At the beginning of 1864, the Civil War was in its final months and the country was experiencing a nickel shortage. A mine in Gap, Pennsylvania, which supplied the US Mint with the nickel necessary to strike pennies was completely cleaned out, as were any foreign sources. At the same time, the government realized more clearly that a metal coin could represent a value instead of having to be worth that exact value. This led to some major changes.
Types of 1864 Indian Head Cents
There are three major types of 1864 Indian Head Pennies to take note of:
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The traditional Indian Head Penny, which was made with the copper and nickel alloy. This version was produced for just the first five months of the year, making them more rare.
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The new bronze version that is composed of 95 % copper and 5% zinc and tin. These were created starting on May 13, 1864. This was just three weeks after the Coinage Act was passed into law, which made metal coins legal tender.
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The bronze 1864 Indian Head Penny with a small “L” inscribed in the hair of the indian pictured on the front. The L is a nod to the designer James Barton Longacre and is difficult to see with the naked eye. A magnifying glass will probably be required to spot it accurately. This is the rarest version.
Value an 1864 Indian Head Penny
A 1864 bronze Indian Head Penny with the “L” is with worth almost $400.
Type of coin: One Cent
Year: 1860 Indian Head Penny
Mint Mark: Philadelphia
Total mintage: 13,740,000
Metal content: 88% Copper and 12% Nickel
Metal content: 95% Copper and 5% Zinc and Tn
Face value: One Cent
Weight of copper and nickel version: 4.70 grams
Weight of bronze, tin and zinc version: 3.11 grams
Edge: Plain
Designer: James Barton Longacre
Diameter: 19 millimeters