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The U.S. $2.5 Indian Gold Coin, also known as the Indian Head Quarter Eagle, is a historic and iconic coin in the American numismatic collection. The 1928 issue is particularly notable for its unique design, its historical context, and its relative rarity. The coin was minted as part of a series designed by Augustus Saint-Gaudens, one of the most famous American sculptors, at the request of President Theodore Roosevelt. This series, which included the $2.50, $5, $10, and $20 gold coins, was intended to elevate the artistry of American coinage and replace the older, less aesthetically pleasing designs that had dominated U.S. currency since the 19th century. The Indian Head Quarter Eagle was issued from 1907 until 1933, with the 1928 date standing out as an example of both artistic achievement and historical significance.
The design of the 1928 $2.5 Indian Gold Coin is one of the most distinctive in American coinage. The obverse features the bust of a Native American chief wearing a war bonnet, an image meant to symbolize strength and liberty. Surrounding the chief are 13 stars, representing the original 13 colonies, as well as the word "LIBERTY" at the top. The detailed headdress and the powerful, proud expression on the chief’s face give the coin a sense of both nobility and courage. This design was carefully crafted by Saint-Gaudens, who sought to create a coin that reflected the ideals of the United States, while also honoring Native American heritage. The portrait of the Native American is striking, with a sense of motion and energy conveyed through the detailed feathers and the bold features of the chief. It is a departure from the more classical designs that had previously been used in U.S. coinage.
The reverse of the 1928 $2.5 Indian Gold Coin features a majestic American eagle in flight, set against a simplified but powerful design. The eagle is depicted with its wings spread wide, soaring above the clouds, symbolizing freedom and strength. The coin’s inscription on the reverse includes “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and “$2.50,” the denomination of the coin. Beneath the eagle is a small inscription of “IN GOD WE TRUST,” a phrase that has become a signature feature of American coinage since it was first used in the mid-19th century. The design on the reverse was intended to complement the boldness of the obverse, with the eagle representing the nation’s power and independence.
The 1928 Indian Head Quarter Eagle was minted at the Philadelphia Mint, which at the time was the primary facility responsible for producing coinage for the United States. The coin was part of the Indian Head series, which also included the $5 Half Eagle, the $10 Eagle, and the $20 Double Eagle. The 1928 $2.5 coin, along with others in the series, was minted in relatively low numbers compared to other coins produced at the time. The mintage of the 1928 $2.5 coin is approximately 2,250,000 pieces, making it less common than some other dates in the Indian Head series, though still readily available to collectors today. However, due to the popularity of this coin and its relatively low mintage, the 1928 example is particularly sought after in higher grades, especially in Almost Uncirculated (AU) condition.
The AU grade indicates that the coin shows only light wear, with the design details remaining sharp and the coin retaining much of its original luster. AU coins are prized by collectors because they exhibit the beauty of the design without the more noticeable wear and damage seen in lower-grade examples. The 1928 Indian Head Quarter Eagle in AU condition retains the intricate details of the chief’s headdress, the feathers, and the eagle’s wings, which are all key features of the coin’s artistic appeal. Coins in AU condition typically have only light wear on the high points, and they retain much of the brilliance and appeal that the coin had when it was first struck. This makes the 1928 $2.5 Indian Gold Coin a desirable piece for numismatists looking to add a high-quality example of this historic design to their collections.
The 1928 $2.5 Indian Gold Coin was minted during a time of economic uncertainty in the United States. The late 1920s saw an era of prosperity known as the “Roaring Twenties,” but the decade ended with the onset of the Great Depression. The economic crisis of the 1930s led to the cessation of gold coin production by the U.S. Mint in 1933, further contributing to the scarcity of gold coins like the 1928 $2.5 Indian Gold Coin. During the Great Depression, the U.S. government took measures to stabilize the economy, including the recall of gold coins, which were then melted down to provide the government with more bullion. As a result, many of the 1928 $2.5 coins were either hoarded or melted, and surviving examples are highly valued today.
In addition to its historical context, the 1928 Indian Head Quarter Eagle is also an excellent example of the artistry that Augustus Saint-Gaudens brought to U.S. coinage. His work on the Indian Head series is widely regarded as some of the finest coin design in American history. Saint-Gaudens was commissioned by President Theodore Roosevelt to revamp U.S. coinage, and his Indian Head designs were part of that initiative. The coins were intended to reflect the ideals of the United States—freedom, strength, and liberty—through bold, expressive designs that also drew from classical influences. The 1928 $2.5 coin, with its detailed portrait of the Native American chief and the soaring eagle, remains one of the most memorable and beloved coins in American numismatic history.
The value of the 1928 $2.5 Indian Gold Coin continues to increase over time, driven by its historical significance, the rarity of higher-grade examples, and the continuing interest in U.S. gold coins. The price of gold itself plays a role in the coin’s value, as it is tied to the metal content of the coin. However, it is the coin’s rarity, artistic design, and historical context that truly make it valuable to collectors. As with other gold coins from the early 20th century, the 1928 Indian Head Quarter Eagle holds an important place in both the history of American coinage and the broader numismatic community. Its enduring appeal, both as a collector’s item and as a piece of American heritage, ensures that it will remain a prized coin for generations to come.