Indian Head Pennies: The Ultimate Collector’s Guide

What can you buy for a penny? Well, it depends on the penny. Did you know that one penny sold for 1.7 million dollars? That penny will buy a lot. If you love pennies and the history behind them, you need to know about the 1902 Indian Head Penny and other Indian Head Pennies.

These pennies have a rich history and have their own value. Keep reading to learn what you need to know about the Indian Head Penny and the importance of these unique pennies.

What Is an Indian Head Penny?

The Indian Head Penny has been around since 1850. It was minted between 1859 and 1909.

This penny was a replacement for the Flying Eagle design. Since then, the Indian Head Penny has been one of the most popular coins to collect.

Indian Head Pennies began to fade from circulation in the 1940s, 1950s, and 1960s. The design you will find on this penny includes a female figure that is wearing a Native American Indian Headdress. This design is on the obverse.

The Indian Head Penny design was by James B. Longacre. Early rumors believed that the female on the penny was his daughter. However, later in his life, he revealed that it got based on the Crouching Venus statue.

On the reverse side of the penny, you will find the words, "ONE CENT." The reverse also has a laurel wreath. Later modifications got added to include a shield that intersected the top of the laurel wreath.

Why Is the Indian Head Penny Popular?

There are a few reasons that the Indian Head Penny is popular amongst collectors. These pennies are worth some money; however, they are far from the most pricey pennies available.

History

Indian Head Pennies are, in part, popular because of their historical value. These pennies got minted in San Franciso and Philadelphia between the years of 1859 and 1909.

This means that these coins began to get minted just a couple of years before the Civil War broke out in 1861. They continued to get minted and put into circulation during the Civil War.

Civil War collectors are not in short supply. An Indian Head Penny can represent this important time in U.S. history.

The Cost

The Indian Head Penny value is certainly not that of 1.7 million dollars. However, one of these coins can be twenty dollars or less.

For this reason, this coin is a little easier to collect and afford. The value of an Indian head penny can range from around two dollars to over 3,000 dollars.

The Indian Head penny value is dependent on the year minted, condition, and whether it ever entered circulation.

Composition of an Indian Head Penny

The composition of an Indian Head Penny is a bit different depending on the year that it got minted. Prior to 1864, this penny got made of 88 percent copper and 12 percent nickel.

It also weighed around 4.67 grams. However, after 1864 there were some changes. The composition at that point changed to five percent tin and 95 percent copper.

In addition, the weight became 3.11 grams.

Important Indian Head Penny Dates

There are some important dates to recognize when it comes to the Indian Head Penny. These dates, in part, will determine the value of your penny.

There are two Indian Head Pennies that have a higher value than any others due to their rarity and the low mint numbers. For any serious collector, these two coins are must-haves.

1877 Indian Head Penny

The 1877 Indian Head Penny is extremely rare. Of this style of a penny, it is one of only two that had less than one million coins minted. This gives it a much higher value than other Indian Head Pennies.

The only other Indian Head Penny minted in such low numbers was the 1909-S. However, 1877 Indian Head Pennies are more difficult to find.

The 1877 penny got minted in Philadelphia.

While this coin was in circulation, it was heavily used. A few years prior, in 1873, many companies got forced into bankruptcy. This was a significant hit on the economy.

Because of the struggle to recover a few years later, there was still a low demand for coins, hence the low amount of 1877 Indian Head Pennies minted.

Most of the 1877 coins you are going to find have been in circulation. Of the remaining coins, the grade ranges from good-3 to fine-12.

If you can find a more preserved mint condition Indian Head Penny, the value can range to that of over 3,200 dollars.

In 1873, the economy took a significant hit when many businesses were forced into bankruptcy. Four years later, the U.S. was still struggling to recover, which created a low demand for coins and led to a low mintage year for the penny.

1909-S Indian Head Penny

The 1909-S Indian Head Penny is another Indian Head Penny that saw a low number minted. However, this penny got minted in low numbers for different reasons.

The year of 1909 was the final year for the production of these coins. Because it was a transitional period, penny production was divided between the Indian Head Penny and the Lincoln Penny.

The 1909-S Indian Head Penny got minted in San Francisco. Part of the reason San Francisco began minting pennies was for trollies. There was an increased demand for small coins, especially on the west coast.

In San Francisco, the price of riding the trolley went from five cents to six cents, creating a demand for pennies.

They minted only two different Indian Head Pennies, the 1909-S, and 1908-S. The 1909-S Indian Head Pennies only had around 309,000 pennies minted.

This number is a lot lower than even the 1877 mintage. While these numbers are low, at this point, collectors had become more common.

The 1909-S Indian Head Penny is rare. However, because of the availability due to early collectors and demand, the value of this coin is lower than that of an 1877 penny.

In good condition, you could get between 350 and 425 dollars for one of these coins. If you have an even better Indian Head Penny that is in mint condition, you can get over 1,000 dollars.

A Rich History

While the 1877 and 1909-S Indian Head Pennies hold the highest value, there are other Indian Head Pennies that are important to note. These pennies have a rich history.

1859 Indian Head Penny

The 1859 Indian Head Penny got created to replace the unpopular design on the Flying Eagle Cent. The 1859 penny does not have the shield intersecting the laurel wreath as other years do.

It is also unique because of its composition, as this was prior to the change that occurred after 1864. This gives the 1859 Indian Head Penny a unique color.

This penny in good condition can get sold for under twenty dollars. However, an 1850 Indian Head Penny in uncirculated condition can go for over 200 dollars.

1864 Indian Head Penny

The 1864 Indian Head Penny got minted in numbers that fell just below 14 million. 1864 was a special year for this coin. There were three types of this penny, and some types are rarer.

Historically, the beginning of 1864 introduced the final months of the Civil War. During this time, the country had an ongoing nickel shortage.

This is when the government realized that metal coins could represent values instead of needing to be worth that value. This led to a change in the composition of these coins.

Types of 1864 Indian Head Pennies

There are three types of this coin you should be aware of. The first was the traditional Indian Head Penny.

This coin was made in the first five months of 1864. It got made with copper and nickel alloy. Because it was only produced during the first five months, it is a rarer type.

The next type started getting created in mid-May of 1864. An act was passed shortly before. This act was called the Coinage Act.

It made new metal coins legal as tender. This version of the 1864 coin got made from five percent zinc and 95 percent copper.

The third type will have an "L" that's inscribed in the hair of the Indian on the obverse. The letter is very difficult to see; however, you can see it with the help of a magnifying glass.

The L recognizes the designer of the coin, James Barton Longacre. This is the rarest 1864 Indian Head Penny.

On the low end, with a coin in fair condition, you could get only 20 dollars for this coin. However, for coins in mint condition, you can get upwards of 200 dollars. If you have the rare versions of this coin, the number can vary more.

1869 Indian Head Penny

The 1869 Indian Head Penny got minted in numbers that fell slightly below 6.5 million. The number of Indian Head coins getting minted decreased dramatically after the Civil War.

It is very rare to find one of these coins in mint condition; however, if you do, it can be worth around 600 dollars. Even having one of these 1869 coins in fair conditions can put some cash in your pocket with a value of 85 dollars for a coin in fair condition.

1870 Indian Head Penny

The 1870 Indian Head Penny saw just over 5 million minted. This penny has two different strike patterns.

Because of that, it is even more popular with collectors. On some of these coins, you will find that the letter N in "One Cent" is printed in bold letters. On others, you will find the N on the coin is more shallow or thinner.

If you find one with the strike that is thinner, it increases the value of your coin by ten to thirty percent.

If you have an 1870 Indian Head Penny in fair condition, you can get around 55 dollars for it. However, if you have one in mint condition you can get 500 dollars or more for it. You may even see higher prices with the thinner strikes.

1871 Indian Head Penny

The 1871 Indian Head Penny saw mint numbers of just under four million. This coin is another example of a more rare and valuable penny in the history of U.S. currency.

Because of the low numbers minted and the age of this coin, there are very few left today. This coin is difficult to find, and finding one in good condition or that has never entered circulation is even rarer.

In fine condition, you can get around 70 dollars for this coin. If you happen to find one that is in the mint condition, it can get valued at over 500 dollars.

1872 Indian Head Penny

The 1872 Indian Head Penny saw numbers a little higher than the 1871 penny with just over four million getting minted. However, even with the higher numbers, this coin is valued at worth more than the 1871 coin.

It is estimated that there are only around 5,000 of these coins left today. Because of this, this coin is hard to get.

If you own one of those 5,000 coins in fair condition, you can get around 90 dollars for it. However, if you have one in mint condition you can get over 700 dollars for it.

1873 Indian Head Penny

The 1873 Indian Head Penny got minted in numbers that fell just below 12 million. There are two versions of the 1873 Indian Head Penny.

1. Closed three
2. Open three

With the original minting of these coins in the early months of 1873, the three in the date appeared closed. This caused it to look like it said 1878 instead of 1873.

The closed three 1873 Indian Head Penny is the rarer version. Later in the year, the closed three was corrected to make the date more legible; this gets referred to as the open three 1873 Indian Head Penny.

When you're looking at value, the closed three is worth more money. However, an 1873 coin in fine condition can get valued at around 25 dollars.

An 1873 coin in mint condition can get valued at around 235 dollars.

1876 Indian Head Penny

The 1876 Indian Head Penny saw just under eight million minted. This coin is still one of the coins that got minted in lower numbers compared to other years.

The low numbers minted make this another great coin to get collected. Estimates that probably only a couple thousand of these coins still exist. Mint condition 1876 coins are thought to only exist in the dozens.

If you have an 1876 Indian Head Penny in fair condition, you can get around 35 dollars for it. If you happen to own one of the only dozens in the mint condition, it is valued at around 300 dollars.

1878 Indian Head Penny

The 1878 Indian Head Penny got minted in numbers that fell just below six million. This was a significant increase from 1877 when only 852,500 got minted; however, still low in comparison to other years.

At this time in history, the economy was still struggling to recover. Because of the lower demand for coins during the years of recovery, the number of coins getting minted decreased.

In 1878, the increase notes the start of an economic recovery. This coin is not as rare as some other years are.

However, it's still valuable. If you have a coin in fine condition, you can get around 35 dollars for it. For a mint condition coin, you can get upwards of 300 dollars.

1901 Indian Head Penny

This coin is not considered rare. The demand for the Indian Head Penny was high in 1901.

With the economy being in a good position and penny arcades being new and popular, pennies were needed to play the games. At this point in time, the only place his coin was allowed to get minted was in Philadelphia.

It was actually made illegal to mint it anywhere else. While this coin is not rare, it can still get you a few bucks.

For a coin that is in average condition, you can get around $2.50. However, if you have a higher grade coin with a certification of mint condition you can get 60 dollars or more.

1902 Indian Head Penny

The 1902 Indian Head Penny is far from rare, with close to 90 million minted. This coin represents a time in history where coins were in high demand after recovering from the 1893 economic depression.

At this time in history, the Indian Head Penny was still only getting minted in Philadelphia. For collectors looking to complete their Indian Head Penny collection, a 1902 Indian Head Penny is a must.

Finding these pennies in excellent condition is the key to value. The average value is only $2.50. However, for coins that are in mint or uncirculated condition, you could get up to 50 dollars.

1903 Indian Head Penny

The 1903 Indian Head Penny is another one that was minted in high numbers. This coin saw upwards of 85 million minted.

During this time in history, there was significant economic prosperity. This prompted more pennies to get minted. These coins continued in circulation for a long time after the design was retired due to the high number minted.

Because of the long circulation finding one of these coins in great shape is difficult. Two of the most important factors when it comes to Indian Head Penny value are the year and condition.

For a 1903 Indian Head Penny, the average cost is around two dollars. However, if you find one in excellent mint condition you can get around 40 dollars for it.

1906 Indian Head Penny

The 1906 Indian Head Penny is another example of a highly minted Indian Head Penny. This penny saw over 96 million coins minted. However, it is unique in its own way.

This coin marks a time of change for the U.S. Mint. The mass production of coins had been revolutionized. This made the Indian Head Penny even more accessible.

Because of the high number of these coins minted, the value is low. For a fair condition coin, you can get around two dollars. However, if you happen to have 1906 Indian Head Penny in mint condition you could get up to 40 dollars for it.

1907 Indian Head Penny

The 1907 Indian Head Penny produced over 100 million pennies. This was the highest number of these pennies produced in a single year, and it broke minting records.

These coins made buying food and transportation much easier and opened opportunities for money to get spent on entertainment and leisure. In 1907, is when penny arcades begin to open up across the country.

People were using pennies on early pinball machines, shooting games, fortune-teller games, and more. Because this coin was produced in such large numbers, it does have a lower value.

For a coin in fair condition, you can get around two dollars. However, if you have a 1907 Indian Head Penny in mint condition you can get around 40 dollars.

1908-S Indian Head Penny

The 1908-S Indian Head Penny was the first of two to get minted in San Francisco. The second is the 1909-S Indian Head Penny which we discussed above.

This coin was minted in low numbers with just over a million. It was also the first U.S. coin minted somewhere other than Philadelphia.

The extreme demand for small coins is the reason this coin was allowed to get minted in San Francisco. You can tell you have a 1908-S Indian Head Penny by a small S that is on the front of the coin.

In fine condition, you can get around 90 dollars for this coin. However, if you have one in mint condition you could see 290 dollars or more. This coin is rarer than some other years.

However, it is still not as rare or valuable as the 1909-S or 1877 Indian Head Penny.