Original CoinWeek Post By Lianna Spurrier , Updated by CoinWeek 12/15 CoinWeek …..
Collectors know large cents for their endless varieties. Specialists have chased them for generations. Early U.S. silver coins follow the same path. Morgan Dollars do too, with entire collections built around tiny differences. Yet one question rarely comes up: what about Indian Head Cent varieties?
At first, the series looks simple. It runs about fifty years. It has one major design change. It has one composition shift. And most albums highlight only a few varieties. But that simplicity misleads. While the 1877 and 1909-S steal the spotlight, they are not the whole story. In fact, many Indian Head Cents hide overlooked varieties and remarkable histories—stories collectors almost never hear, but should.
The 1864 Copper-Nickel “With L”
In 1864, the Indian Head Cent series underwent two major changes. First, the Mint switched the composition from copper-nickel to bronze. Then, engravers added a small “L” to the obverse in honor of designer James Barton Longacre. However, these changes did not happen at the same time.
Evidence from surviving coins makes one thing clear. The Mint changed the composition before it added the “L.” Even so, that sequence does not eliminate the possibility of copper-nickel cents bearing the “L.” In fact, a handful of such coins exist.
So far, researchers have identified five examples. Two are Proofs, and three are circulation strikes. Importantly, all five were struck from dies also used to strike bronze cents. Moreover, the circulation strikes entered commerce alongside their bronze counterparts, not as isolated test pieces.
Here’s where things get interesting. Some circulation strikes appear in holders labeled simply as standard 1864 copper-nickel cents. Meanwhile, specialists usually classify the Proofs as patterns, even though they stretch the traditional definition of that term.
After all, both the planchets and the dies saw regular use on non-pattern coins during the same year. That raises an obvious question: should these coins really qualify as patterns, or do they deserve recognition as a legitimate, if extremely rare, standard issue?
Regardless of the label, collectors should pay attention. Another circulation strike could still be out there, quietly sitting in a slab, misidentified and overlooked, waiting for the right set of eyes to notice the telltale “L.”
Shallow and Bold N Reverses
Did you know Indian Head Cents come with different reverse designs? Most collectors never notice, but once you see the difference, you can’t unsee it.
Look closely at the “N” in ONE. That letter grew progressively shallower as coins were minted. Because copper-nickel planchets resisted metal flow, engravers weakened the N to push more metal toward the obverse. As a result, Lady Liberty’s cheek struck up more fully, even though the reverse lost some depth.
In mid 1864 *, the Mint switched to bronze planchets, following the passage of the Coinage Act of that year. So, engravers strengthened the N on most new dies, creating the familiar Bold N reverse. The shallow-versus bold-lettering varieties seen on Indian Head cents stem from hub modifications. * EDITORS NOTE: This section was corrected from the original, with the date changed to 1864 to correct an error. and also make it clear the lettering varieties came from hub modifications.
The contrast jumps out when you compare the two side by side. Even better, you can spot the difference on worn coins, no loupe required.
However, like most design changes at the Mint, the transition did not happen overnight. Old dies stayed in service longer than intended. Because of that, some coins struck as late as 1877 still show the Shallow N reverse.
That delay created opportunity. For example, collectors can cherrypick 1870–1872 Indian Head Cents with the Shallow N. These coins appear far less often than their Bold N counterparts. As a result, they carry meaningful premiums and reward collectors who know exactly where to look.
An Intentional Variety
In 1875, the United States Mint suspected an employee of pocketing some of the cents he worked with each day. To catch him in the act, they confined him to a single press and marked the reverse die so the coins produced that day could be distinguished from any already in circulation.
When the employee began acting suspiciously, he was searched and 33 marked cents were found. The man, a longtime employee in his 70s whose mental state was in question more than his morals, resigned and left the mint.
In 1875, the United States Mint suspected that an employee had been slipping cents into his pocket during the workday. Rather than confront him immediately, Mint officials chose a more strategic approach. They confined the man to a single press and deliberately altered the reverse die, ensuring that any cents struck that day would stand out from coins already in circulation.
The plan worked. When the employee began acting suspiciously, officials searched him and found 33 marked cents on his person. The man, a longtime Mint employee in his seventies, soon resigned and left the facility. At the time, investigators questioned his mental state more than his character.
Remarkable Episode First Disclosed
This remarkable episode first surfaced publicly in May 1972, when R. W. Julian published the story in Numismatic Scrapbook. Later, a letter summarizing the investigation appeared in Rick Snow’s Flying Eagle & Indian Cent Attribution Guide, 3rd Edition, Volume 1.
However, the letter left one crucial question unanswered. It never explained how the die had been modified. As a result, the identity of the marked coin remained a numismatic mystery for decades.
Then, in 2008, the story took a dramatic turn. While Stack’s cataloged coins for the upcoming Decatur Sale scheduled for August, someone noticed an unusual Indian Head Cent. The coin, now known as 1875 S16, featured a raised dot on the upper-left portion of the N in ONE.
The discovery quickly gained attention. At last, collectors had a plausible explanation for the Mint’s mysterious die alteration. While absolute proof remains elusive, the numismatic community generally accepts this variety as the most likely candidate referenced in the original investigation.
Yet the story does not end there.
Concerned about accusations of self-promotion, Stack’s chose caution. The firm listed the discovery coin in the auction catalog without any reference to its historical significance and without noting its uniqueness.
In fact, the entire description read:
“Deep fiery red and medium golden tan toning create excellent eye appeal on this lightly cleaned, but lovely example. A small, cud-like piece of extra metal on the top of the diagonal of N in ONE adds interest.”
To make matters even more remarkable, the catalog included no photograph. As a result, only a handful of specialists understood what the coin truly represented.
As Rick Snow later noted in his Attribution Guide, “No one noticed it, except this author, and it sold for the price of a normal 1875 cent.”
Today, collectors know of roughly 15 examples. In fact, the variety has already proven its market strength. In 2018, an MS64+ Red specimen realized $4,080 at Stack’s Bowers, underscoring its growing recognition. Moreover, both the variety and a concise two-sentence summary of its story now appear in the Red Book, cementing its place in the mainstream numismatic record.
Even better, collectors do not need a high-grade coin to identify it. The diagnostic dot remains visible on coins graded Fine or higher. As a result, even lower-end examples deserve a careful look, because the next important discovery could be hiding in plain sight.
A Closer Look at the 1877
Everyone knows 1877 as the key date of the Indian Head Cent series. But why is it so rare? The answer goes far beyond a simple mintage figure.
The story begins a decade earlier. After the Civil War ended in 1865, hoarded coins began flowing back into circulation. As a result, the Mint needed far fewer new cents. Starting in 1866, mintages dropped steadily as demand dried up.
At the same time, banking laws worked against base-metal coins. Banks could legally refuse large quantities of cents. To solve that problem, the Mint allowed banks to ship excess coins back for melting and reissue. Consequently, massive numbers of earlier-date Indian Head cents, dating back through 1873, disappeared.
Eventually, the Mint recognized an easier solution. Instead of melting and restriking coins, officials simply reissued cents already on hand. Copper-nickel cents and old large cents still went to the melting pot. However, bronze Indian Head cents returned directly to circulation. Because of that, the Mint struck even fewer new coins each year.
Then came 1877
That year marked the height of a major national depression. People spent whatever loose change they had saved. In response, the Mint released even more previously struck cents, further reducing the need for new production. As a result, the mintage of newly struck 1877 cents fell to the lowest level of the series.
Official records list a mintage of 852,500 coins. Yet the surviving evidence raises serious questions. Among all known circulation strikes, researchers have identified only one reverse die.
That fact matters. Under normal conditions, a working die struck roughly 200,000 coins before failing. If the official mintage were accurate, that die should show severe cracks, cuds, or terminal damage. But it doesn’t. Known examples lack the extensive die deterioration expected from such heavy use.
Something doesn’t add up.
Perhaps the Mint included cents dated 1876 or 1878 in the 1877 accounting, even though that practice had become increasingly uncommon by that time.
Regardless, the market tells the real story. Although the official mintage for 1877 exceeds that of the 1909-S, the 1877 remains far more valuable. Simply put, it is harder to find.
There are other important details to note. All 1877 circulation strikes use the Shallow N reverse, while all Proofs feature the Bold N. That distinction matters for attribution and authenticity.
Finally, collectors should reconsider a common assumption. Many believe 1877 cents suffer from weak strikes. In reality, most are overgraded. Wear often mimics strike weakness, especially on Liberty’s portrait. For that reason, buyers must examine the coin itself, not just the label, when purchasing an 1877 Indian Head Cent.
The First San Francisco Pennies
The San Francisco Mint struck its first cents in 1908, setting the stage for the far more famous rarities of 1909. Interestingly, local economics, not collector demand, drove that decision. When trolley fares jumped from five to six cents, the region suddenly needed far more small change. As a result, cent production began in San Francisco.
That shift produced one of the series’ most important coins. The 1909-S Indian Head Cent carries an official mintage of just 309,000, the lowest of all cent issues struck that year.
Even the far more celebrated 1909-S VDB Lincoln Cent exceeded that total, with 484,000 struck. Yet, the market values the 1877 Indian Head Cent more highly than either, proof that rarity alone never tells the full story.
At the time, however, the 1909-S Indian Head flew under the radar. The Mint announced the new Lincoln Cent early in the year, and collectors focused on what was coming next, not what was ending. Few people noticed the quiet conclusion of a 50-year series.
Then public backlash changed everything. When the Mint announced plans to remove the V.D.B. initials from the Lincoln Cent, collectors rushed to hoard them. Meanwhile, almost no one realized that the 1909-S Indian Head Cent actually had a lower mintage.
As a result, preservation tells a lopsided story. Collectors saved rolls of Lincoln cents. They did not save Indian Head cents. Today, experts estimate that only about 20 examples of the 1909-S Indian Head survive in MS65 or better, compared to roughly 3,000 examples of the 1909-S VDB.
Unfortunately, scarcity invites trouble. The 1909-S Indian Head Cent is heavily counterfeited, and collectors should approach raw examples with extreme caution.
Several diagnostics help separate real coins from fakes.
First, check the strike. Every genuine example shows weakness on the obverse, even in high grades. In particular, the first feather lacks strong detail. A quick review of certified examples makes this clear. Any coin with full feather detail should raise immediate suspicion.
Next, examine the mintmark. On authentic coins, the bottom curve of the S appears very thin, and the lower-left serif points toward the center of a denticle. Two reverse dies exist, but this characteristic holds true for both.
Then look at the edges. Authentic Indian Head cents show slightly beveled edges. Most counterfeits do not. If a coin can stand upright on its edge, it is almost certainly fake. This test applies only to Indian Head and Flying Eagle Cents, not Lincoln cents.
Rick Snow also identified two subtle denticle markers near the mintmark, but these features require magnification and experience. Importantly, genuine dies show no file marks or cracks. Any sign of tooling should raise concern.
Even so, caution remains essential. A coin can pass every visual test and still be counterfeit. The takeaway is simple: never take shortcuts when buying rare dates raw.
A Final Note
A deeper dive into Indian Head Cent varieties reveals an astonishing number of misplaced digits, a 1 in Liberty’s neck, a 3 in the denticles, and other seemingly impossible blunders.
At first glance, these errors defy logic. However, most researchers now believe they were intentional, not mistakes. Engravers likely punched digits into hidden areas to test die hardness, never expecting them to appear in circulation.
Clearly, the Mint never imagined future collectors would examine the series so closely. Yet here we are, finding meaning, and value, in details once meant to remain invisible.
I have a nice 1905 Indian Head Penny.
I have a 1899 Indian head United States Penny and a 1900 Indian head USPenny what IN good condition WHAT ARE THEY WORTH?
Maybe 50 cents to a dollar each.
I expect 33 cents bought him meals foe a couple of days.
Great article. I have a complete set of Flying Eagle and Indian Head Cents. Some are in poor condition, but the dates are readable and so is the S on the 1909 S. I collected this in the ;ate 50s and 60’s.
Love this article! I learned a lot. I love all Indian head cents. Hope to buy one soon from a friend.
When I was a kid, I dound an 1886 Indian head penny under my ygrandma’s prhc when we were redoing it. I carried it for years, and then sadly lost it, I still miss it!
Lots of info. IHC are one of my favorites.
Very interesting article.
Cool
Thank you for this interesting article. As a very casual collector I’m realizing how much there is that I didn’t know.
I would love to hae some of these.
This was a very interesting article. I never knew so many facts about the Indian head penny.
I am juat starting to collect and the Indian Head Cents looks like a place to begin.
Very interesting article…gives me even more interest in the Indian Head cent.
Love the look of this coin
Haven’t seen one of these in circulation ever
A treasure trove of valuable information…
Very interesting article! I favor the Lincoln cents, just because they are easier to find, but the Indian head cents always come home with me when I find them.
I wasn’t aware of all these variations. I found the article very enlightening.
I have a few but I learned some good information.
I remember searching through my grandmother’s tin can of Indian cents and finding two 1909-5 coins. How exciting for a young collector…50 years ago:-)
wish i had a few love the look
Thank for the article, very insightful.
I think I need to start hunting and collecting these.
Very cool!
Great article! Good information that taught me a few new things to look for when going through old cents!
Some facts I didn’t know. And now I do. Thanks.
I do have the whole set which includes the ’64L, ’69 over ’69, ’77 NGC Certified, ’08S and 09S NGC Certified. Plus the 3 Flying Eagles.
It must be hard to check the composition of a coin in a slab!?
Great article. I have a few Indian Head Cents and all are in circulated condition.
Interesting article on these coins.
Very interesting to learn about the Indian Head Pennies and some of their unique features. Thanks for the article!
An interesting article about beautiful Indian head pennies – thanks!
I love collecting Indian and wheat cents.
I was not aware of the Indian Head varieties. Very informative article.
IMO Indian Head Cents were the nicest Cent design.
Excellent article, especially the discussion about counterfeits.
I’ve dreamed of owning an 1877 for as long as I can remember.
IHP are among my favorite coins.
I’ve always liked Indian head coins. I find them very interesting.
Cool article. thank you
I’ve loved Indian Head pennies since I was a child, over 65 years ago. Silver dollars are a close second but there’s just something about these that always fascinate me.
Enjoyed this ty.
I enjoyed the article. It makes me currios of what was in the large jar of pennies I had as a kid. I don’t remember what happened to it but I’ve been todsing pocket change in an old ceramic duck tor decades. It’s time to take a look!
Interesting article with lots of good information on a coin I love to collect. It gives me some new options for collecting. I see I am going to have to look closer at the coins I already have.
Gorgeous coins. (I wish our current coinage were of the same caliber.)
I had a number of Indian Heads years ago as a kid, but alas, they were stolen :-(
This is quite interesting!
Pennys!
Very interesting information about the Indian head coins. Thank you.
SOMETHING GREAT ABOUT INDIAN HEADS
When I first started collecting coins I could still find Indian Head pennies occassionally in circulation. That is what got me started collecting.
Good article.
Unfortunately, all my Indian Heads were stolen along with many of my other precious coins. These coins were collected by my dad many years ago. What a loss. In reading this article, I see many of those coins here.
The history, thinking about what was happening at the time and the lived experience of the people using the coin, at least for me, is the real fun. Great article
Valuable information!
Very informative article, thank you
I found this very interesting. It’s learning about the past and I like collecting old coins.
Very nice coins!
I learned a few new things about the Indian Head cents that I did not know.
Very interesting article.
Interesting stuff
Indian Head Cents were often perceived as common but there are some nice ones like these that stand out. It was a great design and serves as one of the last coins from the “old” US that has been available in the wild in these last 50 years. If you can find one in decent condition, even a fairly common one, they still have a nice value to them.
I might have to go through my Indian head cents.
Really informative article!!
Beautiful coin series. I’m still missing a couple to complete my set.
What happened to the 1875 Pennies that were used to catch the employee stealing?
The history of these coins are facinating
Great Article
I have always thought the Indian Head Cent was one of the most beautiful coins that the US has ever made.
Good article, brought up a couple of things I haven’t looked for. Surprised the Open and Closed 3 varieties of the 1873 weren’t mentioned. My book is missing an 1870 and 1877, but is otherwise complete with some very nice examples.
I must need glasses. I can’t see the letter “L” in that first photo.
Some of my favorites.
When coins were beautiful
Thanks for the info!
Well, that’s a detailed article. All of it was completely unknown to me. I have very few Indian head cents, but now, I’ll be looking for more.
It’s amazing how much history there is in even the lowly penny.
This was super interesting, expecially about the 1877. I always wondered why that mintage was so low!
I’ve always loved the Indian Head cent, what works of art some of those mid and late 19th century coins were-true Americana. It was actually an Indian Head penny that I found in my heater grate as a young boy some 50+ years ago that fascinated me and got me started on a lifelong journey into coin collecting. Sadly that coin was stolen along with my initial entire collection after I enthusuastically but very naively shared it with what turned out to be the wrong individual. Funny, I was just enamored with the coins beauty and history, I never considered their physical value, a lesson I had to unfortunately learn the hard way.
WooHoo!! Finallyu a SET Giveaway this week :)
I have quite a few Indian Head pennies that my late father had saved from his childhood.
I started assembling an IHC album around a year ago. This has been one of my favorite types to try to assemble so far.
Thanks for making “cents” of this article. I know, bad pun, but a great article nevertheless.
This is a lot of information to process. I never realized how complicated coin collecting could get. I did not know that they made both Lincoln and Indian in 1909. Now I want an Indian of that year.
@Joseph Yoder: I’ve been collecting for many years and am _still_ learning.
Not to stretch the point (too much!), but arguably there are 6 possible 1909 cent varieties to collect: 1909 and 1909-S Indian, 1909 and 1909-S with VDB, and 1909 and 1909-S without VDB. I have all three Philadelphia issues but the San Franciscos have eluded my budget for many years.
Awesome article, love Indian head pennies!
This story grabbed my attention. I love the Indian head cents! I have a few in my collection.
Very informative and well written article. When I was a young boy, I dreamt of starting a collection of the Indian Head cents but never got to it, wish I did.
I have always thought the uncirculated Indian Head Pennies were one of the nicest coins made. They have alot of details that give the coins great eye appeal.
I have never seen an Indian head cent. it would be great to own in my collection.
Interesting information
Great article, I have a few Indian Head Cents none of which are rare but I do like having them.
Great info! I need to start being more careful when going through change!
Good article. The Indian head cents are fun coins to collect!
Nice article. Recently started collecting this series.
I can remember finding Indian cents in change as a youngster in the 50’s, didn’t know anything about collecting back then.
Interesting article. I have an 1888, but not the 1887. I’ll have to look for it.
Thanks for the write up.
Would love to start a Indian cent collection.
Nice to know!! Have to check mine.
No more pennies will be minted so they could all be collector itemns someday.
I have an 1864 ‘L’. Nice coin. Great article.
Great article. I learned a few things that I have not heard about. Thank you.
Very interesting article. Been coin collecting for years now.
I have collected these since I was a kids from spare change.
Indian Head Cents are beautiful coins, even when they’re well-circulated common dates.
Good article. I’d like to see one about more recent variations.
They should bring these back.
Wow! I never knew so much about those Indian Head pennies my brothers & I would dig through dad’s change looking for (back in the ’70s). Thanks for the walk down memory lane!
nice informative article!
Thanks for the article. I appreciate knowing which coins are particularly valuable and why.
Growing up, Indian Head Cents always had a certain appeal to me that Lincoln Cents never had. Perhaps it was how vanishingly rare they were in circulation, or how much they differed from the dead presidents of modern coinage.
While I don’t have many IHCs in my collection, the few nice examples I own I’m quite happy to have. If anything, I’d consider the slabbed, red, cameo IHC I added a few years back to be the gem of my collection. It’s a shame the proof strikes were so rare, as they definitely show off the beauty of Longacre’s design in ways that even a BU business strike cannot.
I had no idea! The dot on ‘N’ has to be very rare! I’m adding to my list
A very interesting read ! Details that I never dreamed about.
Great article. One of my favorite designs.
Excellent information, thank you!!!
Would love to find a BU in my pocket change
My 8 year old great nephew just started coin collecting this year. I filled him a baggie full of mixed coins for his birthday including some Indian head cents. He loved it.
My grandfather promised me his Indian Head collection when he passed. Unfortunately, my grandmother cashed them in, includin his $20gold coins (intended for me as well).
So my Indian Head pennies are only four: not 1877 or 1909-S.
Thanks for the interesting read.
Good article lots of good information
I thoroughly enjoyed this article! Coins and their history always seem interesting and fascinating! I’m very thankful to CoinWeek for educating me on these beautiful works of art.
Have a starter collection of indians. did not know about the “L”
I really learned a lot about these varieties and the explanations are great. Nice job overall, very informative
I love IHCs! Used to find them in pocket change when I was a kid (1960s).
Interesting article, I had no idea about all these varieties!
There is no more beautiful coin than the Indian Penny.
Great article. Love rhe Flying Eagle and Indian Cents
A very interesting and informative article that will certainly get me to more closely examine the Indian Head Cents in my collection for noted varieties!!!
Good stories. I used to find Indian Heads with everyday change back in the day. Wish I had saved them all.
Always excellent history about our past recorded in our minted coins and something new every time I read another article, thanks!
Re shallow N versus bold N varieties: The article says “In 1870, the Mint switched to bronze planchets.”
Every reference I’ve ever used states that the composition change from cupronickel to bronze occurred in the middle of 1864 rather than in 1870. At least one article about the variation in lettering indicates that the modifications were due to a change in hubs rather than in the coin’s composition.
Can anyone clarify this discrepancy?
Squirrel – Great point. We did some fact-checking, and you are 100% correct. Composition changes happened in mid-1864. WE have corrected the article and added an Editor’s Note about the correction and a clarification on the modified hubs. Thanks for picking this one up and bringing it to our attention. We really appreciate your keen eye for detail!
@Coinweek: NP, and thank you for the props. I did a lot of technical writing in my career which made me extra, uh, “fixated” on details!
Fun article.
Good read.