Budget Recommendations: No recommendations here, as low-grade gold coins are apt to be quite unattractive. However, buying an EF-40 piece as part of a type set is a possibility (the same is true for various other late 19th and early 20th century gold coins, but I won't keep repeating it). Consider what I have to say under the following listing.

Recommendations for the Connoisseur: If you are typical, you will probably want one of each of the two major design types, without motto and with IN GOD WE TRUST. I recommend MS-63 as a good value for the early series and MS-63 or MS-64 for the later. Avoid common dates among the later issues, for semi-scarce dates can be obtained for little more. As one of many examples, I note that in MS-60 grade a 1901-S $5 catalogues for $200 in the Guide Book of U.S. Coins, and that a 1904-S similarly preserved catalogues $700 (a couple years ago the 1901-S listed for $250 and the 1904 for just $300). In MS-60 grade the 1904-S is at least one thousand times rarer than the 1901-S! If you really want to do some cherrypicking, study the rarity of 1839-1880 issues and you will find that many issues which list for nominal prices in MS-60 grade are great rarities. The same is true, by the way, for contemporary $10 pieces.

Elite Recommendations: Aspire to form a date and mintmark set, with the early issues AU-50 or finer, the issues 1880-1900 MS-63 or finer, and issues 1901-1908 MS-65 (except that you won't be able to find a 1904-S in a grade much above MS-60).

Indian Half Eagles (1908-1929)

Indian Head half eagles, designed by sculptor Bela Lyon Pratt, were minted from 1908 through 1929, the same span as the quarter eagles of like design. The $5 pieces, like their $2.50 counterparts, have the designs incuse, except for the mintmarks on certain issues. The two rarities in the Indian series are the 1909-O and 1929, with the latter being particularly elusive. Although 662,000 1929 half eagles were struck, fewer than 200 are believed to exist today. Most of the pieces were stored by the Treasury Department after mintage, were never released into circulation, and when gold coins were discontinued in 1933 they went to the melting pot.

Among Indian Head half eagles, with the exception of 1909-D, and to a lesser extent 1908, most varieties are quite rare in Uncirculated grade, and are very rare in MS-64 or better preservation.

Budget Recommendations: Build a date and mintmark set in VF-20 grade.

Recommendations for the Connoisseur: Build a complete set, if you can afford it, in MS-60 or better grade. I recommend MS-63. The 1909-O will be a stumbling block, and then there is the rare 1929 to be considered.

Elite Recommendations: Build a complete set 1908-1929 in MS-64 to MS-65 grade. This will be a real challenge! While you are at it, consider putting together a set of Matte Proofs of the Philadelphia Mint coinages 1908-1915.