear is evident primarily on the high points, such as the cheekbone, feather tips, and jawline, but the overall design remains sharply defined and easily legible.
The reverse of the coin depicts a perched eagle facing left, resting on a bundle of arrows with an olive branch interwoven—a symbol of military readiness and peace. Above the eagle appear the words “UNITED STATES OF AMERICA,” while the denomination “FIVE DOLLARS” curves along the bottom rim. The motto “E PLURIBUS UNUM” is placed to the left of the eagle, and “IN GOD WE TRUST” appears to the right, each set in sunken lettering like the rest of the design. In Extra Fine condition, the eagle’s feathers, especially on the breast and upper wing, show some flattening from circulation, but the design remains bold and expressive.
The 1909-S was produced at the San Francisco Mint, which during this period played a significant role in striking gold coinage for commercial use, particularly in the Western states where gold remained a critical part of everyday commerce. The “S” mintmark is located to the left of the bundle of arrows on the reverse, near the eagle’s talons. Only 297,200 examples of the 1909-S Half Eagle were struck, making it a semi-key date in the series. This limited mintage, combined with the high attrition rate typical of circulated gold coinage, enhances the coin’s desirability among collectors.
The $5 Indian was struck in the standard U.S. gold coin alloy of 90% gold and 10% copper, giving the coin a rich yellow-orange hue and added durability. Each coin weighs 8.359 grams and contains 0.24187 troy ounces of pure gold. With a diameter of 21.6 mm and a reeded edge, the Half Eagle is compact yet dense, exuding the tactile appeal of solid gold. The incuse design also provides a distinctive texture, as the fields are raised above the devices, giving the coin a flatter, more tablet-like surface than its contemporaries.
In terms of condition, Extra Fine examples of the 1909-S Gold Indian retain most of their design elements, though high points exhibit moderate wear. The hair above the chief’s ear and the tips of the feathers often show the most flattening, while the eagle’s wing and leg areas are typically smoothed from light circulation. Nevertheless, the coin’s overall detail, color, and eye appeal remain strong in this grade. XF specimens offer a balanced combination of affordability and visual sharpness, making them popular with collectors building type sets or seeking well-preserved historical coins with a traceable past.
Market values for the 1909-S in Extra Fine condition generally range from $800 to $1,100, depending on the quality of surfaces, strike sharpness, and overall eye appeal. Certified examples from PCGS or NGC are particularly attractive to collectors, as authentication and precise grading are vital when purchasing early U.S. gold coins. These coins were widely counterfeited in past decades, and third-party certification provides essential confidence in both genuineness and marketability.
The 1909-S is historically situated during a time of progressive reform in both American politics and design. Its issuance coincided with the growing economic influence of the Western United States and the final years of the classical gold standard. The incuse design, while controversial in its day, represents an innovative artistic statement—Pratt’s rendering of a real Native American figure was a stark departure from the classical female allegories that dominated earlier coinage. The incuse approach was not repeated in later series, making the Indian Half Eagle a unique and finite chapter in U.S. numismatics.
Collectors prize the $5 Indian series not only for its beauty and rarity but also for the challenge it presents. With many dates issued in low numbers and many survivors suffering from harsh cleaning or jewelry use, finding high-quality circulated examples like an XF 1909-S can be particularly rewarding. The coin bridges the gap between numismatic value and intrinsic gold content, appealing to both history buffs and bullion-minded investors.
In conclusion, the $5 Gold Indian 1909-S in Extra Fine condition stands as a historically rich and artistically bold coin from one of the most distinctive series in U.S. history. With its low mintage, innovative design, and San Francisco Mint origin, it represents a prized acquisition for collectors seeking substance, style, and significance. Whether as part of a full Indian Head Half Eagle set or as a standalone tribute to America’s golden age of coinage, the 1909-S XF delivers both beauty and rarity in equal measure.