Rarity, Gem Condition, and Market Scarcity
The fact that there was a decent sized hoard of Gem 1911-S Indian Head Eagles at one time should not deter the advanced collector from according this date a high level of respect. These coins have been long since dispersed and, today, no more than one or two Gems are seen at auction on an annual basis.
The 1911-S Indian Head Eagle is among the scarcer dates in this series from the standpoint of overall rarity. It is sometime seen in Uncirculated and the typical Mint State coin is in the MS62 to MS63 range. The 1911-S Indian Head Eagle is very scarce in MS64 and rare in MS65. PCGS has graded nine examples of this date in MS66 with none better but it is unlikely that this many superb pieces actually exist.