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

Did you know that an 1864 Indian Head penny with “L” on the ribbon sold for $161,000? Or that the legendary 1877 penny—the “key date” of the series—fetched $149,500? These century-old coins might be tucked away in old collections, waiting to be discovered.

Welcome to your comprehensive guide to the most valuable Indian Head pennies (1859-1909)! This chart tracks current market values for these historic coins that preceded the Lincoln cent and remain highly sought after by collectors today.

What makes an Indian Head penny worth a fortune? Three key factors: rare dates (like the scarce 1877), varieties (such as the 1888/7 overdate), and exceptional condition. Even common dates in pristine MS-65+ condition can command thousands of dollars.

Let’s dive into our Top 10 most valuable Indian Head pennies—each a numismatic treasure—followed by the complete rankings to help you identify which coins to look for!

Looking for rare pennies from other years?

• (1959 – Present): Most Valuable Lincoln Pennies Worth Money
• (1909 – 1958): Most Valuable Wheat Pennies Worth Money
• Even Older?: The Rarest Pennies In the US From 1787
• Misprint Penny: Penny Errors List with Pictures

 

Most Valuable Indian Pennies Worth Money

1. The Ultimate Indian Head Rarity: 1864 L On Ribbon Proof Penny

Record Price: $161,000 (PCGS PR65 Red and Brown, Heritage Auctions 2011)

This is it—the absolute holy grail of Indian Head cents! The 1864 L On Ribbon proof represents a perfect storm of rarity: estimated mintage of only 20 pieces, the first year with designer’s initials, and a Civil War-era proof that shouldn’t exist in such tiny numbers. When Heritage offered this specimen from The Brooklyn Collection, bidders knew they were witnessing history—the chance to own what Rick Snow calls “the ultimate Indian Cent in the proof series.”

The backstory reads like a mint mystery novel. Late in 1864, as the Civil War raged, James Longacre’s initial “L” was added to the ribbon on Liberty’s headdress. While millions of regular bronze cents received this update, almost no proofs were struck with the new design. Why? The Mint had already fulfilled most proof orders for 1864 earlier in the year with No-L dies. These late-year L proofs were likely struck only for the few collectors whose orders straggled in—and nobody at the time even noticed the variety!

The survival statistics are devastating: Of the estimated 20 originals, experts believe fewer than 20 examples survive in all grades combined. Two collectors are known to possess multiple specimens, further tightening the market. When simple mathematics shows maybe 15 examples available to the entire collecting community, every appearance becomes an event.

This PR65 Red and Brown specimen (Snow-PR2 variety) displays characteristics that defy belief for a 160-year-old copper coin. Heritage described it as showing “far more red coloration than brown, an overall light copper-gold appearance that shifts at the obverse rims to light lavender.” The strike shows the L sharp on the ribbon, with the diagnostic die line paralleling the Indian’s jawline—the variety’s fingerprint.

The price evolution tells everything: A PR64 Red and Brown brought $96,000 in 1999. This same coin previously set a record at $132,000 in 2002. By 2011, it shattered expectations again at $161,000—each sale representing another chapter in the “buy it at all costs” mentality required to win such rarities.

What makes this even more remarkable? The variety wasn’t recognized until about 1871, meaning these coins circulated unnoticed for seven years! By then, most had likely been spent or melted. Today, the 1864-L proof stands as the rarest of all proof small cents, outranking every Flying Eagle and Indian Head proof in terms of absolute rarity.

 

2. The Key Date King: 1877 Indian Head Penny

Record Price: $149,500 (PCGS MS66 Red, Heritage Auctions 2007)

Claiming the silver medal in our Indian Head hall of fame, the 1877 stands as the undisputed key date of the entire series—the coin that has tormented collectors for over a century! With only 852,500 pieces reportedly produced (the lowest regular-issue mintage until 1909), this Depression-era survivor commands astronomical prices even in worn condition.

Here’s the mystery that drives collectors crazy: This is the lowest-mintage date of the series, with only 852,500 pieces reportedly produced. All non-proof 1877 Indian cents were struck from a single reverse die with a shallow N in ONE. Richard Snow poses an interesting question: How could nearly a million cents be struck from the same die without developing any significant die wear or cracks? As a possible answer he postulates that the real mintage may be even less than traditionally reported—making this date even rarer than we think!

The survival numbers are brutal: Numismatic consensus suggests under 5,000 survivors exist in all grades, with only about 10% in uncirculated condition. At the pinnacle MS66 Red level, PCGS has graded just six such coins and none finer with the Red designation. When one of these crimson beauties surfaces, bidding wars erupt!

The record-setter from the Santa Fe Collection was housed in a green-label holder, displaying pale copper-orange surfaces with glimpses of gold. The coin tied with just five others at this lofty grade when it shattered expectations at $149,500. Even stepping down one grade makes a massive difference—MS65 Red examples trade around $30,000, while MS63 Red brings about $7,500.

What makes this date so special? The 1877 emerged during America’s worst economic depression of the 19th century. Banks failed, businesses collapsed, and coin production plummeted. While the Mint had struck millions of cents in previous years, 1877’s production dropped to less than a million—creating instant scarcity that collectors recognized even in the 1880s.

The technical details fascinate: Most examples display light clashmarks above and to the left of the O in ONE—a characteristic that helps authenticate genuine pieces. The strike quality varies, with many showing weakness on Liberty’s feather tips, adding another layer of challenge for condition-conscious collectors.

Worth searching for? Even a lowly Good-4 example commands $500-$800, while Fine specimens fetch $1,200+! This is the coin that makes or breaks serious Indian Head collections—without it, no set is complete. Every worn 1877 penny represents someone’s century-old pocket change that survived against all odds!

Check  1877 Indian Head Penny History, Variety Price Chart, and Errors List

 

3. The Condition Rarity Marvel: 1902 Indian Head Penny

Record Price: $144,000 (PCGS MS-68 Red, Stack’s Bowers 2022)

The 1902 Indian Head penny proves that condition is everything—transforming a coin with 87.3 million mintage into a six-figure treasure! This Ultra Gem stands as one of only seven Indian cents of any date ever graded MS-68 by PCGS, making it rarer than winning the lottery twice.

Here’s the jaw-dropping reality: While you can buy a circulated 1902 penny for a dollar, this virtually pristine specimen commanded $144,000! The coin is tied for finest known of its date, with PCGS reporting only two grading events in MS-68 Red and none finer. It’s not just the best 1902—it’s among the best Indian cents that exist, period!

The technical perfection is mesmerizing: Stack’s Bowers described it as “a virtually pristine coin with a smooth satin texture that is devoid of even the most trivial blemishes.” The surfaces display medium rose color with blushes of even more vivid reddish-orange in peripheral areas. Every diamond on Liberty’s ribbon is sharp, every feather detail crisp—it’s as if this coin was struck yesterday and immediately sealed in a time capsule.

What makes this price even more remarkable? Just one grade down at MS-67+, a 1902 sold for $38,400 in January 2022—that’s over $100,000 difference for one tiny grade point! At MS-65 Red, you’re looking at just $675. The exponential price progression shows how the market goes absolutely wild for perfection.

The backstory reveals the challenge: Out of 87 million coins struck, finding one in MS-68 condition is like finding a specific grain of sand on a beach. Most 1902 pennies entered circulation immediately during America’s economic boom years. The few that survived uncirculated rarely maintained perfect surfaces through 120+ years of existence.

This coin now resides in the legendary D.L. Hansen Collection, one of the greatest type sets ever assembled. When the finest collectors compete for the finest coins, price becomes almost irrelevant—it’s about owning the irreplaceable.

Worth searching for? While finding another MS-68 is virtually impossible, this record proves that even common dates can become treasures in exceptional condition. Every 1902 penny deserves a second look—you never know when perfection might be hiding in plain sight!

Check 1902 Indian Head Penny History, Variety Price Chart, and Errors List

 

4. The Detroit Collector’s Dream: 1872 Indian Head Penny

Record Price: $126,500 (PCGS MS66 Red, Heritage Auctions 2007)

Carl Herkowitz of Detroit spent 25 years of his life on a seemingly impossible quest: finding problem-free 1872 Indian Head pennies. After a quarter-century of searching, examining thousands upon thousands of coins, he managed to accumulate just 200 acceptable examples. That’s how notoriously terrible the 1872 production run was—and why this MS66 Red specimen from The Santa Fe Collection commanded $126,500 when the gavel fell on August 9, 2007.

The 1872 tells a story of Reconstruction-era chaos at the Philadelphia Mint. Q. David Bowers notes that “the planchets made from the recoinage melt were not of a consistent quality.” Picture exhausted mint workers in the sweltering Philadelphia summer, recycling old coins into new planchets with inconsistent alloy mixes. Most 1872 cents emerged streaky, weakly struck, or splattered with machine oil. It was as if the Mint itself was recovering from the Civil War’s trauma, struggling to maintain standards.

This particular coin defied every curse of its year. Heritage described it as “phenomenally lovely” with “coruscating luster radiating from surfaces that are light tan-orange, with glints of greenish-yellow.” Even more remarkable, it maintained the Bold N reverse (as used on 1877 proofs), distinguishing it from the Shallow N variety that plagued many 1872 cents. The strike remained full despite visible die fatigue—though the upper ribbon showed only three and a half diamonds due to die lapping, the overall impression was magnificent.

The auction room at the 2007 ANA Milwaukee show buzzed with anticipation. This coin represented one of only two 1872s graded MS66 Red at PCGS, with none finer—matching the population of the famous 1877 key date at the same level. Bidders knew they weren’t just buying a coin; they were acquiring the solution to Carl Herkowitz’s 25-year puzzle, the exception that proved the rule about 1872’s notorious quality issues.

The technical details revealed a die in its death throes: die cracks traversed the lower ribbon on the reverse, another crack joined the upper left wreath to the rim. This was a die pushed beyond its limits, yet somehow producing this one spectacular specimen before giving up the ghost. It’s like finding a perfect rose blooming in a war-torn garden.

The green-label PCGS holder added vintage appeal—this coin had been recognized as special long before modern grading standards. When it crossed the block at $126,500, it set a benchmark that still resonates today. The price reflected not just rarity but triumph over industrial adversity—proof that even in the worst production years, perfection could emerge.

5. The Coin That Couldn’t Be Sold: 1899 Indian Head Penny

Record Price: $108,000 (PCGS MS68 Red, Heritage Auctions 2019)

A renowned collector sells his entire Indian Head collection in 1995, but there’s one coin he can’t let go. Dr. Alan Epstein actually bought back this 1899 penny from his own sale because he knew the truth—this wasn’t just any coin, it was THE coin. Standing alone as the finest bronze Indian cent ever graded, this MS68 Red specimen represents absolute perfection across 45 years of bronze cent production.

The coin’s journey reads like a collector’s soap opera. After Dr. Epstein finally released it a year later, it passed through the legendary Gorrell Collection, then into the Joseph C. Thomas Collection, before landing in The Castle Collection. Each time it changed hands, the numismatic world held its breath—when would we see this unicorn again?

Here’s the controversial part: PCGS lists two 1899 cents at MS68 Red, but expert Richard Snow and others believe this is a population report error—that this coin is actually unique! Imagine owning something that literally has no equal among hundreds of millions struck. It’s like being told there are two Mona Lisas, but everyone knows there’s really only one.

The technical perfection defies belief. Out of 53.6 million 1899 pennies minted, this specimen emerged essentially blemish-free with fabulous mint luster, sharply struck throughout. Heritage described both sides as “essentially blemish-free”—a phrase rarely used for any coin over 120 years old. The surfaces retain their original blazing red copper color without a hint of the brown toning that affects 99.99% of copper coins.

What’s fascinating is the emotional attachment this coin creates. Dr. Epstein, who assembled one of the finest Indian cent collections ever, knew that any attempt to duplicate his achievement would require THIS specific coin. It wasn’t about the date or even the grade—it was about owning the undisputed best.

The math is staggering: At MS65 Red, a nice 1899 sells for about $350. Jump to MS67 Red? You’re at $15,000. But MS68 Red? The market essentially says “name your price” because when perfection appears, normal pricing rules disappear. The $108,000 price reflects not just rarity but the knowledge that there may never be another chance to own the finest example of an entire 45-year series.

Fun fact: This coin has only appeared at public auction twice in 20 years (2009 and 2019), making its appearances rarer than Halley’s Comet! When Heritage offered it, they stated bluntly: “Once this coin sells there will not be another chance to purchase a bronze Indian cent at this stellar level of preservation.”

Check 1899 Indian Head Penny History, Variety Price Chart, and Errors List

 

6. The Proof Perfection Pioneer: 1897 Indian Head Proof Penny

Record Price: $108,000 (PCGS PR67+ Deep Cameo, Stack’s Bowers 2021)

This 1897 proof stands as the sole finest Deep Cameo Indian cent certified by PCGS across ALL dates and color designations—not just the best 1897, but the best proof Indian cent with Deep Cameo designation that exists, period. When you own the absolute pinnacle of an entire 50-year series, the market takes notice with six-figure bids!

Here’s what makes this a numismatic miracle: From a tiny mintage of just 1,938 proofs, this specimen emerged with perfect Deep Cameo contrast—shimmering reflective fields contrasting markedly with richly frosted devices. The dominant golden-orange color enhanced by vivid reddish-rose blushes creates a visual feast that defies the passage of 124 years.

The rarity factor is staggering: The Proof 1897 Indian cent is an underrated rarity among late dates. Of the original mintage, 731 were intended for silver Proof sets while 1,207 went into minor coin sets. Today, most survivors grade Proof-64 or lower, with many having been cleaned or mishandled. Gems appear at auction only a couple times per year, but those with ANY traces of Cameo contrast? They’re virtually non-existent.

What’s truly remarkable is the CAC approval—this coin is the ONLY Deep Cameo example approved by CAC across all grading services, confirming its superior quality isn’t just a grading service opinion but represents genuine, undeniable excellence. When both PCGS and CAC agree you have the finest known, that’s numismatic royalty.

The technical details fascinate: Struck from the Snow-PR3 dies, it’s readily identifiable by a die line in the denticles below the digit 9 and a bulging upper pendant on the letter E in CENT. These minute markers serve as the coin’s fingerprints, proving its authenticity and die marriage to experts.

The price progression tells the story: Regular PR67 examples without Cameo designation might bring $12,000. Add regular Cameo contrast? You’re at $32,000-40,000. But Deep Cameo at the PR67+ level? The market essentially says “there is no comparable”—hence the $108,000 price that reflects owning something truly unique in the entire Indian cent universe.

Check 1897 Indian Head Penny History, Variety Price Chart, and Errors List

 

7. The Final Chapter Champion: 1909-S Indian Head Penny

Record Price: $97,750 (PCGS MS67 Red, Heritage Auctions 2006)

Standing as the absolute finale of a 50-year legacy, the 1909-S holds the lowest mintage in the entire Indian Head series—just 309,000 pieces. This San Francisco rarity represents America’s numismatic transition moment, as the Philadelphia Mint was simultaneously cranking out 100 million new Lincoln cents while San Francisco squeezed out this tiny final run of Indian Heads.

This MS67 Red specimen from The Joshua and Ally Walsh Collection is the ONLY coin at this grade level across both major grading services. The surfaces display a distinctive “woodgrain effect” from slightly streaky toning—nature’s own artistic enhancement on an otherwise perfect coin. Heritage described it as displaying “dazzlingly bright luster with beautiful light reddish-tan and mint-green coloration.”

The historical significance amplifies value: The 1909-S marked only the second time in U.S. history that a cent bore a mintmark, proving branch mints could handle minor coinage production—forever changing American minting logistics.

Authentication presents a serious challenge. Counterfeiters flood the market with fake “S” mintmarks added to Philadelphia strikes. The key? Both 1908-S and 1909-S used the identical “S” punch, so authentic mintmarks must match perfectly. One tiny deviation means you’ve got a $3 fake instead of a $30,000 treasure.

The price structure reveals exponential growth: circulated examples trade at $350-$600, MS64 Red-Brown at $2,400, MS65 Red at $5,500, then MS67 Red at $97,750. Each grade point doesn’t just add value—it multiplies it dramatically.

A modern twist: A collector recently bought a $150 mystery box and discovered a PCGS-graded 1909-S inside—worth five times the box price! These stories keep the mystique alive.

Check 1909 Indian Head Penny History, Variety Price Chart, and Errors List

 

8. The Gilded Age Gem: 1890 Indian Head Penny

Record Price: $91,062.50 (PCGS MS67+ Red CAC, Legend Rare Coin Auctions 2020)

The 1890 Indian Head penny emerged during America’s dramatic economic comeback—a phoenix rising from the ashes of the mid-1880s depression. As the nation recovered, penny production surged to 57.2 million pieces, reflecting renewed confidence in commerce. The timing was perfect: the Post Office had just reduced stamp prices from three to two cents, instantly making the three-cent nickel obsolete and driving massive demand for pennies. This economic shift transformed the humble cent from spare change into the workhorse of American transactions.

The historical context adds flavor: By 1890, coin-operated machines were beginning to appear in cities, creating the first “penny arcades” that would define American entertainment for decades. Every 1890 penny potentially dropped into a kinetoscope or vending machine, witnessing the birth of automated commerce. Congress had even begun discussing removing production restrictions that limited cent minting to Philadelphia—change was literally in the air.

Now enter the superstar: This PCGS MS67+ Red CAC specimen stands absolutely alone as the SINGLE FINEST GRADED example of the date. Legend Rare Coin Auctions declared it “ONE OF THE FINEST Indian Head cents that survives in the entire 50 year series!” The next best examples? A pair of MS66+ coins—a full grade and a half lower. In the ultra-competitive world of registry collecting, owning the undisputed #1 means everything.

The technical perfection defies belief: vibrant luster blooming all over, razor-sharp strike throughout, surfaces essentially perfect without any serious marks or flecks. The CAC approval confirms what the eyes already know—this isn’t just a technical grade but represents genuine, exceptional quality that transcends numbers. It’s a true marvel of survival from an era when pennies were workhorses, not collectibles.

The price reflects absolute rarity at this level. While a nice MS63 Red brings $200 and MS65 Red fetches around $1,000, this MS67+ Red commanded $91,062.50—nearly 100 times more! The Collectors Universe Price Guide doesn’t even list a value for this grade because sales are so rare they can’t establish a baseline. When Heritage offered it, they boldly stated: “this MAJESTIC 1890 Indian Head cent is worthy of a world record price!”

Check 1890 Indian Head Penny History, Variety Price Chart, and Errors List

 

9. The Reconstruction Rarity: 1869 Indian Head Penny

Record Price: $84,000 (PCGS MS66+ Red, Heritage Auctions 2019)

Here’s a coin born from legislative chaos! The 1869 Indian Head penny emerged during one of the strangest episodes in American monetary history. A critical oversight in the Mint Act of April 1864 forgot to include a redemption clause for cents and two-cent pieces, limiting their legal tender status to just 10 cents. Banks refused to accept large deposits from merchants, who then hauled millions of cents back to the Mint for melting. Over the next decade, an astounding 55 million bronze cents were destroyed—nearly wiping out entire years of production!

The 1869 suffered particularly from this mass extinction. With only 6.4 million originally minted (already one of the lowest mintages to that point), the survival rate plummeted as coins disappeared into the melting pots. What should have been a moderately available date became one of the top 12 rarest Indian pennies. The Reconstruction-era economy was still finding its footing, and these pennies witnessed America rebuilding itself after the Civil War’s devastation.

This MS66+ Red specimen represents absolute triumph over destruction. Heritage noted it as one of the finest known examples, with blazing original red surfaces that somehow escaped both circulation and the melting furnaces. The plus designation makes it even more special—PCGS awards the plus only to coins at the very top of their grade range, essentially an MS66.5 that missed MS67 by a whisker.

The market recognizes this coin’s special status within the series. While a decent circulated 1869 brings $90-$150, and a basic Mint State example fetches $500-$1,000, this MS66+ Red commanded $84,000. The exponential price jump reflects not just condition but survival against historical odds. When you consider that millions of these coins were literally melted down by government order, finding one in pristine condition feels like discovering a phoenix.

Fun fact: The 1869 also features several valuable varieties, including the famous 1869/69 repunched date where the “69” appears doubled. Even these varieties in lower grades bring premiums, but finding one in MS66+ Red? That’s finding the variant of a rarity in perfect condition—a triple crown of numismatic desirability.

 

10. The Hidden Giant: 1888/7 Overdate Indian Head Penny

Record Price: $74,750 (PCGS MS63 Brown, Heritage Auctions 2007)

Talk about a late bloomer! The 1888/7 overdate wasn’t even discovered until 1970—over 80 years after it was minted! Dealer James F. Ruddy found two examples together in a cabinet drawer belonging to a non-collector in Virginia, instantly creating one of the most exciting variety discoveries in Indian Head history. Imagine the shock: collectors had been examining these coins for nearly a century without noticing the ghost of 1887 hiding beneath 1888!

The technical story fascinates: A die from 1887 was re-punched with an ‘8’ for use in 1888, likely a cost-saving measure during economically uncertain times. Look closely at the last ‘8’ in the date and you’ll see diagnostic traces—a small protrusion at the top-left curve and a telltale blob at the bottom where the ‘7’ peeks through. It’s like a numismatic palimpsest, one year written over another, creating accidental art worth tens of thousands.

This MS63 Brown example commanded $74,750 despite being “only” Brown rather than Red. Why? Because uncirculated examples of the 1888/7 are virtually non-existent. PCGS estimates perhaps 500 examples survive across ALL grades, with the vast majority grading between Good-4 and Fine-12. Only 5-10 are believed to exist in uncirculated condition, making this MS63 a condition census coin despite its modest color designation.

The price structure reveals extreme rarity: A lowly Good-4 starts at $2,000, Fine-12 brings $4,250, XF-40 commands $8,000, and AU-50 reaches $16,000. Then comes the cliff—any Mint State example vaults into high five figures. An MS64 Red-Brown brought $72,000 in 2019, showing that even a single grade point can mean tens of thousands in value difference.

What’s remarkable is how this variety remained hidden in plain sight for so long. The 1888/7 proves that major discoveries can still happen in well-studied series. After Ruddy’s announcement, collectors frantically re-examined their holdings, and a few more examples trickled out of collections where they’d been sitting unrecognized for decades.

The market context adds intrigue: Current values are actually below their all-time highs from a few years ago, suggesting this might be an opportune time for savvy collectors. As the leading variety in the entire Indian Head series, the 1888/7 enjoys consistent demand from both variety specialists and date collectors who need it for completion.

Check 1888 Indian Head Penny History, Variety Price Chart, and Errors List

Summary

The top 10 most valuable Indian Head pennies sold at auction range from $74,750 to $161,000, dominated by ultra-rare proofs (1864-L, 1897), condition rarities (1902 MS68, 1899 MS68), key dates (1877, 1909-S), and fascinating varieties (1888/7 overdate). Values are driven by extreme rarity, perfect preservation, historical significance, and the fierce competition among advanced collectors pursuing registry set supremacy.