David Akers (1975/88): The 1912 is not especially rare in the lower Mint State grades and can be obtained quite readily in MS-63 or lesser condition. But, as it does for nearly all the Indian Head $5 issues, the picture changes dramatically in MS-64 or better grade. In MS-64, the 1912 is seldom available and true gems are very rare and almost never seen. A very few really superb (MS-67) examples exist but a 1912 (or any Indian head $5 for that matter) is a major rarity at that level.
Almost without exception, the 1912 is very sharply struck with very good to excellent lustre, usually the latter. The surfaces are somewhat granular and the color is most often a light to medium yellow gold, often with a distictive greenish cast.