1908-D Indian Head Eagle, No Motto : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

A year of tinkering with the design under its belt, the United States Mint entered 1908 with a lingering question regarding the purposeful omission of the motto IN GOD WE TRUST. The motto originated from a groundswell of religious sentiment felt by Americans during the Civil War, first appearing on the debut release of the copper Two-Cent Piece in 1864. Congress soon pushed to adopt the motto on all coinage and it was added to the $10 gold coin in 1866.

Not everyone at the Mint was happy about the mandate. Superintendent Archibald Loudon Snowden of the Philadelphia Mint opposed the motto on religious and artistic grounds, although he admitted in a May 23, 1876 letter to Mint Director Henry Richard Linderman that “many would conclude that Hell itself was let loose” if the motto were removed.

President Theodore Roosevelt and sculptor Augustus Saint-Gaudens did not include the motto on the coinage they created in the early 20th century. However, as the coins entered production, the president began to doubt the legality of the motto’s omission. Roosevelt’s secretary, William Loeb, Jr., reached out to outgoing Mint Director George E. Roberts to seek clarification. Roberts suggested that the Revised Statues Act of June 22, 1874, removed the coinage requirement and that the motto remained simply due to prior precedent.

But no sooner was the Mint ready to release the new coins than rumors regarding the omission of the motto began to circulate in the media. Numismatist Roger W. Burdette provides some of the feedback in his fascinating Renaissance of American Coinage 1905-1908 (2006). In an editorial published on November 7, 1907, the New York Times predicted trouble for Uncle Sam.

Restoring the motto became the cause du jour and the Congress passed legislation rectifying the situation in the spring of 1908. The new law stated:

An Act Providing for the restoration of the motto, “In God We Trust” on certain denominations of the gold and silver coins of the United States. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the motto “In God We Trust,” heretofore inscribed on certain denominations of the gold and silver coins of said denominations as heretofore. Sec. 2. That this Act shall take effect thirty days after its approval by the President.

President Roosevelt signed the bill into law on May 18, 1908. On May 23, Mint Director Frank A. Leach ordered samples of the revised designs for review.

Before these changes were made, the Denver Mint struck 210,000 No Motto 1908-D Indian Head Eagles. From this total, CoinWeek estimates that around 3,000 or more examples survive. Our figure takes into account the combined population of 2,600 coins certified by CAC, NGC, and PCGS. Interestingly, despite a much lower mintage, the No Motto 1908 Indian Head Eagle is only slightly scarcer than the 1908-D.

What Is the No Motto 1908-D Indian Head Eagle Worth?

Much of the No Motto 1908-D Indian Head Eagle’s value is tied to gold’s prevailing spot price. Each eagle $10 gold coin has an Actual Gold Weight of .48375 ounces. The 1908-D No Motto did circulate, but it is seldom found in low circulated grades because the Federal Government confiscated and melted so many United States gold coins after 1933. The most commonly encountered grades of the No Motto 1908-D Indian Head Eagle are between AU58 and MS62. In these grades, coins can be purchased for prices starting as low as $2,000 for About Uncirculated sliders and up to $3,500 to $4,000 for MS62 examples. Choice MS63 coins seem like a good value at $7,000+, although some online price guides see these pieces trending for just under $10,000. We think that’s too high.

The No Motto 1908-D Indian Head Eagle is a conditional rarity in Gem or better. The market for these peaked in 2013 and experienced a significant downturn (along with the rest of the coin market) in the mid-to-late 2010s. The market from 2020 to the present is much different, and we suspect that Condition Census coins are returning to 2013 market levels.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS66 (5, 8/2024), NGC MS67 (3, 8/2024), and CAC MS66 (1:0 stickered:graded, 8/2024).

• NGC MS66 #4232799-004: Heritage Auctions, September 7, 2017, Lot 4006 – $50,400.
• PCGS MS66 #27399409: As PCGS MS66 #10152195. “The Kutasi Collection”, Heritage Auctions, January 4, 2007, Lot 3163 – $115,000. As PCGS MS66 #27399409. “The Jim O’Neal Collection of Saint-Gaudens Eagles”, Heritage Auctions, January 8, 2009, Lot 3504 – $149,500; “The Bentley Shores Collection”, Stack’s Bowers, August 14, 2013, Lot 4530 – $82,250. When offered this was tied with five others as finest known at PCGS.
• PCGS MS66 #4987485: “Indian Eagle Selections from the Dr. Steven L. Duckor Collection,” Heritage Auctions, April 28, 2006, Lot 3882 – $86,250.
• PCGS MS65+ CAC #25064492: Heritage Auctions, February 7, 2013, Lot 3982 – $55,812.50.
• NGC MS65 #3028459-001: Heritage Auctions, August 2007, Lot 1994; “The Bentley Shores Collection”, Stack’s Bowers, August 14, 2013, Lot 4531 – $28,200.

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Coin Specifications

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