Indian Head Penny Value, History and Prices
Posted by Andrew Adamo on Mar 11th 2024
Indian Head Penny Value
Introduced in 1859 to replace the Flying Eagle cent that was only used in 1857 and 1858, the Indian Head penny was issued for half a century through 1909. The series remains one of the most popular and most widely collected classic American coin series and one that spans the 19th and 20th centuries. Coin collectors often seek to determine the Indian Head penny value, which can vary significantly based on the coin's condition, rarity, and year.
The years when Indian Head cents were produced was also one of the most tumultuous and consequential ones in American history. The early years of the series encompass the Civil War as well as the abolition of slavery, the effort to force Native Americans onto reservations and major changes in technology such as the introduction of telephones and electric light.
The launch of the Indian Head penny in 1859 followed an entire decade in which the United States Mint worked to develop a new coinage alloy to use for one-cent coins and the United States Congress passed a number of bills to promote this experimentation.
Need for a smaller penny
The large copper cents issued until the debut of small cents with the Flying Eagle penny were seen by the public as being too heavy and too large relative to their value in commerce. The matronly Liberty design that appeared on those coins was also not popular, especially since the pure copper composition of the coins made them tarnish to the point of blackening.
For the Mint these coins posed even greater problems since the large cents contained more than one cent’s worth of copper, so officials there had to address this situation. By this time, experimentation with various alternative metal alloys had already begun as result of legislative efforts to reduce the weight and diameter of the one-cent pieces.
The most promising of the alloys considered was what was known as German silver, which consisted of copper, nickel and zinc and no actual silver. The advantages of this alloy were that the metals needed to make it were easily obtainable, that coins made of this alloy would have a good appearance and would wear better than copper.
However, the Mint Director of the time James Ross Snowden preferred what was known as French bronze, which consisted of 95% copper, 4% tin and 1% zinc. Trial pieces had been made of this allow and of German silver.
Further experiments with trial coins led Snowden to eventually suggest that an alloy of 88% copper and 12% nickel held the greatest promise for a new one-cent coin. That is the alloy used on both Flying Eagle and Indian Head pennies (only those issued from 1859 to 1863).
The inclusion of nickel in the new coins led people to dub them “nicks” or “nickels’ despite the fact that in modern parlance a nickel is, of course, a five-cent coins. The Mint has in fact never authorized a denomination called a nickel.Many other coins of the period were also struck in a copper-nickel alloy including 3-cent coins and 5-cent coins starting in 1866.
The Flying Eagle design was not popular with the public that was used to seeing the eagles on reverse of U.S. coins in a heraldic pose rather than the flying eagle design, which was essentially a reduced-size version of the eagle that appeared on Christian Gobrecht’s silver dollar. Plus, these coins did not strike up well.
Indian Head design
This led Mint Director Snowden to propose a new one-cent design based on Christopher Columbus, which if it had been selected, would have become the first coin issued since the Mint’s founding that featured a real person.
The task of creating the new design fell to James Barton Longacre, who had already created a Liberty figure used on the gold dollar and gold double eagle created through the Coinage Act of 1849. He would go on to design a remarkable 22 different coins for U.S. coinage in the 19th century.
Longacre did not favor the idea of depicting Columbus on a new cent since that would raise the same issue President Washington had raised the hat a coin with a portrait on it would be too reminiscent of British coinage depicting kings.
This led Longacre to abandon that idea in favor of something entirely different. He chose instead to depict Liberty in the form of a side portrait of a Native American.Longacre’s Indian portrait was a composite based on several different influences, including Native American culture; classic Greeksculpture; andpossibly his daughter Sarah who may have modeled for him.
Much controversy has surrounded whether it is true that when he was working on his design while using a Native American model that his daughter Sarah at one point put on the Native American headdress, which influenced the design Longacre created. That would also explain why the Indian Head portrait face does not look like that of a Native American. Though largely discounted for a long period, numismatic researchers now believe he probably did base the design in part on his daughter.
The obverse design is also ironic because the first coinage motif of a Native American was issued during the very period when the worse massacres occurred against Native Americans.
The reverse features an open-ended wreath of laurel tied together at the bottom with a ribbon bow. Later a Union shield was added beginning in 1860, the year the Civil War began.
In 1864 the composition of these coins was changed to 95% copper and 5% tin and zinc as nickel became more expensive at the time.
Indian Head penny value and prices
If you are looking for an Indian Head Penny Value for your type set, an XF40 will run you $100, an MS60 $400, an MS63 $775 and an MS65 $2,400.
While there are many coins in the series that command high values today, the two key date coins are 1877 and 1909-S.
1877 Indian Head Penny
With a mintage of just 852,500 coins, this date is the one of the two rarest of the Indian Head series, but the main reason this issue is so scarce today in any grade is related to the U.S. economy of the time, which had one of its worst years since the Civil War.
This led many people to redeem millions of nickels and three-cent pieces plus almost 10 million cents, including coins dated through 1873. In addition, the survival rate for this issue is also low.
A Fine-12 example will set you back $1,275, an XF40 $2,600, an MS60 $4,500 and from there prices keep rising.
The finest known example – a PCGS MS66+ RD – sold on November 19, 2023for $340,875.
1909-S Indian Head Penny
The lowest mintage for the entire series is this date of which a mere 309,000 coins were struck.
This issue is more affordable than the 1877 mainly because it has a higher survivability rate than that coin. It was saved in numbers at the time as the last year of issue for this long-running series.
It is rarer in circulated grades. In Fine 12 it runs $500 and$650 in XF-40. In mint state prices start at $1,400 for an MS60 BN and rise all the way to $58,500 in MS67 RD example, the highest known grade. That is down from its record high price in 2006 for an example in the same grade that sold for $97,750.
Beware of counterfeit examples of this issue that are believed to be plentiful.
Other issues
In 1864 the composition of Indian Head pennies was changed from copper-nickel to bronze (88% copper with 12% nickel), an “L” was added to the obverse in honor of the coin’s designer, James Longacre.
However, it turns out the composition change was made before the L was added, which explains why five coins have been discovered that are copper-nickel yet have the L on them.
The Indian head penny value of 1864 coins with an L (made of bronze) run more than most early dates costing $300 in XF40, $470 in MS60 and $1,450 in MS65.
Some examples of the 1867 issue have repunched dates that are seen in “67”. Although they are error issues, these coins are widely collected by those who pursue this series and are quite valuable. They run $260 in Fine-12, $825 in XF-40, $1,525 in MS60 and reach $26,000 in MS64 RD.
There is another error issues that is also widely collected – 1873 with Doubled Liberty, which is by far the most dramatic example of doubling in this series. The doubling of the Liberty inscription is boldest on the headband and is a result of the die-making process that was used at the time. This variety was first discussed in 1953 by Walter Breen, the famous numismatic researcher.
It has an estimated mintage of 100,000 circulation coins out of an original mintage for 1873 of 11,676,500. The surviving population of these coins is believed to be about 150 total, including 20 mint state coins that are very rare.
This Indian head penny value is $725 in Fine-12, $3,500 in XF-40, $7,750 in MS60 and keeps rising from there.
The record for this issue is $69,000 for an MS65 example that sold in 2005. The only known fully red example is an MS64.
Indian Head Penny Value FAQ
- What factors determine the Indian Head Penny Value?
- The value of an Indian Head Penny depends on several factors including its year of mintage, mint mark, condition (or grade), and rarity. Key dates and those in better condition typically command higher prices.
- What are some of the key dates for Indian Head Pennies?
- Key dates that are known to be more valuable include 1877, one of the series' lowest mintage years, and 1909-S, the last year of the series with a notably low mintage. Other notable dates include 1864 with the L on the ribbon, 1869, 1871, and 1872.
- How much is a common Indian Head Penny worth?
- Common Indian Head Pennies in circulated condition, especially those minted from the 1890s to 1909, are often worth a few dollars each. However, the exact value can vary based on the specific year and the coin's condition.
- Can the condition of an Indian Head Penny significantly affect its value?
- Yes, the condition of an Indian Head Penny greatly affects its value. Coins in uncirculated condition with no wear and strong luster are far more valuable than those in circulated condition with signs of wear.
- What is the most valuable Indian Head Penny?
- The 1877 Indian Head Penny is one of the most valuable, especially in higher grades. It can sell for tens of thousands of dollars in uncirculated conditions due to its low mintage and high demand among collectors.
- Are Indian Head Pennies with errors valuable?
- Yes, Indian Head Pennies with minting errors can be quite valuable. Errors such as double strikes, off-center strikes, and repunched dates can increase the value of the coin, depending on the rarity and severity of the error.
- How does one assess the grade or condition of an Indian Head Penny?
- The grade of an Indian Head Penny is assessed based on its condition, from "Poor" (almost no visible details) to "Uncirculated" (no wear with original mint luster). Professional grading services can provide an accurate assessment, which is especially useful for high-value coins.
- What impact do mint marks have on the value of Indian Head Pennies?
- Indian Head Pennies minted in San Francisco (S mint mark) tend to be rarer and, therefore, can be more valuable than those minted in Philadelphia (no mint mark), especially for certain years like the 1908-S and 1909-S.
- Is there a premium for Indian Head Pennies with original luster?
- Yes, Indian Head Pennies that retain their original mint luster, indicating they have not been circulated, can command a significant premium over those that have lost their luster due to wear.
- Where can one sell or buy Indian Head Pennies?
- Indian Head Pennies can be bought or sold at coin shops, coin shows, online auctions, and through coin collecting websites. It's important to deal with reputable sellers or auction houses to ensure authenticity and fair pricing.