The Indian Head penny or cent has long been one of the most popular U.S. coin series, beginning with the half century when the coins circulated from 1859 to 1909. In the 1930s when coin folders and inexpensive albums were introduced, interest in the series expanded further, but until the 1960s numismatists did not study the series closely. Over time, research on these coins led to the discovery of a wide variety and number of die varieties, including some that are very scarce.

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Changes in composition and design

Originally made of 88% copper and 12% nickel, these pennies were widely hoarded during the Civil War (1861 to 1865) because both copper and nickel were scarce during that period, especially nickel. In 1864 the composition was changed to what was known as French bronze (95% copper and 5% tin and zinc). After the war, the coins were very popular and were produced in large numbers, reaching 100 million per year for the first time in 1907 due in part to the increasing number of coin-operated machines during this period.

The original design by James Longacre with an obverse depicting a female wearing a Native American headdress and an obverse with a laurel wreath was likely selected by Mint Director Snowden because it had the lowest relief and would strike well. In 1860 the reverse was changed by replacing the laurel with an oak wreath and adding a Union shield. The reasons for the change are unclear, but it may have been due to a desire to give the coin a “more national character,” according to numismatic writer Davide Lange, who works for NGC.

Production ebbs and flows

During the early years Indian Head cents were made, there was a surplus of the coins in the North and Eastern areas of the country, while in the South and West they did not circulate due to a prejudice against base metal coinage in those areas. As nickel became harder to find during the hoarding of the war period, the Mint told Treasury Secretary Salmon Chase that demand for the coins was at an all-time high and he was running out of nickel. Eventually, Congress passed and President Lincoln signed into law the Coinage Act of 1864 that for the first time made base metal coins legal tender and outlawed the use of private one and two-cent tokens popular during the war.

However, that legislation did not allow for redemption of the coins at banks, which over time led to a glut of pennies. Then in 1871 a law was enacted that allowed redemption of cents and other minor coins in amounts of $20 or more. This led to the redemption of more than 30 million copper-nickel Indian and Flying Eagle cents as well as 55 million bronze Indian Head cents. The Mint reissued these coins as requests from businesses increased, reducing the demand for new coins. This led to the disappearance from circulation of many Indian Head cents from the first coins through the 1873 coins.

From the 1880s demand then picked up again and there were few redemptions of bronze cents except during the mid-1880s when a difficult economic situation reduced demand for small coins. Production was ramped up after this through the end of the series except for 1893, when during an economic panic, accumulated cents were spent, creating a temporary surplus of the coins.

Rare Indian Head pennies

Before the 1864 bronze cents were introduced, Longacre also sharpened the design and added his initial “L” to the obverse. Examples of the bronze cents exist with and without the “L” as well as examples of both in the prior copper-nickel alloy of which 5 have so far been found, including two proofs and three circulation strikes. There could be others waiting to be discovered.

Countless other varieties exist like the 1873 with a closed 3 (worth from $35 to as much as $70,000 depending on the grade) and the 1873 with double Liberty (worth from $200 to $60,000 depending on the grade).

Indian Head penny values

So how much is an Indian Head penny worth? A nice circulated example of the original alloy runs about $30.

A common example of 1859-1863 copper nickel cents in Good 4 is worth $16, $28 in Very Fine, $100 in XF-40, $190 in AU-55, $400 in MS60, $775 in MS63, getting more expensive up the mint state ladder and reaching $6,000 for an MS66.

For the bronze coins from 1864 values are lower with a nice circulated example running $10. Good and VF coins are only $2 and $4 respectively, $13 in XF, $45 in MS60, $65 in MS63 and $160 in MS65.

Then there are the key date coins, which are 1877, which despite an estimated original mintage of 852,500 is much harder to find than another key date, the 1909-S with an original mintage of 309,000. The key reason the 1877 is so hard to find is that it was struck during an economic depression that left 27% of the population jobless, which resulted in the redemption that year of almost 10 million cents.

Any 1877 brown cent is worth at least $500 in Good 4, $2150 in XF-40, $4500-5000 in MS60 depending on the color, reaching as much as $125,000 for an MS66 red coin.

The 1909-S, starts at $325 for a Good-4 BN, $600 in XF-40, $1,050 in MS60, $1300 to $2000 in MS63 depending on the color, $2500-$5000 for MS65 depending on the color and reaching $70,000 for an MS67 RD. This coin is scarce because it the new Lincoln cent was announced early that year, and with all the excitement about that coin, few people saved the Indian Head cents of the last year they were minted.

1908-S, the first cent struck at the San Francisco Mint, is also scarce even in circulated condition, running $65 in Good-4, $160 in XF-40, $285 in MS60, $400 in MS63 and $1100 in MS65. A top graded MS67 RD is $52,500.

Because the Indian Head cent was issued for a half century, a complete set even without the numerous variety coins, is still a fairly challenging undertaking, especially if you want to have a set of mint state coins. In circulated grades, the coins are not hard to locate and a full set of nice XF coins will run about $8,000. In mint state expect to spend about $15,000 for an MS60 set with higher mint state coins rarer and more expensive (especially those from 1859 to 1878) with a top-graded MS66 set running over $100,000.

We carry quite a few different dates of these coins.