1911-D

A reported mintage of 30,100 pieces makes the 1911-D the lowest-production Denver issue in the Indian Head eagle series and the lowest figure of any regular-issue date across the run. Doug Winter, PCGS CoinFacts, and the Heritage cataloguing team consistently classify the date as a true key, alongside the 1920-S, 1930-S, and 1933, rather than a semi-key, and the issue commands a substantial premium even in circulated grades where most surviving examples grade VF through AU. The 1911-D also closes the early Denver chapter for the denomination. After this issue, the Denver Mint struck no further Indian eagles until the 343,500-piece 1914-D resumed branch production three years later, leaving 1911-D as a fixture in any serious set of With Motto eagles.

Strike characteristics give the issue a distinctive footprint among Denver Indian eagles. The reverse is the typical problem area, with weakness concentrated at the juncture of the eagle's wing and breast and on the trailing leg feathers. Obverse detail is usually crisper, though softness over the curls above Liberty's ear is regularly noted on otherwise high-grade pieces. The starred edge collar carries 46 raised stars, the configuration used from 1907 through 1911 before the 1912 expansion to 48 acknowledged the admission of New Mexico and Arizona. Combined PCGS and NGC populations show fewer than 300 examples in any mint state grade, with the bulk concentrated at MS60 through MS62 and a steep falloff above. PCGS reports only a handful certified MS65 or finer, with a single MS66 standing as the finest known. Authentication should center on weight, edge star integrity, and mintmark depth.

Market behavior tracks the rarity profile. Circulated examples trade at multiples of melt rather than the modest premiums attached to common Denver dates, with AU-58 examples regularly clearing strong four-figure results. The condition rarity threshold begins at MS62 and steepens sharply through MS64, where prices climb into the high five figures. The defining recent benchmark came in February 2026, when the James A. Stack, Sr. Collection 1911-D, graded MS-66 (PCGS) CAC and CMQ-approved, realized $1,800,000 at Stack's Bowers, a record for any circulation-strike Indian eagle that anchors current pricing across the upper grade range. For broader context, see the Indian Head Eagle series history.