By 1862, the United States was almost a year into the Civil war and the one cent coin was in demand and the US Mint started producing the 1862 Indian head Penny in record numbers. As uncertainty and fear spread, people started to hoard silver and gold coins. They could no longer be found in circulation, which fueled public demand for the one cent coin. 

 At the time, merchants didn’t have an obligation to make change. By using a smaller quantity of pennies, customers could make exact change and not be forced to overpay for items. This also drove demand for the 1862 Indian Head Penny, which came to be nicknamed “nickels” or “nicks” because of the nickel that was used to help create the coin.  

The 1862 marks the third year that the Indian Head Penny design was being used. This was only the second design to ever be used to create the one cent coin. It features a portrait of the goddess Liberty wearing an Indian headdress. The reverse side of the coin includes an oak wreath and a shield. The design was meant to evoke feelings of national pride.

How Much is an 1862 Indian Head Cent Worth?

Because this coin was produced at such a high rate, it isn’t as rare as other years. As a result, you can purchase one in good condition for less than twenty dollars. Uncirculated, mint condition versions usually go for just over two hundred dollars.

 

Type of coin: One Cent

Year: 1861 Indian Head Penny

Mint Mark: Philadelphia

Total mintage: 28,075,000

Metal content: 88% Copper and 12% Nickel

Face value: One Cent

Weight: 4.70 grams

Edge: Plain

Designer: James Barton Longacre

Diameter: 19 millimeters