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The $5 Gold Indian 1911-S in Extra Fine (XF) condition is a standout coin from one of the most innovative and artistically unique series in American numismatics. Designed by Bela Lyon Pratt, the Indian Head Half Eagle series broke from tradition by featuring an incuse, or recessed, design that set it apart from all other circulating U.S. coinage. Issued by the San Francisco Mint, the 1911-S is a scarcer date within the series and highly valued by collectors for its relatively low mintage, historical context, and visual appeal. In Extra Fine condition, this coin retains strong definition in its most prominent design features while showing light, honest wear from limited circulation.
First introduced in 1908, the Indian Head Half Eagle was part of President Theodore Roosevelt’s artistic renaissance of American coinage. Roosevelt believed U.S. coins should reflect the grandeur of ancient classical designs, and he commissioned Bela Lyon Pratt to create a new $5 coin that would complement the earlier Saint-Gaudens $20 Double Eagle. Pratt’s design was revolutionary for its time: rather than being struck in relief, the coin’s devices and legends are sunken below the surface plane. This incuse format resulted in a smooth, tablet-like appearance that was controversial when first released, but it is now regarded as one of the boldest design experiments in U.S. coin history.
The obverse of the 1911-S Gold Indian displays the left-facing profile of a Native American chief wearing a detailed feathered war bonnet. Surrounding the central portrait are thirteen stars representing the original colonies, and the word “LIBERTY” is inscribed at the top. The date “1911” is located just below the bust. In Extra Fine condition, the central elements of the portrait remain sharp, although light wear is visible on the cheekbone, jawline, and feather tips. The overall eye appeal of the obverse remains strong in this grade, with clean fields and recessed devices that preserve much of the design’s integrity.
The reverse features an eagle standing on a bundle of arrows with an olive branch woven in, symbolizing strength and peace. The inscriptions “UNITED STATES OF AMERICA” and “FIVE DOLLARS” surround the eagle along the periphery. The mottos “E PLURIBUS UNUM” and “IN GOD WE TRUST” appear to the left and right of the eagle, respectively, all struck in the same sunken style. The “S” mintmark, identifying the San Francisco Mint, is found to the left of the arrows just below the eagle’s tail. In XF condition, the eagle’s feathers, particularly on the breast and wings, show some smoothness, but the design remains sharply defined and attractive.
The 1911-S had a total mintage of 1,416,000 pieces, which was modest for the time but not the lowest of the series. However, like many U.S. gold coins of the era, a significant number of 1911-S Half Eagles were melted in the 1930s following the U.S. government's recall of circulating gold coinage. As a result, relatively few survive today in grades above XF, and many of those that do exist have been cleaned or show other impairments. This makes problem-free Extra Fine specimens particularly appealing to both type collectors and series specialists.
The coin is composed of 90% gold and 10% copper, following the standard alloy for U.S. gold coinage of the period. Each coin weighs 8.359 grams and contains 0.24187 troy ounces of pure gold. Its compact size, 21.6 mm in diameter, is balanced by its solid weight and rich yellow-orange color, often enhanced by natural toning in circulated examples. The reeded edge and distinctive flat field of the incuse design contribute to a tactile experience that is unlike any other American gold coin. Even in XF condition, this physical uniqueness enhances the appeal of the piece.
In Extra Fine condition, a 1911-S Gold Indian Half Eagle displays light to moderate wear across the high points of the design, especially Liberty’s face and the eagle’s wing and leg feathers. However, the coin should retain sharp outlines of the portrait, feathers, and eagle with most of the lettering clearly legible. XF coins often show subdued luster in protected areas and may have faint surface marks from limited handling. The recessed design actually protects many of the coin’s most important features, allowing even circulated examples to retain a higher degree of visual sharpness than similarly worn raised-relief coins.
Pricing for a 1911-S in Extra Fine condition typically ranges between $775 and $950, depending on market fluctuations, surface quality, and the presence of any subtle flaws or toning. Collectors often prefer certified examples graded by PCGS or NGC for the assurance of authenticity and condition, especially with early U.S. gold where counterfeits and jewelry-altered coins are prevalent. XF coins represent an affordable balance between the eye appeal of more expensive Mint State pieces and the budget-conscious approach of lower-grade circulated coins.
The historical context of the 1911-S Gold Indian adds to its allure. The coin was minted during the presidency of William Howard Taft, a period marked by growing American industrial power and expansion. The San Francisco Mint had by then firmly established itself as a reliable source of gold coinage, especially important for the gold-rich West Coast economy. As with other branch mint issues, many 1911-S coins entered immediate commercial circulation, and thus circulated examples like this XF survivor tell a story of practical monetary use during America’s early 20th-century boom.
The Indian Head Half Eagle series, which ran from 1908 to 1929, includes numerous semi-key and rare dates, and the 1911-S holds an important spot as one of the better San Francisco issues. While it is not as scarce as the 1909-O or the lower-mintage 1929, it still presents a solid challenge in higher circulated grades. Collectors pursuing a complete set of $5 Indians by date and mintmark will appreciate the 1911-S both for its historic San Francisco origin and its sharp visual appeal in the Extra Fine grade.
In summary, the $5 Gold Indian 1911-S in Extra Fine condition is a highly collectible and artistically significant coin. Its recessed design, relatively low mintage, and western mint origin contribute to its desirability. For numismatists and gold enthusiasts alike, the 1911-S XF offers a rich combination of aesthetic beauty, tangible history, and solid gold value, making it a worthwhile and rewarding addition to any collection.