Introduction: A Coin That Changed History
The year 1859 marked a pivotal moment in American coinage, as the U.S. Mint introduced a new one-cent piece that would become an enduring symbol of 19th-century America. The 1859 Indian Head penny, with its distinctive design and historical significance, has long captivated collectors and history enthusiasts alike. But what makes this coin truly special, and more importantly, what is its value in today's numismatic market?
In this comprehensive guide, we'll explore the fascinating world of the 1859 Indian Head penny, delving into its history, unique characteristics, and the factors that determine its worth. Whether you're a seasoned collector or simply curious about this piece of Americana, join us on a journey through time as we uncover the hidden value of this iconic coin.
The Birth of an Icon: Historical Context
The Need for Change
In the late 1850s, the United States Mint faced a pressing issue. The large copper cents in circulation were becoming increasingly impractical and unpopular. They were heavy, cumbersome, and costly to produce. The Mint needed a solution that would be both economical and appealing to the public.
Enter James B. Longacre
James Barton Longacre, the Chief Engraver of the U.S. Mint, was tasked with designing a new cent that would address these concerns. Longacre, already known for his work on the Flying Eagle cent, set out to create a coin that would be smaller, lighter, and more aesthetically pleasing.
The Indian Head Design
Longacre's design for the new cent featured a left-facing profile of Liberty wearing a Native American headdress. This choice was both artistic and symbolic, blending classical imagery with a uniquely American element. The reverse initially featured a simple wreath surrounding the denomination.
Key Historical Points:
- Introduced in 1859 as a replacement for the Flying Eagle cent
- Designed by James B. Longacre, Chief Engraver of the U.S. Mint
- First year of the Indian Head cent series, which would continue until 1909
- Minted exclusively at the Philadelphia Mint in its first year
Physical Characteristics: What Makes the 1859 Indian Head Penny Unique
The 1859 Indian Head penny stands out from later issues in the series in several notable ways:
Composition and Specifications:
- Metal Content: 88% copper, 12% nickel (unlike later bronze issues)
- Weight: 4.67 grams
- Diameter: 19.05 mm
- Thickness: 2.30 mm (thicker than later years, earning it the nickname "Fatty")
Obverse Design:
- Left-facing profile of Liberty wearing a Native American headdress
- Inscription "UNITED STATES OF AMERICA" encircling the rim
- Date "1859" below the bust
Reverse Design (Unique to 1859):
- "ONE CENT" within a laurel wreath
- No shield at the top (this would be added in 1860)
Mintage Figures:
According to U.S. Mint records, the total mintage for the 1859 Indian Head penny was 36,400,000. This relatively high mintage ensures that the coin is generally available to collectors today, though high-grade specimens remain scarce.
Factors Affecting Value: What Determines the Worth of an 1859 Indian Head Penny?
Several key factors influence the value of an 1859 Indian Head cent:
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Condition (Grade): As with all collectible coins, the state of preservation is paramount. Well-preserved specimens command significantly higher prices.
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Color: Copper coins are graded on a color scale:
- Red (RD): Most desirable, with at least 95% of original red color
- Red-Brown (RB): A mix of red and brown coloration
- Brown (BN): Least valuable, with little to no red color remaining
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Strike Quality: Sharply struck coins with full details, especially in the feathers and hair, are more valuable.
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Mint State vs. Circulated: Uncirculated coins (those that never entered circulation) are worth substantially more than those that saw use.
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Rarity: While not rare in lower grades, high-grade specimens are scarce.
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Die Varieties: Some coins may exhibit slight differences due to variations in the dies used to strike them. Certain varieties can command a premium.
Value Chart: What's Your 1859 Indian Head Penny Worth?
To give you a clearer picture of potential values, here's an expanded chart based on data from recent coin guides and auction results:
| Grade | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| Good (G-4) | $24-$30 | N/A | N/A |
| Fine (F-12) | $40-$50 | N/A | N/A |
| VF-20 | $85-$100 | N/A | N/A |
| EF-40 | $135-$150 | $150-$175 | N/A |
| AU-50 | $215-$250 | $250-$300 | N/A |
| MS-60 | $435-$500 | $500-$600 | $600-$700 |
| MS-63 | $950-$1,100 | $1,100-$1,300 | $1,300-$1,500 |
| MS-65 | $3,000-$3,500 | $3,500-$4,000 | $4,000-$5,000 |
| MS-67 | $32,500+ | $35,000+ | $40,000+ |
Note: These are approximate values and can fluctuate based on market conditions. Always consult a professional grader or dealer for the most accurate assessment.
Record-Breaking Sales: The Pinnacle of 1859 Indian Head Penny Value
Some exceptional specimens have achieved remarkable prices at auction, demonstrating the high-end potential of these coins:
- An 1859 MS-66+ Indian Head cent sold for $34,500 at a Heritage Auctions sale in 2012
- A Proof-65 example realized $29,900 at a 2010 auction
- In 2019, an MS-67 specimen (one of only two known at this grade) sold for $38,400
These record prices underscore the premium placed on exceptional quality and rarity in the numismatic market.
Rare Varieties and Errors: Hidden Treasures Among 1859 Indian Head Pennies
While not common, errors and die varieties can significantly increase an 1859 cent's value:
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Repunched Date: Multiple strikes of the date digits can range from a slight premium of $10-$60 for minor repunching, to thousands for dramatic examples.
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Die Cracks: Caused by worn dies, these can add $20 to $40 to a coin's value, with more prominent cracks potentially worth more.
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Doubled Die: While rare for 1859, any doubled die varieties could command significant premiums.
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Off-Center Strikes: Coins struck off-center can be worth $50 to several hundred dollars, depending on the severity.
How to Identify a Valuable 1859 Indian Head Penny: A Collector's Guide
To determine if your 1859 Indian Head penny might be worth a premium:
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Verify the Date: Ensure it's truly an 1859 issue. The date should be clear and unambiguous.
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Assess Overall Wear: Less wear indicates a higher grade and potentially higher value. Look for:
- Hair details above Liberty's ear
- Feather details in the headdress
- Letters in "LIBERTY" on the headband
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Check for Luster: On uncirculated pieces, original mint luster is highly prized. It appears as a satiny or cartwheel effect when the coin is tilted under light.
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Examine for Errors or Die Varieties: Use a magnifying glass to look for repunched dates, die cracks, or other oddities.
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Evaluate Color: Redder coins are generally more valuable. Look for original red color, not artificial toning.
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Assess Strike Quality: Well-struck coins with sharp details, especially in the feathers and hair, are more desirable.
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Check for Damage: Look for signs of cleaning, scratches, or other post-mint damage that could lower the value.
Preservation and Care: Protecting Your Investment
If you believe you have a valuable 1859 Indian Head penny:
- Handle the coin by its edges to avoid damaging the surfaces.
- Store in a non-PVC holder or flip to prevent chemical damage.
- Consider professional grading for high-value specimens.
- Avoid cleaning the coin, as this can severely reduce its value.
- Keep the coin in a cool, dry environment to prevent environmental damage.
The Investment Potential of 1859 Indian Head Pennies
While no investment is guaranteed, 1859 Indian Head pennies have shown steady appreciation over time, particularly for high-grade examples. Factors contributing to their investment potential include:
- Historical significance as the first year of issue
- Limited supply of high-grade specimens
- Enduring popularity among collectors
- Unique design elements specific to 1859
According to data from the Professional Coin Grading Service (PCGS), the value of MS-65 1859 Indian Head pennies has increased by an average of 5.2% annually over the past decade.
Where to Buy or Sell 1859 Indian Head Pennies
For those looking to acquire or sell an 1859 Indian Head penny:
- Reputable coin dealers (local or online)
- Major auction houses specializing in numismatics (e.g., Heritage Auctions, Stack's Bowers)
- Online marketplaces (exercise caution and verify authenticity)
- Coin shows and conventions
- Numismatic associations and clubs
Always research the reputation of any dealer or platform before engaging in transactions.
Conclusion: The Enduring Legacy of the 1859 Indian Head Penny
The 1859 Indian Head penny is more than just a coin; it's a tangible piece of American history. As the inaugural issue of a series that would span half a century, it holds a special place in the hearts of collectors and historians alike. Its value extends far beyond its face value of one cent, encompassing historical significance, artistic merit, and numismatic importance.
From a modest $24 for a well-worn example to tens of thousands for pristine, high-grade pieces, the 1859 Indian Head penny offers something for collectors at every level. Its enduring popularity is a testament to its design, its historical context, and the stories it can tell about mid-19th century America.
For investors and collectors, the 1859 Indian Head penny represents an opportunity to own a piece of numismatic history with potential for appreciation. However, as with any collectible, education is key. Understanding the factors that influence its value, from grading nuances to rare varieties, is crucial for making informed decisions.
As we've explored in this guide, the 1859 Indian Head penny is more than just a collector's item—it's a window into a pivotal moment in American coinage history. Whether you're a seasoned numismatist or a curious newcomer, the allure of this coin is undeniable. It continues to captivate and inspire, bridging the gap between past and present, and reminding us of the rich tapestry of American history encapsulated in a single, small coin.
