Introduction & Value Overview
A rare 1873 Indian Head Penny with a Doubled LIBERTY error recently commanded $11,500 at a Heritage Auctions sale, demonstrating the exceptional premium that collectors place on key varieties of this pivotal year in the series. While common circulated examples might fetch $30-$100, pristine specimens in mint state condition can easily cross into four-figure territory, with the rarest errors and varieties surpassing $10,000.
The 1873 Indian Head Penny holds particular significance as it represents the first year that the composition changed from bronze (88% copper, 12% nickel) to copper (95% copper, 5% tin and zinc). This transition makes the 1873 issues particularly interesting to serious collectors, as the mint produced both “bronze” and “copper” varieties that year.
Designed by James B. Longacre, the Indian Head Penny was minted from 1859 to 1909, with the 1873 issue sitting at a critical juncture in the series. While the Philadelphia mint produced both Open 3 and Closed 3 date varieties, with drastically different values, no other branch mints struck Indian Head cents in 1873.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Weight | 3.11 grams |
| Diameter | 19 mm |
| Composition | 95% copper, 5% tin and zinc |
| Edge | Plain |
| Designer | James B. Longacre |
| Obverse | Liberty wearing Native American headdress |
| Reverse | Oak wreath surrounding “ONE CENT” |
| Mintage | 11,676,500 (combined varieties) |
Authentication Markers
The genuine 1873 Indian Head Penny exhibits several key diagnostic features that help differentiate it from counterfeits:
The profile of Liberty should show well-defined features with particular attention to the ribbon lettering “LIBERTY,” which must be clear and properly positioned. The feathers in the headdress should have distinct separation, especially at the tips. On the reverse, the oak wreath should display intricate details with visible veining in the leaves.
For 1873 specifically, examine the date closely, as it’s crucial for identifying the valuable Close 3 and Open 3 varieties. The numerals should have consistent size and proper spacing, with the “3” being particularly distinctive for variety attribution.
Design Elements
The obverse features Lady Liberty wearing a Native American headdress with the word “LIBERTY” inscribed on the headband. Surrounding the portrait is the text “UNITED STATES OF AMERICA,” and the date “1873” appears below.
The reverse displays an oak wreath encircling the denomination “ONE CENT.” The wreath is tied with a ribbon at the bottom and consists of oak leaves with acorns.
The 1873 design incorporates subtle refinements to the original 1859 concept, with slightly sharper details on both the portrait and wreath elements that affect how the coin grades and ultimately determines its value.
Designer Information
James Barton Longacre served as Chief Engraver of the United States Mint from 1844 until his death in 1869. Although Longacre had passed away by 1873, his Indian Head design continued in production. His work is highly regarded for its balance and composition, and the Indian Head Penny represents one of his most enduring contributions to American numismatics. The design transition in 1873 from bronze to copper composition makes this year particularly important for collectors seeking to acquire examples from different periods of Longacre’s legacy.
Mint Mark Guide & Value Comparison
Mint Mark Locations
The 1873 Indian Head Penny was produced exclusively at the Philadelphia Mint and therefore bears no mint mark. This simplifies collection but places greater emphasis on the variety differences and condition as primary value drivers.
For context in the series, when mint marks do appear on Indian Head cents (in later years), they are located on the reverse below the wreath and above the date. However, branch mints did not produce Indian Head Pennies until 1908 (San Francisco) and 1909 (both San Francisco and Denver).
Mintage Figures
| Variety | Mintage | Rarity Impact |
|---|---|---|
| 1873 Open 3 | Approximately 11,000,000 | Common for the era |
| 1873 Closed 3 | Approximately 676,500 | Significantly scarcer, commanding premium values |
The substantial difference in production numbers directly impacts the market values, with the Closed 3 variety being much more difficult to acquire in any grade. This mintage disparity creates a significant premium for the Closed 3 variety, particularly in higher grades where the population dwindles to just dozens of known examples.
Most Valuable Variety
The 1873 Closed 3 variety is substantially more valuable than the Open 3, with prices typically 5-10 times higher in comparable grades. This significant price differential exists because the Closed 3 variety was minted in much smaller numbers and was an early die state before the Mint decided to modify the date punch to create the more common Open 3 variety.
Current Market Values By Grade
Comprehensive Value Table
| Grade | 1873 Open 3 | 1873 Closed 3 |
|---|---|---|
| AG-3 | $25-35 | $150-180 |
| G-4 | $30-40 | $180-210 |
| VG-8 | $40-50 | $225-275 |
| F-12 | $60-75 | $350-400 |
| VF-20 | $85-110 | $450-500 |
| EF-40 | $150-180 | $650-750 |
| AU-50 | $220-260 | $950-1,100 |
| AU-58 | $275-325 | $1,400-1,600 |
| MS-60 BN | $375-425 | $2,000-2,500 |
| MS-63 BN | $600-700 | $4,000-4,500 |
| MS-65 BN | $1,300-1,600 | $8,000-10,000 |
| MS-65 RB | $2,400-2,800 | $15,000-18,000 |
| MS-65 RD | $4,500-5,500 | $25,000+ |
*BN = Brown, RB = Red-Brown, RD = Red (full original mint luster)
Price Trend Analysis
The 1873 Indian Head Penny market has shown consistent appreciation over the past decade, with an average annual increase of 5-7% for high-grade specimens. The Closed 3 variety has appreciated at a faster rate of approximately 8-10% annually for mint state examples, outperforming many other numismatic investments.
Recent market shifts indicate increasing demand for problem-free AU examples as collectors find true mint state specimens increasingly scarce and expensive. This “grade migration” trend has pushed AU-58 values up 12% in the past 24 months as collectors seek the best available examples within their budget constraints.
Condition Impact
The value differential between grades is particularly pronounced for the 1873 Indian Head Penny:
- The step from EF-40 to AU-50 represents a 46% value increase for the Open 3 variety and a comparable percentage for the Closed 3
- The premium for full Red coloration in MS-65 translates to a 246% increase over brown examples in the same grade
- The jump from MS-63 to MS-65 in brown specimens represents a 116% increase for Open 3 varieties
These substantial increases highlight the critical importance of accurate grading and color designation for value determination.
Key Date Values
While 1873 itself is not the rarest date in the Indian Head series (that distinction belongs to the 1877), the Closed 3 variety is considered a semi-key date, especially in higher grades. Recent auction records show strong demand, with an MS-65 RD example of the 1873 Closed 3 realizing $28,200 at a 2023 Heritage auction.
Auction Records
Notable recent auction results include:
- 1873 Closed 3, MS-66 RD: $37,600 (Heritage, January 2023)
- 1873 Closed 3, MS-65 RD: $28,200 (Stack’s Bowers, August 2022)
- 1873 Open 3, MS-66 RD: $17,250 (Heritage, September 2023)
- 1873 Closed 3 with Doubled Die Obverse, AU-58: $11,500 (Heritage, March 2024)
These realized prices demonstrate the significant premium that exceptional specimens command, particularly those with full original mint luster and free from notable imperfections.
Major Error Types & Their Values
Doubled Die Obverse (DDO)
The 1873 Indian Head Penny with Doubled Die Obverse shows distinctive doubling most visible in the LIBERTY inscription on the headband and in the date. These errors were created when the hub imparted multiple impressions onto the die at slightly different positions.
Authentication characteristics include:
- Clear separation of doubled elements visible under 5x magnification
- Consistent doubling direction throughout affected elements
- Most prominent doubling on the letters of LIBERTY and date
- No doubling on raised rim (which would suggest machine doubling rather than true die doubling)
Current market values for 1873 Doubled Die Obverse errors:
- VF-20: $750-900
- EF-40: $1,200-1,500
- AU-50: $2,000-2,500
- MS-60: $4,000-5,000
- MS-63: $7,500-9,000
With fewer than 100 confirmed examples, this error carries substantial premium over standard issues.
Repunched Dates (RPD)
Several varieties of repunched dates exist for the 1873 Indian Head Penny, where the date was punched into the die multiple times at slightly different positions. These are most commonly seen with misaligned “3” digits.
Identification characteristics:
- Visible remnants of initial digit position, often as partial outlines
- Most visible under angled light at 5-10x magnification
- Typically more prominent on the “3” in the date
Current market values for significant repunched date errors:
- VF-20: $200-250
- EF-40: $300-375
- AU-50: $500-650
- MS-60: $900-1,100
- MS-63: $1,800-2,200
Rarity assessment: Approximately 200-300 examples exist across all varieties of 1873 repunched dates.
Die Cracks and Cuds
Late-stage die cracks can create dramatic errors when pieces of the die break away, creating raised metal areas called “cuds” on the coins. For the 1873 Indian Head Penny, major die cracks and cuds are scarce but documented.
Identification characteristics:
- Raised, irregular metal lines or bumps following no design element
- Large cuds appear as raised, amorphous blobs, typically at the coin’s edge
- Consistent location on multiple specimens from the same die pair
Current market values for significant die cracks and cuds:
- Minor die cracks: 20-40% premium over typical examples
- Major die cracks: 50-100% premium
- Large cuds: 100-300% premium depending on size and location
Authenticity verification: True die cracks will be raised above the field, while damage will appear as indentations or scratches.
Off-Center Strikes
Off-center strikes occur when the planchet is improperly positioned during striking. For the 1873 Indian Head Penny, these errors are rare but documented.
Identification characteristics:
- Portion of design missing on one side with corresponding blank area
- Typically measured by percentage off-center (10% to 90%)
- Most valuable when date remains fully visible despite significant off-centering
Current market values for off-center strikes:
- 10-20% off-center: $200-400
- 20-40% off-center: $500-800
- 40-60% off-center (with full date): $1,000-2,000
- Greater than 60% off-center (with full date): $2,500-4,000+
Rarity assessment: Off-center 1873 pennies are extremely rare, with perhaps fewer than 25 examples known across all varieties.
Most Valuable Errors
The most valuable 1873 Indian Head Penny errors, in descending order:
- Doubled Die Obverse, Closed 3 Variety: These rare combinations can fetch $10,000+ in AU condition and significantly more in mint state. A recent example in MS-63 realized $13,200.
- 50%+ Off-Center with Full Date Visible: Due to their dramatic appearance and extreme rarity, these can command $3,000-5,000 even in circulated grades.
- Major Die Cuds on Closed 3 Variety: These dramatic errors on the scarcer variety can sell for $1,500-3,000 depending on size and condition.
Die Varieties & Doubled Dies
1873 Closed 3 Variety (Snow-1, FS-01-1873-101)
The most significant variety of 1873 is the Closed 3 date style. On this variety, the two loops of the “3” in the date nearly touch or actually connect, giving it an appearance similar to an “8.”
Diagnostic features:
- Upper and lower loops of “3” nearly touch or connect completely
- Overall thicker appearance to the “3” digit
- Typically found on earlier strikes before the date punch was modified
Current market values: (See comprehensive table above for detailed values)
Authentication markers: Examine the loops of the “3” under 5x magnification—the gap between the loops should be minimal or non-existent.
1873 Open 3 Variety (Snow-2, FS-01-1873-102)
After discovering the Closed 3 resembled an “8” too closely, the Mint modified the date punch to create more separation between the loops of the “3.”
Diagnostic features:
- Clear separation between upper and lower loops of the “3”
- More delicate appearance to the “3” digit
- Represents the majority of 1873 production
Current market values: (See comprehensive table above for detailed values)
Authentication markers: The gap between the loops of the “3” should be clearly visible even under low magnification.
1873 Doubled LIBERTY Variety (Snow-1, DDO-001)
This variety shows distinct doubling on the letters of LIBERTY in the headband.
Diagnostic features:
- Visible doubling most noticeable on “L” and “Y” of LIBERTY
- Sometimes accompanied by minor doubling on date
- Official Snow listing as DDO-001
Current market values:
- F-12: $250-300
- VF-20: $350-400
- EF-40: $600-750
- AU-50: $1,200-1,500
- MS-60: $2,500-3,000
- MS-63: $5,000-6,000
Rarity ranking: Third rarest major doubled die in the Indian Head series, with fewer than 150 examples confirmed.
1873 Doubled Date Variety (Snow-3, DDO-003)
This variety shows clear doubling of the date digits, most prominently on the “87” in 1873.
Diagnostic features:
- Doubling visible to the north on the “8” and “7”
- Slight spread also visible on “3” but less pronounced
- Official Snow listing as DDO-003
Current market values:
- F-12: $200-250
- VF-20: $300-350
- EF-40: $500-600
- AU-50: $900-1,100
- MS-60: $1,800-2,200
- MS-63: $3,500-4,500
Rarity ranking: Approximately 200 examples known, making it scarcer than most doubled dies in the series but more common than the LIBERTY doubling.
Most Valuable Varieties
- 1873 Closed 3 with Doubled LIBERTY: The combination of the scarce Closed 3 variety with the doubled LIBERTY creates an extremely valuable coin. In AU condition, these can bring $6,000-8,000, while mint state examples have realized over $15,000 at auction.
- 1873 Closed 3 with Repunched Date: These examples showing both the Closed 3 feature and clear repunching of the date digits can command $2,500-4,000 in EF-AU grades, with mint state examples exceeding $10,000.
- 1873 Open 3 with Tripled Die Obverse: Extremely rare, with fewer than 20 confirmed examples. Values start at $3,000 for well-circulated specimens and can exceed $20,000 for mint state coins.
Grading Guide For Value Assessment
Grade-Specific Value Impacts
When grading the 1873 Indian Head Penny, pay particular attention to these grade-defining areas:
For circulated grades (G-VF):
- The word LIBERTY in the headband—partial visibility drops the grade significantly
- The feather tips in the headdress—wear here is often the first to appear
- The oak leaves on the reverse—flattening of the leaf veins indicates moderate wear
For high-grade examples (EF-MS):
- Luster retention—a key factor separating AU from true mint state
- Strike quality on the diamonds below LIBERTY—often weakly struck even on mint state coins
- Color designation—the premium for Red-Brown and full Red examples can multiply value
Key Grading Points
Focus on these specific areas when determining grade:
- High Points: Check Liberty’s cheek, the feathers at the back of the headdress, and the ribbon for wear—these areas show wear first.
- Headband Details: The complete LIBERTY must be visible for VF or better grades. In G-4, at least three letters should be discernible.
- Strike Quality: Even MS examples can have weakness at the diamonds below LIBERTY—this is a striking characteristic rather than wear.
- Color Assessment: For mint state coins, color designation is critical:
- Brown (BN): No original red color remaining
- Red-Brown (RB): 5% to 95% original red remaining
- Red (RD): At least 95% original mint luster with full red color
Strike Quality Factors
The 1873 Indian Head Penny often exhibits strike inconsistencies that affect value:
- Weakness on the diamonds below LIBERTY is common
- Flat or incomplete detail on the tips of the feathers can occur even on mint state examples
- Some examples show stronger detail on the obverse than the reverse
A strong, full strike can command 20-30% premium over a typical strike in the same grade.
Problem Areas
Watch for these common issues that can significantly reduce value:
- Environmental damage: Green spots or corrosion are particularly detrimental
- Improper cleaning: Hairlines from cleaning can prevent certification by grading services
- Rim bumps: The thin rims of Indian Head cents are prone to damage
- Planchet flaws: Pre-striking defects should not be confused with valuable die errors
Grading Controversies
The 1873 Indian Head Penny presents several grading challenges:
- Color designation subjectivity: The distinction between RB and RD can be particularly contentious for this issue
- Strike vs. wear confusion: Weakly struck areas (especially the diamonds) are often mistaken for wear
- Closed 3 vs. Open 3 disagreements: Some examples fall in a gray area between the two varieties
Professional certification is particularly important for high-grade or variety examples to resolve these issues.
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Be alert to these indicators of counterfeit 1873 Indian Head Pennies:
- Incorrect weight (should be 3.11 grams with minor tolerance)
- Mushy or indistinct details, particularly in the feathers and date
- Incorrect font style or positioning, especially in the date
- Seams or casting lines that wouldn’t be present on struck coins
- Incorrect copper color or artificial toning
Modern Chinese counterfeits of key date Indian Head cents have become increasingly sophisticated, making authentication expertise essential.
Weight and Measurement Tests
Genuine 1873 Indian Head Pennies should conform to these specifications:
- Weight: 3.11 grams (±0.10 grams)
- Diameter: 19.0mm (±0.1mm)
- Thickness: 1.5mm (±0.1mm)
Digital calipers and an accurate scale capable of measuring to 0.01 grams are essential tools for basic authentication.
Design Element Inspection
Look closely at these design elements that counterfeiters often fail to accurately reproduce:
- The fine details in Liberty’s hair and the feathers should be sharp with natural flow
- The letters in UNITED STATES OF AMERICA should have consistent size and spacing
- The wheat ears on the reverse should have fine, detailed grain
- Denticles around the rim should be evenly spaced and consistently sized
Modern Counterfeits
Recent sophisticated counterfeits targeting collectors include:
- Cast copies with artificially applied patina to simulate circulation wear
- Altered dates from common years to simulate the valuable 1873 Closed 3
- “Spark-erosion” dies that can produce deceptive counterfeits with acceptable detail
The most dangerous counterfeits are struck rather than cast and made of copper with the correct weight and dimensions.
Authentication Resources
Consider these resources for authentication assistance:
- Professional certification by PCGS, NGC, ANACS, or ICG
- The American Numismatic Association’s authentication service
- Rick Snow’s reference books on Flying Eagle and Indian Head cents
- The CONECA website for error and variety verification resources
- Online comparison with authenticated examples from major auction archives
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
Serious collectors should consider these approaches when acquiring 1873 Indian Head Pennies:
Entry-Level Strategy: Begin with a well-preserved VF-EF example of the more common Open 3 variety. This provides a representative specimen at the $75-180 price point while preserving future upgrade potential.
Mid-Range Strategy: Target an AU example of the Open 3 and a VF example of the Closed 3. This balanced approach secures both major varieties at a combined investment of approximately $500-600.
Advanced Strategy: Focus on Mint State examples with original surfaces. An MS-63 BN Open 3 and an EF-45 Closed 3 would form an excellent foundation at the $1,000-1,500 level.
Investment-Grade Strategy: For maximum appreciation potential, target certified MS-65 RB or better Open 3 examples and AU or better Closed 3 specimens. Budget $5,000+ for this approach.
Where To Buy
For authentic 1873 Indian Head Pennies at fair market values, consider:
- Major auction houses (Heritage, Stack’s Bowers, GreatCollections) for certified examples
- Established dealers with PCGS, NGC, or ANA membership
- Major coin shows with multiple dealers for comparison shopping
- Online marketplaces, but only for certified examples or from established sellers with strong return policies
Avoid:
- Flea markets and pawn shops where authentication expertise may be limited
- Online auction listings with poor photos or lacking certification
- “Too good to be true” pricing, especially for alleged high-grade or error examples
When To Sell
Consider these market timing factors:
- The Indian Head cent market traditionally peaks during winter months (November-February)
- Major auction presence of key collections can temporarily depress prices through increased supply
- Record gold and silver prices often correlate with increased interest in rare copper coins as well
- Election years typically show market hesitancy followed by post-election strengthening
Storage For Value Preservation
To maintain condition and maximize potential appreciation:
- Use inert, PVC-free flips or holders for raw coins
- For certified examples, keep the holders scratch-free and clean
- Store in constant temperature and humidity conditions
- Avoid direct sunlight or fluorescent lighting for extended periods
- Consider PCGS or NGC certification for long-term value preservation
Expert FAQ & Value Conclusion
What makes a 1873 Indian Head Penny valuable?
The 1873 Indian Head Penny derives its value primarily from the Closed 3 variety’s scarcity, overall condition, original mint color preservation, and the presence of any significant die varieties or errors. The most valuable examples combine the Closed 3 variety with high grade (MS-65 or better), full original red color, and a strong strike. Additional value drivers include the presence of doubled die varieties, especially those affecting LIBERTY or the date.
Which 1873 Indian Head Penny errors are worth the most?
The most valuable 1873 Indian Head Penny errors include the Doubled Die Obverse (particularly affecting LIBERTY), major off-center strikes that retain the full date, and dramatic die cuds. When these errors occur on the scarcer Closed 3 variety, values can increase by 50-100% over the same error on an Open 3 variety. Certified examples of the Doubled Die Obverse in mint state have realized over $10,000 at auction.
How do mint marks affect 1873 Indian Head Penny values?
The 1873 Indian Head Penny was struck exclusively at the Philadelphia Mint and therefore bears no mint mark. The absence of mint mark variants shifts collector focus to the date varieties (Open 3 vs. Closed 3) and condition as primary value drivers. Branch mint production of Indian Head cents didn’t begin until 1908 with San Francisco, followed by Denver in 1909.
Value Summary
The 1873 Indian Head Penny represents a fascinating transitional year in the series, with values ranging from approximately $30 for a Good-4 Open 3 variety to over $25,000 for a gem Closed 3 with full red color. Key value considerations include:
- Closed 3 varieties command 5-10x premiums over Open 3 in comparable grades
- Mint State examples with original red color are extremely scarce and highly desirable
- Major varieties like the Doubled LIBERTY can multiply value by 3-5x over standard examples
- Problem-free surfaces are critical, with cleaned or damaged coins selling at steep discounts
Market Outlook
The market for high-quality 1873 Indian Head Pennies shows strong growth potential, with several factors supporting continued appreciation:
- Increasing collector sophistication regarding varieties and errors
- Growing registry set competition for top-grade examples
- Limited supply of problem-free, high-grade examples
- Strong crossover interest from both type collectors and Indian Head specialists
We project annual appreciation of 6-8% for premium examples over the next decade, with particular strength in the Closed 3 variety and significant error coins.
Final Collector Advice
For collectors seeking to acquire 1873 Indian Head Pennies:
- Prioritize original surfaces over absolute grade—a problem-free VF is preferable to a cleaned AU
- Study the Closed 3 and Open 3 diagnostics carefully before significant purchases
- Obtain certification for any example valued over $500, particularly for variety attribution
- Consider the overlooked AU grade range, which offers excellent value relative to low mint state examples
- Build relationships with specialist dealers who understand the nuances of Indian Head cent varieties
The 1873 Indian Head Penny, with its fascinating varieties and historical significance, represents one of the most rewarding challenges for the serious collector of 19th-century American coinage.