Introduction & Value Overview
An 1867 Indian Head Penny in pristine MS66 Red condition commanded an impressive $28,200 at a Heritage Auction in 2019, highlighting the exceptional premium placed on top-grade examples of this post-Civil War issue. While common circulated specimens might sell for $25-$50, well-preserved uncirculated examples with original red luster can reach into the thousands, making the 1867 Indian Head Penny a significant transitional piece in American numismatics.
Designed by James B. Longacre and minted during the Reconstruction era, the 1867 Indian Head Penny represents a crucial piece of American monetary history. This one-cent coin features the iconic portrait of Liberty wearing a Native American headdress, a design that would continue through 1909. With a relatively modest mintage of 9,821,000 from the Philadelphia Mint, the 1867 issue stands as a moderately scarce date in the Indian Head series.
In this comprehensive guide, we’ll examine the full spectrum of 1867 Indian Head Penny values, from worn circulated examples to pristine uncirculated specimens. We’ll explore how mint marks, striking characteristics, rare die varieties, and errors significantly impact the coin’s worth in today’s market. Whether you’re looking to identify a valuable error or authenticate a high-grade specimen, this analysis provides the expert guidance serious collectors need.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Composition | 95% Copper, 5% Tin and Zinc |
| Weight | 3.11 grams |
| Diameter | 19 mm |
| Edge | Plain |
| Designer | James Barton Longacre |
| Obverse Design | Liberty wearing Indian headdress |
| Reverse Design | Oak wreath with shield, “ONE CENT” |
| Mint Mark Location | Reverse below wreath |
| Years Produced | 1859-1909 (Indian Head design) |
Authentication Markers
When authenticating an 1867 Indian Head Penny, pay close attention to these key diagnostic features:
- Relief Detail: Genuine coins show proper relief between the design and field areas.
- Date Formation: The numbers “1867” should show consistent size and spacing.
- Headdress Details: The feathers in Liberty’s headdress should show clear definition and proper spacing.
- Denticles: The small tooth-like projections around the rim should be uniform.
- Surface Texture: Even on worn examples, the texture should be consistent with copper aging patterns.
Design Elements
The obverse features Liberty wearing an Indian headdress with “UNITED STATES OF AMERICA” surrounding the portrait and the date “1867” below. The reverse showcases an oak wreath with a shield at the top, encircling the denomination “ONE CENT.” The transitional nature of this coin—following the Civil War but before the economic boom of the 1870s—adds historical significance that collectors particularly value.
Designer Information
James Barton Longacre served as Chief Engraver of the U.S. Mint from 1844 until his death in 1869, making the 1867 penny one of his later works. Longacre’s design represented a distinctly American aesthetic that broke from European traditions. His craftsmanship directly impacts value assessment, as the 1867 issue sometimes shows distinctive strike characteristics related to Longacre’s engraving techniques.
Mint Mark Guide & Value Comparison
Mint Mark Locations
The 1867 Indian Head Penny was produced exclusively at the Philadelphia Mint and therefore bears no mint mark. This simplifies authentication but means value differentiation comes primarily from condition, varieties, and errors rather than mint origin.
For context in the broader Indian Head series, when mint marks do appear (in later years):
- Philadelphia: No mint mark
- San Francisco: “S” on reverse below the wreath
- Denver: “D” on reverse below the wreath (1908-1909 only)
Mintage Figures
| Mint | Mintage | Notes |
|---|---|---|
| Philadelphia | 9,821,000 | No mint mark |
The relatively modest mintage of under 10 million places the 1867 Indian Head Penny in the moderately scarce category for the series. This mintage figure directly impacts current market values, as it represents significantly lower production than many later dates in the series.
Current Market Values By Grade
Comprehensive Value Table
| Grade | Details | Value Range |
|---|---|---|
| Good-4 (G-4) | Heavy wear, date and major features visible | $25-$35 |
| Very Good-8 (VG-8) | Moderate wear, more detail visible | $30-$45 |
| Fine-12 (F-12) | Light to moderate wear, clear detail | $45-$65 |
| Very Fine-20 (VF-20) | Light wear, good detail | $70-$90 |
| Extremely Fine-40 (EF-40) | Minimal wear, sharp detail | $125-$175 |
| About Uncirculated-50 (AU-50) | Trace wear, almost full luster | $200-$275 |
| Mint State-60 (MS-60) | No wear, may have contact marks | $325-$400 |
| Mint State-63 (MS-63) Brown | No wear, average eye appeal, brown color | $500-$650 |
| Mint State-63 (MS-63) Red Brown | No wear, average eye appeal, red-brown color | $750-$950 |
| Mint State-63 (MS-63) Red | No wear, average eye appeal, original red color | $1,800-$2,200 |
| Mint State-65 (MS-65) Brown | No wear, excellent eye appeal, brown color | $1,500-$2,000 |
| Mint State-65 (MS-65) Red Brown | No wear, excellent eye appeal, red-brown color | $3,500-$4,500 |
| Mint State-65 (MS-65) Red | No wear, excellent eye appeal, original red color | $8,000-$10,000 |
| Mint State-66 (MS-66) Red | Premium quality, exceptional eye appeal | $20,000-$30,000 |
Price Trend Analysis
The 1867 Indian Head Penny has shown steady appreciation over the past decade, with particularly strong growth in MS-64 and higher grades. Since 2018, values for MS-65 Red examples have increased approximately 25%, outpacing inflation and demonstrating growing collector demand for premium quality specimens. This trend reflects the coin’s historical significance and relative scarcity in top condition.
In contrast, circulated examples in G-4 through F-12 have shown more modest gains of 10-15% over the same period, indicating that the high-end market continues to drive significant value increases.
Condition Impact
The most dramatic value jumps occur between:
- AU-50 to MS-60: 60% increase
- MS-63 Brown to MS-63 Red: 260% increase
- MS-65 Red Brown to MS-65 Red: 130% increase
These dramatic differences highlight the premium placed on original mint color and pristine surfaces for this issue. The preservation of original red color is particularly valuable, as most copper coins naturally tone to brown over time.
Key Date Values
While the 1867 is not the scarcest date in the Indian Head series, it represents a moderately difficult acquisition in higher grades. Compare to other key dates:
- 1867: $8,000-$10,000 in MS-65 Red
- 1877 (key date): $120,000-$150,000 in MS-65 Red
- 1909-S (final year, low mintage): $25,000-$35,000 in MS-65 Red
Auction Records
Notable recent sales include:
- January 2019: MS-66 Red example sold by Heritage Auctions for $28,200
- August 2022: MS-65+ Red example sold by Stack’s Bowers for $15,600
- November 2023: MS-64 Red Brown with exceptional eye appeal sold for $3,800 in a private transaction
Major Error Types & Their Values
Doubled Die Obverse (DDO)
The 1867 Indian Head Penny is known for a few doubled die varieties, though they are considerably rarer than those found in later Indian Head issues.
Identification characteristics:
- Look for doubling in the date numerals, particularly in the “86”
- Examine “LIBERTY” on the headband for visible doubling
- Check the outlines of Liberty’s profile for secondary impressions
Current values:
- VF-20: $350-$500
- EF-40: $800-$1,200
- AU-50: $1,500-$2,500
- MS-63 Brown: $4,000-$6,000
These doubled die errors are extremely rare, with fewer than 50 examples confirmed. Authentication by a major grading service is strongly recommended.
Repunched Dates (RPD)
Several 1867 pennies show evidence of date repunching, where the date was punched multiple times into the die at slightly different positions.
Identification characteristics:
- Extra thickness or “shadow” to one or more digits
- Most common on the “7” in the date
- Visible under 5-10x magnification
Current values:
- F-12: $100-$150
- VF-20: $200-$300
- EF-40: $400-$600
- AU-50: $900-$1,200
Approximately 200-300 examples are estimated to exist across all grades, making this a moderately rare error.
Clipped Planchet
Some 1867 pennies were struck on planchets that were improperly cut, resulting in a section of the coin missing.
Identification characteristics:
- Curved or straight clip along one edge
- Uneven weight (typically 2.7-3.0 grams instead of standard 3.11 grams)
- Affected design elements missing at the clip point
Current values:
- VG-8: $100-$175
- F-12: $200-$300
- VF-20: $350-$500
- EF-40: $600-$900
Value depends significantly on the size and location of the clip, with larger clips generally commanding higher premiums.
Off-Center Strikes
Off-center strikes occur when the planchet is not properly centered during striking, resulting in part of the design being missing.
Identification characteristics:
- Uneven margins around the design
- Part of the design missing
- Typically valued by percentage off-center (10%, 20%, etc.)
Current values:
- 10% off-center: $150-$300
- 20% off-center: $300-$600
- 30% off-center: $700-$1,200
- 40%+ off-center with full date: $1,500-$3,000
The most valuable examples are those that retain the complete date while showing significant off-center striking.
Die Varieties & Doubled Dies
Snow-1 (S1) Repunched Date
The most significant die variety for the 1867 Indian Head Penny is the Snow-1 (S1) repunched date variety.
Official designation: FS-301, Snow-1
Diagnostic features:
- Strong repunching visible at the base of “67” in the date
- Secondary “7” clearly visible below the primary digit
- Often shows distinctive die polish lines near the date
Current market values:
- F-12: $125-$200
- VF-20: $225-$350
- EF-40: $450-$650
- AU-50: $1,000-$1,400
- MS-63 Brown: $3,000-$4,500
Snow-2 (S2) Doubled LIBERTY
Official designation: FS-101, Snow-2
Diagnostic features:
- Doubling visible in “LIBERTY” on the headband
- Most prominent in the letters “LIB”
- Sometimes shows minor doubling in the headdress feathers
Current market values:
- F-12: $100-$175
- VF-20: $200-$300
- EF-40: $400-$600
- AU-50: $800-$1,200
- MS-63 Brown: $2,500-$3,500
Shallow N Reverse
A less recognized but collectible variety features a shallow or “weak N” in ONE CENT on the reverse.
Diagnostic features:
- The letter “N” in “ONE” shows weakness in the diagonal elements
- Other letters in “ONE CENT” appear normally struck
- Result of die deterioration rather than an engraving error
Current market values:
- F-12: $60-$90
- VF-20: $100-$150
- EF-40: $200-$300
- AU-50: $400-$600
Rarity Ranking
From most common to rarest:
- Standard strike (no varieties)
- Shallow N Reverse (uncommon)
- Snow-1 Repunched Date (scarce)
- Snow-2 Doubled LIBERTY (rare)
- Major Off-Center Strikes (very rare)
- Significant Doubled Die Obverse (extremely rare)
Grading Guide For Value Assessment
Grade-Specific Value Impacts
Good to Very Good (G-4 to VG-8):
- Date must be fully legible
- LIBERTY in headband may be partially visible
- Rim should be complete but may show wear
- Value increases by 30% with clear LIBERTY
Fine to Very Fine (F-12 to VF-20):
- LIBERTY should be completely visible
- Feather details partially defined
- Reverse wreath shows some detail in leaves
- Value increases by 50% with sharp feather definition
Extremely Fine to About Uncirculated (EF-40 to AU-58):
- Full feather detail with minimal wear on high points
- Some mint luster may remain in protected areas
- Value increases by 40% with presence of original luster
- Significant 100% premium for traces of original red color
Uncirculated (MS-60 to MS-66):
- No trace of wear on high points
- Color designation crucial: Brown (BN), Red-Brown (RB), or Red (RD)
- Full original red color (RD) can bring 3-5x premium over brown (BN)
- Strike quality (weakness/strength) can affect value by 20-30%
Key Grading Points
When assessing an 1867 Indian Head Penny, pay particular attention to:
- Headdress Feathers: The highest points that show wear first
- Cheek of Liberty: Often exhibits friction or contact marks
- LIBERTY in Headband: Critical for determining grades below EF
- Hair Details: Fine strands that diminish with circulation
- Shield on Reverse: Points and vertical stripes lose definition with wear
Strike Quality Factors
The 1867 Indian Head Penny often exhibits inconsistent strike quality that directly impacts value:
- Bold Strike: Full design details, especially in feathers and shield – commands 15-25% premium
- Weak Strike: Incomplete detail transfer, particularly at centers – may sell at 10-20% discount
- Uneven Strike: Parts of design sharp, others weak – reduces value by 10-15%
Problem Areas
Common issues that significantly reduce the 1867 Indian Head Penny’s value include:
- Environmental Damage: Green spots or corrosion can reduce value by 40-70%
- Cleaning: Improper cleaning creates unnatural brightness – 30-50% value reduction
- Rim Bumps: Damage to the rim area – 15-25% value reduction
- Porosity: Pitting in the surface – 20-40% value reduction
- Planchet Problems: Pre-striking flaws in the copper blank – 10-30% value reduction
Grading Controversies
The 1867 Indian Head Penny presents some unique grading challenges:
- Original vs. Artificial Color: Determining natural red/red-brown color versus artificially enhanced color
- Environmental Damage vs. Natural Toning: Distinguishing between harmful corrosion and benign toning
- Strike Weakness vs. Wear: Differentiating between production weakness and actual circulation wear
Professional third-party grading is highly recommended for valuable specimens, particularly those in AU and higher grades where these distinctions significantly impact value.
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Be alert to these indicators of fake 1867 Indian Head Pennies:
- Weight Discrepancies: Genuine coins weigh 3.11 grams (±0.1g)
- Die Characteristics: Counterfeits often show rounded or mushy details
- Date Formation: The numbers “1867” should show proper spacing and alignment
- Edge Characteristics: Seams or file marks indicate cast counterfeits
- Surface Texture: Genuine coins show natural copper surfaces; counterfeits often have a granular appearance
Weight and Measurement Tests
Precise measurements for authentication:
- Weight: 3.11 grams (±0.1g)
- Diameter: 19.0mm (±0.1mm)
- Thickness: 1.5mm (±0.1mm)
- Edge: Plain with no reeding or inscription
Digital calipers and an accurate scale measuring to 0.01g precision are essential tools for basic authentication.
Design Element Inspection
These specific design elements are often poorly executed on counterfeits:
- Feather Details: Examine individual feather definition in the headdress
- Diamond Pattern: Check the diamond pattern on the headband
- Letter Formation: Look for proper serifs on “UNITED STATES OF AMERICA”
- Oak Leaves: Examine the detail in individual oak leaves on the reverse wreath
- Shield Lines: Verify both horizontal and vertical lines in the shield are distinct
Modern Counterfeits
Recent counterfeiting threats to be aware of:
- Chinese Cast Reproductions: Appearing since approximately 2010, these cast counterfeits often show porosity and incorrect weight
- Altered Dates: Modern technology allows skillful alteration of dates from more common years
- Transfer Die Counterfeits: Made using impressions from genuine coins, these show reduced detail and often incorrect metal composition
Authentication Resources
For verification of valuable specimens, consider these resources:
- Professional Grading Services: PCGS, NGC, ANACS offer authentication and grading
- Specialized Testing: XRF analysis can verify copper content and composition
- Reference Materials: “The Flying Eagle & Indian Cent Attribution Guide” by Richard Snow
- Online Resources: CONECA error listings and variety guides
- Local Expertise: Advanced collectors and specialized dealers in Indian Head cents
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
Entry-Level Strategy: $250-$500 Budget
- Focus on acquiring G-4 to VF-20 examples
- Look for problem-free surfaces with even wear
- Consider lesser varieties like the Shallow N Reverse
- Target coins from estate sales and local coin shops where bargains are possible
Mid-Range Strategy: $500-$2,500 Budget
- Concentrate on EF-40 to AU-58 examples with attractive surfaces
- Consider MS-60 to MS-63 Brown examples
- Look for minor varieties and errors that add value
- Focus on original, untampered surfaces rather than highest technical grade
Advanced Strategy: $2,500+ Budget
- Target MS-64 and better examples with original red or red-brown color
- Focus on major varieties like Snow-1 and Snow-2
- Consider significant errors like major off-center strikes
- Invest in PCGS/NGC certified examples for value protection
Where To Buy
Best Value Sources:
- Major Auctions: Heritage, Stack’s Bowers, Great Collections for certified high-grade examples
- Specialized Dealers: Indian Head cent specialists often have better inventory and expertise
- Major Coin Shows: PCGS and ANA shows offer wide selection and competitive pricing
- Online Marketplaces: eBay and VCoins can offer value, but require expertise to navigate safely
- Collector Forums: PCGS, NGC, and CoinTalk forums often have collector-to-collector sales with fair pricing
Avoid:
- Pawn shops (typically overpriced for numismatic material)
- General antique dealers (lacking numismatic expertise)
- Social media marketplace listings (high counterfeit risk)
When To Sell
Optimal Market Timing:
- Major anniversaries of the Indian Head cent series trigger buying interest
- January-March typically sees stronger prices due to tax refund season
- Major auction presence of Indian Head cents creates temporary market momentum
- Economic uncertainty often drives increased interest in tangible assets like rare coins
Storage For Value Preservation
Preservation Recommendations:
- Use inert, PVC-free holders (avoid soft “flips” with plasticizers)
- Store in temperature and humidity-controlled environment (60-70°F, 40-50% humidity)
- Avoid handling surfaces with bare hands (use cotton gloves or hold by edges)
- Consider professional conservation if environmental damage threatens
- For investment-grade pieces, maintain PCGS/NGC holders intact
Expert FAQ & Value Conclusion
Key Value Questions
What makes an 1867 Indian Head Penny valuable?
The 1867 Indian Head Penny derives its value from several factors: its moderate mintage of under 10 million, its status as a post-Civil War issue, and its relative scarcity in higher grades with original mint color. The most valuable examples combine high grade (MS-65 or better), full original red color, strong strike characteristics, and freedom from post-mint damage. Rare varieties and errors, particularly the Snow-1 repunched date and significant doubled dies, can command substantial premiums over standard examples.
Which 1867 Indian Head Penny errors are worth the most?
The most valuable errors for the 1867 Indian Head Penny are, in descending order: major doubled die obverses (particularly those affecting the date and LIBERTY), significantly off-center strikes (40%+ off-center while retaining the full date), and repunched date varieties (especially the Snow-1). These can bring multiples of the standard coin’s value, with top examples of doubled dies in high grades potentially commanding $5,000+ even in circulated condition.
How rare is an 1867 Indian Head Penny?
With a mintage of 9,821,000, the 1867 Indian Head Penny is moderately scarce but not among the series’ key dates. However, it becomes genuinely rare in grades above MS-64, particularly with full original red color. PCGS and NGC population reports show fewer than 50 examples certified in MS-65 Red or higher, making this grade level truly rare and increasingly valuable as collector demand grows for premium quality examples.
Value Summary
The 1867 Indian Head Penny presents compelling value opportunities across multiple collector levels. Circulated examples provide an accessible entry point to post-Civil War American coinage, while high-grade red specimens represent significant rarities worthy of advanced investment consideration. The presence of collectible die varieties and errors adds collecting depth beyond date-and-mint collecting.
Current market trends show particularly strong growth in the MS-64 to MS-66 Red segment, with steady but more moderate appreciation in circulated grades. The significant price jumps between color designations (Brown to Red-Brown to Red) reflect the market’s emphasis on original surfaces and natural preservation.
Market Outlook
The long-term outlook for the 1867 Indian Head Penny appears positive. Factors supporting continued appreciation include:
- Growing interest in 19th-century American coinage
- Limited supply of high-grade examples
- Increasing recognition of significant varieties
- Strong overall market for copper coinage
Expect continued strong performance in the MS-64 and higher grades, with particular emphasis on examples with original red color. The greatest appreciation potential likely exists in premium-quality MS-64 to MS-65 Red examples with strong strikes and exceptional eye appeal.
Final Collector Advice
For collectors seeking value in the 1867 Indian Head Penny market:
- Prioritize original, problem-free surfaces over technical grade alone
- Develop the expertise to identify key varieties like the Snow-1 repunched date
- Consider AU examples with traces of red as potentially undervalued opportunities
- Verify authentication of high-value examples through third-party grading services
- Focus on examples with above-average strikes, as strike quality significantly impacts long-term value
The 1867 Indian Head Penny represents not just a numismatic collectible but a tangible connection to post-Civil War America—a period of national reconstruction that shaped the modern United States. This historical significance, combined with the coin’s relative scarcity in premium condition, ensures its continuing place as a valued component of advanced Indian Head cent collections.