Interest in the Indian Head Penny has been steadily growing since the 1930s. Today, it is one of the most popular coin series in the hobby. Over the years, this mid-19th-century penny has sold some very valuable examples. To walk you through these gems, we’ve prepared this article highlighting the most valuable Indian Head Pennies ever sold.
But before we get to our list, let’s familiarize ourselves with the Indian Head Penny.
What is the Indian Head Penny?
The Indian Head Penny is a coin series that ran between 1859 and 1909. It replaced the troubled Flying Eagle Cent and was replaced by the Lincoln Cent in the early 20th century.
In the early years of the Indian Head Penny, the U.S. Mint continued striking pennies copper-nickel planchets that contained 88% copper and 12% nickel. In 1864, the U.S. Mint transitioned the Indian Head Penny into the bronze era, a trend that would continue into the Lincoln Pennies until 1981.
Design and Features of the Indian Head Penny
As the chief engraver of the U.S. Mint, it was James Barton Longacre’s responsibility to fashion a replacement design for the Flying Eagle Cent. For his final design, he went with a depiction of Lady Liberty wearing a Native American headdress.
The Obverse
In its 50-year run, the Indian Head Penny used two variations of the same obverse design: one with a rounded bust and another with a pointy bust. Other than these differences, there was no significant change in the obverse.
The Reverse
The reverse was not immune to revisions either. The first design only ran for one year (1859) before it was adjusted in 1860. One of the changes that the U.S. Mint made was the addition of the Unity Shield and Arrows. In 1860, an oak wreath also replaced the laurel wreath of 1859.
14 Most Valuable Indian Cents
Now that you know the specifics of Indian Head Penny, it is about time we refocus our attention on our objective, which is to list down some of the highest prices ever realized in auctions involving the Indian Head Cent. So, without further ado, the 14 most valuable Indian Cents.
1. 1864-L Proof Indian Head Penny: Sold for $161,000
- U.S. Mint Branch: Philadelphia
- Mintage: 35
- Mint Mark: None
Now, here’s a penny worth rolling the red carpet for. This is the most valuable Indian Head Penny ever sold on auction, and it shows. The coin is of the proof variety and was graded PR65RB by PCGS. It is also a member of the coveted 1864-L variety, as it features Longacre’s initial “L” on the ribbon that’s draped behind Lady Liberty’s neck.
2. 1877 Indian Head Penny: Sold for $149,500
- U.S. Mint Branch: Philadelphia
- Mintage: 852,500
- Mint Mark: None
The 1877 became a key date for the Indian Head Penny because of its low mintage. And on this date, there’s no Indian Cent more valuable than this Bronze 1877 Indian Cent. The coin is graded MS66RD and retains most of its red pigmentation. According to the PCGS registry, there’s only one example finer than this gem.
3. 1902 Indian Head Penny: Sold for $144,000
- U.S. Mint Branch: Philadelphia
- Mintage: 87,374,702
- Mint Mark: None
In its MS68RD state, this gem is not only one of the finest specimens of its date but also in the entire Indian Head series. The penny is virtually pristine with a flawless satin-like finish. Its details are sharply struck, and the penny’s eye appeal is nothing short of perfect.
4. 1864-L Proof Indian Head Penny: Sold for $141,000
- U.S. Mint Branch: Philadelphia
- Mintage: 35
- Mint Mark: None
The 1864 date is a key date of the Indian Head Pennies because it contains three valuable varieties. Among these varieties, none is more valuable than the 1864-L Indian Cents. It’s no wonder that this group of coins has produced the most valuable Indian Head Pennies of all time.
What makes this specimen so special is that it’s a proof coin that shows impressive levels of cameo. The penny was graded PR65CAM by NGC, who pedigreed it to the Norweb Collection.
5. 1864-L Proof Indian Head Penny: Sold for $141,000
- U.S. Mint Branch: Philadelphia
- Mintage: 35
- Mint Mark: None
Tied in fourth place is another coin from the Norweb Collection. And while this coin is also graded PR65 by the same firm, it does not show as much cameo. This coin is also struck on a bronze planchet and weighs 3.11 grams.
6. 1864-L Proof Indian Head Penny: Sold for $135,125
- U.S. Mint Branch: Philadelphia
- Mintage: 35
- Mint Mark: None
Being one out of a possible 35, this 1864-L Indian Cent is highly sought after. The coin has lost most of its cameo contrast, and its relief is beautifully toned with red and brown pigments. PCGS awarded this gem PR65RB, a grade that CAC completely agrees with.
7. 1872 Indian Head Penny: Sold for $126,500
- U.S. Mint Branch: Philadelphia
- Mintage: 4,042,000
- Mint Mark: None
The 1872 Indian Head Penny is one of the hardest Indian Cents to track down. And with a grade of MS66RD, this specimen is one of the finest 1872 Indian Cents in existence today.
While the coin’s field still retains that original reddish-orange luster, the reliefs are slowly taking on a brown toning. However, the coin still has enough red pigmentation to defend its MS66RD status.
8. 1902 Indian Head Penny: Sold for $120,000
- U.S. Mint Branch: Philadelphia
- Mintage: 87,374,702
- Mint Mark: None
This coin’s claim to fame is its high grade. PCGS has graded it MS68RD, and from the images on the listing, it’s easy to see why. From its field to its sharply struck relief, it’s hard to find any blemishes that can rob this penny of its near-perfect grading. The coin retains its original orange-red pigmentation with a satin-like finish.
9. 1877 Indian Head Penny: Sold for $115,000
- U.S. Mint Branch: Philadelphia
- Mintage: 852,500
- Mint Mark: None
Tied with a few other coins, this Indian Cent is the second most valuable specimen of its date. It is made attractive by its low mintage and pristine appearance. And despite not being a proof coin, the penny is highly lustrous with a shiny field. This 1877 Indian Head Cent was graded MS66RD by PCGS.
10. 1864-L Proof Indian Head Penny: Sold for $111,625.00
- U.S. Mint Branch: Philadelphia
- Mintage: 35
- Mint Mark: None
Graded PR65RB, this 1864 Indian Head Penny bears CAC’s green bean of approval, confirming its gem status. And while it’s a proof coin, it has lost all of its cameo contrast. Other than its grade, there’s nothing noteworthy about this Indian Cent. There are no blaring errors or nasty scratches on its bronze facade.
11. 1864-L Indian Head Penny: Sold for $108,687.50
- U.S. Mint Branch: Philadelphia
- Mintage: 35
- Mint Mark: None
Here’s another member of the highly sought-after 1864-L Pennies. It features the rare “L” on one of the ribbons that tie Lady Liberty’s feathered tiara. Upon its submission to PCGS, the grading service bestowed the grade PR65RB, a status that CAC agrees with, hence the green bean.
12. 1897 Proof Indian Head Penny: Sold for $108,000
- U.S. Mint Branch: Philadelphia
- Mintage: 1,938
- Mint Mark: None
The 1897 Proof Indian Head Penny has one of the lowest mintages in the series. Scarcity is already working in favor of this coin. Besides the low mintage, few coins can rival the eye appeal that this penny delivers.
Its mirror-like field still retains its shine, contrasting well with the coin’s frosted reliefs. PCGS awarded the coin the elusive grade of PR67+DCAM, cementing the penny as the finest in the 1897 date. And CAC agrees.
13. 1909-S Indian Head Penny: Sold for $97,750
- U.S. Mint Branch: San Francisco
- Mintage: 309,000
- Mint Mark: None
This is the most valuable Indian Head Penny to come out of the San Francisco Mint. While the 1909-S Indian Cent is fairly obtainable in most grades, this specimen is one of three that’s graded MS67RD by PCGS. No 1909-S Indian Cent is finer.
The coin boasts a dazzling bright luster that is highly suggestive of a satin finish. It also has a light reddish tan, complemented by subtle hints of toning that add to its overall appeal.
Final Thoughts
If you were curious about the potential value of an Indian Head Penny, I hope you found your answer. There are just a few things to keep in mind. While most of these sales prices are impressive, it’s helpful to note that some of these transactions were completed over 20 years ago. If coins like these are presented in auction today, they are more likely to sell for even higher prices.
And if you’re in the market for these coins, beware of fakes; the Indian Head Cent is one of the most counterfeited coins in the hobby.
Jenson is a professional numismatist, a dedicated coin collector, a graduate of the College of Business at Oregon State, a life member of the American Numismatic Association (ANA), and an overall coin nerd. He is the founder of Coin Value List.