1926 Indian Head quarter eagles are generally considered common in relation to other dates in the series. However, it should be remembered that all Indian Head quarters are scarce as compared to all 20th-century gold coinage. The Indian Head quarter eagle features a left-facing Indian on the obverse and a standing eagle on the reverse, and is one of only two U.S. coins to have an incuse design. The other incused U.S. coin was another Bela Lyon Pratt design – the Indian Head half eagle.
In 1926, only one issue of Indian Head quarter eagle was made, with that being a business-strike coin, of which 446,000 were originally struck. These are worth approximately $280 in Very Fine 30 condition. No proofs were made that year.
Not many 1926 Indian Head quarter eagles were saved in uncirculated grades, which is why they are so hard to come by in the Mint State grades, at least as compared to circulated specimens. Why were so few of these coins preserved in the better grades? Namely, many people in the public were worried that bacteria would collect in the incused design elements. Furthermore, few numismatists were enthusiastic of the design. Fast-forward to today, when collectors revere the Indian Head design and happily pay good premiums for these coins in any grade.