The penny minted from 1859 to 1909 was mistakenly thought to be an Indian but was instead intended to represent Liberty wearing a headdress. As with the Mercury dime that would come after it, the incorrect name would stick. Prices vary greatly depending on year, condition and variation. Coins are generally graded on a scale that ranges from good (G-4) up to uncirculated (MS-60).
Good and Very Good
The word "Liberty" on the headdress is worn off in an example that is in G-4, or good condition, while the coin is in very good, or VG-8, shape if some of the letters are visible. Common values are between $10 and $20 for the early years of this coinage. The more commonly found coins of the 1870s and beyond usually sell for $2 to $6.
Fine and Very Fine
"Liberty" is mostly visible for F-12, or fine, condition, while there is only slight wear on the word for the coin to be in very fine, or VF-20, condition. Early years sell for $20 to $60, and later years sell for $6 to $22.
Extremely Fine
In this VF-40 condition, "Liberty" is sharp and there can be only slight wear elsewhere on the coin. Early examples are valued at between $45 and $200. Pennies in this condition in the 1870s and 1880s are generally worth about $20 to $30, and pennies from the 1890s and first decade of the 1900s go for $10 to $15.
About Uncirculated
The coin has very slight traces of wear only above Liberty's ear and at the lowest curl of her hair to be in AU-50 condition. Early pennies sell for $70 to $220 while the last few decades of the Indian head are valued at $20 to $35.
Uncirculated
There can be no trace of wear on the coin, but it can have light blemishes. These very hard-to-find examples carry a nice premium, with early years selling at rates between $100 and $300. An MS-60 penny from 1879 to 1909 goes for $35 to $80.
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