PROFIT ADVISORYJune / July 2008 Supplement

READING A COIN’S

‘ROAD MAP’

SPOTLIGHTING THE HISTORY OF AMERICAN COIN DESIGN

‘ROAD MAP’

Most people usually don’t give coins a second glance. They simply

view them as round discs of metal convenient for use in vending

machines or parking meters. Perhaps, they might also fi nd them useful

to pay for a candy bar or newspaper. But they rarely stop to look at the

artistic design and detail of the coin itself.

Those who do take the time to examine coins more closely come

to realize they contain a wealth of information far beyond a statement

of their value. Especially with older coins, this information is often

conveyed in the form of symbols. Understanding the meaning of those

symbols, along with the mottos and inscriptions on both sides of the

coin, provides important insights into the evolution of those coins and

the nation that issued them.

A coin’s symbols and inscriptions are like directions on a road map,

or better yet, clues on a treasure map. They enhance our appreciation of

the coins, expand our knowledge of history and sharpen our awareness

of what makes certain coins more valuable than others, underscoring

why some coins are truly “tiny treasures”.

With this month’s issue, we begin a multi-issue exploration on the

history and meaning behind the devices and symbols on many of the

major United States gold, silver and platinum coins. Behind each and

every device on a coin is a story, usually rich in historic and symbolic

detail, about the ideals and values that Americans hold dear. Through

this and subsequent issues, we will survey the major coin devices and

symbols commonly, and sometimes not so commonly, used on select

coins, including the eagle, Miss Liberty, stars, edge lettering, mint

marks and designer initials, among others. This month’s issue focuses

on two of the major devices that have been used most often on many

gold, silver and platinum coins: the Eagle and Miss Liberty.

Investors June / July 2008 Supplement

Universal Coin & BullionTM

From the Classics to the Moderns

$20 Liberty Double Eagle (1849-1907)The Liberty Double Eagles designed by James Longacre feature a right facing heraldic eagle with shield, holding an olive branch in his right talon signifying peace, and 13 arrows in his left symbolizing the nation’s preparedness to defend itself. The Type II Double Eagle (pictured right) features a “TWENTY D” denomination on the reverse, while “TWENTY DOLLARS” is on Type III specimens. Type I specimens do not have the “IN GOD WE TRUST” motto.

$2.50 & $5 Indian Heads (1908-1929)Designed by Bela Lyon Pratt, the Indian Head Quarter and Half Eagles featured the fi rst and only incuse design on U.S. coins. The eagle portrayed on their reverses is depicted facing right, standing atop a bundle of rods formed into a single arrowhead with an olive branch vine held in his right talon. The $2.50 Indian Quarter Eagle reverse is pictured to the right.

1915-S Panama-Pacifi c Exposition Quarter EagleCharles Barber and George Morgan collaborated on the design for this quarter eagle commemorative gold coin. It’s reverse depicts an eagle facing right with raised wings standing atop a column featuring the “E PLURIBUS UNUM” inscription, which means “out of many, one”. There are no arrows, rods or olive branches present.

$10 Indian Head (1907-1933)Augustus Saint-Gaudens designed this uniquely American coin with a reverse image of an eagle very similar to the incuse design employed by Bela Lyon Pratt on the Quarter and Half Eagle Indian heads, but with raised eagle, arrows and olive branch devices, as well as a slightly different eagle profi le.

Gold American Eagles (1986-Present) The unique “family of eagles” design featured on the reverse of this modern day series was designed by Mrs. Miley Busiek and engraved by Sherl J. Winter. In the image, a father eagle hovers above a nest with a mother and hatchlings, while holding an olive branch in both talons. There are no “arrows” in the design.

Silver American Eagles (1986-Present)The reverse of the modern day Silver Eagles features a John Mercanti rendition of the heraldic eagle design employed on the Liberty Double Eagles. The eagle is facing right, while holding an olive branch in his right talon and 13 arrows in his left.

Platinum American Eagles (1997-Present)The Thomas Rogers Sr. design on the reverse of the Platinum Eagle family of coins features a majestic eagle with wings fully spread in fl ight. Rogers’ eagle holds neither an olive branch, nor arrows.

Some believe the placement of the symbols refl ects national priorities. When the olive branch is clutched in the right claw, they say, peace is uppermost in Americans’ minds. When the arrows are in the right talon, the dominant mood is military preparedness. They see similar signifi cance in which way the eagle is facing.

Leading researchers have lent some credence to this theory in the case of gold and silver coins produced by the U.S. Mint from 1796 to 1807. The arrows were shown in the right talon on those coins, and the eagle faced in that direction. The young United States was being menaced at that time by British Redcoats along its frontiers and pirate marauders at sea, and the researchers have concluded that the arrows’ dominant placement was a warning not to test the new nation’s resolve.

There is no evidence, though, that the government ever established an offi cial policy of this nature. And, in any case, some coins simply don’t fi t this mold. For instance, on the short-lived Trade dollar, a large silver coin made from 1873 to 1885, the arrows are in the right talon but the eagle is facing left.

Almost from the very beginning, the eagle has been a mainstay fi xture on a large number of U.S. coins. In fact, the connection is so strong that several U.S. gold coins have carried the word “eagle” in their offi cial names. This tradition continues to this day with the gold, silver and platinum “American Eagles”.

The selection of the eagle was an obvious one, as the 13 original American colonies adopted the bald eagle as the national emblem shortly after they won their freedom from Great Britain. In 1782, it was incorporated into the new American nation’s Great Seal. Though most Americans recognize this link, many are unaware of symbolic signifi cance attached to the olive branch and arrows clutched in the eagle’s right and left talons. In the Great Seal, the spread eagle holds an olive branch in his right talon, signifying the nation’s peaceful intentions. In his left talon is a bundle of 13 arrows warning would-be foes that, while the nation is peace-loving, it is also prepared to defend itself from those who would do it harm. The 13 arrows themselves represent the 13 original colonies.

On most U.S. coins bearing likenesses of eagles, the same confi guration can be seen – the olive branch in the right talon, the arrows in the left. On some coins, however, the symbols are reversed – and on still others, eagles are depicted holding neither. In heraldic terms, the right claw is considered dominant and therefore of greater importance.

The eagle is still a central symbol up to this day on the modern day American Eagle gold, silver and platinum coins, each of which sports a unique eagle image on their respective reverses. The Silver Eagle features a traditional heraldic eagle with shield similar to the one adorning the Liberty Double Eagles, while the Gold and Platinum Eagles feature new and unique eagle designs that had never been used before. In all uses of the eagle on all United States coins, they remain a central symbol of American liberty and freedom.

Eagles, Arrows and Olive Branches:Symbols of Freedom, War and Peace

Universal Coin & BullionTM

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$3 Indian Princess (1854-1889)Designed by James B. Longacre, this was the fi rst example of Indian motifs being used in a Miss Liberty design. The obverse image features a profi le of Miss Liberty with an Indian-style crown headdress with feathers.

$20 Liberty Double Eagle (1849-1907)Also designed by Longacre, the Miss Liberty obverse image on all three “types” of Liberty Double Eagles features the “Coronet” design, so called because of the crown design atop Miss Liberty’s head.

$10 Indian Head (1907-1933)This uniquely classic Saint-Gaudens obverse design features a striking profi le of Miss Liberty crowned by an impressive Indian war bonnet. As with the $3 Indian Princess and $20 Liberty Double Eagle, “LIBERTY” is engraved in the “headband” of the war bonnet.

Gold American Eagles (1986-Present)The modern day Gold American Eagles reprised the classic Saint-Gaudens design on the Double Eagles from 1907-1933, which featured a complete frontal fi gure of Miss Liberty striding majestically forward with an upright torch in her right hand and an olive branch in her extended left hand. From 1986 through 1991, the Gold Eagles featured Roman numeral dates (pictured right). Since then, they have sported Arabic numeral dates.

Silver American Eagles (1986-Present)The obverse of the modern day Silver Eagles sports the classic Adolph Weinman Walking Liberty design on the obverse. Miss Liberty faced and striding to the right with her right arm and hand openly extended while cradling an olive branch in her left arm.

Platinum American Eagles (1997-Present)John Mercanti designed the striking head shot engraving of Miss Liberty which evokes the classic image as depicted on the Statue of Liberty. From 1997 through 2003, the U.S. Mint produced Platinum Eagles with a bright fi nish. Since then, they have a matte fi nish (pictured right).

While the eagle typically appears on the reverse in U.S. coin designs, the obverse of most U.S. gold coins features a variety of portraits of a female fi gure personifying liberty, which many view as the very cornerstone of American democracy. There are many variations as well as exceptions, but likenesses of “Miss Liberty” account for the lion’s share of obverse portraits.

On Liberty Head gold coins, for example, Miss Liberty is shown with a coronet – or small crown – in her hair, giving rise to the alternative description of these as “Coronet” gold pieces. These coins come in four denominations – the double eagle ($20 gold piece), eagle ($10), half eagle ($5) and quarter eagle ($2.50) – and were minted between 1839 and 1908.

On the $3 gold piece, issued between 1854 and 1889, Miss Liberty assumes the guise of an American Indian princess, with a feathered headdress serving as her crown.

On the Indian Head eagle ($10 gold piece) designed by famed sculptor Augustus Saint-Gaudens and minted from 1907 to 1933, the Indian motif is greatly expanded: Here, Miss Liberty is depicted with a large and imposing Indian war bonnet crowning her head. The reverse shows a mighty eagle in repose.

On the Saint-Gaudens double eagle ($20 gold piece) made during the same period, a “full-screen” Miss Liberty strides purposefully and majestically toward the viewer. Saint-Gaudens Lady Liberty design was reprised for the modern day Gold American Eagles. Saint-Gaudens’ Miss Liberty, which many hail as the “classic” Liberty design, holds an upright torch in her right hand and an olive branch in her extended left hand.

In a number of cases, the portraits of Miss Liberty have been based on actual women who served as models. However, they are meant to be allegorical in representing the concept of liberty, not a particular individual.

The Many FacesOf Miss Liberty...

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Although she’s the leading lady in older U.S. coin designs, Miss Liberty has had a strong supporting cast of co-stars through the years. The $5 and $2.50 Liberty gold pieces, for example, gave way in 1908 to Indian Head half and quarter eagles, whose obverse bore identical portraits of a realistic-looking American Indian chief wearing an intricately feathered war bonnet. More recently, the trend has been toward portraits of real people, many of them presidents, rather than allegorical representations of major American themes.

The word LIBERTY also appears on most U.S. coins – sometimes as a stand-alone inscription, other times woven creatively into other design elements. On the $3 gold piece, for example, it appears on the band wrapped around Miss Liberty’s feathered crown; on the Liberty/Coronet gold pieces, it’s spelled out on the tiara. In a rare exception, the new presidential mini-dollar coins lack the inscription. That’s because the Statue of Liberty is showcased on the coins’ reverse, and Congress deemed this an adequate alternative to the motto.

In the next issue in this series, we will explore the historic signifi cance and meaning behind the use of stars, edge lettering, mint marks and designer initials on United States coins.

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$2.50 & $5 Indian Heads (1908-1929)The Bela Lyon Pratt obverse design featured on the Indian Head Quarter and Half Eagles departed from traditional Miss Liberty designs and depicted a male Indian Chief right facing profi le with a full headdress. Male Indian designs also adorn James Earle Fraser designs featured on the Buffalo nickel and the new $50 Buffalo pure gold bullion coins as well as many commemorative coins.

$3 Indian Princess (1854-1889)The James B. Longacre Miss Liberty design adorning the $3 Indian Princess features an inscription of the word “LIBERTY” in the headband of the Indian-style crown headdress.

$20 Liberty Double Eagle (1849-1907)Like the $3 Indian Princess, the James Longacre Liberty Double Eagle obverse design features the word “LIBERTY” inscribed in the headband of the coronet crown atop Miss Liberty’s head.

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