In 1877, only 852,500 Indian Head One Cent coins were minted. At the time, the economy was still struggling after the financial firm Jay & Cooke Company declared bankruptcy and set off a series of other business closings that rocked the economy in 1873. During these lean years, there was little demand for coins and the US Mint reduced mintages. The 1878 Indian Head Penny marks the beginning of a noticeable economic recovery with a mintage that jumped to over 5 million.
Indian Head Penny Design
The 1878 Indian Head One Cent coin is part of a series that began production in 1859. The designer, James Barton Longacre, created a coin that features the profile of the goddess Liberty with flowing hair and wearing an Indian headdress. These symbols are meant to speak to the early years of the country and evoke a more “national” feeling. The reverse side is adorned with an oak wreath that encircles the words One Cent and is topped with a shield. The coin has a plain edge although it does have a border of small “diamonds” on both sides.
1878 Indian Head Value
While the 1878 Indian Head One Cent isn’t as rare as other coins in the series, it is still a valuable and highly collectible coin. A penny in good condition with legible markings comes with a value of $30. If you can find a coin in mint condition, it may be worth over $250.
Type of coin: Penny
Year: 1878
Mint Mark: Philadelphia
Total mintage: 5,797,500
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