The $2-1/2 Gold Indian is one of the most fascinating gold coins ever produced.
Minted from 1908 - 1929, its design is a departure from traditional American gold coinage. It is the first US gold coin to replace the emblematic figure of Miss Liberty with the likeness of a Native American Chief! The reverse shows a dominant view of a bald eagle standing with wings folded.
Perhaps the most compelling reason to consider owning this coin now, is that it is the first US coin struck using a revolutionary "incuse" design.
Reasons why this coin is so scarce:
The mint produced these coins for less then 13 years and the low production never exceeded 3/4 of a million pieces during any of those years. The "Incused" design represents a departure from all previous United States coinage. There are no raised edges and the major design features are sunken into the coin and below the surface. The lack of a raised edge caused these coins to wear out quickly and they had to be replaced with new coins. All old coins were removed from circulation, melted down and the gold was recycled. The public was concerned that the new coins would spread germs --- an unfounded fear --- and so they were not hoarded as with other gold coins. The Gold Act of 1933 effectively removed all gold coins from circulation. This recall came just four years after production of the $2-1/2 ended. At the time all banks were required to turn in any gold coins on hand. Once the coins were turned into the US government they were melted down and recycled into gold bars.
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