The Indian penny is a one-cent coin minted in the US between 1859 and 1909, featuring the Statue of Liberty wearing a feathered headdress. Despite the large number minted, few survive, making them valuable. The most valuable is the 1877 issue, with less than a million minted. The coin was originally composed of 88% copper and 12% nickel, but the alloy was changed in 1864 to 95% copper, reducing the weight by more than a third.
An Indian penny refers to any of the one-cent coins that were minted in the United States between 1859 and 1909. These coins have the appearance of the head of the Statue of Liberty wearing a feathered headdress. Because the headdress resembled those traditionally worn in Native American cultures, the coin became known as the Indian penny or Indian penny. James Barton Longacre is credited with the idea of designing the coin while he was working as an engraver at the Philadelphia mint. Around 1.85 billion Indian pennies were minted over its 50-year lifespan.
Despite the large number of these coins that were originally minted, relatively few survive. Because of this, all Indian pennies are worth at least $1 United States Dollar (USD), as long as the date can be read, as well as the mint mark if there is one. Coin values are generally based on a combination of the rarity of the sample and its condition. Of course, this is the case with most collectibles, but the condition of the coins is measured based on a standardized scale indicated by letters and numbers. A coin in mint condition, indicated as MS-65, is most desirable, but other coins in less pristine condition, such as VG-8 or G-4, may still be valuable, as is the case with the Indian penny.
The most valuable type of Indian penny is the 1877 issue. Whatever the reason at the time, very few 1877 Indian pennies were minted, in fact less than a million. This scarcity, and the fact that very few 1877 pennies have remained in good condition, gives the coin what is by far the highest value of any Indian penny. An 1877 penny in very good condition or VG-8 can sell for over $400 USD.
During the first five years of the Indian penny series, the coins were composed of 88% copper and 12% nickel. It is a little known fact that this coin was actually known as a “nickel” due to its nickel content. This was in the time before the issuance of the nickel we know today as the nickel. In 1864, the alloy mix was changed to 95% copper, with the remaining 5% consisting of tin and zinc. This effectively reduced the weight of the coin by more than a third. This alloy was used for many years thereafter, but was also later abandoned in favor of copper-plated zinc in 1982.
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