Just bought this last night for $373. I believe the gold melt value is around $171. It's my first B.L.Pratt Indian Head Gold coin. I always liked this design. I find it interesting that the total series mintage for the $2.5 coin is about half that of the $5 coin (7 million vs. 14 million). I was never sure why -- perhaps the mint thought the $2.5 coin would not circulate as well. [SIZE=-1]Found this background information on the web: Interestingly, there was great aversion to the coin when it was first minted, as the timid public initially feared the novelty of the recessed images of the coin -- imagining them to provide a sort of breeding ground for bacteria. The reluctance of Americans to retain the coin for any extended period of time has had a lasting impact on the modern market for these coins, making it difficult to locate specimens in uncirculated condition. High grade gem uncirculated Indians are nearly impossible to find, and are valued at several thousand dollars apiece.[/SIZE]
This quarter eagle was given to me by my grandmother.She worked as a bank teller in the late 60s and she pulled this out of the till for face value! It's the more common 1914-D but who cares.The scratch on the reverse is on the flip and not the coin itself and I don't know why the top of the obverse looks bad -it's a photo problem not condition - the coin is a solid AU-50.
Lower grades of 14D are common and easy to find. It's widely considered to be one of if not the worst struck in the series. The rare 14D coins are those in the MS64 and above ranges, accounting for one of the rarer coins in the series. Weak strikes and lots of marks typically define the lower grade 14D quarter eagle coins. Pick up the Akers book on 20th Century US Gold Coins (2nd ed) or the Fuljenz/Winter guide if you don't have these. They offer a lot of excellent review of the coins by date and mm, across grades. It is interesting to consider pre'33 graded gold coins with metals intrinsic value closing in on numismatic value.
Holy cow on your grandmother pulling that out of a bank till at face. That's the stuff dreams are made of. I agree as the spread compresses with the rise of gold, old US gold coins are becoming more interesting. 1914 was the year my Dad was born.
OK - but I find it a bit hard to imagine since gold was illegal to own then and no bank would have taken it.
The Indian Head gold coins are really nice, and a great design! I had my $2.50 first but then I had to find him a pal so I got me a $5 to call them a pair. I'll try to get some pics up when I get home but here's a one until I get there.
Ah the main U.S. cold coin type I want. I could have afforded the $2 1/2 & $5 several times over but I always seem to put my coin $ to ancients over 1 piece of gold. Love the incuse indians though.
I'm getting it straight from my grandmother's mouth - not passing on a story from a friend of a friend. Believe what you will.
1933 was when it became illegal and The limitation on gold ownership in the U.S. was repealed after President Ford signed a bill legalizing private ownership of gold coins, bars which went into effect December 31, 1974
Does anybody know why the USGovt made it illegal to own gold coins for over 40 years? It seems like such a strange concept today. What did all the gold coin collectors do?
I don't think you were understood that's all. Anyways, back to the subject, here's my babes!! My quarter eagle is a 1915-P and my $5 is a 1909-D. Gold Indians are the bomb!!:yes:
I belive that it was illegal to hold US gold coins in quantities of over $100 face value except for "Numismatically reocognized pieces". I have heard stories of gold coins showing up at banks. I am sure there was alot of dont ask dont tell in the gold coin arena for many years after confiscation.
To give you a brief explanation here it is: (please dont quote me on this) I am going off the History Channel that talked about this. Back in 1933 when Roosevelt was president, he had a meeting with a gentleman who convince him that he needed to make hoarding gold illegal. This gentleman (forgot his name) owned a lot of gold and owned Railroads and by making gold illegal he could raise the prices / charge whatever he wants for people using his railroad. Therefore making a ton of money. After a while, Pres. Roosevelt became aware of what this gentleman was doing, he removed the law and had this gentleman arrested (though I think that guy was murdered..he had 1 million dollars worth in his bank which would be closed to 1 billion in today's money) http://en.wikipedia.org/wiki/Executive_Order_6102 http://www.the-privateer.com/1933-gold-confiscation.html
Part of the reason is there are far fewer issues of $2.5s (only 15) compared to the $5 (24). Congrats on the pickup !
