1898 Penny Value (2026 Guide): Errors List & No Mint Mark Worth

The 1898 Indian Head Penny is one of America’s most beloved classic coins, part of a series that ran from 1859 to 1909.

With a mintage of nearly 50 million, this date is common in worn condition — but 1898 Penny Value can climb dramatically based on color, grade, and variety.

In this guide, you’ll learn exactly what makes one 1898 penny worth $3 and another worth $36,000.

 

1898 Penny Value By Variety

All 1898 Indian Head Pennies were struck at the Philadelphia Mint with no mint mark. Philadelphia did not begin placing a mint mark on its coins until 1980, so the absence of a mint mark is completely normal for this coin.

Value differences come from variety types: regular business strikes, Proofs, Cameo (CAM), and Deep Cameo (DCAM) versions.

Color designation is also critical for Indian Head pennies. BN (Brown) coins have developed a natural brown patina over time. RB (Red-Brown) coins retain partial original copper color. RD (Red) coins have kept most of their original brilliant copper surface and are the most valuable.

If you know the grade of your coin, find exact prices in the Value Guides section below.

Also Read: Indian Head Penny Coin Value (1859-1909)

 

Top 10 Most Valuable 1898 Penny Worth Money

Based on auction records spanning nearly two decades, the most valuable 1898 pennies have commanded extraordinary prices at major auction houses.

The single highest recorded sale reached $36,000 for a PR67 Red Deep Cameo specimen sold by Heritage Auctions in 2019.

More recently, a PCGS MS-67+ Red example brought $14,400 at Heritage Auctions in January 2024. A PCGS MS-67 Red with CAC (Certified Acceptance Corporation) approval — a third-party quality endorsement — sold for $10,200 at Stack’s Bowers in August 2023.

An NGC MS-66 Red with exceptional eye appeal realized $3,760 at Legend Rare Coin Auctions in December 2023, showing strong demand across top grading services.

The list also includes an error variety. An 1898 MPD (Misplaced Date) FS-402 S-5 graded MS66 sold for $1,998, confirming that error coins can command solid premiums even outside the top population grades.

Overall, condition and original color preservation are the dominant value drivers.

 

History Of The 1898 Penny

The Indian Head Penny series was designed by James B. Longacre, the U.S. Mint’s Chief Engraver, and ran from 1859 to 1909. It replaced the short-lived Flying Eagle cent, which had production difficulties due to its high-relief design.

An interesting story about the coin’s design: according to numismatic tradition, the portrait of Liberty was modeled after Longacre’s own daughter. A visiting Native American chief reportedly placed his headdress on her head, and the elder Longacre sketched the scene — eventually using it as the basis for the coin.

The series witnessed some of the most significant events in American history. It survived the Civil War, when Americans hoarded silver coins and the penny became one of the few coins in everyday circulation.

The Coinage Act of 1864 changed the coin’s composition from copper-nickel to bronze — 95% copper with 5% tin and zinc — the same composition used for the 1898 issue.

By 1898, the coin’s final decade was approaching. That year was eventful for the country: the USS Maine exploded and sank in Havana Harbor, triggering the Spanish-American War. H.G. Wells published The War of the Worlds, and the first Indian brand motorcycle was assembled.

The 1898 Indian Head Penny stands as a tangible link to the late Victorian era in America. For collectors today, it represents not just numismatic value but a piece of the nation’s history.

Also Read: 54 Most Valuable Indian Head Penny Worth Money (1859-1909)

 

Is Your 1898 Penny Rare?

The 1898 Indian Head Penny is not rare in circulated grades due to its high mintage of nearly 50 million pieces. You can find worn examples at most coin shops for just a few dollars.

However, rarity is all about condition. High-grade red examples are genuinely scarce. The finest known regular-strike red specimens are graded MS67+ by PCGS, and only two such coins are known to exist — the PCGS values each at approximately $25,000.

Proof coins, Cameo, and Deep Cameo versions are rarer still, as only 1,795 proof coins were struck. Want to check your coin’s rarity instantly? Try the CoinValueChecker App for a quick assessment.

 

Key Features Of The 1898 Penny

The 1898 Indian Head Penny was designed by James B. Longacre and struck at the Philadelphia Mint. Understanding its physical features helps collectors identify authentic pieces and correctly assess condition.

The coin measures 19 millimeters in diameter and weighs 3.11 grams. Its composition is 95% copper with 5% tin and zinc — the bronze standard established by the Coinage Act of 1864.

The Obverse Of 1898 Penny

The obverse (front) features a portrait of Lady Liberty wearing a Native American headdress. Despite the coin’s popular name, the figure is not an actual Native American — it is Lady Liberty in a stylized war bonnet.

The word “LIBERTY” appears across the headband of the headdress. Surrounding the portrait, the inscription “UNITED STATES OF AMERICA” runs along the rim.

The date “1898” appears below the bust. When grading this coin, the legibility of “LIBERTY” on the headband is the single most important detail to examine. A coin where all letters are clear and sharp is worth significantly more than one where even one letter is worn flat.

The Reverse Of The 1898 Penny

The reverse (back) displays an oak wreath encircling the denomination “ONE CENT.” A small shield sits at the top of the wreath, symbolizing the Union. A ribbon ties the wreath together at the base.

This oak wreath design was introduced in 1860, replacing the original laurel wreath used in 1859. The leaf veins within the wreath show fine texture on well-preserved specimens.

Collectors should examine the wreath area carefully — this is where some die varieties and doubled impressions can appear.

Other Features Of The 1898 Penny

The coin has a plain, smooth edge. Both sides feature denticles — small tooth-like borders running around the rim. There is no mint mark, as all 1898 pennies were struck at the Philadelphia Mint.

Also Read: Top 100 Most Valuable Pennies Coin Worth Money List (1959 – Present)

 

1898 Penny Mintage & Survival Data

The Philadelphia Mint struck 49,821,284 regular business strike 1898 pennies. Of these, an estimated 600 Red-grade survivors are known today, representing a survival rate of just 0.0012%.

That means fewer than one coin in every 80,000 originals has made it to the present day with enough original color to qualify as Red.

In addition to regular strikes, the Mint produced 1,795 proof coins in 1898. This was very different from modern proof production — in 1898, proofs were made to test dies and for archival purposes, not for general sale to collectors.

For context: in 2019, the U.S. Mint struck over 2 million Lincoln Cent proofs. The 1898 figure of 1,795 is extraordinarily small by comparison.

Cameo (CAM) and Deep Cameo (DCAM) designations come from this same tiny proof mintage, making high-grade cameo specimens among the scarcest in the entire Indian Head series.

Also Read: Top 100 Most Valuable Wheat Pennies Coin Worth Money (1909 – 1958)

 

The Easy Way to Know Your 1898 Penny Value

Several factors combine to determine your coin’s final value. Condition (grade) is the most important single factor, but color designation and the presence of error varieties can also add significant premium.

For color, remember: Red (RD) is the most desirable, Red-Brown (RB) is intermediate, and Brown (BN) is the most common. The difference in value between a Brown MS65 and a Red MS65 coin can be hundreds of dollars.

For a fast and reliable estimate, scan your coin with the CoinValueChecker App for an instant assessment.

 

1898 Penny Value Guides

• 1898 No Mint Mark – These are regular business strikes produced at the Philadelphia Mint. With a mintage of nearly 50 million, they are the most common type of 1898 penny. Most circulated examples trade between $2 and $10.
• 1898 Proof – Only 1,795 proof coins were struck in 1898. These were made using polished dies and planchets, resulting in mirror-like surfaces and sharper details than business strikes. In PF-60 condition, a proof is worth around $150; gem examples are worth substantially more.
• 1898 CAM (Cameo) – Cameo (CAM) proofs display a strong contrast between reflective mirror fields and frosted design elements. This frosted effect only appears on the very first strikes from freshly prepared dies, making CAM examples considerably rarer than standard proofs.
• 1898 DCAM (Deep Cameo) – Deep Cameo (DCAM) proofs show the most pronounced contrast between mirror fields and heavily frosted devices. These are the most desirable proof variety. Known examples range from PR64 to PR66+, with values from around $1,450 up to $11,500 or more.

All 1898 Indian Head Pennies were struck exclusively at the Philadelphia Mint, so there are no mint mark varieties to distinguish. The main distinctions come from strike type (business strike vs. proof) and visual characteristics (BN, RB, RD, CAM, DCAM).

For regular strikes, value depends on condition and color preservation. For proofs, cameo contrast significantly drives collector demand and price.

 

1898 No Mint Mark Penny Value

The 1898 No Mint Mark Penny was struck exclusively at the Philadelphia Mint. With a mintage of nearly 50 million, circulated examples are easy to find and affordable.

High-grade specimens tell a different story. Finding one with full original mint luster and a pure Red color designation is genuinely difficult, even after thorough searching.

Color plays a major role in value. Brown (BN) coins are the most common. Red-Brown (RB) examples sit in the middle. Red (RD) coins, which retain the most original copper color, are the most sought-after and most valuable.

The highest all-time auction record for a regular-strike 1898 penny is $26,450 for an MS67 Red specimen sold by Heritage Auctions in October 2011. More recently, a PCGS-certified MS-67+ Red sold for $14,400 at Heritage Auctions in January 2024, and a Stack’s Bowers MS-67 Red with CAC approval brought $10,200 in August 2023.

The finest known examples are graded MS67+ by PCGS, and only two such coins have been certified. PCGS values each of these at approximately $25,000.

The chart below shows recent auction records across different grades and platforms.

The following chart displays monthly market activity over the past year.

 

1898 Proof Penny Value

The Philadelphia Mint struck only 1,795 proof pennies in 1898. These coins were made using specially polished dies and planchets, producing a mirror-like finish with sharper design details than regular strikes.

Unlike today’s proofs — which are made specifically for sale to collectors — 1898 proofs were primarily for die testing and archival purposes. This limited production makes them genuinely scarce compared to the 50 million business strikes produced the same year.

Value depends on color and surface quality. Brown and Red-Brown examples are more affordable. Red proofs with fully original color are significantly rarer and more desirable.

A standard proof in PF-60 condition is worth around $150. The highest auction record for a standard 1898 Proof Red-Brown (PR67) is $4,025, sold by Heritage Auctions in August 2007. For specimens with cameo contrast, values climb much higher.

The auction record chart below shows recent sales data, including platforms, prices, and grades, reflecting steady demand for high-quality 1898 Proof pennies.

The market activity chart displays monthly auction volume over the past year, showing consistent collector interest throughout the period.

 

1898 CAM Penny Value

Cameo (CAM) proof pennies feature a distinctive visual contrast: reflective mirror-like fields surround frosted, matte-textured design elements. This eye-catching combination is highly prized by collectors.

The cameo effect only appeared on the first few strikes from a freshly prepared die. As the die saw more use, the frosting wore away — meaning true cameo examples are far rarer than standard proofs.

For the 1898 CAM penny, only five coins are known at the highest certified grade of PR67, with each valued at approximately $25,000. The lowest graded examples begin at PR64, valued around $1,350.

The highest single auction record for an 1898 CAM penny is $36,000 for a PR67 example.

The auction record chart below presents historical sales data, including platforms, prices, and grades, indicating strong demand for 1898 CAM pennies in top condition.

The market activity chart tracks monthly auction volume over the past year, revealing how often these scarce cameo specimens appear on the market.

 

1898 DCAM Penny Value

Deep Cameo (DCAM) represents the most extreme version of the cameo contrast effect. The mirror fields are blazing brilliant while the design devices are intensely frosted — creating a dramatic two-tone appearance that makes DCAM coins the most desirable proof variety of all.

Only a handful of 1898 DCAM pennies are known to exist. Certified examples range from PR64 to PR66+, with values starting around $1,450 and reaching $11,500 or higher. Their extreme rarity reflects how rapidly the die frosting wore off during production in the 1800s.

The highest auction record for an 1898 DCAM penny is $36,000 for a PR67 Red example sold by Heritage Auctions in 2019.

The market activity chart below provides a monthly snapshot of auction appearances over the past year.

Also Read: 42 Rare Penny Errors List with Pictures (By Year)

 

Rare 1898 Penny Error List

Error coins give collectors a fascinating window into the minting process. The 1898 Indian Head Penny has several documented errors and die varieties that command premium prices among specialists.

Attributing 1898 Indian Head cent varieties involves cross-referencing two key resources: the Fivaz-Stanton (FS) reference number system, and the Snow attribution system developed by researcher Rick Snow, author of A Guide Book of Flying Eagle and Indian Head Cents. The CONECA Error-Variety Club also helps collectors verify specific die varieties.

1. 1898 Misplaced Date (MPD) Error

A Misplaced Date (MPD) error occurs when a mint worker punched date digits in the wrong position during die preparation. The working space on Indian Head cents was very limited — only about one-eighth inch between the bust and the denticles — making accidental misplacements relatively common.

Workers would correct the position but often left visible traces of the initial punch near or within the denticles below the date. Two notable MPD varieties are documented for the 1898 penny:

FS-401 (Snow-12) shows traces of misplaced digits visible near the denticles below the date area. It is cataloged as FS-401 in the Fivaz-Stanton reference and Snow-12 (S-12) in Rick Snow’s attribution system.

FS-402 (Snow-5) is the more recognized MPD variety for 1898. The misplaced numerals appear within or near the denticles surrounding the coin’s rim. An MS66 example of this variety sold for $1,998 at auction.

 

2. 1898 Repunched Date Error

A Repunched Date (RPD) error occurs when the date was struck into the die more than once at a slightly different angle or position. This results in the date appearing doubled or with extra outlines around the numerals.

If the repunching is subtle, the date may just look thicker than normal. If it is more pronounced, you can clearly see two overlapping sets of digits.

A high-grade 1898 repunched date example has sold for as much as $1,725 at auction. Carefully examine the “98” portion of the date under magnification — that area shows doubling most frequently on 1898 coins.

 

3. 1898 Double-Struck Off-Center Error

A double-struck off-center error happens when a planchet sticks inside the coin collar and receives a second strike in a significantly different position. The result looks like two overlapping coins in one.

This is one of the more dramatic and visually compelling error types. A well-documented 1898 example sold for up to $1,400, reflecting strong collector demand for major striking errors.

 

4. 1898 Capped Die Error

A capped die error occurs when a struck coin fails to eject and sticks to the die. That coin then becomes a “cap” that strikes the next incoming planchet, producing a coin with full detail on one side and almost no detail on the other.

One documented 1898 capped die example was graded MS66 Brown by NGC and sold at auction for $625. Values for this error type generally range from $500 to $1,000 depending on the extent of the cap effect.

 

5. 1898 Clipped Planchet Error

A clipped planchet error occurs when the metal strip feeding the planchet-cutting machine overlaps a previously punched area. The resulting coin is missing a curved or straight section of its edge.

For 1898 Indian Head Pennies, these errors come in several varieties:

• Straight Clip: $75–$100 in circulated grades; $200–$250 in Uncirculated
• Curved Clip: $100–$150 in circulated grades; $250–$300 in Uncirculated
• Multiple Clips: $250+ in circulated grades; $500+ in Uncirculated

Dramatically clipped pieces — where a large segment is missing — can occasionally exceed $1,000 regardless of the coin’s base grade.

 

6. 1898 Rotated Die Error

On a normal coin, the obverse and reverse designs align in the same direction. On a rotated die error, one die was incorrectly positioned, so the back of the coin appears turned — sometimes as much as 180 degrees from the front.

Documented 1898 examples with rotated dies have sold for around $565. Some coins also combine rotation with multiple strikes, creating a complex error worth between $75 and $600 depending on grade and the extent of the rotation.

 

Where To Sell Your 1898 Penny?

If you’re ready to sell your 1898 Indian Head Penny, choosing the right platform matters. Whether you prefer online auctions, coin dealers, or collector forums, each option has its pros and cons.

We’ve prepared a detailed guide on the Best Places To Sell Coins Online to help you get the best value.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1898 Penny Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ About The 1898 Penny Value

1. How much is a 1898 Indian Head Penny worth?

Value depends on condition, color, and variety. A circulated 1898 No Mint Mark penny in Good condition averages around $3–$5. Mint State Red examples can reach $691 or more. Proof coins in PF-60 start around $150, with gem proofs reaching $901 on average. The highest auction record is $36,000 for a PR67 Red Deep Cameo specimen sold by Heritage Auctions in 2019.

2. Is the 1898 Indian Head Penny rare?

In circulated grades, no — with nearly 50 million minted, worn examples are easy to find. However, high-grade Red survivors are genuinely scarce. Only two MS67+ Red coins have been certified by PCGS, each valued at approximately $25,000. Proof coins are rarer still, with only 1,795 originally produced.

3. What errors should I look for on a 1898 penny?

The most notable cataloged errors are Misplaced Date (MPD) varieties FS-401 (Snow-12) and FS-402 (Snow-5), which show traces of date digits punched near the denticles. An MS66 example of FS-402 sold for $1,998. Other valuable errors include repunched dates (up to $1,725), double-struck off-center coins (up to $1,400), and capped die errors ($500–$1,000). Examine the date area and denticles closely with magnification.

4. What does the color designation mean on a 1898 penny?

Indian Head pennies are graded by color as well as condition. BN (Brown) means the coin has developed a natural brown patina — the most common designation. RB (Red-Brown) means the coin retains partial original copper color. RD (Red) means the coin has kept most of its original brilliant copper surface and is the most valuable. Color designation affects value dramatically — the same coin in MS65 Brown might be worth $280, while MS65 Red can exceed $700.

5. What is the CAC designation and why does it matter for 1898 pennies?

CAC stands for Certified Acceptance Corporation, a third-party organization that evaluates coins already graded by PCGS or NGC. A CAC-approved coin has been independently verified as exceptional for its assigned grade. For 1898 pennies, CAC approval adds significant value — a PCGS MS-67 Red example with CAC approval sold for $10,200 at Stack’s Bowers in August 2023, compared to $9,400 for a similar coin without it.

6. How do I grade a 1898 Indian Head Penny at home?

Start by examining the “LIBERTY” inscription on the headband. If all seven letters are fully visible and sharp, the coin grades at least Fine or better. If letters are worn away, it grades Good to Very Good. For uncirculated grades, look for original luster across the coin’s surfaces — wear appears as a different-colored patch on high points like the cheek and feather tips. Use a magnifying glass of at least 5x to 10x for an accurate assessment

7. Who designed the 1898 Indian Head Penny and what is the true story behind the portrait?

The coin was designed by James B. Longacre, the U.S. Mint’s Chief Engraver. Despite the coin’s name, the figure is not a Native American — it is Lady Liberty wearing a stylized war bonnet. According to numismatic tradition, the portrait was inspired by Longacre’s own daughter, whose likeness he sketched after a visiting Native American chief playfully placed his headdress on her head.

8. What reference books should I use to attribute 1898 Indian Head Penny varieties?

The key reference for Indian Head cent varieties is A Guide Book of Flying Eagle and Indian Head Cents by Richard (Rick) Snow. Many variety attributions carry both a Fivaz-Stanton (FS) number and a Snow (S-) number. The CONECA Error-Variety Club also provides authentication and attribution services for specific die varieties and errors. PCGS CoinFacts and NGC Coin Explorer both list known varieties with population data.

9. What recent auction prices have 1898 pennies achieved?

Recent highlights include: a PCGS MS-67+ Red sold by Heritage Auctions in January 2024 for $14,400; a PCGS MS-67 Red with CAC approval sold by Stack’s Bowers in August 2023 for $10,200; and an NGC MS-66 Red realized at Legend Rare Coin Auctions in December 2023 for $3,760. These results confirm strong ongoing demand for top-quality Red examples, especially those certified by PCGS or NGC with additional CAC endorsement.

10. Is a 1898 Indian Head Penny worth getting professionally graded?

For most circulated coins worth $3–$20, professional grading from PCGS or NGC (which costs approximately $30–$50 per coin) is not economical. However, if your coin appears to be in Uncirculated condition with strong original red or red-brown color, grading can significantly increase its marketability and value. An MS65 Red example is worth around $700 raw but can command even more in a certified holder. Any coin you believe might be a notable error variety is also worth submitting for authentication.