The 1878 Indian Head Penny, while not as rare or sought-after as the 1877 counterpart, still holds a significant place in numismatic history. It represents a crucial year in the Indian Head cent series, a coinage that began in 1859 and continued until 1909. Although it doesn’t have the legendary rarity of the 1877 Indian Head penny, the 1878 coin is a must-have for collectors, especially those interested in completing their Indian Head cent collections.
While collectors might find these coins more easily than the 1877 variety, the 1878 Indian Head Penny’s value is still heavily influenced by its condition. The coin’s age—over 145 years old—makes it an extraordinary piece of U.S. history, and the survival of these coins, especially those in good condition, is impressive. For investors, even worn examples can be highly desirable due to their historical value and scarcity.
Grading the 1878 Indian Head Penny
Coin grading is the process by which a coin’s condition is assessed, typically by a professional numismatist. Coins are assigned a grade based on their appearance, wear, and overall condition. The grading system ranges from “Good” to “Uncirculated,” and each grade has specific criteria that can be used to estimate the coin’s value.
Uncirculated (MS 60 to MS 70)
An Uncirculated 1878 Indian Head Penny is a coin that was never used in commerce and has retained most of its original details and luster. These coins are typically stored carefully after being minted, preserving the fine features of the design. Over time, a slight reduction in luster may occur due to aging, but the coin remains in excellent condition.
- Value: In Uncirculated condition, an 1878 Indian Head Penny can command a price of around $275.
Extremely Fine (EF 40 to EF 45)
An Extremely Fine 1878 Indian Head Penny shows only minimal signs of wear. These coins likely spent only a short period in circulation, which means they still retain much of their detail. While the luster may be diminished to some extent, the features of the coin are still clearly visible and well-preserved.
- Value: An Extremely Fine 1878 Indian Head Penny can sell for approximately $200.
Fine (F 12 to F 15)
A Fine 1878 Indian Head Penny has been in circulation for a more extended period, showing clear signs of wear. The coin’s texture has been affected, but the overall design is still intact. You can still easily make out the imagery on the obverse and reverse of the coin, though some finer details might be worn away.
- Value: A Fine example of the 1878 Indian Head Penny typically fetches around $60.
Good (G 4 to G 6)
A Good 1878 Indian Head Penny has undergone heavy circulation and shows significant wear. The coin’s details will be heavily worn, making it difficult to distinguish some of the finer aspects of the design. The imagery will be faded, and the texture of the coin will feel smooth to the touch due to years of use in commerce.
- Value: A Good condition 1878 Indian Head Penny usually sells for around $35.
Pricing the 1878 Indian Head Penny
The value of any coin is largely determined by its grade. Higher-graded coins, with more visible detail and fewer signs of wear, command higher prices in the market. While the 1878 Indian Head Penny is not as rare or expensive as the 1877 version, its price still reflects its historical value and age.
| Grade | Price Range |
|---|---|
| Good | $35 |
| Fine | $60 |
| Extremely Fine | $200 |
| Uncirculated | $275 |
Although the 1878 Indian Head Penny’s price is relatively modest compared to other key dates in the series, its historical significance makes it a valuable addition to any collection. The value can fluctuate depending on the condition of the coin, but it is generally accessible for most collectors.
Why the 1878 Indian Head Penny Matters
The Indian Head Penny series is one of the most iconic in U.S. numismatics, and the 1878 coin is a crucial part of that history. By 1878, the Mint had already established the distinct features of the Indian Head design, which included a representation of Liberty wearing a Native American headdress and a reverse side featuring a wreath of oak and laurel. These design features remained consistent throughout the series, giving the Indian Head Pennies a timeless appeal.
The 1878 coin was produced in relatively high numbers compared to the 1877 key date, but its value continues to grow due to its age, design, and connection to U.S. history. As with any old coin, those that have been well-preserved and carefully maintained will fetch higher prices than those that are heavily worn or damaged.
Where to Buy and Sell the 1878 Indian Head Penny
If you’re looking to add an 1878 Indian Head Penny to your collection or sell one, you have several options. You can find these coins on online auction sites like eBay, in coin shops, or through specialized numismatic dealers. Before buying or selling, it’s important to have the coin’s grade assessed by a professional to ensure you’re getting or offering a fair price.
The 1878 Indian Head Penny may not be the rarest or most expensive coin in the series, but it remains an important piece of U.S. coinage history. Whether you’re a seasoned collector or a newcomer to the world of numismatics, this coin is a valuable addition to any collection. Grading and maintaining your coin properly will help ensure that it holds its value for years to come. Whether you’re looking to buy, sell, or simply admire, the 1878 Indian Head Penny continues to captivate collectors and investors alike.
