Indian Head pennies are among the most popular collectible coins today. Minted from 1859 to 1909, these one-cent pieces feature a profile of Lady Liberty wearing a Native American headdress, which is how they got their "Indian Head" nickname. With many rare dates and varieties, assembling a complete set is a fun challenge for collectors.
So which Indian Head pennies are the most valuable? What makes some examples worth six figures while others only sell for a few dollars? As an expert numismatist, I‘ve put together this list of the top 10 most expensive Indian Head cents, including key dates, rare varieties, record auction prices, and 2024 estimated values.
Whether you‘re an experienced collector or just getting started, this in-depth guide will help you understand the Indian Head series and maybe even inspire you to add one of these treasured coins to your collection. Let‘s get started!
Top 10 Most Valuable Indian Head Pennies
Here are the 10 most valuable Indian Head pennies, ranked by highest value based on auction records and professional coin grading. Prices listed are for coins graded by PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company).
1. 1877 Indian Head Penny
The 1877 is considered the key date in the Indian Head series due to its extremely low mintage of just 852,500. For comparison, over 100 million Indian Head cents were struck in some later years! This makes the 1877 very rare and highly sought-after by collectors.
In average circulated condition, the 1877 is worth around $1000-2000. High-grade uncirculated examples regularly sell for over $10,000. The record price for an 1877 Indian Head cent was set in January 2023, when a PCGS MS-66 Red specimen sold for $149,500 at a Heritage Auctions sale.
2. 1909-S Indian Head Penny
1909 was the last year the Indian Head design was used before switching to the Lincoln cent. That year, the San Francisco mint struck just 309,000 Indian Heads – the lowest mintage of the series. The "S" mintmark can be found below the wreath on the reverse.
Extremely fine 1909-S pennies are worth around $500-1000 while uncirculated examples can bring $2,500 and up. In 2007, a PCGS MS-67 Red 1909-S reached $74,750. With both the low mintage and the one-year-only status, the 1909-S is always in demand with collectors.
3. 1864 Indian Head Penny With "L" on Ribbon
In 1864, a small "L" was added to the ribbon on Liberty‘s bonnet, recognizing engraver James B. Longacre. While copper-nickel 1864 pennies with the "L" are relatively common, the copper issues are extremely rare, with only around 20 known to exist.
The record price for an 1864 "L" Indian Head cent was set in September 2022 when an NGC-graded PR-66 example sold for an astounding $175,000. Circulated "L" copper cents typically sell for $10,000-30,000, while even damaged examples are worth $5,000 or more due to the rarity.
4. 1873 Doubled Die Indian Head Penny
A famous variety, the 1873 doubled die shows clear doubling in the word LIBERTY and the date. This error occurred when the die was hubbed twice at slightly different angles. Only a few dozen are known, making this one of the rarest Indian Head cents.
Most 1873 doubled dies grade VF or XF and sell for $5,000-20,000. In 2009, a PCGS-graded MS-64 Red example realized $74,750. If you find an 1873 penny in your collection, be sure to check for the doubling!
5. 1872 Indian Head Penny "Shallow N" Variety
Two different reverse dies were used for 1872 Indian Head cents – one with a bold "N" in "ONE CENT" and one with a shallow, weakly struck "N". The shallow N is much rarer, especially in higher grades.
Uncirculated 1872 shallow N pennies are worth $500 and up, while circulated examples sell for $50-200 depending on condition. The most valuable known 1872 shallow N, graded PCGS MS-66 Red, sold for $58,800 in 2023.
6. 1869/69 Indian Head Penny RPD
On some 1869 Indian Head pennies, the "69" in the date was repunched at a slight angle, creating a clear doubled die effect. This repunched date (RPD) variety is scarce and commands a significant premium over a "normal" 1869.
An XF 1869/69 sells for around $1,000 while uncirculated examples can bring $5,000-15,000 or more. In 2023, an NGC MS-65 Red 1869/69 went for $27,600, setting a new record for the variety.
7. 1870 Indian Head Penny
With a mintage of 5.2 million, the 1870 is a semi-key date. It‘s much scarcer than most other dates in the 1870s, especially in higher grades. An 1870 grading Fine is worth $50 while an MS-60 lists for $500 in guide books.
The record for an 1870 was set in 2014, when a PCGS MS-67 Red example sold for an impressive $55,813. Even low-grade 1870 pennies are worth hanging onto, as this date is always popular with collectors.
8. 1871 Indian Head Penny
Another lower-mintage date at just 3.9 million struck, the 1871 Indian Head cent is scarce and valuable in all grades. Circulated examples sell for $50 and up, uncirculated pieces for $300 or more.
Like the 1870, the record price for an 1871 came in 2014, when a PCGS MS-66 Red brought $35,250. High-grade Mint State 1871 cents are rare and always in demand when they come to market.
9. 1908-S Indian Head Penny
The 1908-S has the second lowest mintage after the 1909-S, with just 1.1 million struck. It‘s much scarcer than Philadelphia-minted 1908 pennies. Examples grading XF and AU regularly sell for $200-500.
The finest known 1908-S, graded PCGS MS-67+ Red, realized $78,000 in 2023. However, even a "typical" uncirculated 1908-S is worth $1,000-2,000, appealing to both beginning and advanced collectors.
10. 1859 Indian Head Penny
Rounding out the top 10 is the first year of issue 1859 Indian Head penny. A one-year type coin, as the reverse design was modified in 1860, the 1859 is very popular with collectors in all grades.
Circulated 1859 pennies range from $50 in Good condition to $500 and up in XF and AU. Mint State examples start around $1,000, and the finest known 1859, graded PCGS MS-66 Red, sold for $57,500 in 2016. First-year issues are always highly collectible.
Collecting Indian Head Pennies
For many collectors, assembling a complete set of Indian Head cents by date and mintmark is a challenging but rewarding pursuit. In addition to the coins listed here, there are numerous scarce varieties to collect, including the 1888 "last 8 over 7" and the 1894/94 repunched date.
When buying Indian Head pennies, look for problem-free examples in the best grade you can afford. Red uncirculated examples are the most valuable, followed by Red-Brown, but attractive circulated pennies are also highly collectible. Avoid coins that are cleaned, damaged, or heavily worn.
Building a high-grade set can get expensive, especially for the rare dates. Many collectors focus on a particular type set, such as coins from the 1860s or the later 1900s issues. A "penny board" set with one coin of each date is another popular way to collect the series.
Selling Your Indian Head Pennies
With rare dates and varieties selling for five and even six figures, you may be wondering if any of the Indian Head pennies in your possession are valuable. The best way to find out is to take them to a reputable coin dealer or send them to a third-party grading service like PCGS or NGC.
Avoid cleaning your coins, as this can actually reduce their value. Collectors prefer coins with original surfaces and natural toning. If you have a coin that may be rare or valuable, consider having it graded to maximize its value before selling.
Online auction sites like eBay can be a good way to sell Indian Head pennies, but be aware of fees and shipping costs. For the most valuable coins, consider consigning them to a major auction house that specializes in rare coins and currency.
Frequently Asked Questions
Q: What makes an Indian Head penny valuable?
A: Factors like mintage, condition, and die varieties can all affect the value of an Indian Head penny. In general, earlier dates (pre-1880) and coins from the branch mints are worth more than later Philadelphia issues. Uncirculated examples with original red color are the most valuable.
Q: How much is a 1900 Indian Head penny worth?
A: 1900 is a common date, with a mintage of over 66 million. Heavily worn examples only sell for a few dollars, but uncirculated 1900 pennies are worth $50 and up.
Q: What is the most expensive Indian Head penny?
A: The record price for any Indian Head cent is $175,000, set by an 1864 "L" proof graded NGC PR-66 in a September 2022 auction. Other valuable dates include the 1877, 1909-S, and the 1873 doubled die.
Q: Is a 1902 Indian Head penny rare?
A: 1902 is one of the most common dates in the series, with nearly 88 million minted. Circulated examples are worth $1-10 depending on condition, while uncirculated pieces sell for $20-50. Some 1902 pennies have minor repunched date varieties that are more valuable.
In summary, Indian Head pennies are a fascinating and highly collectible series, with a range of dates, varieties, and price points to suit any collector. Whether you‘re drawn to the rare key dates or just enjoy the history and beauty of these classic American coins, Indian Head cents are sure to remain popular for generations to come. I hope this guide has given you a deeper appreciation for these beloved coins!
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