Description:
When the United States began producing precious metal bullion coins in the mid-1980s, the first gold coins were minted in a 22 karat standard. The obverse of the new coin was a copy of the acclaimed 1907 Saint-Gaudens gold double eagle, the reverse an image of a family of bald eagles by Miley Frost. The Presidential $1 Coin Act of 2005 authorized the production of a new bullion coin, a “$50 gold coin that É weighs 1 ounce, and contains 99.99 percent pure gold.” James Earle Fraser’s native American obverse, bison reverse designs for the 1913 Indian Head or Buffalo nickel were reused for this coin. The effort to create a higher purity coin was a response to the efforts of other countries in increasing the bullion coin purity standard, perhaps most obviously Canada’s .99999 pure $350 gold coin introduced in 1998.

In March, 2008, U.S. Mint Director Ed Moy announced that the U.S. Mint would recreate the original Ultra High Relief gold double eagle design. The 1907 examples of Saint-Gaudens’ pieces are considered patterns, with fewer than 20 examples likely surviving. Through President Theodore Roosevelt’s insistence several thousand High Relief double eagles were released shortly thereafter, but the technical issues of minting coins with such depth eventually became paramount. It was left to the much-maligned Chief Engraver Charles E. Barber to modify the artistic craft of the coin so that production needs could be met. However, in the past one hundred years, advances in minting technology made a contemporary recreation of the boldness of the original feasible. For the new High Relief design, Director Moy echoed Teddy Roosevelt’s sentiments in his announcement that “We want to spur the highest level of artistic excellence in American coin design.”

Original Saint-Gaudens plaster coin molds were used, digitally mapped and reproduced in the die-making process. Several design modifications to the original were made. Most obviously, the new coins are smaller in diameter (27mm, the same diameter as the last $10 eagles) but thicker (4 mm). Four stars were added to the obverse next to the rim, increasing the 46 of the original to a total of 50, to represent the current 50 states. The motto “In God We Trust” was added to the reverse, though it was not on the original High Relief pieces (the motto was added to double eagles in 1908). A small flattened rim was added to both sides, and the finish has been described as satiny rather than the brilliant proof surface of the original patterns. Each production coin is struck twice to bring up the full details of the design.

The obverse features a full-length image of Liberty, facing forward with an olive branch in her left hand and a raised torch in her right hand. Draped in a long, flowing gown, her hair is swept to the left. Some describe her as striding forward, but she appears instead to be in a pose; the foot of her left leg rests on a large rock, in front of which are oak leaves. To Liberty’s right, at the bottom left of the coin, the sun is visible behind a depiction of the U.S. Capitol building. Rays from the sun extend upward from behind the Capitol and Liberty, to about the level of Liberty’s waist. At the top of the coin is the word LIBERTY, the torch separating I and B. Fifty tiny six-point stars (representing the number of states) are arrayed just inside the flat rim, forming a circle broken only at the very bottom. The date MMIX in the original Roman style, each letter separated by a centered triangular dot, is at the right bottom, above the rock, and a monogram of the designer’s initials ASG is below the date.

The crest of the sun appears again on the reverse, at the bottom with rays extending upward nearly to the top of coin behind a majestic left-facing eagle, wings uplifted in flight. In an arc at the top edge of the sun is IN GOD WE TRUST, each word separated by a centered dot. At the top edge is UNITED STATES OF AMERICA in a concentric arc next to the flat rim, with TWENTY DOLLARS just below in another arc. The words of both phrases are separated and flanked by centered triangular dots, and the text is in front of the sun’s rays. E PLURIBIS UNUM in raised letters, the letters separated by thirteen raised six-point stars, is on the edge of the coin. The first Ultra High Relief Saints were minted at West Point, with the very first coin struck by the Mint Director and then placed in the Smithsonian Institution.

As with all U.S. Mint bullion coins, Ultra High Relief Double Eagles are sold because of their intrinsic metal value, but are also avidly collected for their numismatic interest. Unless by accident or unknown intent, these coins do not circulate. Over one hundred thousand of Regular strike pieces have been minted, with certified coins graded as either MS69 or MS70, and some with a Prooflike designation. Many collectors choose to keep their Ultra High Relief Saints uncertified in the original mahogany presentation box provided by the U.S. Mint. Prices for the UHR Saints are 30-40% above gold value, with an added premium for certified examples. “Perfect” 70 examples, First Strike, and Prooflike pieces are higher priced than MS69 coins.

Specifications:
Specifications:
Designer: Based on designs by Augustus Saint-Gaudens and Henry Hering (Saint-Gaudens’ collaborator).
Circulation Mintage: Over one hundred thousand.
Proof Mintage: None.
Denomination: $20 (worth much more either as bullion or as a collectible)
Diameter: 27 mm
Metal Content: 99.99% gold
Weight: 1.000 troy ounce
Varieties: First Strike issues have been designated

Additional Resources:
Additional Resources:
PCGS CoinFacts: www.pcgscoinfacts.com (subscription required)
U.S. Mint: www.usmint.gov
The Official Red Book: A Guide Book of United States Coins, Professional Edition. R.S Yeoman; Kenneth Bressett, Jeff Garrett, Q. David Bowers. Whitman Publishing.

Last Updated : 11/01/2009

Description:
By the mid-1980s world demand for citizen ownership of precious metals was growing, particularly for silver and gold. Responding to the production and sale of silver and gold coins by other countries such as Canada and South Africa, Congress authorized the U.S. Mint to begin producing gold and silver bullion coins through the authority of the Bullion Coin Act of 1985. Platinum coins were added to U.S. government bullion offerings in 1997, initiated as part of the Omnibus Consolidated Appropriations for Fiscal Year 1997 (P.L. 104-208 proof; P.L. 99-61 bullion). Though estimated to be 15 times more scarce than gold, and expensive to refine, platinum bullion has for several years tracked at only about double gold’s price. Four different sizes of platinum coins are offered by the Mint, all in 0.9995 purity: the one ounce, with a $100 face value (the highest face value of any U.S. coin); the half-ounce, with a $50 face value; the quarter-ounce, with a $25 face value; and the tenth-ounce, with a face value of $10.

As with silver and gold bullion coins produced by the U.S. Mint, the face value makes the coins legal tender for commerce, but the actual value is the metal content, which is worth much more than face value. A May 1, 1997, press release from the Mint noted a price for the four-coin proof set at $1,350, for coins with a total face value of $185. As expected, prices for the platinum coins have increased significantly since introduced over a decade ago. Platinum bullion coins are available both in Mint State (called Bullion by the U.S. Mint since 2006) and Proof, the former primarily though not exclusively the coins for metals investors and the latter purchased primarily by collectors. The series is unusual in that except for 1997, proof coins have a different reverse than the bullion coins, and a different reverse for each year. The obverse, called a “portrait of Liberty looking to the future”, has been the same for all years. From 1998 through 2002 the platinum proof reverses featured “Vistas of Liberty”, each coin showing an eagle flying through the landscapes of five regions of the United States.

For the 2006 through 2008 proof and bullion coins, the reverse displays “The Foundations of Democracy”, each year representing a different branch of the federal government: legislative, executive, and judicial, in that order. The years between the two series have reverse vignettes representing America. The obverse was designed by Mint Sculptor/ Engraver John Mercanti; the reverse for the early years of the bullion series, and 1997 proof coins, was by Mint Sculptor/ Engraver Thomas D. Rogers Sr. Another unusual feature is the use of incuse design elements on the proof coins, where the design elements are below the surface of the coin rather than raised above it. This is most noticeable on the E PLURIBUS UNUM inscription on the obverse. Platinum bullion and proof coins have been minted at Philadelphia and West Point Mint. Bullion coins prior to 2006 did not have a W mintmark; the location of the W mintmark on the proof coins varies each year.

The obverse displays a forward-facing view of the head and partial shoulders of the Statue of Liberty National Monument, located in New York. LIBERTY curves inside the flat rim above Liberty’s crown, the letters separated by and/ or overlapped by the spikes of the crown. The date is to the right, with IN GOD WE TRUST below, the motto in three lines. The designer’s initials JM are to the left, tucked into the space between the shoulder of the upraised right arm and the braids or ribbons descending from under Liberty’s crown. E PLURIBUS UNUM follows along the lower left of the rim, overlaid on Liberty’s gown. The 1997 reverse features a soaring eagle in the center, in flight above a partial disc of the earth, behind which is another partial disc, this of the sun, with rays extending outward to the eagle. UNITED STATES OF AMERICA, in two lines, is at the top above the eagle, and to the center right, .9995 PLATINUM 1 OZ. in three lines. The designer’s initials TDR are at the bottom right, at the edge of the earth disc. After 1997 the reverse design changes yearly on proofs, as does the placement of the text, the location of the W mintmark, and the location of the initials of the designer(s).

As with silver and gold, platinum Eagles were introduced as bullion coins but are also collected for their numismatic interest. Unless by accident or unknown intent, these coins do not circulate. Tens of thousands of tenth-ounce, quarter-ounce, half-ounce, and one ounce coins have been certified as Mint State and as proof, though the number of certified coins varies by date. Greater numbers are certified as MS69 and PR69, and to a lesser extent MS70 and PR70, than as other grades. Nearly all certified proof pieces have received the Deep Cameo designation. Prices of platinum Eagles tend to follow bullion prices, with an added premium for the certification; fractional coins are proportionally more expensive than full one ounce coins (that is, ten tenth-ounce coins cost more than a single one ounce coin). Some “perfect” 70 examples have an additional premium, particularly the MS coins dated 1997 through the early 2000s, and are expensive to very expensive; the jump in price between 69 and 70 coins is often very great. Other higher priced issues are the 2004 proof issues (all denominations) and, to a lesser degree, some First Strike pieces and the 10th Anniversary coins.

Specifications:
Designer: Obverse, John Mercanti; soaring eagle reverse by Thomas D. Rogers Sr., other reverses by various designers.
Circulation Mintage: Fewer than 100,000 total of all denominations per year since 2000 (slightly more than 100,000 pieces in 2001), with a high so far of nearly one quarter million coins in 1998. The mintage for a few recent years has been below 50,000 pieces.
Proof Mintage: Generally about half the bullion mintage for each year for each denomination, though fewer than ten thousand combined pieces per year in recent years.
Denomination: $10.00; $25.00; $50.00; and $100.00 (all are worth more as bullion)
Diameter: 16.5 mm; 22.0 mm; 27.0 mm; 32.7 mm; all have reeded edges
Metal Content: 99.95% platinum
Weight: 3.112 grams (0.1 ounce); 7.78 grams (0.25 ounce); 15.56 grams (0.5 ounce); and 31.12 grams (1.0 ounce)
Varieties: A few designated, including First Strike and Early Releases; 10th Anniversary Set; and $50 reverse proof.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin World: www.coinworld.com
U.S. Mint: www.usmint.gov
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.

Last Updated : 08/06/2009

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The early part of the 20th century was a time of great creativity in the design of U.S. coinage. August Saint-Gaudens’ double eagle was introduced in 1907, along with his Indian Head eagle. Victor D. Brenner’s Lincoln cent, commemorating in 1909 the centennial of the President’s birth, broke new ground- it was the first use of a presidential portrait on a circulating coin. A few years later, in 1913, James Earl Fraser’s Indian Head, or Buffalo, nickel was introduced, followed shortly thereafter in 1916 by Adolf A. Weinman’s Winged Liberty Head (Mercury) dime and Liberty Walking half dollar and Hermon A. MacNeil’s Standing Liberty quarter. In the same time period, the 1915 Panama-Pacific International Exposition produced several silver and gold commemoratives, including the Charles E. Barber/ George T. Morgan allegorical quarter eagle (one of Barber’s most creative works), and Robert Aitken’s equally symbolic round and octagonal fifty dollar gold pieces. Following the acclaim received for Saint-Gaudens’ stunning efforts on the ten and twenty dollar gold pieces, President Theodore Roosevelt turned his attention to the other two gold denominations, the quarter eagle and the half eagle (production of one dollar and three dollar gold coins ended in 1889).

The Liberty Head half eagle had been minted since 1839. Saint-Gaudens died in 1907, and though he had done some work for the smaller denomination gold coins, the designs for the two remained unfinished. Dr. William Sturgis Bigelow, a physician and art collector from Boston, had admired Egyptian reliefs displayed in the Boston Museum of Fine Arts. A close friend of President Roosevelt, Bigelow promoted the idea of using a sunken design on American coins, and Roosevelt agreed. Bigelow apparently contacted and persuaded a fellow Bostonian and former student of Saint-Gaudens, sculptor Bela Lyon Pratt, to create designs for the gold coins. Pratt used the same portrait on both the quarter eagle and the half eagle, a realistic image of a native American chief. The reverse displayed a bold standing eagle, a virtual copy of and perhaps tribute to the design Saint-Gaudens had used both on a Roosevelt inaugural medal and the Indian Head eagle. The use of an Indian on the coin followed the appearance of G.F.C. Smillie’s portrait of a Sioux Chief on the 1899 $5 silver certificate, but the imagery may also have been recognition of Roosevelt’s frontier heritage.

Not everyone approved of the designs, however, and Philadelphia coin dealer Samuel H. Chapman was one of the most vigorous in opposition. The incuse design, with devices and legends below the fields of the coin, promised to reduce wear on the features, but some thought the recessed areas would collect dirt and thus become a disease source. Others found fault with both the portrait and the eagle, though Mint Engraver Charles E. Barber, ever conscious of the technical necessities of coin production, had modified Pratt’s original eagle design. Claims that the coins could be easily counterfeited or wouldn’t stack properly (the latter an odd comment given the fact that the coins were rimless and had no design high points above the flat field) did not sway the President, and the new design was implemented. The Indian Head half eagle was minted yearly though 1916, after which production stopped, and then again in 1929, after which production permanently stopped. Though the mintage of half eagles in 1929 was generous, apparently most of that year’s coins were melted following President Franklin Roosevelt’s Executive Order 6102 of April 5, 1933, which effectively ended the legal tender status, thus circulation, of gold coins in this country.

The obverse is dominated by a left-facing somewhat determined portrait of a native American chief wearing a full-feathered war bonnet. LIBERTY is at the top, and the date at the bottom. Six five-point stars are placed to the left along the coin edge, and seven to the right. The designer’s initial, B.L.P. are located below the portrait and above the date. The reverse displays a standing eagle facing to the left, perched upon a bundle of arrows with an entwined olive branch. UNITED STATES OF AMERICA is at the top and the denomination FIVE DOLLARS is at the bottom, the words of both phrases separated by centered dots. E PLURIBUS UNUM, each word on a separate line, is to the left of the eagle, IN GOD WE TRUST, also with each word on a separate line, is to the right. Indian Head half eagles were minted at Philadelphia, Denver, San Francisco, and New Orleans; D, S, and O mintmarks are located just to the left of the arrowheads. All design features except the mintmarks are incuse, recessed below the field.

Tens of thousands business strike Indian Half Eagles have been certified, with significantly more for the series high mintage 1909 issue from Denver. Prices are modest for most dates for grades up to MS62, but for San Francisco issues only to AU55; those pieces are expensive to MS64, and very expensive to extremely expensive as Gem and finer. Other than the San Francisco Indian Head half eagles, other higher priced coins are the 1909-O (extremely expensive finer than MS62), 1911-D (very expensive finer than MS60), and 1929 (very expensive in all grades). A few hundred proof Indian Head half eagles have been certified, generally fewer than 100 coins per year. All proofs are expensive, increasing to very expensive finer than PR62, and extremely expensive finer than PR66.

Specifications:
Designer: Bella Lyon Pratt, reverse possibly influenced by the designs of Augustus Saint-Gaudens
Circulation Mintage: high 3,423,560 (1909-D), low 34,200 (1909-O)
Proof Mintage: high 250 (1910), low 75 (1915; none in 1916 or 1929)
Denomination: $5.00
Diameter: 21.6 mm, reeded edge.
Metal Content: 90% gold, 10% copper
Weight: 8.36 grams
Varieties: Very few known including Weak S mintmarks on the New Orleans and most San Francisco issues; and other minor die variations.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
Encyclopedia of U.S. Gold Coins 1795-1933, Jeff Garrett and Ron Guth, Whitman Publishing.
Gold Coins of the New Orleans Mint: 1839-1909. Douglas Winter. Zyrus Press
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
The U.S. Mint and Coinage. Don Taxay. Arco Publishing
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/28/2009

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The Mint Act of 1890 allowed the design of a coin to be changed every 25 years. Thus, in 1916, there was interest in replacing Charles E. Barber’s designs for the dime, quarter, and half dollar. Mint Director Robert W. Woolley invited three renown sculptors outside the Mint to produce designs for the three denominations. Though perhaps intending that each coin would display the efforts of a different artist, Adolph A. Weinman, a former student of Augustus Saint-Gaudens, completed two of the three designs, for the dime and the half dollar. Hermon A. MacNeil’s design was chosen for the quarter. The new designs were representative of the artistic vigor of the early 20th century that was displayed on U.S. coins, a group that along with Weinman’s dime included the Lincoln cent; the Indian Head (buffalo) nickel; Weinman’s Liberty Walking half dollar; the incuse Indian Head quarter eagle and half eagles, Saint-Gaudens’ Indian Head eagle and eponymous double eagle, and several commemorative issues such as the Panama-Pacific Exposition silver and gold pieces.

Modeled after Elsie Stevens, wife of poet Wallace Stevens and a tenant of a New York City apartment house owned by the sculptor, Weinman’s Liberty on the dime wears a Phrygian cap, a soft somewhat conical device that became known as a symbol of freedom. The cap is depicted supported by a pole on late 18th century U.S. Liberty Cap copper half cents and cents, and on the 19th century Liberty Seated silver coins. The cap also displays a small wing on the facing side. Together, the image represents freedom from bondage, specifically liberty of thought. However, the fact that this dime is almost universally known as the Mercury dime is an indication of the potential pitfalls of too clever symbolism. The Roman god Mercury (from the Greek god Hermes) was a god of trade and commerce, the messenger of the gods who traveled swiftly between tasks via the wings on his hat and shoes. Though Mercury’s hat was a hard, brimmed piece, and worn by a male god, those details were overwhelmed by the symbolic wing.

The symbolism of the reverse fasces was also dramatic, but one that for a time had an unintended association. Representing power and authority, the faces possibly dates to Etruscan times, and was adopted as a symbol of the Roman Republic. The bundle of rods is said to represent strength through unity (many rods much stronger than a single rod), with the axe denoting authority, particularly the power over life and death. Unfortunately, it was also a symbol used by Italian fascism in the 1930s and 1940s. That stigmatism was apparently short lived, unlike that of the swastika of Nazi Germany, and the fasces appears today on several symbols of U.S. government, including the seal of the U.S. Senate and on the frieze of the facade of the U.S. Supreme Court building. Weinman’s depiction, with the fasces wrapped in an olive branch, presented a “desire for peace but ready for war” message on the eve of America’s entry into WWI. Regardless of possible mixed messages, the design produced by Adolph Weinman is considered one of the best modern U.S. coin designs, particularly on such a small palette, and the dime remains a collector favorite.

On the obverse Liberty faces left, most of her hair covered by a soft cap with a soft peak folded toward the front. The cap has a small wing extending from the base upward to the back. The word LIBERTY, E and R partially covered by the top of the cap, encircles around slightly more than the top half of the coin just inside the flat rim. IN GOD WE TRUST, on two lines of two words each, and with centered dots separating the words on each line, is to the lower left. The date is at the lower right, mostly below the truncation of the neck. The designer’s initials AW, as a monogram, are also to the lower right, about halfway between the Y of LIBERTY and the date.

A fasces, axe pointed to the left occupies the center of the reverse, the bundle of rods bound by horizontal banding, at the top (three bands), in the middle (two bands), and at the bottom (two bands), with a single band diagonally across the bundle in the each open area between the horizontal bands. An olive branch with berries curves from the left front behind the bundle of rods to appear again at the top right. UNITED STATES OF AMERICA, the words separated by centered dots, is concentric to the flat rim around slightly more than the top half of the coin; ONE DIME, the words separated by the bottom of the fasces and the olive branch, completes the circle at the bottom. A five-point star separates ONE and UNITED on the left, and DIME and AMERICA on the right. Winged Liberty dimes were minted at Philadelphia, Denver, and San Francisco; D and S mintmarks are located to the left of the end of the olive branch, oriented in alignment with the curve of ONE and DIME.

Tens of thousands of business strike ‘Mercury’ dimes have been certified, including a few prooflike pieces, and more for the dates from the late 1930s forward and for 1916 examples. Many certified coins have the FB (Full Bands or Full Split Bands) designation, which refers to complete visible lines separating the individual horizontal bands of the fasces. Prices are modest for many dates through MS66, particularly from the early 1930s forward, though some are expensive as MS65 and finer for dates prior to the 1930s. More expensive pieces include 1916-D, very expensive finer than XF40; 1921 and 1921-D, expensive finer than MS63; 1926-S, expensive finer than MS63; 1942, 2 Over 1, expensive finer than XF40; and many of the FB examples, which for some issues are very expensive to extremely expensive finer than MS63, particularly for dimes minted prior to the early 1930s. Brilliant proof Winged Liberty dimes were minted from 1936 through 1942; a few scholars indentify matte or satin proof examples for 1916, while others do not. Prices for proofs are modest for most years through PR66 and PR67, but expensive finer. Proofs issues in 1936 are expensive finer than PR65; those from 1937 and 1938 are expensive finer than PR66. Cameo examples are expensive as PR65 and finer.

Specifications:
Designer: Adolph A. Weinman
Circulation Mintage: high 231,410,000 (1944), low 264,000 (1916-D; no circulation dimes were minted in 1922, 1932, and 1933)
Proof Mintage: high 22,329 (1942), low 4,130 (1936)
Denomination: Ten cents (10/100)
Diameter: 17.9 mm, reeded edge
Metal Content: 90% silver, 10% copper
Weight: 2.5 grams
Varieties: Several known including 1942 and 1942-D, 2 Over 1; 1945-S, Micro S; and other minor die variations.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
The Complete Guide to Mercury Dimes. David W. Lange. DLRC Press; online at www.stellacoinnews.com
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/28/2009

Dually popular as a one-year type and a first-year-of-issue, the 1796 No Stars is among the most desirable early United States gold coins. It is actually less rare than its With Stars counterpart but it is traditionally valued more highly and is certainly held in greater esteem by most collectors. Its low mintage, unique design and numismatic significance combine to make it an issue that is considered a cornerstone of any collection of early United States gold coins.

STRIKE:

Virtually all known examples are weak at the centers. On the obverse, this weakness is seen on the ear, the hair above and below the ear and the curls surrounding the face. About half of the 1796 No Stars that I have seen are weak on the E in LIBERTY. Some have detail on the obverse border while others show little or no definition on the denticles in this area. The obverse generally appears weaker than the reverse. This is not so much a function of strike is it is the design of the coin. The openness of the No Stars obverse causes this side to wear easily. The reverse is often weak on both the top and the base of the eagle’s neck. On some, the tip of the tail is weak; on others it is sharper. The tip of the left wing is always flat and the entire left wing appears less detailed than that on the right. The right claw is usually weak as well. The reverse denticles are typically visible from around 7:00 to 2:00 and hard to see or invisible from 3:00 to 7:00.

SURFACES:

The surfaces often show numerous small marks in the fields but this issue tends to be a bit less abraded than the 1796 With Stars. Many have adjustment marks that range from light and unobtrusive to heavy and detracting.

LUSTER:

This issue has a very distinctive type of luster. It is typically frosty with a somewhat subdued appearance. The fields are usually semi-prooflike and this is in contrast to the frosty texture of the devices. Many 1796 No Stars quarter eagles have been cleaned and show impaired luster as a result. There are some higher grade pieces that have a majority of the luster present and the one Gem that is known has magnificent thick, frosty luster.

COLORATION:

The typical color for this issue is medium to deep yellow gold with a prominent olive undertone. A number show (or at least showed this before they were dipped) a nice coppery hue that was somewhat iridescent when tilted into a light source. As recently as a decade ago, it was possible to find a nice original Extremely Fine or About Uncirculated example with fully or nearly full original hues. Today, most of these have been processed or conserved and attractive 1796 No Stars quarter eagles with natural color are very rare.

EYE APPEAL:

The typical 1796 No Stars quarter eagle actually has better overall eye appeal than many of the other early dates of this denomination. At one point, there were enough nice middle grade pieces to satisfy most collectors. Now, many of these coins have been conserved and rest in third-party slabs where they are enthusiastically graded, to say the least. That said, it is still possible for the patient collector to locate a reasonably attractive example for his type set or date set.

DIE CHARACTERISTICS:

The left sides of the LI in LIBERTY are lightly recut. Most examples have a number of die cracks on the obverse with the most prominent located at the obverse rim around 9:00 extending crookedly into the field. On the reverse, there is an intermittent die engraver’s line from the top of the right wing through the tops of AMERI in AMERICA.

DIE VARIETIES:

There are two varieties known.

Variety 1 (BD-1): The arrows reach to the foot of the I in UNITED. This variety is extremely rare with just four to six pieces.

Variety 2 (BD-2): The arrows reach to the end of the N in UNITED. This is by far the more common of the two varieties.

RARITY:

Total Known: 90-110
By Grade:
Very Fine: 10-15
Extremely Fine: 42-45
About Uncirculated: 33-43
Uncirculated: 5-7

AUCTION RECORD:

The auction record for this issue was set by Heritage 1/08: 3058. This coin brought $1,725,000 which is the highest price ever paid at auction for any early United States gold coin. Higher prices have been paid, of course, via private treaty.

SIGNIFICANT PIECES:

There are an estimated five to seven known that qualify, in my opinion, as being truly Uncirculated. These include the following:

1. Private collection via John Albanese, ex Heritage 1/08: 3058 ($1,725,000), Madison Collection via Heritage Galleries, ANR 6/05: 1002 ($1,380,000), Midwestern collection, Stack’s 11/95: 1498 ($605,000), Lelan Rogers collection, Stack’s 5/64: 1660, Phillip Ward collection, University of Pennsylvania, R.C. Brock collection, NY Coin and Stamp 6/1890: 719, Lorin Parmelee collection. Graded MS65 by PCGS.

2. Pogue collection, ex Stack’s 5/99: 1787 ($276,000), John Whitney Walter collection, Bowers and Ruddy 3/80: 732 ($125,000), obtained via private treaty from Harold Newlin in 1884. MS62 to MS63.

3. Stack’s 7/08: 2324 ($488,750), ex ANR 7/04: 82 ($345,000), Oliver Jung collection via Midwestern dealer, James Swan collection. Graded MS62 by PCGS.

4. Heritage 8/06: 5417 ($322,000). Graded MS61 by PCGS.

5. Heritage 7/08: 1451 ($276,000), ex Ed Price collection. Graded MS61 by PCGS.

As of July 2009, PCGS has graded three in MS61, three in MS62 and one in MS65 for a total of seven in Uncirculated. NGC has graded two in MS60, five in MS61, three in MS62, one in MS63 and one in MS65 for a total of twelve in Uncirculated.

The 1796 No Stars is probably the best known and most desired early quarter eagle. It is not as rare as the With Stars issue but its status as a one-year type and a first-year-of-issue leave it in heavy demand. There are approximately 100 known in all grades with the typical piece being in the Extremely Fine-40 to About Uncirculated-50 range. Properly graded high end AU coins are quite rare and the 1796 No Stars is very rare in Uncirculated with fewer than ten known. There is one Gem known.

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The first Saint-Gaudens double eagles, acclaimed as one of the most beautiful and artistic U.S. coin designs, did not display the motto IN GOD WE TRUST anywhere on the coin. Even though the Coinage Act of 1890 did not include that motto in the list of required wording to be placed on U.S. coins, perhaps an unintended omission, both Congress and the public nevertheless wanted it there. The motto was restored (it was on the previous Liberty Head type) later in 1908 by Congressional action, which brought the double eagle into compliance with the Act of March 3, 1865, the original mandate for the text. There was one more significant modification of the double eagle before President Franklin Delano Roosevelt ended circulating gold coinage in 1933. In 1912 the number of stars encircling Liberty on the obverse was increased from 46 to 48, marking the addition of New Mexico and Arizona to the Union. Most double eagles minted after 1928 were stored by the Treasury, not released into circulation.

Roosevelt’s Executive Order 6102 of April 5, 1933, stated: “I, Franklin D. Roosevelt, President of the United States of America É do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations É” Individuals were ordered to deliver gold coins, bullion, and gold certificates to a Federal Reserve bank or branch by May 1 of that year. Exceptions were made for jewelers, artists, and collectors of “rare and unusual” gold coins, but the Order also allowed “any one person” to keep “gold coin and gold certificates in an amount not exceeding in the aggregate $100.00.” Though not explicit in the wording, the Order nonetheless effectively ended the legal tender status, thus circulation, of gold coins in this country. Confiscation and subsequent melting destroyed the majority of the later 1920s and all 1930s double eagles. Many of today’s survivors came from stockpiles held in foreign banks, who had no interest in returning gold coins to the U.S. for melting. These expatriate coins returned to the U.S. starting in the 1940s, following increased demand caused by the growing popularity of collecting double eagles.

Of the destroyed pieces, the 1933 double eagle has an especially storied history. Two examples were placed in the Smithsonian in 1934, but of the nearly one half million double eagles minted starting in March 1933, nearly all were melted. The Mint has an established position that none of the coins were officially released into circulation, thus making illegal any private ownership of a 1933 double eagle. However, some (perhaps 20 or more) of the double eagles managed to leave the Mint under circumstances that are murky. Several of the coins sold under private transactions in the 1940s were subsequently seized or turned over to federal agents. The most famous was owned by King Farouk of Egypt; his 1933 example travelled a mysterious path following his 1952 overthrow, ending in a 2001 court decision, which resulted in that example being officially issued and monetized by the Treasury.

Subsequently sold in July 2002 to an anonymous bidder for a record $7,590,020.00 (the $20 required by the act of monetization), half of the proceeds went to the U.S. government, the other half to the British coin dealer who had possessed the Farouk coin (though provenance was not established). Additional coins have recently surfaced, all of which were seized by the U.S. government after being submitted to the Mint for authentication; ownership of those pieces is currently being litigated. There is speculation that more 1933 double eagles exist, but if so they are unlikely to be publicly announced unless the courts legitimize private ownership. Though production of circulating double eagles ended in the early 1930s, the Saint-Gaudens obverse design was reused by the U.S. Mint for gold bullion coins, authorized by the Gold Bullion Coin Act of 1985, and first issued in 1986.

The obverse features a full-length image of Liberty, facing forward with an olive branch in her extended left hand and a raised torch in her extended right hand. Draped in a long, flowing gown, her hair is swept to the left. Some describe her as striding forward, but she appears instead to be in a pose; the foot of her left leg rests on a large rock (in front of which are oak leaves), difficult terrain through which to be walking. To Liberty’s right, at the bottom of the coin, the sun is visible behind a depiction of the U.S. Capitol building. Rays from the sun extend upward from behind the Capitol and Liberty to about the level of Liberty’s waist. At the top of the coin is the word LIBERTY, the torch separating I and B. Forty-six tiny six-point stars (48 stars from 1912 forward) are arrayed just inside the flat rim, forming a circle broken only at the bottom.

The date, in ‘Arabic’ numerals is at the right bottom, above the rock, and a monogram of the designer’s initials ASG is below the date. With Motto Saints were minted in Philadelphia, Denver, and San Francisco; D and S mintmarks are located above the date. The crest of the sun appears again on the reverse, at the bottom with rays extending upward nearly to the top of coin behind a majestic left-facing eagle, wings uplifted in flight. In an arc above the sun is IN GOD WE TRUST, the words separated by centered triangular dots. At the top is UNITED STATES OF AMERICA in a concentric arc next to the flat rim, with TWENTY DOLLARS just below in another arc. The words of both phrases are separated by centered triangular dots, and the text is also in front of the sun’s rays. E PLURIBIS UNUM in raised letters, with thirteen separating raised stars, is on the edge of the coin.

Thousands of With Motto Saint-Gaudens business strike double eagles have been certified, though only a few hundred for some dates. Prices are moderate for pieces at grades up to MS60, often trading for not much more than bullion value, while coins graded MS60 and finer are expensive, very expensive, or extremely expensive (Gem and finer for some issues). More expensive coins are 1908-S (extremely expensive finer than MS65), 1909 9 Over 8 (expensive finer than MS63), 1920-S (extremely expensive finer than MS62), 1921 (extremely expensive finer than MS60), 1926-D (extremely expensive finer than MS64), 1927-D (extremely expensive in all grades), 1929 (extremely expensive finer than MS65), 1930-S (extremely expensive finer than MS62), 1931 (extremely expensive finer than MS64), 1931-D (extremely expensive finer than MS63), 1932 (extremely expensive finer than MS64), and 1933 (extremely expensive, effectively unavailable). Proofs were minted from 1908 through 1915; those produced in 1908 and from 1911-1915 are Sand Blast finish, the 1909 and 1910 pieces are Satin finish. Fewer than 100 proof examples of each date have been certified. All proofs are very expensive to extremely expensive (PR65 and finer).

Specifications:
Designer: Augustus Saint-Gaudens and Henry Hering (Saint-Gaudens’ collaborator), with modifications by Charles E. Barber
Circulation Mintage: high 8,816,000 (1928), low 22,000 (1908-S). Mintage figures may not accurately reflect availability, due to gold coin recall and melting in the early 1930s.
Proof Mintage: high 167 (1910), low 50 (1915)
Denomination: $20.00, Twenty dollars, Double Eagle
Diameter: 34 mm, edge with raised text and symbols- E PLURIBUS UNUM, the words separated by thirteen stars
Metal Content: 90% gold, 10% copper
Weight: 33.436 grams
Varieties: A very few identified, including 1909, 9 Over 8; and other minor die variations.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
Friends of Saint-Gaudens: www.sgnhs.org
The Coinage of Augustus Saint-Gaudens as Illustrated by the Phillip H. Morse Collection. James L. Halperin, Mark Van Winkle, Jon Amato, Gregory J. Rohan. Heritage Auctions, Inc.
Illegal Tender: Gold, Greed, and the Mystery of the Lost 1933 Double Eagle. David Tripp. Free Press.
Double Eagle: The Epic Story of the World’s Most Valuable Coin. Alison Frankel. W.W. Norton & Co.
The Official Red Book: A Guide Book of Double Eagle Gold Coins. Q. David Bowers. Whitman Publishing.
Encyclopedia of U.S. Gold Coins, 1795-1933. Jeff Garrett and Ron Guth. Whitman Publishing.
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
The U.S. Mint and Coinage. Don Taxay. Arco Publishing
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/20/2009

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The production of gold coins for circulation ended in 1933, and many of the coins from the final years were melted following President Franklin Delano Roosevelt’s Executive Order 6102 of April 5, 1933. The purpose of the Order was broadly outlined: “I, Franklin D. Roosevelt, President of the United States of America É do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations É”. Individuals were ordered to deliver gold coins, bullion, and gold certificates to a Federal Reserve bank or branch by May 1 of that year. There were exceptions for ordinary citizens: jewelers and artists could have “such amount of gold as may be required for legitimate and customary use”, anyone could retain “gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person”, and collectors could keep gold coins considered “rare and unusual.” Apparently only one individual was indicted under the terms of the order, a New York attorney who escaped prosecution on technical grounds but nevertheless saw his 5,000 ounces of gold confiscated.

By the mid-1980s world demand for citizen ownership of silver and gold was growing. Responding to the production and sale of silver and gold coins by other countries such as Canada and South Africa, Congress authorized the U.S. Mint to begin producing gold and silver bullion coins through the authority of the Bullion Coin Act of 1985. Gold Eagles are produced from gold mined in the United States, and though the coins display a legal tender denomination, the value of the coins is primarily that of the metal, which is many times the face value. Gold coins are produced in a 22 karat standard in four weights, one-tenth ounce ($5 face), one-quarter ounce ($10 face), one-half ounce ($25 face), and one ounce ($50 face).

The obverse of the gold American Eagle is copy of the Saint-Gaudens design for the double eagle (though now with 50 encircling stars), and the reverse was done by Miley Frost (Miley Busiek at the time). The artist’s design was the result of research she had done on the American bald eagle in Wyoming, from which she produced a sculpture that was accepted as the official commemorative piece for President Ronald Reagan’s first inauguration. After reading about the establishment of the Gold Commission to explore the issuance of US gold bullion coins, Frost prepared a line drawing based on her sculpture, which was eventually approved both by the U.S. Mint and Congress. She accepted no commission for the coin design, presenting it as a gift to the American people.

On the obverse is a full-length image of Liberty, facing forward with an olive branch in her left hand and a raised torch in her right hand. Draped in a long, flowing gown, her hair is swept to the left. Some describe her as striding forward, but she appears instead to be in a pose; the foot of her left leg rests on a large rock (in front of which are oak leaves), difficult terrain through which to be walking. To Liberty’s right, at the bottom of the coin, the sun is visible behind a depiction of the U.S. Capitol building. Rays from the sun extend upward from behind the Capitol and Liberty, to about the level of Liberty’s waist. At the top of the coin is the word LIBERTY, the torch separating I and B. Fifty tiny six-point stars (representing the number of states) are arrayed just inside the flat rim, forming a circle broken only at the very bottom. From 1986 through 1991 Roman numerals were used for the date, after which the date is in Arabic numerals; the date is to the right of Liberty near the bottom, though higher than on the Saint-Gaudens original design. A monogram of the designer’s initials ASG is below the date, just above the rock.

Gold Eagles are minted in Philadelphia and West Point; P and W mintmarks are located at the lower right below the date, next to the circle of stars. Until 2006 the W mintmark was used only on proofs; the P mintmark was used only on early (1987 or 1988 through 1991) tenth-ounce, quarter-ounce, and half-ounce proof coins. The reverse displays a family of eagles in the center of the coin, with an adult and juveniles resting in a nest of sticks and branches. Above the nest in the air is another adult eagle clutching a branch, wings outspread as if preparing to land. Around the flat rim is UNITED STATES OF AMERICA at the top, and 1 OZ. FINE GOLD ~ 50 DOLLARS at the bottom. E PLURIBUS UNUM is in the space above the left side of the aerie, and IN GOD WE TRUST to the left, each phrase in two lines. Just below the nest are the designer’s initials MB (Miley Busiek, now Miley Frost) to the left, and the original engraver’s initials JW to the right.

Though intended as a bullion coin, Gold Eagles are also collected for their numismatic interest. Unless by accident or unknown intent, these coins do not circulate. Tens of thousands of the tenth-ounce, quarter-ounce, half-ounce, and ounce coins have been certified as Mint State and as proof, though the number of certified coins varies by date. Greater numbers are certified as MS69 and PR69, and to a lesser extent MS70 and PR70, than as other grades. A few prooflike Mint State pieces have been certified, but nearly all certified proof pieces have received the Deep Cameo designation. Prices of Gold Eagles tend to follow bullion prices, with an added premium for the certification; fractional coins are proportionally more expensive than the full ounce coins (that is, ten one-tenth ounce coins cost more than a single one ounce coin). Some proof examples and “perfect” 70 grades have an additional premium, particularly the MS coins dated 1986 through the early 2000s, and are expensive to very expensive. Other higher priced issues are the 1999-W $5 and $10 Unpolished Proof Dies and, to a lesser degree, some First Strike pieces and the 20th Anniversary coins.

Specifications:
Designer: Obverse, Augustus Saint-Gaudens (adapted); reverse by Miley Frost (Miley Busiek)
Circulation Mintage: Hundreds of thousands to over a million of each denomination most years, though fewer than a hundred thousand per year for some fractional Gold Eagles
Proof Mintage: Generally fewer than one hundred thousand each year for each denomination, though fewer than ten thousand per year in some recent years.
Denomination: $5.00; $10.00; $25.00; and $50.00 (all are worth more as bullion)
Diameter: 16.5 mm; 22.0 mm; 27.0 mm; 32.7 mm; all have reeded edges
Metal Content: 91.67% gold, 3.0% silver, 5.33% copper
Weight: 3.393 grams (0.1 ounce); 8.483 grams (0.25 ounce); 16.965 grams (0.5 ounce); and 33.930 grams (1.0 ounce)
Varieties: A few known, including 1999 $5 and $10 Uncirculated made from unpolished proof dies; the 2006 Burnished pieces; and the 2006 Reverse Proof $50 coins.

Additional Resources:
CoinFacts: www.coinfacts.com
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.

Last Updated : 07/20/2009

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
In 1907 a collaboration between the dynamic president Theodore Roosevelt and renown American sculptor Augustus Saint-Gaudens resulted in new designs for both the twenty dollar gold coin and the ten dollar gold coin. The new design on the eagle featured a native American on the obverse, and a standing eagle on the reverse. The Indian was modeled after the figure of Nike (representing Victory) that was part of the Saint-Gaudens’ equestrian Sherman Monument located at the entrance to New York’s Central Park, and the reverse was a representation of America’s symbol, the bald eagle. While the sculptural effects of the original designs are admired (most noticeable on the Wire Rim and Rounded Rim pieces initially produced), the representation of Liberty adorned by a ceremonial headdress not worn by female native American was incongruous; and the eagle, though dramatically posed, is not an anatomically correct representation of a bald eagle (the legs are longer, for example).

Artistic license aside, a greater problem for the Mint was the reality that the raised edge of the first Indian Head eagles would not stack, and the modified rounded rim pieces apparently would not strike with satisfactory quality. It was left to the often maligned Mint Engraver Charles Barber to make additional changes (he had also changed the raised rim to the rounded rim) so that the Indian Head eagle could be produced efficiently and in sufficient quantities for commerce; or as one scholar described it, “turning unusable designs into something practical.” Barber’s efforts are often criticized, but the changes were successful in terms of production, and hundreds of thousands of the eagles were minted in the first two years of the type. The first Indian Head eagles omitted the motto IN GOD WE TRUST, which appeared on the previous Liberty Head eagle, and which was in fact mandated by the Act of March 3, 1865, but left off by Saint-Gaudens.

Many commentators attribute that omission to the sheer willpower of Teddy Roosevelt, who apparently believed that placing religious sentiment on circulating coinage was a form of blasphemy (the same coin that showed up in this week’s offering plate might be on the gambling table next week). Congress disagreed however, likely encouraged by strong public opinion, and the motto was added to the reverse for issues produced later in 1908. In what was perhaps a tribute to Saint-Gaudens’ artistic skills, Bella Lyon Pratt used a virtual copy of the gold ten dollar reverse eagle in his designs for the quarter eagle and half eagle gold coins of the same era. Indian Head With Motto eagles were minted yearly from 1908 through 1916, but none were minted from 1917 through 1919, 1921 through 1925, 1927 through 1929, or in 1931. Though over 300,000 With Motto Indian Head eagles were minted in 1933, the last year of the type, most were melted prior to extensive distribution after President Franklin Roosevelt’s April 1933 Executive Order 6102, which severely limited the possession of gold by U.S. citizens.

Liberty faces left on the obverse, wearing a many-feathered bonnet which displays LIBERTY across the front. Strands of flowing hair appear below the headdress at the forehead and across the side to the back. Thirteen six-point stars form an arc inside the top third of the raised rim above, though slightly touching, the feathers of the headdress. The date is centered at the bottom, crowding both the portrait and the rim. On the reverse a majestic eagle faces left and rests on a bundle of arrows with an olive branch intertwined. Inside the raised rim is UNITED STATES OF AMERICA at the top and TEN DOLLARS at the bottom, the words of both legends separated by centered, somewhat triangular dots. At the upper right, above but touching the eagle and below OF AMERICA is E PLURIBUS UNUM, each word on a separate line; to the left of the eagle is IN GOD WE TRUST, also in three lines. The edge has 46 raised stars through 1911, and 48 stars from 1912 forward (the stars representing the number of states in the Union). No Motto Indian Head eagles were minted at Philadelphia, Denver, and San Francisco; D and S mintmarks are to the left of TEN, below the tip of the olive branch, with the bottom edge parallel to the curved rim.

Tens of thousands of business strike With Motto Indian Head eagles have been certified, significantly more for 1926 and 1932, and significantly fewer for 1920-S, 1930-S, and 1933. Prices are moderate for many dates through MS62, expensive to MS64, and very expensive or extremely expensive finer. The more expensive issues, particularly as MS62 and finer, include 1920-S (extremely expensive finer than MS63), 1930-S (extremely expensive finer than MS65), other San Francisco pieces, 1911-D (extremely expensive finer than MS64), and 1933, extremely expensive in all grades. Proofs were struck from 1908 through 1915, and a few hundred examples have been certified. Proofs with Matte finish were produced in 1908, 1909 and 1911 through 1915; Satin finish proofs were made in 1908-1910. All Indian Head With Motto eagle proofs are very expensive to extremely expensive, particularly those examples finer than PR65.

Specifications:
Designer: Augustus Saint-Gaudens, with modifications by Charles Barber
Circulation Mintage: high 4,463,000 (1932), low 30,100 (1911-D). Mintage figures may not accurately reflect availability, due to gold coin recall and melting.
Proof Mintage: high 204 (1910), low 50 (1914)
Denomination: $10.00
Diameter: 27 mm, edge with 46 raised stars (48 stars from 1912 forward)
Metal Content: 90% gold, 10% copper
Weight: 16.72 grams
Varieties: A few minor die variations have been identified.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
Encyclopedia of U.S. Gold Coins: 1795-1933. Ron Guth and Jeff Garrett. Whitman Publishing.
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
The U.S. Mint and Coinage. Don Taxay. Arco Publishing
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/17/2009

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
In 1916 Charles E. Barber’s designs for the dime, quarter, and half dollar were set aside, replaced by Adolph A. Weinman’s designs for the dime (Winged Liberty Head, or Mercury) and half dollar (Liberty Walking); and Hermon A. MacNeil’s design for the quarter. MacNeil, a noted sculptor for public works projects, placed a standing pose of Liberty on the obverse of the quarter and a soaring eagle on the reverse. His models for Liberty were likely silent film actor Dora Doscher (also known as Doris Doree) and Broadway actor Irene MacDowell. Though MacNeil’s design was a continuance of the artistic renaissance displayed on other coins of the early 20th century, one aspect of his portrayal of Liberty has been the subject of debate ever since: her partial nudity, specifically the undraped right breast. The 1896 $5 Silver Certificate had similarly exposed the female body, reportedly to the dismay of the ladies of Boston society, which resulted in some bankers refusing to handle the notes.

MacNeil’s Liberty was covered up in 1917 (thus producing the Type 2 style) not by extension of her cloth robes but by a somewhat incongruous chain mail vest, and many assume the reason for the change was public disapproval of the nudity. However, some well-respected scholars disagree, noting that no contemporary accounts of such objections are known, and that it was instead MacNeil’s decision to change the design, based on his dissatisfaction with elements of the original effort. The new portrayal may have been a message of America’s military preparedness, while others suggest changes were made without MacNeil’s approval (perhaps by Mint Engraver Charles E. Barber); the discussion is ongoing. The duality of opinion is evident in the fact that one author describes the two types as “Bare Bosom” and “Covered Bosom”, while others focus not on Liberty but instead on the change in star placement on the reverse, calling the two types No Stars Below Eagle and Stars Below Eagle.

To protect it from excessive wear from its exposed position, the date was recessed in 1925, a change considered a third type of the series by some collectors. No quarters were minted in 1922, and though occasionally alleged to exist in the Standing Liberty series, no 1931 quarters are known. Standing Liberty quarters also include a popular sub-type, that of quarters with a “Full Head” classification, which refers to the presence of details in Liberty’s head. Those details include distinguishable leaves in Liberty’s hair, distinct hairline, and evident ear detail. Some authorities suggest that the complete presence of all the rivets in the shield held by Liberty is an alternative, perhaps better indicator of a full strike. However, both head and rivet detail may not be present in the same coin, but only the presence of head detail defines the subtype. In 1932, the quarter was again modified to commemorate the bicentennial of George Washington’s birth.

The obverse displays Liberty standing in the opening of a wall or parapet, right leg resting on the base but left foot raised as if she is walking forward. Her long flowing gown drapes loosely and is wrapped around her right arm, but falls off the shoulders to reveal a chain mail armor vest. The gown is partly open at the bottom front (the hem held up by a clasp), displaying the right leg to above the knee. On many coins Liberty’s navel is clearly visible through the thin material. Her left arm holds a circular shield as if in a defensive posture; the shield displays the Union shield and several concentric rings including a circle of raised dots or rivets near the edge. Liberty’s right arm is extended outward, resting on a portion of the wall, and her hand holds an olive branch. Another loose drapery covers the bottom part of the shield, extends across the front of Liberty, and ends beneath the arm on the top of the wall.

The word LIBERTY arcs across the top of the coin, B and E separated by Liberty’s head. Both wall sections display a rectangular panel of horizontal stripes, with IN GOD at the top of the left wall and WE TRUST (the U depicted as a V) similarly located on the right wall. Thirteen five-point stars form two columns along the wall edges next to the opening, seven to the left and six to the right (the top left star follows the D in GOD). The step upon which Liberty stands displays the date in raised numerals; the date is recessed below the top edge of the step from 1925 forward, though still in raised digits. The designer’s initial M is to the right of the bottom star in the right column, and for quarters minted in Denver or San Francisco, D and S mintmarks are located to the right of the bottom star in the left column. Inside the flat rim is a concentric ornamental ring comprised of bars and dots; the ring is broken by the step that displays the date.

The center obverse shows an eagle in flight, headed to the right, wings outstretched and raised. Inside the flat rim is a concentric ring of UNITED STATES at the top, QUARTER DOLLAR at the bottom, with five five-point stars separating UNITED and QUARTER on the left and five five-point stars separating STATES and DOLLAR on the right. Three additional five-point stars are below the eagle, above QUARTER DOLLAR. OF AMERICA, in two lines and of smaller-sized letters, lies below UNITED STATES; below that text in even smaller letters is E PLURIBUS UNUM on two lines, each letter U again shown as a V.

Several hundred to a few thousand business strike Standing Liberty Type 2 quarters have been certified for each date, more for the 1920s and 1930s coins. A few hundred Full Head examples are listed for most dates and mintmarks. Prices are modest for many issues through MS63, becoming expensive to very expensive as MS64 and finer. Higher priced coins are the 1918-S, 8 Over 7, 1923-S, 1927-S, and Full Head examples. Some Full Head pieces are extremely expensive as MS64 and finer. No official Standing Liberty Type 2 proofs were made.

Specifications:
Designer: Hermon A. MacNeil
Circulation Mintage: High 27,860,000 (1920), low 396,000 (1927-S)
Proof Mintage: None officially known
Denomination: Twenty-five cents (25/100)
Diameter: 24.3 mm, reeded edge
Metal Content: 90% silver, 10% copper
Weight: 6.25 grams
Varieties: A very few identified including 1918-S, 8 Over 7; 1928-S Large and Small S; and other minor die variations.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
Standing Liberty Quarters. J.H. Cline. Zyrus Press.
The Official Red Book: A Guide Book of United States Coins. R.S. Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/17/2009

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The silver dollar was authorized by the Mint Act of April 2, 1792, and the denomination was intended to be the standard unit of the American monetary system. Similar in size and composition to Spanish and Mexican dollars, the denomination should have been the ideal unit of commerce. However, the reality was somewhat different, and though used in foreign trade, silver dollars generally did not actively circulate in the U.S. The reasons were basic: the coins were too large and too heavy. In most parts of the country, silver dollars often made a short journey from bank vault to customers as gifts or mementos, and then back to bank vault for safekeeping. Peace dollars were the last silver dollars minted, and after the 1935 issues regular production of the dollar coin ended. However, when a sealed bank vault was opened in 1962 at the Philadelphia Mint, hundreds of thousands of Morgan and Peace dollars were found, including some scarce issues. Both the Treasury and banks freely paid out the coins until they were gone in early 1964. The Coinage Act of July 23, 1965, specified that no new silver dollars could be coined for five years, at which time the need for the denomination would be reevaluated.

That “need” apparently came from a somewhat unexpected source, the Nevada gambling casinos. Though small numbers of silver dollars were often kept as rainy-day money by non-collectors who had lived through the years of the Great Depression and WWII, after silver coins disappeared from circulation in the mid-1960s large dollar-size tokens continued to be used at casinos. Customers, however, preferred the genuine item. The March 1969 death of Dwight D. Eisenhower, the former Supreme Commander of Allied forces invading France and two-term U.S. President, and the 8-day July 1969 historic lunar mission and landing by the Apollo XI crew, prompted an October 29, 1969, House bill that proposed a dollar coin commemorating both events. Following more than a year of debate the new dollars were approved in December, 1970. Circulating Eisenhower, or “Ike”, dollars were to be minted in the same copper-nickel composition of the circulating dime, quarter, and half dollar. Silver-copper clad dollars for collectors, a composition the same as that used for the 40% silver Kennedy half dollars produced from 1965 through 1970, were also approved.

The obverse of the new dollar featured a portrait of Eisenhower, the reverse a slightly modified copy of the scene used on the Apollo 11 crew patch, which shows an eagle landing on the moon. Though seemingly benign, the original depiction of the eagle on the coin was apparently interpreted by the U.S. State Department as bearing a somewhat hostile expression; not the first time in U.S. coinage history when a design has received unexpected criticism. More controversial was an amendment to the authorizing legislation that directed a portion of the profits from the collector coins to the private Eisenhower College in Seneca Falls, New York. In spite of receiving approximately $9 million from this provision, the College closed its doors in 1983, after being in operation only since 1968. Because of a desire to produce the dollars quickly, Chief Engraver Frank Gasparro prepared the design, having already started the process in anticipation of the coin’s approval; though for unknown reasons the first dollar coins were not issued until November 1, 1971. The reverse design was modified for the 1976 Bicentennial year, as were those for the quarter and half dollar, but with production starting in mid-1975, no 1975-dated dollar coins were produced. The dollar returned to the original design for 1977 and 1978, the latter the final year of the type.

A left-facing portrait of Eisenhower is centered on the obverse; Engraver Frank Gasparro’s initials FG are on the truncation of the neck. LIBERTY arcs above the head, concentric with the flat rim, and the date is similarly placed at the bottom. IN GOD WE TRUST, in two lines, is at the bottom left. Ike dollars were minted at Philadelphia, Denver, and San Francisco; D and S mintmarks are below the neck, above the date. Bicentennial dollar coins have the dual date 1776-1976 at the bottom, the dates separated by a centered dot.

The reverse depicts an eagle with outstretched wings landing on the cratered moon, shown in part on the bottom third of the coin. The eagle clutches an olive branch in its claws. UNITED STATES OF AMERICA curves inside the rim at the top, over the blackness of space; ONE DOLLAR is at the bottom along the rim, superimposed over the moon. Circling around the eagle against the space backdrop are 13 small five-point stars. Above the eagle, below the stars, is E PLURIBUS UNUM in two lines with centered spacing dots; a small representation of earth is in space above and to the left of the eagle, below the stars. The designer’s initials FG are between the eagle’s tail and the tip of the olive branch. The Bicentennial version replaces the center image with the Liberty Bell in front of the whole disc of the cratered moon. E PLURIBUS UNUM, each word on a separate line, is located at the lower right of the bell/ moon composite. UNITED STATES OF AMERICA and ONE DOLLAR along the rim are separated by centered five-point stars. The initials DRW, for reverse designer Dennis R. Williams are below the bottom edge of the bell, to the right of the clapper.

Thousands of business strike Eisenhower dollar coins have been certified, most at grades finer than MS63, and consisting of four main types: regular copper-nickel clad, Bicentennial copper-nickel clad, regular silver-copper clad, and Bicentennial silver-copper clad. Additional varieties have been identified within these main types. Prices are modest for most issues up to Gem, and for some dates to MS66. More expensive coins at higher grades are 1971-1974 Type 1, 1972 Type 2, and 1976 Type 1. In addition, most MS67 and finer copper-nickel clad, and MS69 silver-copper clad, dollars are very expensive. Thousands of proof Eisenhower dollars have been certified, most as PR69, and most as Cameo or Deep Cameo. Prices are modest for all issues through PR69, but jump to very expensive as PR70; 1976-S Bicentennial copper-nickel clad proofs are the most expensive at this grade.

Specifications:
Designer: Frank Gasparro and Dennis R. Williams (Bicentennial reverse)
Circulation Mintage: high 113,318,000 (1776-1976 copper-nickel clad, Variety 2), low 1,883,140 (1973-S silver-copper clad)
Proof Mintage: high 4,265,234 (1971-S silver-copper clad), low 1,013,646 (1973-S silver-copper clad)
Denomination: $1.00
Diameter: 38.1 mm, reeded edge
Metal Content: Copper-nickel: outer layers 75% copper, 25% nickel; inner core is pure copper. Silver-copper: outer layers 80% silver, 20% copper; inner core 20.9% silver, 79.1% copper.
Weight: Copper-nickel clad, 22.68 grams; silver-copper clad, 24.59 grams
Varieties: Several identified including 1972 copper-nickel clad Varieties I, II, and II (low relief and high relief and other die changes); 1776-1976 copper-nickel clad Varieties 1 and 2, and 1776-1976-S Variety 1 (bold lettering and delicate lettering); 1974-D, 1976-D, and 1977-D silver-copper clad (produced in error, should have been copper-nickel clad); general copper-nickel, silver-copper, and Bicentennial versions; and other minor die varieties.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/16/2009