The 1862 Indian Head penny is a significant piece of American numismatic history. Struck during the second year of the Civil War, this one-cent coin is not only a fascinating collectible but also a relic of an era that shaped the United States. Given its age, finding one in pristine condition is quite rare, making high-quality specimens highly sought after by collectors.
Specifications of the 1862 Indian Head Penny
- Type: Indian Head Penny
- Year: 1862
- Face Value: $0.01
- Composition: 88% copper, 12% nickel
- Weight: 4.67 grams
- Diameter: 19.05 mm
- Mint Location: Philadelphia (No Mint Mark)
Like previous issues of the series, the 1862 Indian Head penny was minted in Philadelphia and does not have a mint mark. The coin retained the updated design that had been introduced in 1860, featuring a rounded bust of Liberty wearing a Native American headdress.
Historical Significance
The Civil War (1861–1865) had a significant impact on American coinage. Due to economic uncertainty, citizens began hoarding gold, silver, and even copper-nickel coins, causing a widespread coin shortage. As a result, many of these pennies were extensively circulated, making uncirculated specimens especially valuable today.
Additionally, this penny was part of the copper-nickel era (1859–1864) before the U.S. Mint switched to a bronze composition in 1864 to alleviate the shortage of nickel. This makes the 1862 issue one of the last heavier small cents, as later versions would be lighter.
Grading and Value of the 1862 Indian Head Penny
Because these coins were heavily circulated, finding one in mint condition is challenging. The following table provides an estimated value based on condition:
| Grade | Value |
|---|---|
| Good (G-4) | $10 |
| Fine (F-12) | $20 |
| Extremely Fine (EF-40) | $50 |
| Uncirculated (MS-60) | $75 |
Grading Breakdown
- Good (G-4): Heavy wear; most details are smooth, but the outline of Liberty and the wreath remain visible.
- Fine (F-12): Moderate wear with some details still visible, but inscriptions are somewhat faded.
- Extremely Fine (EF-40): Slight wear; details such as the Indian’s cheekbone and the leaves in the wreath remain sharp.
- Uncirculated (MS-60 or higher): No signs of wear; luster may still be intact, though minor surface marks are possible.
Proof versions of the 1862 Indian Head penny also exist, and they are significantly more valuable due to their rarity and sharp strikes.
Collecting the 1862 Indian Head Penny
If you are looking to add an 1862 Indian Head penny to your collection, focus on coins with sharp details and minimal wear. Be cautious when purchasing, as some lower-quality coins may be cleaned or altered, reducing their numismatic value.
Key Points for Collectors
✔ Civil War-era coin – Highly desirable among history collectors.
✔ Last few years of copper-nickel composition before the switch to bronze in 1864.
✔ Uncirculated examples are rare due to heavy circulation.
✔ Proof versions exist and command much higher prices.
The 1862 Indian Head penny is a historic and valuable coin, especially for those interested in Civil War-era collectibles. While circulated versions are common, finding uncirculated or proof specimens can be challenging and rewarding. Whether you’re a seasoned collector or a beginner, owning this coin means holding a piece of 19th-century American history in your hands.
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