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The $5 Gold Indian 1913-S in Extra Fine (XF) condition is a remarkable piece of American numismatic history, showcasing an innovative design, a relatively scarce mintage, and strong appeal to collectors who value early 20th-century U.S. gold coinage. Part of the Indian Head Half Eagle series created by Bela Lyon Pratt, the 1913-S stands out as a tougher branch mint issue from the San Francisco Mint, a facility renowned for producing lower mintage coins during this era. In Extra Fine condition, the coin retains much of its design detail while showing moderate circulation wear, offering both historic charm and tangible gold value.
The Indian Head $5 Half Eagle, first issued in 1908, was part of President Theodore Roosevelt’s initiative to elevate the artistry of American coinage. Designed by sculptor Bela Lyon Pratt, the coin broke tradition by employing an incuse, or recessed, design, where the devices and inscriptions are sunken below the surface of the coin instead of raised above it. This approach was both bold and controversial, as some objected to the coin’s perceived susceptibility to dirt and wear. However, it has since become one of the most distinctive and admired coin designs in the entire U.S. series. Pratt’s design symbolizes a forward-looking and rugged American identity, fitting for a nation rising in global stature.
The obverse of the 1913-S $5 Gold Indian features a striking portrait of a Native American chieftain facing left, adorned with a detailed feathered war bonnet. Surrounding the portrait are thirteen stars, symbolizing the original thirteen colonies, while the word “LIBERTY” sits above and the date “1913” appears below. In Extra Fine condition, the obverse retains most of its elements, though some wear is visible on the high points, particularly on the cheekbone, jawline, and tips of the headdress feathers. The recessed nature of the design helps preserve much of the detail, even after light to moderate use.
The reverse presents a proud eagle standing on a bundle of arrows, which are wrapped with an olive branch, signifying America’s readiness for both peace and defense. The inscriptions “UNITED STATES OF AMERICA” and “FIVE DOLLARS” encircle the eagle, while the national mottoes “E PLURIBUS UNUM” and “IN GOD WE TRUST” appear in recessed lettering beside the eagle. The “S” mintmark is located to the left of the arrow shafts, indicating its origin at the San Francisco Mint. In Extra Fine condition, the reverse design remains bold, though slight flattening may be observed on the eagle’s breast, legs, and wing feathers.
The 1913-S had a total mintage of just 408,000 coins, making it one of the scarcer dates in the Indian Head Half Eagle series. While not as elusive as the 1909-O or the final 1929 issue, the 1913-S is still considered a better date, particularly in mid-to-high circulated grades like XF. A significant portion of these coins were lost to melting or spent in commerce during the gold recall of the 1930s, further reducing the available population. Surviving examples in Extra Fine condition are appreciated for their balance of affordability and eye appeal, offering collectors the chance to own a vintage gold coin with a solid strike and considerable historic value.
The coin was struck in 90% gold and 10% copper, the standard alloy for U.S. gold coinage of the time, lending the coin a distinctive reddish hue. It weighs 8.359 grams and contains 0.24187 troy ounces of pure gold. Measuring 21.6 mm in diameter, the $5 Half Eagle features a reeded edge and a compact, dense format that gives it a pleasing heft. The incuse design creates a tactile experience unlike any other circulating gold coin, with flat fields that emphasize the sunken details and lend the coin a medallic quality admired by collectors and numismatists alike.
In Extra Fine condition, the 1913-S retains well-defined details with light to moderate wear visible on the portrait and eagle. The essential design elements, such as the chief’s facial features and the eagle’s stance, remain clear, and all legends are sharp and legible. The surfaces may display some minor marks or contact abrasions from use but should not show any major defects. Coins in this grade typically have a subdued luster remaining in protected areas and may develop attractive natural toning, enhancing their overall appeal to collectors who appreciate vintage originality.
Market values for the 1913-S in Extra Fine condition generally fall between $850 and $1,100, depending on surface quality, eye appeal, and certification status. Coins certified by PCGS or NGC often command a premium due to their confirmed authenticity and market acceptance. Because of the prevalence of counterfeits and jewelry-altered specimens in the Indian Head series, professional grading is especially important for collectors seeking problem-free examples. The 1913-S occupies an appealing middle ground between more common dates and rarities, making it a smart acquisition for collectors aiming to complete the series or build a type set of classic U.S. gold.
The broader context of the 1913-S adds another layer of interest. The year 1913 marked the beginning of major transformations in the United States, including the ratification of the 16th Amendment, the creation of the Federal Reserve, and the introduction of the Buffalo Nickel. The issuance of the 1913-S Half Eagle represents one of the last periods in which gold coins circulated freely in commerce. In San Francisco, where hard money remained dominant well into the 20th century, coins like this were used routinely in banking, trade, and payroll. Many of the surviving examples likely originated in Western financial institutions, and those that were saved often saw at least moderate circulation.
The Indian Head Half Eagle series remains highly respected among numismatists for its artistic distinction, consistency of production, and relative challenge in completing a full set. The 1913-S is not the most difficult date in the series, but it is far from common, and its branch mint status adds to its appeal. Collectors value it as a significant representative of the series and a testament to the San Francisco Mint’s role in producing gold coinage during a pivotal era in American financial history.
In conclusion, the $5 Gold Indian 1913-S in Extra Fine condition offers collectors an impressive blend of design artistry, historical significance, and relative scarcity. With its iconic incuse features, modest mintage, and Western mint origin, the 1913-S stands out as a rewarding acquisition for those seeking a piece of early 20th-century American coinage that reflects both craftsmanship and the nation’s gold-standard legacy. Its durability, eye appeal, and market demand ensure its continued desirability among collectors for generations to come.