Introduction & Value Overview
The 1886 Indian Head Penny commands significant attention in numismatic circles, with recent auction highlights including a pristine MS67 example that realized $16,800 at Heritage Auctions in 2022. This impressive result underscores why these late 19th-century treasures continue to captivate serious collectors. While average circulated examples might trade hands for $2-$15, exceptional specimens in mint state grades regularly bring hundreds to thousands of dollars.
Designed by James Barton Longacre and struck at the Philadelphia Mint, the 1886 Indian Head Penny belongs to a series minted from 1859 to 1909. Composed of 95% copper and 5% tin and zinc, this coin represents the “Bronze Era” that followed the earlier copper-nickel composition. With a moderate mintage of 17,654,290 pieces, the 1886 issue presents an accessible yet valuable collecting opportunity.
In this comprehensive guide, we’ll analyze how grade, errors, and varieties dramatically affect the 1886 Indian Head Penny’s market value, examine authentication markers, and provide expert insights into maximizing your collecting strategy.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Composition | 95% Copper, 5% Tin and Zinc |
| Weight | 3.11 grams |
| Diameter | 19.05 mm |
| Edge | Plain |
| Designer | James Barton Longacre |
| Obverse | Liberty wearing Native American headdress |
| Reverse | Oak wreath surrounding “ONE CENT” |
| Mintage | 17,654,290 |
Authentication Markers
The genuine 1886 Indian Head Penny features several diagnostic characteristics that distinguish it from counterfeits. The portrait of Liberty should show fine, well-defined feather details in the headdress, with distinct diamond patterns along the headband. The lettering “UNITED STATES OF AMERICA” should display clean, consistent spacing without irregularities.
Under magnification, authentic examples reveal fine die polishing lines in the fields, and the date numerals—particularly the “6” in 1886—should show proper proportioning without evidence of tooling or alteration. The reverse wreath details should display botanical accuracy with defined oak leaves and acorns.
Design Elements
The obverse portrays Liberty facing left, wearing a Native American headdress (a somewhat confusing design choice since Longacre’s “Indian” is actually Lady Liberty). The word “LIBERTY” appears on the headband, while the date 1886 is positioned at the bottom. The surrounding field contains 13 stars representing the original colonies.
The reverse features a simple oak wreath encircling the denomination “ONE CENT,” with “UNITED STATES OF AMERICA” arcing around the upper edge. The lower portion of the wreath is bound by a ribbon and contains a shield at the top.
Mint Mark Guide & Value Comparison
Mint Mark Locations
The 1886 Indian Head Penny was produced exclusively at the Philadelphia Mint and therefore bears no mint mark. This absence of a mint mark is itself an identifying characteristic. Later Indian Head Pennies would be produced at other mints, including San Francisco (S) and Denver (D), but the 1886 issue features only Philadelphia production.
The absence of a mint mark is typical for Philadelphia Mint products of this era, as the practice of including a “P” mint mark would not be implemented until much later. For authentication purposes, any 1886 Indian Head Penny bearing a mint mark should be considered counterfeit or altered.
Mintage Figures
| Mint | Mintage | Notes |
|---|---|---|
| Philadelphia (No Mint Mark) | 17,654,290 | Moderate production figure compared to series |
Though the mintage is substantial compared to some key dates in the series, the survival rate in higher grades is relatively low due to extensive circulation and the passage of time.
Current Market Values By Grade
Comprehensive Value Table
| Grade | Retail Value |
|---|---|
| Good-4 (G-4) | $2-$4 |
| Very Good-8 (VG-8) | $3-$6 |
| Fine-12 (F-12) | $5-$8 |
| Very Fine-20 (VF-20) | $8-$12 |
| Extra Fine-40 (XF-40) | $15-$25 |
| About Uncirculated-50 (AU-50) | $35-$45 |
| About Uncirculated-58 (AU-58) | $50-$65 |
| Mint State-60 (MS-60) | $80-$100 |
| Mint State-63 (MS-63) | $125-$150 |
| Mint State-65 (MS-65) | $325-$375 |
| Mint State-66 (MS-66) | $650-$750 |
| Mint State-67 (MS-67) | $7,500-$9,000 |
| Mint State-67+ | $12,000-$17,000 |
Values based on May 2025 market data compiled from PCGS, NGC, Heritage Auctions, and CDN Publishing
Price Trend Analysis
The market for high-grade 1886 Indian Head Pennies has shown steady appreciation over the past decade. MS-65 examples have appreciated approximately 18% since 2020, while the truly elite MS-67 specimens have seen even more dramatic increases of nearly 35% during the same period.
This growth reflects increasing collector interest in exceptional Indian Head cents, particularly as registry set collecting has gained popularity. The population reports show only about two dozen MS-67 examples and fewer than five MS-67+ coins, creating intense competition when these coins appear at auction.
Condition Impact
The price differential between grades is particularly pronounced in this issue. The jump from MS-65 to MS-66 represents a 100% price increase, while the leap from MS-66 to MS-67 is even more dramatic at over 1,000%. This exponential value increase highlights the importance of precise grading and the premium commanded by specimens with exceptional eye appeal, strike quality, and preservation.
Auction Records
A PCGS MS-67+ Red 1886 Indian Head Penny sold for $16,800 at Heritage Auctions in January 2022, representing one of the highest prices realized for this date. More recently, a PCGS MS-67 Red example brought $8,400 at Stack’s Bowers in March 2025, confirming the strong market for superb examples.
Major Error Types & Their Values
Doubled Die Obverse
The 1886 Indian Head Penny features several documented doubled die obverse varieties, though none are as dramatic as some other years in the series. The most notable shows doubling visible in the date and “LIBERTY” inscription on the headband.
Identification: Examine the letters in “LIBERTY” with 5-10x magnification, looking for distinct separation in the edges of the letters. The date may also show doubling, particularly in the “88” digits.
Current Value: $150-$300 in circulated grades; $500-$2,500 in mint state, depending on the strength of doubling and overall grade.
Repunched Dates
Several 1886 Indian Head Pennies show evidence of repunched dates, where the date was punched multiple times into the die, slightly offset from the original position.
Identification: Look for remnants of an earlier date punch, usually visible as partial digits near or overlapping the primary date. The most valuable examples show clear separation and strong remnants.
Current Value: $75-$200 in circulated grades; $300-$900 in uncirculated condition, with premiums for strong examples.
Clipped Planchet
These errors occur when the planchet cutting process overlaps a previously cut area or extends to the edge of the metal strip, resulting in a coin with a missing segment.
Identification: Look for a smooth, curved cut-out section along the edge of the coin, often resembling a bite taken out of the coin. Authentic clips will show distorted denticles near the clip area due to metal flow issues during striking.
Current Value: $60-$150 depending on size and position of the clip, with larger clips commanding higher premiums.
Off-Center Strikes
Off-center strikes occur when the planchet isn’t properly centered between the dies during striking, resulting in only a portion of the design being impressed on the coin.
Identification: Part of the design will be missing, with a corresponding blank area on the opposite side. The value increases significantly with the percentage off-center, with 50% off-center examples being particularly desirable.
Current Value: 10-15% off-center: $75-$150 20-40% off-center: $150-$400 50% off-center: $500-$1,200 (if date is visible)
Die Varieties & Doubled Dies
Snow-1 (S1) Doubled Die Obverse
The most significant doubled die for the 1886 issue shows strong doubling on “LIBERTY” and the date.
Identification: Under 5x magnification, examine the letters in “LIBERTY” on the headband, where doubling appears as a distinct shelf or separation along the edges of the letters. Additional doubling may be visible in the feather tips.
Current Value: VF: $125-$200 XF-AU: $200-$400 MS60-63: $500-$1,000 MS64+: $1,200-$3,000
Snow-2 (S2) Repunched Date
This variety shows clear repunching on the final “6” in the date, with a secondary “6” visible to the north of the primary digit.
Identification: Examine the final “6” in the date under magnification, looking for a partial secondary digit above the primary position.
Current Value: VF: $60-$100 XF-AU: $125-$250 MS60-63: $300-$600 MS64+: $700-$1,500
Snow-3 (S3) Misplaced Date
This interesting variety shows traces of errant date digits in the denticles below the primary date position.
Identification: Using 8-10x magnification, examine the denticles below the date area, where partial digits (typically from “1” or “8”) can be seen punched into the denticles.
Current Value: VF: $50-$90 XF-AU: $100-$225 MS60-63: $250-$500 MS64+: $600-$1,200
Grading Guide For Value Assessment
Key Grading Points
When assessing the grade of an 1886 Indian Head Penny, focus on these critical areas:
Obverse (Portrait Side):
- Headdress: Examine the feather details in the headdress. In circulated grades, feather definition progressively diminishes.
- LIBERTY: The headband inscription is one of the first areas to show wear. Complete letters visible indicates at least a Fine grade.
- Cheek: Liberty’s cheek is a high point that quickly shows wear. A flat cheek with little detail indicates significant circulation.
- Hair Details: The fine lines in Liberty’s hair disappear quickly with wear.
Reverse (Wreath Side):
- Wreath Details: The fine details of the oak leaves and acorns provide excellent grading markers.
- ONE CENT: The raised lettering shows wear patterns that help determine grade.
- Shield: The upper shield details often show flattening even in higher circulated grades.
Strike Quality Factors
The 1886 Indian Head Penny can vary significantly in strike quality, which directly impacts value regardless of technical grade. Well-struck examples show:
- Complete feather definition in the headdress
- Sharp demarcation between the portrait and the field
- Fully defined wreath details on the reverse
- Complete shield lines on the reverse
Weakly struck examples, even in mint state, may command only 60-70% of the value of sharply struck coins in the same numerical grade.
Color Designation Impact on Value
For uncirculated 1886 Indian Head Pennies, color designation drastically affects value:
| Color Grade | Description | Value Premium |
|---|---|---|
| Brown (BN) | Little to no original mint luster | Base value |
| Red-Brown (RB) | 5-60% original red color | 30-80% premium over Brown |
| Red (RD) | More than 90% original mint red | 100-300% premium over Brown |
A coin graded MS-65 Red can be worth three times as much as the same coin graded MS-65 Brown, making color assessment critical for proper valuation.
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Modern counterfeits of the 1886 Indian Head Penny typically show these warning signs:
- Incorrect Weight: Genuine coins should weigh 3.11 grams with minimal deviation.
- Seam Lines: Look for raised lines where counterfeit mold halves meet.
- Improper Metal Color: The color is often too orange or too dark compared to genuine examples.
- Weak Details: Most counterfeits show mushy, ill-defined design elements.
- Surface Textures: Under magnification, counterfeits often display pitting or granularity unlike the smooth surfaces of genuine struck coins.
Design Element Inspection
Pay particular attention to these often-problematic areas on counterfeits:
- Feather Tips: Should be sharp and distinct with proper spacing
- Date Formation: The “6” in 1886 should have proper proportions with a full loop
- Denticles: Should be evenly spaced around both obverse and reverse
- Letter Formation: “UNITED STATES OF AMERICA” should show proper serif details and consistent spacing
Authentication Resources
For professional authentication, consider these services:
- Professional Coin Grading Service (PCGS) – www.pcgs.com
- Numismatic Guaranty Corporation (NGC) – www.ngccoin.com
- ANACS – www.anacs.com
For self-education and reference:
- Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins
- The Cherrypicker’s Guide to Rare Die Varieties by Bill Fivaz and J.T. Stanton
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
Entry-Level Strategy: Focus on obtaining a pleasing XF or AU example with original surfaces and no significant problems. This provides good detail at a reasonable price point of $35-$65.
Mid-Range Approach: Target an MS-63 or MS-64 example with Red-Brown color, which offers an excellent balance of eye appeal and value ($175-$300 range).
Advanced Collector: For serious investment, consider MS-65 or better examples with full Red designation, focusing on coins with exceptional strike quality and eye appeal.
Variety Specialist: Hunt for the documented doubled dies and repunched dates, where strong examples can often be found at prices below their true scarcity.
Where To Buy
For authenticated 1886 Indian Head Pennies, consider:
- Major Auction Houses: Heritage Auctions, Stack’s Bowers, and Great Collections regularly offer certified examples with reliable provenance.
- Established Dealers: PCGS and NGC certified coins from respected dealers provide confidence in authenticity and grading.
- Online Marketplaces: eBay can offer value, particularly for certified coins, but exercise caution with raw (uncertified) examples.
- Coin Shows: Allow in-person inspection but require knowledge for proper evaluation.
When To Sell
Market timing considerations for 1886 Indian Head Pennies:
- Current Trend: The market for high-grade Indian Head cents remains strong in 2025, especially for Red examples in MS-65 and above.
- Cyclical Patterns: Historical data suggests strongest markets in Q4 and Q1, with potential softness during summer months.
- Long-Term Outlook: Premium quality examples have consistently outperformed inflation, making them suitable for 5+ year holding periods.
Storage For Value Preservation
To maintain condition and value:
- Environmental Control: Store in stable temperature and humidity, away from extreme conditions.
- Proper Holders: Use inert, PVC-free flips or certified holders that provide physical protection.
- Handling Practices: Touch only by edges when necessary, preferably using cotton gloves.
- Avoid Cleaning: Never clean or treat surfaces, as this invariably reduces value.
Expert FAQ & Value Conclusion
What makes an 1886 Indian Head Penny valuable?
The primary value drivers are condition, color, and strike quality. While common in circulated grades, the 1886 becomes progressively scarcer in grades above MS-65, particularly with full Red color. Examples with sharp strikes and exceptional eye appeal command significant premiums, with the finest examples bringing five-figure prices.
Which 1886 Indian Head Penny errors are worth the most?
The most valuable errors are significant off-center strikes (40% or more) with the date visible, which can bring $500-$1,200. Major doubled dies, particularly the Snow-1 variety with strong doubling on LIBERTY, can command $1,000+ in uncirculated grades with Red color.
How does color affect 1886 Indian Head Penny values?
Color designation creates the widest value disparities among uncirculated examples. An MS-65 Red example typically commands 2-3 times the value of an MS-65 Brown coin. The premium for Red designation becomes even more pronounced in grades above MS-65, where the survival rate of original Red surfaces is exceptionally low.
Value Summary
The 1886 Indian Head Penny presents an accessible yet rewarding collecting opportunity within the series. While circulated examples remain affordable ($2-$45), uncirculated specimens rise rapidly in value with condition and color, reaching $7,500-$17,000 for superb gem examples. Varieties and errors add another dimension to collecting, often providing excellent value relative to their scarcity.
Market Outlook
The market for premium 1886 Indian Head Pennies shows continued strength heading into 2026, particularly for Red examples in MS-65 and above. Population reports continue to stabilize at the highest grades, suggesting that most surviving gems have already been discovered and certified. This stability in population, combined with growing registry set competition, points to continued appreciation potential for exceptional examples.
For the collector seeking long-term value, focus on acquiring the highest quality example your budget allows, with particular attention to original surfaces, strike quality, and eye appeal. These factors will continue to differentiate ordinary examples from truly extraordinary ones, with corresponding implications for future value.