History
By 1857 the cost of making copper coins had risen due to the increased price of copper. In his annual report, Mint Director James Ross Snowden noted that the mint was barely making expenses due to the increased cost of copper used in both half-cent and large-cent coins. As a result, the mint ceased production of half-cent coins and reduced the size and weight of the penny. In 1857 a small one-cent coin was introduced featuring a flying eagle on the obverse. Unfortunately, production problems limited the coin to only two years. Since this coin was only produced for two years, it is commonly included in a collection of Indian head one-cent coins. The prototype of the Flying Eagle cent was produced in 1856, and slightly over 2000 specimens were minted. Although it is technically considered a “pattern coin,” it is sometimes included in a complete collection of Flying Eagle and Indian Head pennies. The Indian Head penny was introduced in 1859 with a composition of 88 percent copper and 12 percent nickel and a diameter of 19 mm, and a weight of 4.67 grams. In 1864 the mint changed the composition to 95 percent copper and 5 percent tin with a reduced weight of 3.11 grams. James B. Longacre designed both the obverse and the reverse of this classic American coin.
Market Analysis
Indian Head pennies do not contain any precious metals (e.g. silver, gold, etc.). Therefore, their value is derived from the demands of coin collectors. Many people collect these coins, so the market is quite active and most dealers will pay top dollar for nice specimens.
Key Dates, Rarities, and Varieties
The following Indian Head pennies in any condition, are worth considerable more than common ones. As such, these coins are frequently counterfeit or altered from common Indian Head cents. Therefore, before you start celebrating your early retirement with your newfound fortune, have the coin authenticated by a reputable coin dealer or third party grading service.
1869 9/9 (Doubled “9” in the date)1873 Double Liberty (“LIBERTY” is doubled on the Indian’s headdress)18771888 8/7 (The remnant of a “7” is underneath the last “8” in the date)1909 S
Condition or Grade Examples
If your coin is worn and looks similar to the one illustrated in the link below, it is considered a circulated coin. If your coin looks similar to the one illustrated in the link below and has no evidence of wear due to being in circulation, it is considered an uncirculated coin.
Mint Marks
Indian Head pennies were produced at two different mints: Philadelphia (no mint mark), and San Francisco (S). San Francisco only minted Indian head pennies in 1908 and 1909. The mint mark is located on the reverse of the coin, just below the wreath.
Average Circulated and Uncirculated Values and Prices
The buy price is what you can expect to pay to a dealer to purchase the coin. The sell value is what you can expect a dealer to pay to you when you sell the coin. All circulated prices and values assume that the date is readable and not completely worn off the face of the coin. The actual offer you receive from a particular coin dealer will vary depending on the actual grade of the coin and a number of other factors that determine its worth. Uncirculated specimens that exhibit original red or red-brown color are worth significantly more. Please note: You cannot increase a coin’s value by cleaning it. In fact, cleaned coins are worth considerably less and coin dealers can spot a cleaned coin immediately. Therefore, never clean your coins.
