The 1904 Indian Head Penny is a highly collectible coin, and its value depends on its grade and condition. Here’s a value chart for a 1904 No Mint Mark Penny (in brown):
| Condition | Value |
|---|---|
| Good | $2 |
| Very Good | $2 |
| Fine | $5 |
| Very Fine | $9 |
| Extra Fine | $13 |
| AU (About Uncirculated) | $32 |
| MS 60 (Mint State) | $45 |
| MS 63 | $85 |
| PR 63 (Proof) | $325 |
These values are for coins graded as brown. The condition of the coin, as well as any unique characteristics like errors, can significantly influence its worth. Coins in better condition and rare types like proof coins are worth considerably more.
History of the 1904 Indian Head Penny
The 1904 Indian Head Penny is part of the final series of Indian Head cents issued by the US Mint before they were replaced by the Lincoln Cent in 1909. The Indian Head design, created by Chief Engraver James Barton Longacre, features a portrait of Lady Liberty wearing a headdress. There were various speculations about the inspiration for the design, including romanticized ideas of an Indian princess and rumors suggesting Longacre used his own daughter as the model. However, Longacre denied this and attributed the design to an ancient Greek statue.
The headdress on the coin doesn’t represent any specific Native American tribe, but was intended as a general tribute to Native American warriors. In fact, engravers like Longacre were responsible for coin designs at the time, and their initials were subtly included in the artwork. Longacre added his initials in 1864, hidden in Lady Liberty’s hair, which can be hard to spot without prior knowledge.
1904 Indian Head Penny Types
- Philadelphia Mint: 61,326,198 regular 1904 Indian Head pennies.
- Philadelphia Mint: 1,817 proof pennies.
As part of one of the last runs before the design change, the 1904 Indian Head pennies are sought after by collectors due to their historical significance. The Mint replaced this design with the Lincoln Cent in 1909 as the centennial of Lincoln’s birth approached. As a result, these coins became highly collectible once the public learned about the Mint’s plans to phase out the Indian Head design.
Features of the 1904 Indian Head Penny
That’s right! James Barton Longacre designed the Indian Head penny, which was first minted in 1859 at the Philadelphia Mint. These coins featured a portrait of Lady Liberty wearing a headdress, symbolizing a tribute to Native American warriors. They were produced for 50 years until the design was replaced by the Lincoln Cent in 1909, marking the 100th anniversary of President Lincoln’s birth.
The Indian Head penny is highly valued by collectors due to its historical significance, unique design, and the fact that it was the U.S. Mint’s standard small cent for five decades. The transition to the Lincoln penny was a significant shift in U.S. coinage, but the Indian Head design remains a beloved part of American numismatic history.
The obverse of the 1904 Indian Head Penny
Although it’s commonly believed that the obverse of this penny features a Native American chief, this isn’t entirely accurate. Instead, the image depicts a white woman adorned with a pearl necklace and a traditional Native American feathered headdress.
Around the edge of the coin, you can see two inscriptions: “UNITED STATES” and “OF AMERICA,” split into two sections, along with the year “1904” indicating when it was minted. The text is written in Latin, as is typical for most U.S. coins.
The reverse of the 1904 Indian Head Penny
The reverse of the 1904 Indian Head penny features a graceful wreath made of two oak branches. A large ribbon ties the ends of the wreath, with three arrows pointing to the right at the bottom.
At the top, the ends of the wreath curve around a shield, which has 13 stripes representing the first 13 states that joined the Union between 1787 and 1790. The central area of the coin displays the denomination, “ONE CENT,” surrounded by the wreath. Additionally, the coin has small denticles along both the obverse and reverse rims.
1904 Indian Head Penny Details
- Face value: One cent ($0.01)
- Material: 95% copper with zinc or tin
- Diameter: 19.05 mm (0.75 inches)
- Thickness: 1.47 mm (0.058 inches)
- Shape: Round
- Weight: 3.11 g (0.10970 ounces)
- Edge: Plain
Other features of the 1904 Indian cent coin
The 1904 copper Indian Head cents feature a plain edge and are composed of 95% copper. Each coin weighs 0.10970 ounces (3.11 grams) and has a thickness of 0.058 inches (1.47 millimeters). The diameter remains consistent over the years at 0.7500 inches (19.05 millimeters).
1904 Indian Head Penny Grading
Grading an old coin like the 1904 Indian penny is a task best left to professionals, especially if you aim to get the highest prices at auctions. While experienced numismatists may be able to estimate the grade based on the Sheldon scale, a professional opinion is essential for accurately determining the value of the coin.
Here is a summary of the Sheldon scale grades for reference:
- 1 (Basal State-1)
- 2 (Fair)
- 3 (Very Fair)
- 4, 5, 6 (Good)
- 7, 8, 10 (Very Good)
- 12, 15 (Fine)
- 20, 30 (Very Fine)
- 40 (Extremely Fine)
- 50 (About Uncirculated)
- 60 (Mint State)
- 65 (Mint State)
- 70 (Mint State)
To ensure you know the exact value of your coin, always refer to professional grading guides. This will give you a better understanding of your coin’s worth.
1904 Indian Head Penny Value Guides
In 1904, the Philadelphia Mint was the sole producer of Indian Head pennies, with a total mintage of 61,328,015 coins. Of these, less than 2,000 were proof coins, which were specially minted with high quality for collectors. These proofs were intended for preservation and had much finer detailing compared to regular circulation coins.
1904 No mint mark Indian Head Penny Value
In 1904, the Philadelphia Mint produced 61,326,198 regular strike Indian Head pennies. The value of these pennies can vary greatly depending on their toning and condition.
- Brown pennies typically range in value from $2 to $21. In uncirculated condition, these can be valued between $45 and $175.
- Red-brown cents from 1904, which have a more desirable appearance, are more valuable. Their prices range from $65 to $275 for grades between MS 61 and MS 65.
- Red-toned 1904 pennies, the most coveted of the three, start at $70 in price, with the highest-graded ones reaching higher values. For example:
- An MS 66 red penny can fetch around $2,000.
- An MS 67 red penny can command an estimated price of $10,000.
In a 2019 auction, one red-toned 1904 MS 67 Indian Head cent sold for a remarkable $33,600, making it an exceptional example of its kind.
1904 proof Indian Head Penny without mint mark
In addition to the 61,328,015 regular strike pennies, the Philadelphia Mint also issued 1,817 proof Indian Head pennies in 1904. These proof coins were exclusively made for collectors and never circulated. As expected, these proof coins tend to be more expensive, particularly those with a beautiful red luster.
Estimated Prices for Red 1904 Proof Pennies:
- PR 60: $235
- PR 61: $250
- PR 62: $275
- PR 63: $425
- PR 64: $650
- PR 65: $1,550
- PR 66: $3,150
Rare PR 67 Red Proof Pennies:
These are incredibly scarce, and when they do appear on the market, they can reach around $40,000. The highest recorded sale was a 1904 PR 67 penny, which sold for $29,900 in 2009.
Red-Brown Proof Pennies:
These are more affordable than the red-toned ones but still quite valuable:
- PR 60 – PR 65: $165 – $800
- PR 66: $1,500
- PR 67: Around $5,500. The auction record for a CAC-graded Indian cent was $6,463 in 2014.
Affordable Brown Proof Pennies:
For collectors on a budget, brown proof pennies from 1904 offer an affordable entry:
- PR 60: Around $135
- PR 66: Estimated at $1,400
Notable Auction Sales:
- In 2019, a PR 65 brown penny sold for $1,920.
- The most impressive sale in 2019 was a PR 66 penny with cameo contrast, which went for $7,800.
These prices highlight the premium collectors are willing to pay for 1904 proof Indian Head pennies, with the red and red-brown specimens commanding the highest prices, especially when they are in top condition.
Rare 1904 Indian Head Penny Errors List
The list of 1904 Indian pennies includes only two standard errors. These flawed coins occurred during the minting process when the die was damaged or worn out, or when the machine malfunctioned and didn’t operate evenly.
Re-punched date
This error is quite rare among the 1904 pennies and results from striking the same date two or even three times because the initial attempt was incorrect. Doubling can be observed on three out of the four digits, including 9, 0, and/or 4.
A small number of brown and red-brown coins are reported with this flaw, with only one such red penny error officially graded. The most expensive brown coin sold at auction in 2018 fetched $501, while the red-brown specimen graded MS 64 was sold on eBay in 2022 for $550.
Off-center
Off-center pennies minted in 1904 typically do not show significant deviation. However, you can find coins with about 10% off-center, featuring an attractive crescent-shaped blank space along the edge, which can be priced around $50 above their standard value. Some of these coins can even reach up to $250 at auctions.
FAQ about the 1904 Indian Head Penny Coins
What makes a 1904 Indian Head cent coin rare?
1904 Indian Head pennies are conditionally rare. While circulated coins are common, finding red pennies in high grades is more challenging. Although none of these cents are as rare as the 1877 Indian penny, finding the best quality examples requires some effort.
Which 1904 Indian Head cent coin is worth a lot of money?
- The 1904 RD Indian cent in MS 67 grade sold for $33,600 at Heritage Auctions in 2019.
- The 1904 RD Indian cent in PR 67 grade sold for $29,900 at Heritage Auctions in 2009.
- The 1904 CAM Indian cent in PR 66 grade sold for $7,800 at Stack’s Bowers in 2019.
- The 1904 RB Indian CAC cent in PR 67 grade sold for $6,463 at Heritage Auctions in 2014.
- The 1904 BN Indian cent in PR 65 grade sold for $1,920 at Heritage Auctions in 2019.
- The 1904 BN Indian cent (PCGS Genuine) sold for $810 on eBay in 2021.
- The 1904 RB Indian cent in MS 66 grade sold for $760 on eBay in 2021.
- The 1904 RB Indian cent (RPD) in MS 64 grade sold for $550 on eBay in 2022.
- The 1904 BN Indian cent (RPD) in MS 64 grade sold for $501 on eBay in 2018.
How much is the 1904 Indian Head cent coin worth?
The value of a 1904 penny varies greatly based on its condition and toning.
- Brown coins are the least expensive, ranging from $1 to nearly $1,700.
- Red-brown coins are typically worth $50 to $2,100.
- Red coins are the most valuable, with prices ranging from $90 for coins in MS 61 grade to $12,000 for those in MS 67 grade.
What is the priciest Indian Head cent coin?
The most expensive Indian Head penny ever sold is the 1864 PR 65 error coin with L on Ribbon, which went for an astonishing $161,000 in 2011.
- The most expensive regular Indian penny from Philadelphia is the 1877 MS 66 coin, which sold for $149,500 in 2007.
- The priciest proof Indian Head penny is the 1897 PR 67+ with DCAM quality, which set an auction record of $108,000 in 2021.
