The Indian head penny is misnamed. It actually features Lady Liberty wearing an Indian headdress and does not represent an actual Native American. Before the U.S. Mint began striking the 5-cent coin in 1866 these pennies were known as nicks or nickels because they contained about 12 percent of that metal.
Time Frame
The first Indian head pennies were issued in 1859. The coin continued mintage until 1909 when the design was phased out for the Lincoln cent, which featured a profile of the 16th American president on the front. U.S. Mint locations in Philadelphia and San Francisco struck the Indian head penny.
Composition
The Indian head penny from 1859 to 1864 comprised 88 percent copper and 12 percent nickel. This was changed to 95 percent copper and 5 percent of a tin and zinc alloy in 1864. The U.S. Mint continued this composition for the duration of the Indian head penny's coinage. The original composition weighed 4.7 gs, but the weight became 3.1 gs with the change in composition in 1864. The coin has a diameter of 19 mm.
Features
Around Liberty wearing the Indian headdress on the front of the coin are the words "United States of America" with the date at the bottom. The reverse features the words "ONE CENT" surrounded by an oak wreath with a shield at the top. The first pennies minted in 1859 did not include this shield.
Grades
Collectors grade examples with nice luster and no wear as uncirculated. Pennies featuring only minor wear tend to grade as about uncirculated or extremely fine. If the word "LIBERTY" on the headdress is slightly worn the coin grades as very fine. If some of the letters are worn the penny would grade as very good and if "LIBERTY" is not visible at all the penny would be considered to be in good condition.
Rarities
An 1877 Indian head penny can be quite valuable as less than 1 million were minted. This coin can sell for more than $1,000 in 2010 prices even in very good condition. Some copies of the 1888 penny feature the last 8 stamped over a 7 in the date. These coins are worth more than $1,000 in good condition.
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