Universal Coin & Bullion, Ltd. September 2006 INVESTOR’S PROFIT ADVISORY SPOTLIGHTING OUR NEWEST COLLECTING RECOMMENDATION Bela-Lyon Pratt’s Incuse Indians Edited by Trey Cox Teddy Roosevelt Engages Bela-Lyon Pratt Teddy Roosevelt, a man of many interests, championed the complete redesign of the nation’s coinage during his administration. Roosevelt’s campaign began with the introduction of the $20 St. Gaudens Double Eagle and the $10 Indian Head Eagle. Both of those coins were designed by world renowned sculptor Augustus Saint-Gaudens whom Roosevelt had engaged at the suggestion of one of his artistic friends. They debuted in 1907 to rave reviews. In 1908, Roosevelt continued his crusade and turned his attention to the Half Eagle and Quarter Eagle coins. Once again, a friend of Roosevelt’s influenced the design of the two coins. This time it was William Sturgis Bigelow, a prominent Boston physician and avid connoisseur of the fine arts. Bigelow piqued Roosevelt’s interest by describing the “incuse relief” techniques he had seen in Egyptian art works on display at the Boston Museum of Fine Arts. Bigelow suggested that perhaps the technique could be adapted and used on United States coins. Coin image not to scale. Latching on to the suggestion, Roosevelt sought out noted sculptor Bela-Lyon Pratt and engaged him to prepare coin models. Like Saint-Gaudens, Pratt was an outsider and this bristled the feathers of the Mint’s Chief Engraver, Charles E. Barber. Protecting Diameter: 21.6 millimeters Weight: 8.359 grams his turf from Roosevelt’s initiatives, Barber made unneeded Composition: .900 gold, .100 copper modifications in Pratt’s designs just as he had done the year before Net Weight: .24187 ounce pure gold with Saint-Gaudens’ designs. However, Roosevelt’s interest in the coins kept Barber’s changes to a minimum instantly creating one of the most unique designs in the history of United States coinage. • One of only two U.S. coins to use "incuse" relief on A History of the Artist As A Young Man main devices • Minted from 1908-1916 and once again in 1929 Early in his education, Bela-Lyon Pratt studied under Saint- Gaudens at the Art Students League of New York. Impressed by his • Scarce in grades MS-61 and better models, Saint-Gaudens urged the young Pratt to go to Paris to • Key coins in series: 1909-O, 1911-D & 1929 further refine his skills. In 1890, Pratt moved to Paris to study at the Ecole des Beaux-Arts. While there, he worked in the studios of • Quite rare in gem quality grades of MS-64 and above Henri-Michel-Antoine Chapu and Jean-Alexandre-Joseph • Key “stopper” coin to 8-Piece Gold Type Set Falguiere, two of the leading French sculptors of their day. Pratt returned to America two years later and assisted in the sculptural decorations for the World Columbian Exposition to be The most contentious controversy was stirred up by held in Chicago in 1893. The two large works he created gained Philadelphia coin dealer, Samuel H. Chapman, who took issue Pratt immediate recognition as an artist of considerable talent and with virtually every aspect of Pratt’s designs. He sent a letter substance. Thereafter, Pratt was never without a commission. directly to Roosevelt detailing his disgust. Chapman first blasted what he described as an “emaciated” Indian figure on the coin’s Taking up residence in Boston, Pratt became an instructor of obverse. Chapman felt the Indian chief was not virile enough and modeling at the Boston Museum School of Fine Arts and retained did not realistically represent the Native American traditions. that post until his death. Although prone to illness, he was a prolific Besides the brand new “Buffalo” nickel, no other U.S. coin in worker from his studio. He proved to be a master at massive scale history ever featured a realistic looking Native American Indian works, but also excelled at smaller art forms like bas-relief and and Chapman was livid at Pratt’s depiction. He continued his metallic art. By the time Roosevelt called, he had forged a complaint by noting the eagle on the coin’s reverse was typical of reputation as one of the nation’s leading young sculptors. an European native eagle rather than the U.S. variety. However, he reserved his biggest ire for Pratt’s “incuse Pratt’s Indian Heads Stir Controversy relief” technique on the coin’s devices. In his most virulent complaint, Chapman insisted that the “sunken” devices would Few coins in United States history have created as big a become receptacles for all manner of germs and viruses, and controversy as Bela-Lyon Pratt’s Indian Heads. Critics of the feared they would be the “most unhygienic” coins ever issued. Indian Head Quarter and Half Eagles worked hard to derail the In addition, he attacked the coins as “unstackable” and coins. They found an ally in the Mint’s Chief Engraver, Charles E. believed they would be a “field day” for counterfeiters. He Barber, who was upset that Roosevelt had gone to outside artists labeled them an “utterly miserable, hideous production” and two years in a row to redesign the nation’s gold coinage. called for their complete recall and melt down. Pratt’s Indian Heads Go Into Production The Pratt Indian Head Quarter & Half Eagles went into production The 1909-O is as scheduled in 1908. From 1908- 1916, the $5 Indian Half Eagles were one of the keys to minted in regular course. In 1916, there was a 13-year interruption. After 1929, the coins were never produced again. However, other gold the $5 Indian coin types continued to be minted for another four years until FDR’s “New Deal” closed the book on gold coinage altogether. Head series with The 1909-O is one of the keys to the $5 Indian Head series with only 34,200 coins only 34,200 coins produced at the New Orleans mint that year. The produced at the 1929 issue is somewhat of an enigma. Even though 662,000 coins were originally minted, it could still be considered a key date as the New Orleans vast majority were melted down under the Gold Confiscation Act of 1933, and relatively few have surfaced on the market. Additionally, the mint that year. 1911-D is also considered scarce with a total mintage figure of fewer than 100,000 coins. A low survival rate for the 1911-D has resulted Coin image in relatively low populations on all certified grades. not to scale. The $5 Indian is a highly sought-after key to completing 20th Likely amused by Chapman’s diatribe, Roosevelt sent the century 8-Piece Gold Type Sets. These sets consist of $2.50, $5, $10 complete letter to Dr. Bigelow who wrote a point-by-point response and $20 Liberties; $2.50, $5 and $10 Indians, and a $20 St. Gaudens. letter. Bigelow retorted that the Indian who modeled for the coin All collectors must have this important stopper $5 Indian to complete was in excellent health, and taunted Chapman that he must be their sets. referring to the “fatter, but less characteristic type of Indian The Indian Head Half Eagles become quite elusive in MS-64 sometimes seen on the reservations.” As for the eagle, Bigelow condition and downright rare in grades beyond that level. simply pointed out that it was “an absolutely correct representation Even of the white-headed American eagle.” common date coins, like the 1908 and 1909-D, are rare in gem quality condition and command impressive prices. Due to its rarity, a 1909-O in Bigelow felt Chapman’s complaints regarding the incuse relief MS-65 or better is likely beyond the reach of all but the most serious of devices were contemptuous, and that they could hardly be taken as collectors. serious. He agreed there was a stacking issue on the initial Prices are expected to trend higher pressings, but said this flaw had been corrected at the Mint. As for for $5 Indian Head Half forgers, Bigelow seriously doubted a forger would “waste labor on Eagles. To acquire your key coins before prices rise further, contact your a single coin.” Responding to the “unhygienic” issue, Bigelow flatly account representative today to confirm current pricing and availability. stated that a “dirty gold coin would be an anomaly” and testified that he himself had “never happened to see one.” While Chapman responded to Bigelow’s response, it was too little, too late. Roosevelt was a fan and in the end that was all that really mattered. Call toll free today... (800) 459-2646 $5 Indian Head Half Eagle: 1908-1929 Vault Verification: UINT5I1006 Date Total Service/ Date Mint Details Mintage Grade Acq. Customer Service Hotline 1908 578,012 As a valued customer, your feedback is important to us. If you have 1908-D 148,000 questions or concerns you wish to communicate, we encourage you to 1908-S 82,000 contact our customer service hotline or send us an email. Our hotline is answered during normal business hours and email is checked daily. We 1909 627,138 will respond to you within one business day. Thank you in advance for your 1909-D 3,423,560 feedback and we look forward to continuing to serve you in the future. 1909-O 34,200 Hotline: (409) 861-4807 1909-S 297,200 Email: [email protected] Est. 1994 1910 604,250 Universal Coin & Bullion, Ltd. 7410 Phelan Blvd. 1910-D 193,600 Beaumont, TX 77706 1910-S 770,200 universalcoin.com 1911 915,139 Important Disclosure Notification: In the opinion of the Publisher, all statements made herein by third 1911-D 72,500 parties are believed to be reliable, truthful and accurate to the best knowledge of the Publisher.