The 1877 Indian Head Penny is the most sought after coin in the Indian Head Series. It also has the second lowest mintage. Only the 190-S was produced in lower numbers, yet the 1877 penny exists in much lower numbers today. This is in large part to the fact that there were simply fewer collectors hoarding the coins in 1877 versus 1909.
In 1873, the economy took a major hit when many businesses were forced into bankruptcy. Four years later, the US was still struggling to recover, which created a low demand for coins and led to a low mintage year for the penny.
Questions about Mintage Numbers
While it is clear that the 1877 Indian Head Penny was minted in unusually low numbers, some experts theorize that the number is even lower than commonly assumed. According to records, there was only one reverse die used to strike the coins. Over the course of striking 800,000+ coins, there was bound to have been damage to the die, which would have been reflected in the quality of the coins. However, no 1877 one cent coins reveal any abnormalities. This has led to the theory that there were actually the actual mintage is much lower.
Value of the 1877 Indian Head Penny
Because this one cent coin is both rare and extremely collectible, it is worth a considerable amount. A coin in average condition is worth about $500 while a mint condition version could be valued at over $3,200.
Type of coin: Penny
Year: 1877
Mint Mark: Philadelphia
Total mintage: 852,500
Metal content: 95% Copper, 5% Tin and Zinc
Face value: One Cent
Weight: 3.11 grams
Edge: Plain
Designer: James Barton Longacre
Diameter: 19 millimeters