David Akers (1975/88): By a substantial margin, the 1932 is the most common Indian Head eagle in Mint State. It is also far and away the commonest issue in gem condition. Above MS-65, the 1932 is very rare and only a relative few really superb examples exist. This issue and the 1926 are generally lumped together as the most common of the series. However, the 1932 is far more common than the 1926 in all grades.
The 1932 is typically well struck with very good to excellent lustre. The color is most often a medium to rich greenish gold, and many specimens have light rose or coppery highlights. Many, if not most, examples of this issue have reddish copper spots or stains to some degree. Frosty specimens are the norm but many have a decidedly satiny texture, particularly on the face. Like the 1926, many specimens exhibit unsightly surface "cuts" that seem heavier than typical bagmarks.