The oldest Indian head pennies are nearly those of the United States. Since its founding in 1792, the U.S. Mint has manufactured coins for domestic circulation throughout the country. Although it did produce coins for other nations in the past, the U.S. Mint has been exclusively dedicated to striking coins for the United States since 1984.
Indeed, the cents constituted their initial issue of circulating coinage. Since then, the faces of the cherished cent have been imprinted with an assortment of patterns. As you will see in greater detail later in this article, the Indian Head Penny is an excellent example. It is among the most favored designs among numismatics and coin collectors among the series of tiny cents.
What Is The Indian Head Penny?
Since its establishment shortly after the United States was established, the U.S. Mint has manufactured coins representing the United States and other nations. Initially launched and administered in Philadelphia, Pennsylvania, the U.S. Mint required the construction of additional facilities to accommodate the expansive nature of the early United States. Each time a facility was established, a distinct mintmark was affixed to each coin to indicate its place of production.
During its illustrious history, the United States Mint has produced various coins at various junctures. Nevertheless, one cent was designated as the penny among the earliest coin varieties ever struck. Pennies have been and continue to be extraordinarily practical in the daily lives of Americans, and they are among the most durable varieties of coins produced by the Mint.
Indian Head-style pennies are among the most well-liked throughout history, particularly among collectors. Just before the American Civil War, these coins commenced production, and that trend persisted until just after the turn of the 20th century. The subsequent sections will provide a more comprehensive analysis of these coins, including an exploration of their current surge in popularity among collectors.
The History Of The Indian Head Cent
In 1793, the United States Mint introduced the one-cent and half-cent coins, both of which were manufactured at their newly established refinery in Philadelphia. The first coin, which weighed one cent and was composed entirely of copper, measured half an inch (22.57 mm) in diameter. They were nearly the size of a half-dollar coin and were therefore referred to as the “large cents.”
The United States exclusively recognized gold and silver as legal tender from 1792 to 1862. During the late 1840s and early 1850s, the discovery of gold in California precipitated an inflationary trend that affected copper, among other precious metals.
For example, in his annual report, James Ross Snowden, the director of the Mint, noted that the expenses incurred in producing copper coinage, such as the half-cent and large cents, needed to be adequately offset by the high value of copper.
The Design Of An Indian Head Cent
The Indian Head cent, which James Barton Longacre, the fourth Chief Engraver of the United States, conceived of, was manufactured between 1859 and 1909. The obverse of the design showcases a feathered bonnet-adorned Indian visage positioned to the left. The inscription “UNITED STATES OF AMERICA” and the corresponding year are visible along the periphery of the coin. The word “LIBERTY” also appears in the band that spans the headpiece. The coin’s obverse features the inscription “ONE CENT” contained within a laurel wreath that encircles the entire periphery.
It is said that Lady Liberty is depicted wearing a traditional Native American regalia within the design. There is speculation that the coin’s design originated from Longacre’s daughter, who served as his model. Nonetheless, such evidence regarding this allegation has not been corroborated.
Most Valuable Indian Head Pennies
Regarding coin collecting, rarity and value are inextricably linked. While some pennies were initially uncommon, some are exceedingly rare in excellent condition. This quick-reference chart provides an instantaneous inventory of the most valuable Indian head pennies.
1. 1905 Gold Indian Cent
Five Indian head cents stamped on gold planchets (rather than copper) are known to have been struck in the early 1900s. Whether these were fortuitous occurrences or deliberate attempts to produce collector coins is unknown.
In the end, a mint employee fed gold planchets or blank coins into the coin press for pennies, which made these exceedingly uncommon coins. This instance sold for $253,000 in 2010 and featured a slightly off-center strike.
2. Double-Headed 1859 Indian Head Penny
During the initial release of the Indian head penny in 1859, the United States Mint replaced the dies used for the preceding Flying Eagle cent. Amidst the events, an exceedingly uncommon double-headed Indian head cent escaped the Mint.
This is hypothesized to have occurred because the anvil featured the obverse (or heads) design of the Flying Eagle cent, while the mallet featured the Indian head. While it is possible that many of these were manufactured and subsequently incinerated upon discovery, this particular instance escaped detection until it was unearthed in 2000. It was sold for $195,500 in 2008.
3. 1864 L on Ribbon Indian Head Cent
Proof coins, which are uncommon and never enter circulation, are typically valuable, but this scarce and intriguing example is among the rarest. The portrait on the Indian head cent was slightly redesigned in 1864 to include a ribbon bearing the initials of the coin’s designer, James Longacre (L). One of the approximately twenty estimated prototypes for this coin sold in 2011 for $161,000; it featured exquisite color and intricate details.
4. 1877 Indian Head Penny
Except for the uncommon L on the ribbon proof and significant minting defects, the 1877 Indian head cent is the one to pursue. Following the economic turmoil and subsequent Civil War, the United States Mint reissued pre-existing pennies instead of producing new ones.
As a result, the 1877 coins were made in a minimal quantity of no more than 852,500 coins. Extremely few of these persist, and even fewer remain in excellent condition. Possession of an 1877 cent is valuable. In 2007, one in pristine condition was sold for $149,500.
5. 1900 Gold Indian Cent
Similar to the 1905 variant, the 1900 gold Indian head penny is a precious and highly uncommon error. Three of the five gold Indian head pennies known to exist date back to 1900. Discovering one of these, which occurred when gold planchets entered the penny coin press, possesses an immense monetary value compared to its weight in gold. In 2014, one was sold for $141,000.
6. 1872 Indian Head Penny
As the second uncommon year for Indian head pennies to be sought out for a collection, the 1872 Indian cent is precious. The same characteristics that rendered the 1877 coin scarce are at work here, with perhaps 200 still in excellent condition and only a handful having been struck. Obtain one if possible; it merits a second look. In 2007, one was sold for $126,500.
7. 1899 Indian Head Cent – MS68
Even though 1899 Indian head pennies are not typically the most valuable, this example is treasured. This is because, among the millions of Indian head cents in circulation today, it is regarded as the most pristine specimen (hence the MS68 classification). Condition significantly influences coin values; therefore, an Indian head cent in a new condition is probably valuable. In 2019, this specific coin was sold for $108,000.
8. 1909-S Indian Head Penny
Because almost all Indian head pennies were struck in Philadelphia, they lack a mint mark. In 1908 and 1909, the final two years that pennies were struck, a portion was produced at the San Francisco Mint. The Indian head cent mint mark is beneath the wreath design on the coin’s reverse.
San Francisco coins bear the initial S as a seal. Since the Indian Head Pennant was undergoing a transition to the Lincoln Cent in 1909, the 1909-S is exceedingly rare. In 2006, one was sold in outstanding condition for $97,750.
What Makes An Indian Head Penny Valuable?
The Indian Head Penny’s history is highly intriguing. These pennies are from an era when circulation was limited to sizable cent coins. In 1793, the first Indian head cent was struck into circulation. Regrettably, complications that arose during the process halted the production. An example is when the United States government determined that legal tender should consist exclusively of gold and silver. This rendered the use of large cents to pay taxes unfeasible for Americans.
Further transformations occurred during the 1850s as a result of fluctuating copper prices. During this period, the United States Mint was compelled to reduce the size of its coinage and incorporate additional metals into the alloy. The cost of producing the coinage from copper alone was too high.
This ultimately resulted in the design and issuance of the Flying Eagle Penny. It was manufactured between 1856 and 1858. Despite consisting of less than ninety percent copper, the coin lacked durability. Over time, it was superseded by the Indian Head Penny, which was introduced to commerce in 1859.
Valuable Rare Indian Head Pennies
Without a doubt, certain coins are considerably more valuable than others. There are a multitude of factors contributing to this. Due to the increased difficulty in acquiring a rare coin, its value will rise. Specifically, the Indian Head dime is valuable for several reasons.
Predominantly, the coin possesses immense historical importance. The coin played a significant role in American history. Indeed, it commenced production just before the outbreak of the American Civil War and withstood that conflict.
The value of older Indian Head coins will be considerably more significant than that of newer ones. The coin’s antiquity and scarcity have also contributed to its immense popularity among collectors. It is abundantly apparent that these coins were crafted with durability in mind.
It is not unexpected to encounter an Indian Head cent with impeccable visual condition. Which Indian Head Pennies are, therefore, valuable? The Indian Head Penny bearing the date 1877 is the most useful. However, each is independently valuable, and a collector would be fortunate to possess one.
In summary, the 1877 Indian Head cent serves as a prime example of the immense potential worth that numismatic collecting can attain. In the eyes of collectors, the most costly Indian Head penny occupies a unique position as a symbol of the historical significance and scarcity of this cherished series.
Whether an experienced numismatist or a novice with great enthusiasm, the quest for these coins provides the excitement of discovery and the chance to safeguard and value a portion of the illustrious numismatic heritage of the United States.
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