1925-D Indian Head Quarter Eagle : A Collector’s Guide

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

The Denver Mint struck 578,000 Indian Head Quarter Eagles in 1925. This marked the emission of the first quarter eagle gold coin since 1915. It was also the only quarter eagle issue for the year as the Philadelphia Mint struck none.

David W. Akers, one of the foremost students of United States gold coins, considered the 1925-D Indian Head Quarter Eagle the most difficult issue in the series to find in Gem Mint State. Holding the issue back were myriad issues: inconsistent dies with buckling present on many, poor strike quality (although the issue typically exhibited excellent mint luster), and the “D” mintmark was often weak. The only analog in the series was the 1914-D Indian Head Quarter Eagle.

How Much Is the 1925-D Indian Head Quarter Eagle Worth?

A sufficient quantity of 1925-D Indian Head Quarter Eagles survives so that the coin is collected in Mint State and commands a 100% to 120% premium over spot price – which, based on a $2,300 spot price, would put a typical retail price for an example graded MS63 at about $580-$640.

In grades higher than MS63, auction prices increase dramatically, with each grade with Gems selling for $1,500 or more and coins graded MS66 by either NGC or PCGS selling for significant prices approaching $10,000 per coin. Curiously, more than 170 coins have been certified at MS66 or higher by NGC and PCGS, but CAC has only stickered eight of these coins and none of them have appeared at a Heritage, Legend, or Stack’s Bowers auction. We estimate that these coins would likely retail for $12,500 to $15,000 if in a PCGS or NGC + CAC holder.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS66+ (3, 6/2024). NGC MS67 (2, 4/2024), and CAC MS66 (8:0 stickered:graded, 6/2024).

• NGC MS66 #4882328-010: Heritage Auctions, May 10, 2024, Lot 5109 – $8,000.40.
• PCGS MS66 #46427401: Heritage Auctions, March 28, 2024, Lot 3085 – $9,090.
• PCGS MS66 #46675428: Heritage Auctions, March 28, 2024, Lot 3086 – $8,700.
• PCGS MS66 #44655565: Heritage Auctions, March 28, 2024, Lot 3087 – $8,700.
• NGC MS66 #4840089-061: Heritage Auctions, March 28, 2024, Lot 3088 – $8,700. Prohibition Hoard on insert.
• NGC MS66 #4840089-040: Heritage Auctions, January 12, 2024, Lot 4846 – $8,100. Prohibition Hoard on insert.
• PCGS MS66 #43868681: Heritage Auctions, January 12, 2024, Lot 4847 – $9,300.
• PCGS MS66 #33496136: As PCGS MS66 #06573971. Heritage Auctions, January 6, 2012, Lot 6237 – $11,500; “The Leon Hendrickson,” Heritage Auctions, December 3, 2015, Lot 3314 – $5,405. Donald A. Kutz on insert. As PCGS MS66 #33496136. Heritage Auctions, January 12, 2024, Lot 4845 – $8,700.
• PCGS MS66 #43868679: Heritage Auctions, July 20, 2023, Lot 3194 – $12,000.
• PCGS MS66 #46427401: Legend Rare Coin Auctions, February 2, 2023, Lot 404 – $9,987.50.
• PCGS MS66 #38183338: “The Cody Brady Collection, Part IV,” Heritage Auctions, October 6, 2022, Lot 3167 – $10,200.
• PCGS MS66 #7451811: Heritage Auctions, July 14, 2022, Lot 3232 – $10,266.
• PCGS MS66 #40273668: “The Bob R. Simpson Collection, Part V,” Heritage Auctions, April 23, 2021, Lot 4171 – $7,800. Simpson novelty insert.
• PCGS MS66 #40323760: “The Bob R. Simpson Collection, Part I” Heritage Auctions, September 17, 2020, Lot 10132 – $7,200. Simpson novelty insert.
• PCGS MS66 #11661668: “The Shrike Set of $2 1/2 Indians,” Heritage Auctions, September 9, 2011, Lot 4255 – $9,775; Heritage Auctions, December 4, 2011, Lot 20289 – $9,600; Heritage Auctions, November 8, 2018, Lot 3220 – $6,600. The Shrike Set on insert.

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Design

Obverse:

The obverse is dominated by a left-facing somewhat determined portrait of a Native American chief wearing a full-feathered war bonnet. The word LIBERTY is at the top and the date 1925 is at the bottom. Six five-pointed stars are placed to the left along the coin edge, and seven to the right. The designer’s initials B.L.P. are located below the portrait and above the date.

Reverse:

The reverse displays a standing eagle facing to the left, perched upon a bundle of arrows with an entwined olive branch. The legend UNITED STATES OF AMERICA, the words separated by centered dots, is at the top. The denomination 2 1/2 DOLLARS is at the bottom. The motto E PLURIBUS UNUM, each word on a separate line, is to the left of the eagle, and the motto IN GOD WE TRUST, also with each word on a separate line, is to the right. The D mintmark is located just to the left of the arrowheads.

All design features except the D mintmark are incuse, recessed below the field, with no design elements higher than that flat surface.

Coin Specifications

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