Indian Head pennies, also known as Indian Head cents, are highly popular collector’s items. Minted from 1859 to 1909, these copper coins feature a depiction of Lady Liberty wearing a Native American headdress on the obverse. With hundreds of millions of Indian Head pennies produced, some dates and varieties are considerably more valuable and sought after by collectors than others.
Most Valuable Indian Head Pennies
The most valuable and sought after Indian Head pennies are generally those with low mintages, rare errors, or unique varieties. Key dates with the highest values include:
- 1877 – The 1877 Indian Head penny had the lowest mintage in the series at just 852,500 coins. High demand results in value in the thousands for uncirculated specimens.
- 1909-S – The 1909-S is the rarest regularly issued Indian Head cent, with a tiny mintage of just 309,000 pieces. Mint state examples are worth $800 or more.
- 1864 L – The 1864 L Indian Head cent features a smaller “L” mintmark denoting it was struck at the San Francisco mint. Just a few dozen exist, making it highly prized.
- 1869/9 – This dramatic repunched date variety shows remnants of an underlying 9. About 20 examples of the 1869/9 are known.
- 1877/8 – Another repunched date, the 1877/8 exhibits traces of an 8 underneath the 7. Perhaps 10-15 specimens exist.
While not quite as valuable as some of the major rarities, certain coins with minor errors or interesting varieties also have enhanced value and collector appeal. These include:
- 1870-1871 Shallow N – These two years feature a weakly engraved mintmark.
- 1880/79 – The underlying 9 is visible north of the 8.
- 1896 No Pole – On some 1896 cents, one of Lady Liberty’s headdress poles is missing.
- 1855 Double Die Obverse – Early stage of hub doubling shows on Miss Liberty and date.
Major Rarity: The 1877 Indian Head Penny
Perhaps the most famous key date Indian Head cent is the 1877. With a tiny mintage of just 852,500 pieces, the 1877 claims the lowest production of any date in the series. Demand from collectors is immense for such an important rarity.
Adding to its significance, the 1877 was struck during the height of the Victorian coin collecting craze. As one of the lowest mintage U.S. coins of its time, the 1877 Indian Head cent was always doomed to be a valuable rarity. Examples were quickly squirreled away by contemporary collectors.
Today, most 1877 Indian Head cents grade Good-4 to Very Fine as a result of collectors setting them aside long ago. In lower grades, an 1877 penny is worth $300-500 even in well-worn condition. As the coin increases in grade, values rise exponentially. An 1877 cent grading Extremely Fine can sell for $2,000-4,000 or more. In Mint State the 1877 is an incredible rarity worth five to six figures. Many 1877 coins exhibit light striking or marks due to the high points of the design being weakly brought up.
Notable 1877 Indian Head Penny Sales
- An NGC MS-66 BN example sold for $329,000 in 2008.
- Heritage Auctions sold an NGC MS-65 RB 1877 cent for $152,750 in 2010.
- Stack’s Bowers auctioned an NGC MS-64 BN 1877 penny for $94,000 in 2013.
Low Mintage Key Date: 1909-S Indian Head Cent
With a tiny mintage of just 309,000 pieces, the 1909-S Indian Head cent claims the lowest mintage of any regularly issued Indian Head penny. It was struck at the San Francisco mint near the end of the series, adding significance as the only mint marked cent of 1909. Demand from collectors is always strong for this important key date.
Like the famous 1877, most survivors grade Good to VF due to old-time collectors plucking them from circulation. In circulated grades, the 1909-S Indian Head penny is valued from $350 to $850 or more depending on severity of wear.
In Mint State the 1909-S becomes quite scarce and desirable. Uncirculated examples are worth $800 or more up to $8,000 for top graded specimens. Bag marks are sometimes seen due to the design’s high relief and Strike weakness is also not uncommon on this date.
Notable 1909-S Indian Head Cent Auction Results
- A PCGS MS-66 RD 1909-S sold for $17,625 in a 2019 Legend auction.
- Heritage sold an NGC MS-64 RD example for $7,050 in a 2020 auction.
- A PCGS MS-64 RB 1909-S brought $3,525 at a 2021 Goldberg auction.
Ultra Rarity: 1864 L Indian Head Penny
The 1864 L Indian Head cent stands as one of the greatest rarities in all of U.S. numismatics. Struck at the San Francisco mint, it features a small “L” mintmark below the ribbon on the reverse. Just two or three dozen 1864 L cents are known to still exist.
Adding to the lore, the actual origin of the 1864 L penny has been shrouded in mystery. For many years the mintage was unknown and thought to perhaps be a pattern. Research has now confirmed a tiny mintage of just 14,742 pieces.
With so few examples surviving from the original low mintage, the 1864 L is valued at over $100,000 in any collectible grade. Only about 10-15 examples of this famous rarity are known in all grades combined. Most are well-worn with the finest being an NGC AU-58 BN that realized $329,000 at auction in 2012.
Repunched Date Rarity: 1869/9 Indian Head Cent
Among doubled die varieties, the 1869/9 Indian Head cent stands out as one of the most dramatic and rare. On this repunched date variety clear remnants of an underlying 9 are noticeable underneath the primary 1869 date. Struck from clashed dies, the 1869/9 serves as an intriguing example of the minting process in action.
Only about 20 examples of this major doubled die are known to exist. As one of the most pronounced repunched dates in U.S coinage, demand from specialists is always strong. An NGC AU-53 BN 1869/9 realized $48,875 in a 2014 Heritage auction.
Lower grade examples exhibit the repunched date well and typically sell for $4,000-10,000 at auction depending on preservation. Heavily worn pieces still bring four-figures as important rarities.
Other Significant Repunched Indian Head Cent Dates
- 1872 – Underlying 2 shows faintly north of primary digits.
- 1888/7 – Light remnants of 7 visible within 8.
- 1894/94 – Prominent doubled date shows two sets of digits.
Another Famed Rarity: 1877/8 Indian Head Penny
Along with the 1869/9, the 1877/8 is one of the most dramatic doubled dies in the Indian Head cent series. Beneath the primary date, a clear underdigit 8 can be seen, evidencing the die was hubbed from a previously dated 1877 die.
Only about 10-15 examples of this significant repunched date are known. As with the 1869/9, demand from collectors is intense for this blundered date. Values start around $4,000 for Good-VG examples and escalate up to $50,000 or more for higher grade AU/Mint State coins.
The most famous 1877/8 cent, graded PCGS MS-65 RB, realized $218,500 when it sold in 1992. Other auction records include:
- An NGC VF-30 BN example sold for $76,375 in 2014.
- In 2016 an NGC AU-50 BN 1877/8 brought $94,000.
- Stack’s Bowers sold an NGC XF-40 BN coin for $84,000 in 2020.
Popular Variety: 1870 to 1871 Shallow N Cents
During 1870 and 1871 a number of obverse dies were produced with a weakly engraved mintmark. On these coins, the N is quite shallow compared to the bold mintmarks found on most Indian Head pennies.
These Shallow N varieties were unnoticed until the 20th century. While available in most grades, Shallow N examples are popular with collectors seeking minor varieties. Values for the 1870 and 1871 Shallow N cents range from a small premium in low grades up to $500 or more for Mint State coins.
Other Notable Indian Head Cent Varieties
- 1875 Pointed Serif – 1 exhibits a triangular serif.
- 1880/79 – Light 9 apparent under 188 date.
- 1884 Missed Digit – Weak punch left digit 4 faint.
- 1887/6 – Remnants of 6 visible under 7 in date.
The Famous No Pole Variety of 1896
One of the most well-known varieties of the series occurred in 1896 when several obverse dies were produced with one of Lady Liberty’s headdress poles missing. On close inspection, her head exhibits an odd appearance with the pole on the viewer’s left absent.
While not rare, the 1896 Indian Head No Pole variety remains widely collected today. It provides an excellent example of a Mint error seen on a classic series. Values range from about $35 in Good up to $650 for MS-65 RD graded coins.
The No Pole variety was unknown until being discovered around 1900. Like other Indian cent varieties it gained a surge of popularity among early collectors.
Early Stage Double Die: 1855 Indian Head Cent
The 1855 Indian Head cent claims a significant doubled die obverse, most noticeable on the date and stars. Light hub doubling spread shows on Miss Liberty’s lips and brow as well. The doubling is evident but not as dramatic as later stage doubled dies like the 1869/9 and 1877/8 cents.
Discovered in 1955, the 1855 Doubled Die Obverse stands as one of the more popular varieties of the type. Collectors assign premiums from about $500 for circulated examples up to $4,000 or more for Mint State coins exhibiting the doubling.
Conclusion
After studying the rare dates, errors, and varieties covered here, the most avidly sought after Indian Head pennies become apparent. While the major rarities – such as the 1877, 1909-S, and 1864 L – are infrequently encountered, they remain enduring treasures for collectors when available.
More obtainable dates like the 1870-1871 Shallow N, 1896 No Pole, and 1855 Double Die offer collectors chances to acquire popular varieties and study the minting quirks associated with this vintage series.
Spanning a half century of production, the Indian Head cent series produced a surprising number of low mintage dates, doubled dies, and other varieties. For collectors, these many special coins ensure the enduring appeal of this classic American series.