5 of the Most Valuable Indian Head Pennies
Mar 12th 2024
The Most Valuable Indian Head Pennies
Whether you're new to collecting coins or have a growing collection already, you probably have a few rare pennies among your finds! Some of the most valuable collectible pennies are so-called Indian head pennies. Although these all have side profiles of Native Americans, Indian head pennies can vary wildly in terms of their composition, value, and more. Let's take a look at five of the most valuable Indian head pennies now:
What Is the Native American Head Penny?
The Native American Head Penny (also called the Indian head penny or the Indian head cent) is a one-cent coin that the U.S. originally minted from 1859 to 1909. It was first designed by James Barton Longacre, who was the head or chief engraver at the Philadelphia Mint.
Note that these pennies are made with a copper-nickel alloy rather than pure copper or any other pure metal from 1859-1864.
James B. Longacre: The Man Who Designed the Indian Head One-Cent Piece
At the time of the Indian head penny’s design, an earlier penny, the Flying Eagle cent, was issued and exchanged for various Spanish colonial silver coins. However, the 1858 US Mint authorities found that the Flying Eagle cent was difficult or not worth producing.
Instead, they tasked current engraver James B. Longacre, who designed the original Flying Eagle cent, to make a new penny design.
The Caucasian Lady Liberty Wearing a Native American Headdress Explained
According to legend, Longacre designed the Indian head penny based on the facial features of his daughter, Sarah. Supposedly, Longacre saw his daughter wearing a Native American headdress, and he sketched her before she took it off, using the design for his new penny. This could explain why the woman on the penny seems to have Caucasian features.
The Indian head cent has the honor of being one of the first coinage products made by the U.S. Mint to be circulated throughout the public.
When Was the Indian Head Cent Minted?
The Indian head cent was first minted in 1859 when it was approved for general commerce. When it was issued for circulation, Longacre sharpened some of the details, which changed it slightly from its original design.
Further changes occurred in the following years. For example, in 1860, the rear side of the Indian head cent was switched, so it included a narrow shield and oak wreath.
Where Was the Indian Head Penny Minted?
The Indian head penny was minted at the Philadelphia Mint almost exclusively. At the time, the Philadelphia Mint was in charge of minting most U.S. coins in circulation, and this remained the case throughout the Civil War that was soon to follow.
However, the minting of the Indian head penny slowed down and eventually stopped because of ethereal shortages throughout the Civil War. Furthermore, many U.S. residents began hoarding their pennies and other valuable coins, as they weren’t sure how the war would turn out and were trying to protect themselves from economic uncertainty.
After the war, the Indian head penny continued to be minted and circulated.
What Materials Were Used To Make the Indian Head Pennies?
Indian head pennies were made not entirely of copper. Instead, the first round of pennies, minted from 1859 to 1864, was made from a blend of 88% copper and 12% nickel.
Later, when Indian head pennies were changed and minted once again from 1864 to 1909, they were created with a blend of 95% copper alongside an alloy of 5% tin and zinc.
This was partially because the domestic supply of nickel started to decline during and after the Civil War. As the Philadelphia Mint ran out of nickel, but demand for U.S. pennies skyrocketed, the material composition for the Indian head penny was changed in order to compensate.
The result? A coin primarily made of copper. After the Civil War, the production of cent coins scaled back because hoarding ceased (due to greater economic certainty). The Mint melted many of the Indian head pennies that it had previously put into circulation for recoinage purposes.
What Are 5 of the Most Valuable Indian Head Pennies in the World?
As you can see from the above dates, many Indian head pennies were minted before they were taken out of circulation.
Here are five of the most valuable Indian head pennies you can try to add to your collection:
1. 1864 Indian Head Penny
The 1864 Indian head penny is important because this was a major year for this class of coin. A new bronze alloy replaced the heavier copper and nickel metal alloy that was used previously.
These days, most 1864 Indian head pennies are worth $100 or so. However, some of them can be worth tens of thousands or even hundreds of thousands of dollars.
2. 1877 Indian Head Penny
The 1877 Indian head penny is another valuable coin to chase. Indian head pennies of this year minted in Philadelphia typically auction for very high prices.
In 1877, there were over 852,000 coins struck at the Philadelphia Mint. Contrary to expectations, this was one of the lowest numbers of mintage recorded for this type of penny, making it among the rarest varieties to seek out.
3. 1872 Indian Head Penny
The 1872 Indian head penny was minted in its titular year. This coin is made from 95% copper and 5% tin; it was minted in Philadelphia. Each 1872 Indian head penny weighs 3.11 grams.
Although many of these are fairly affordable, during a 2007 auction, one of the only two MS66 1872 Indian head pennies sold for $126,500. However, this is a very unusual case.
4. 1899 Indian Head Penny
The 1899 Indian head cent is another very valuable variety of this penny. It was minted in Philadelphia, but it doesn’t have a mint mark. There were approximately 53,600,000 Indian head cents minted in 1899.
It’s difficult to find these pennies in pristine condition, given that they are over 100 years old. You can find some of these pennies auctioned for over $100,000 at certain markets
5. 1897 Indian Head Penny
The 1897 Indian head penny is valuable because of its rarity, with fewer than 51 million minted in 1897, and because it was minted in Philadelphia. Typically, these pennies sell for anywhere between $45 and $169, though you can find some sold at auctions for much more.
Rare U.S. Coins for Sale
As you can see, there are plenty of quality Indian head pennies to chase. Whether you’re after the above five pennies or other varieties of Indian head pennies, coin dealers like Bullion Shark can help.
As experienced coin dealers with hundreds of quality coins for sale, we’re the best place to find the right Indian head penny for your collection; plus, we offer affordable prices and free shipping for certain orders. Discover something incredible in our collection today.
FAQ
What are the key factors that determine the most valuable Indian Head pennies?
The most valuable Indian Head pennies are determined by several key factors, including their year of minting, mint mark, overall condition (or grade), and rarity. Specific years and mint marks are known to have lower mintages, making them more scarce and, consequently, more valuable. The condition of the coin is crucial, with higher grades (e.g., uncirculated or proof) commanding higher prices. Additionally, any unique errors or varieties can also increase a penny's value.
Which years of Indian Head pennies are the most valuable?
Certain years of Indian Head pennies are particularly notable for their value, including:
- The 1877 penny, known for its low mintage and high demand among collectors, making it one of the most valuable.
- The 1909-S, the final year of the Indian Head penny, which has a low mintage and is highly sought after.
- The 1864 L (with the designer's initial "L" on the ribbon), which marks a transition in the coin's composition and is relatively rare.
How much can the most valuable Indian Head pennies be worth?
The most valuable Indian Head pennies, such as those from 1877 and 1909-S, can be worth thousands of dollars, especially in higher grades. For example, an 1877 Indian Head penny in uncirculated condition can fetch over $10,000 at auction. The exact value depends on the coin's condition, with proof versions and those in mint state commanding the highest prices.
Are there any rare errors among Indian Head pennies that increase their value?
Yes, there are rare errors among Indian Head pennies that can significantly increase their value. These include double dies, off-center strikes, and repunched dates. One notable error is the 1888/7 overdate, where the last digit of the year was struck over a 7 instead of an 8. Such errors are highly prized by collectors and can make an Indian Head penny much more valuable.
How can I find out the value of my Indian Head pennies?
To find out the value of your Indian Head pennies, you should first assess their condition and identify any rare years or mint marks. For a more precise valuation, consider consulting a reputable coin dealer or submitting your pennies to a professional grading service like PCGS or NGC. These services can accurately grade your coins and provide an official certification, which is invaluable in determining their market value.
What is the best way to store and preserve valuable Indian Head pennies?
The best way to store and preserve valuable Indian Head pennies is by using acid-free holders, such as 2x2 holders, coin flips, or albums designed specifically for coin collection. It's important to keep them in a cool, dry environment to prevent damage from humidity and temperature fluctuations. Handling the coins with cotton gloves can prevent oils from your skin from causing corrosion or wear.
Sources:
Disbelief Over 114-Year-Old 'Indian Head' Cent Found in Stack of Coins | Newsweek
Flying Eagle Cents | Washington University
Indian Head Penny: Key Dates, Rarities, and Varieties | The Spruce Crafts
Home | U.S. Mint Philadelphia Facility
Top 15 Most Valuable Indian Head Penny Worth Money | SomethingBorrowed
Continue reading:
What Is the Value of a 1909 Penny?
The Purchasing Power of Ancient Coins