The 1904 Indian Head penny, now nearly 120 years old, is a prized collectible. Its value varies significantly based on several grading factors. While every coin from this era in collectible condition is worth more than its face value, some can be exceptionally valuable. Given their limited availability, it’s wise to secure the best specimens for your collection while you can.
Table of Contents
- Value Chart for 1904 Indian Head Penny
- Historical Background of the 1904 Indian Head Penny
- 1904 Indian Head Penny Types
- Design of the 1904 Indian Head Penny
- Technical Specifications of 1904 Indian Head Penny
- 1904 Indian Head Penny Grading Guide
- 1904 Indian Head Penny Value Guides
- 1904 Indian Head Penny Error List
- Where to Sell Your 1904 Indian Head Penny?
- What to look for in the 1904 Indian Head Penny?
- Which 1904 Indian Head Penny Coin is worth a lot of Money?
- FAQs On 1904 Indian Head Penny Value
- Final Thoughts
Value Chart for 1904 Indian Head Penny
| Condition | 1904 No Mint Mark Penny |
|---|---|
| Good | $2.33 |
| Very good | $3.38 |
| Fine | $5.84 |
| Very fine | $6.80 |
| Extra fine | $11 |
| AU | $23 |
| MS 60 | $46 |
| MS 63 | $75 |
| PR 63 | $292 |
Historical Background of the 1904 Indian Head Penny
The US Mint produced Indian Head pennies from 1859 to 1909, designed by Chief Engraver James Barton Longacre. The obverse features a portrait surrounded by various speculations. Some romanticized it as an Indian princess, while others believed it depicted Longacre’s daughter.
However, Longacre himself stated that his inspiration came from an ancient Greek statue. The headdress, lacking specific tribal features, was meant to honor all Native American warriors.
During this period, only mint engravers designed coins, receiving no extra credit beyond their initials discreetly placed in the design. Longacre’s initials appeared on pennies starting in 1864 when they became legal tender, subtly hidden in Lady Liberty’s hair.
The 1904 pennies were among the last series before being replaced by Lincoln pennies. Despite their intricate detailing, they couldn’t compete with the new design commemorating Lincoln’s centennial.
Collectors, realizing the old design would be phased out, began preserving these coins as vital pieces of American history.
1904 Indian Head Penny Types
| Location | Year | Minted |
|---|---|---|
| Philadelphia | 1904 no Mint Mark penny | 61,326,198 |
| Philadelphia | 1904 proof penny | 1,817 |
| Total | NA | 61,328,015 |
Design of the 1904 Indian Head Penny
James Longacre’s Indian Head pennies were first minted in Philadelphia in 1859, with production continuing until 1909 when Lincoln pennies took over.
Obverse Design of 1904 Indian Head Penny
Contrary to initial impressions, the obverse does not depict a Native American chief but a Caucasian woman adorned with a pearl necklace and a traditional Indian feather headdress. The inscriptions “UNITED STATES OF AMERICA” and the minting year “1904” encircle the portrait, using a Latin script common in American coinage.
Reverse Design of 1904 Indian Head Penny
The reverse features an elegant wreath made of two oak twigs, tied with a ribbon at the bottom, and three arrows pointing right. A shield with 13 stripes, representing the original states of the Union, sits atop the wreath. The denomination “ONE CENT” is centrally positioned, surrounded by tiny denticles along the rim.
Technical Specifications of 1904 Indian Head Penny
| Specifications | Details |
|---|---|
| Face value | One cent ($0.01) |
| Compound | An alloy of 95% copper with zinc or tin |
| Coin Diameter | 19.05 mm (0.75 inches) |
| Coin Thickness | 1.47 mm (0,058 inches) |
| Shape | Round |
| Coin Weight | 3.11 g (0.10970 ounces) |
| Edge | Plain |
1904 Indian Head Penny Grading Guide
Grading a vintage coin like the 1904 Indian Head penny is best left to professionals. While experienced numismatists can use the Sheldon scale to assess basic conditions, a professional evaluation is crucial for achieving top auction prices.
Collectors often seek expert opinions to determine the true value of their coins, ensuring they make informed purchases.
| Sheldon Scale | Grade |
|---|---|
| 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 |
For a detailed understanding of your coin’s grade, refer to our comprehensive Indian Head Penny grading guide. This step is essential to accurately determine your coin’s value.
1904 Indian Head Penny Value Guides
In 1904, the Philadelphia Mint was the sole producer of Indian Head pennies, minting a total of 61,328,015 coins. This included fewer than 2,000 high-quality specimens intended for collectors.
1904 No Mint Mark Indian Head Penny Value
The Philadelphia Mint produced 61,326,198 regular strike pennies in 1904. These coins come in three primary tones, which significantly impact their value alongside their condition.
- Brown Pennies: These range from $1.10 to $28.75, with uncirculated examples fetching between $32 and $375. Rare MS 67 grade coins can be valued between $1,350 and $1,688.
- Red-Brown Pennies: These are more valuable, with prices ranging from $50 to $62.50 for MS 61-graded pieces, and up to $2,100 for MS 67-rated coins.
- Red Pennies: These start at $90, with top-grade examples reaching higher values. MS 66 coins are estimated at $1,210 to $1,700, while MS 67 coins can fetch between $6,600 and $12,000. Notably, a red-toned 1904 MS 67 penny sold for $33,600 at auction in 2019.
1904 Proof Indian Head Penny Without Mint Mark
In addition to regular pennies, the Philadelphia Mint issued 1,817 proof coins in 1904, exclusively for collectors. These proofs never entered circulation and are highly sought after, especially those with a red luster.
- Red Proofs: Prices range from $220 to $264 for PR 60 grade, up to $1,400 to $1,680 for PR 66 grade. PR 67 coins are rare and can be valued between $3,100 and $7,720. A red-toned PR 67 proof sold for $29,900 in 2009.
- Red-Brown Proofs: These are more affordable, with prices from $150 to $660 for PR 60 to PR 65 grades. Higher grades, like PR 66, can cost $1,000 to $1,350, and PR 67 coins range from $2,200 to $2,640. The highest auction price for a red-brown PR 67 coin was $6,463 in 2014.
- Brown Proofs: These are the most budget-friendly, costing $120 to $144 for PR 60 grade, and up to $1,700 to $2,040 for PR 67 grade. A PR 65 brown proof sold for $1,920 in 2019, while a PR 66 cameo contrast coin fetched $7,800 the same year.
1904 Indian Head Penny Error List
The 1904 Indian Head pennies feature two notable errors, resulting from minting issues such as die damage or machine malfunctions.
1904 Indian Head Penny Re-punched Date Error
This error involves the date being struck multiple times due to initial misalignment. It is rare and can be identified by doubling on the digits 9, 0, and/or 4.
Brown and red-brown examples have been reported, with a brown coin selling for $501 in 2018 and a red-brown MS 64 coin fetching $550 on eBay in 2022.
1904 Indian Head Penny Off-center Error
These 1904 Indian Head pennies exhibit minor off-center strikes, typically around 10%. Such coins, with a crescent-shaped blank space, can be valued at approximately $50 above their standard value, reaching up to $250 at auctions.
Where to Sell Your 1904 Indian Head Penny?
Knowing the value of your 1904 Indian Head penny is just the first step. To sell your coin online, consider reputable platforms that cater to numismatists. Each site has its pros and cons, so choose one that best suits your needs.
What to look for in the 1904 Indian Head Penny?
When evaluating a 1904 Indian Head penny, several key factors can significantly impact its value:
- Condition: The coin’s grade is paramount. Higher grades, such as MS (Mint State) and PR (Proof), command higher prices. Look for coins with minimal wear, clear details, and strong luster.
- Toning: The color of the penny—brown, red-brown, or red—affects its value. Red pennies are typically the most valuable, followed by red-brown and then brown.
- Mint Errors: Errors like re-punched dates and off-center strikes can increase a coin’s value. Examine the date and overall strike quality for any anomalies.
- Proof Coins: Proof pennies, especially those with a red luster, are highly sought after. These coins were never circulated and were made specifically for collectors.
- Historical Significance: Understanding the historical context and rarity of the 1904 Indian Head penny can add to its appeal. Coins from this era are a tangible link to the past, making them fascinating collectibles.
Which 1904 Indian Head Penny Coin is worth a lot of Money?
- A 1904 RD Indian cent in MS 67 grade sold for $33,600 in 2019.
- A 1904 RD Indian cent in PR 67 grade sold for $29,900 in 2009.
- A 1904 CAM Indian cent in PR 66 grade sold for $7,800 in 2019.
- A 1904 RB Indian CAC cent in PR 67 grade sold for $6,463 in 2014.
- A 1904 BN Indian cent in PR 65 grade sold for $1,920 in 2019.
- A 1904 BN Indian cent (PCGS Genuine) sold for $810 on eBay in 2021.
- A 1904 RB Indian cent in MS 66 grade sold for $760 on eBay in 2021.
- A 1904 RB Indian cent (RPD) in MS 64 grade sold for $550 on eBay in 2022.
- A 1904 BN Indian cent (RPD) in MS 64 grade sold for $501 on eBay in 2018.
FAQs On 1904 Indian Head Penny Value
How much is the 1904 Indian Head Penny coin worth?
The value of 1904 pennies varies widely based on condition and toning. Brown coins range from $1 to nearly $1,700, red-brown coins from $50 to $2,100, and red coins from $90 to $12,000.
What is the priciest Indian Head Penny coin?
The most expensive Indian penny is the 1864 PR 65 error coin with L On Ribbon, sold for $161,000 in 2011. The highest-priced regular specimen from Philadelphia is an 1877 MS 66 penny, sold for $149,500 in 2007. An 1897 PR 67+ Indian cent with DCAM quality holds the record for proofs, selling for $108,000 in 2021.
What makes a 1904 Indian Head Penny coin rare?
While circulated 1904 pennies are common, finding high-grade red examples can be challenging. These coins are not as rare as the 1877 Indian penny but require effort to locate in top condition.
Final Thoughts
The 1904 Indian Head penny is a remarkable piece of American numismatic history. Whether you’re a seasoned collector or a novice, understanding the factors that influence its value can help you make informed decisions.
From grading and toning to mint errors and historical significance, each aspect plays a crucial role in determining the worth of these coins. By paying attention to these details, you can better appreciate the true value of your 1904 Indian Head penny and potentially make a wise investment.