Introduction & Value Overview
The 1887 Indian Head Penny represents a pivotal issue within one of America’s most beloved coin series. Recently, a pristine MS67+ Red example commanded an impressive $22,325 at a Heritage auction, highlighting the exceptional premium commanded by top-grade specimens. While most circulated examples trade in the $3-$20 range, uncirculated specimens with original red luster can fetch hundreds or even thousands depending on quality.
Designed by James B. Longacre, the Indian Head cent was produced from 1859 to 1909, with the 1887 issue presenting a fascinating study in mintage quality and error varieties. Made of 95% copper and 5% tin and zinc (bronze), this coin offers collectors numerous possibilities for specialized collecting.
In this comprehensive guide, we’ll examine the technical specifications, mint marks, current market values across various grades, significant error types, notable die varieties, grading considerations, and authentication challenges specific to the 1887 Indian Head Penny. Whether you’re evaluating a recent acquisition or planning your next purchase, this analysis provides the authoritative information serious collectors need.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Year | 1887 |
| Composition | 95% Copper, 5% Tin and Zinc (Bronze) |
| Weight | 3.11 grams |
| Diameter | 19 mm |
| Edge | Plain |
| Designer | James Barton Longacre |
| Mintage | 45,226,483 (Philadelphia) |
Authentication Markers
The genuine 1887 Indian Head Penny features distinct characteristics that help distinguish it from counterfeits. The obverse portrays Liberty wearing an Indian headdress, with “UNITED STATES OF AMERICA” encircling the portrait and the date positioned at the bottom. The reverse displays “ONE CENT” within a wreath of oak and olive branches, with a small shield at the top.
Pay particular attention to the feathers in the headdress, which should show precise detailing even on worn examples. The letters in “LIBERTY” on the headband must be clear and properly proportioned. On high-grade specimens, the diamond patterns on Liberty’s necklace should be distinct and evenly spaced.
Design Elements
The 1887 Indian Head Penny continues the design established in 1864, featuring the bronze composition that replaced the earlier copper-nickel blend. This coin is often referred to as the “Indian Head Cent,” though it actually depicts Liberty wearing a Native American headdress rather than a Native American person.
The coin’s design elements that most significantly affect grading and value include:
- The feather details in the headdress
- The clarity of “LIBERTY” on the headband
- The diamond pattern on Liberty’s necklace
- The definition of the oak and olive wreath on the reverse
- The shield details atop the reverse
Designer Information
James Barton Longacre, the U.S. Mint’s Chief Engraver from 1844 to 1869, created the Indian Head Penny design. While Longacre’s work has sometimes been criticized by numismatic scholars, his Indian Head cent has become one of America’s most recognizable and beloved coin designs. This popularity contributes significantly to its enduring market value, particularly for well-preserved examples.
By 1887, the dies used for the Indian Head series had been refined multiple times, generally resulting in sharper strikes than earlier issues, which influences both collectibility and value for this particular year.
Mint Mark Guide & Value Comparison
Mint Mark Locations
Unlike later cents, the 1887 Indian Head Penny was minted exclusively at the Philadelphia facility and therefore bears no mint mark. This simplifies attribution but means that collectors must focus on preservation, die varieties, and error types rather than mint marks when seeking premium examples.
Should you encounter what appears to be an 1887 Indian Head cent with a mint mark, it is most certainly altered or counterfeit, as the San Francisco and Denver mints did not produce Indian Head cents in 1887.
Mintage Figures
| Mint | Mintage | Notes |
|---|---|---|
| Philadelphia (No Mint Mark) | 45,226,483 | Sole production facility for 1887 |
With over 45 million coins produced, the 1887 Indian Head Penny is not rare in circulated grades. This substantial production run ensures that collectors can readily find examples in grades up to Extremely Fine (XF) without extensive searching. However, as with most 19th-century copper coins, truly gem-quality specimens in grades MS65 and above remain scarce due to the challenges of preserving copper over more than 130 years.
Current Market Values By Grade
Comprehensive Value Table
| Grade | 1887 Philadelphia (No Mint Mark) |
|---|---|
| Good (G-4) | $2-3 |
| Very Good (VG-8) | $3-5 |
| Fine (F-12) | $4-6 |
| Very Fine (VF-20) | $7-10 |
| Extremely Fine (XF-40) | $15-20 |
| About Uncirculated (AU-50) | $30-40 |
| MS-60 (Brown) | $45-55 |
| MS-63 (Brown) | $70-90 |
| MS-65 (Brown) | $200-250 |
| MS-63 (Red & Brown) | $110-140 |
| MS-65 (Red & Brown) | $325-400 |
| MS-63 (Red) | $175-225 |
| MS-65 (Red) | $550-650 |
| MS-66 (Red) | $1,200-1,500 |
| MS-67 (Red) | $7,000-9,000 |
| MS-67+ (Red) | $18,000-25,000 |
Price Trend Analysis
The 1887 Indian Head Penny has demonstrated steady appreciation over the past decade, particularly in grades MS-65 and above. While circulated examples have remained relatively affordable, premium red uncirculated specimens continue to gain value at approximately 5-8% annually, outpacing inflation and many other numismatic investments.
The most dramatic value jumps occur between MS-66 Red and MS-67 Red, where the price increases nearly six-fold. This reflects the extreme scarcity of truly gem-quality examples with full original mint luster. PCGS and NGC combined have certified fewer than 50 examples in MS-67 Red, creating intense competition among advanced collectors when such coins appear at auction.
Condition Impact
The transition from brown to red-brown to full red coloration dramatically affects the 1887 Indian Head Penny’s value. A full red MS-65 example typically commands more than double the price of a brown example in the same numerical grade. This color premium becomes even more pronounced in grades MS-66 and above.
The premium for original red color reflects both aesthetic appeal and rarity, as copper naturally tones to brown over time through oxidation. Full red examples represent coins that have been exceptionally well-preserved, often in original mint sets or early collections that were properly stored.
Auction Records
Notable recent auction performances include:
- January 2023: MS-67+ Red example sold for $22,325 (Heritage Auctions)
- April 2022: MS-67 Red with CAC approval realized $8,700 (Stack’s Bowers)
- November 2021: MS-66+ Red with exceptional eye appeal brought $2,160 (GreatCollections)
These results demonstrate the significant premium commanded by the highest-grade examples, especially those with CAC verification and exceptional eye appeal.
Major Error Types & Their Values
While the 1887 Indian Head Penny has fewer dramatic errors than some other years in the series, several notable varieties command significant premiums in today’s market.
Doubled Die Obverse
The 1887 Doubled Die Obverse shows doubling most visible in the date and “LIBERTY” on the headband. While not as pronounced as the famous 1909-S VDB Doubled Die, authentic examples still command significant premiums:
- F-12: $125-175
- XF-40: $300-375
- MS-63 Brown: $750-900
- MS-65 Red: $2,500-3,000
Authentication tip: Examine the letters in “LIBERTY” under magnification, where genuine doubled dies will show consistent doubling throughout, while machine doubling may appear inconsistent or shelf-like.
Misplaced Date
A few 1887 Indian Head Pennies show evidence of a misplaced date, with partial digits visible within the denticles or near the bust. These interesting varieties typically command a 30-50% premium over standard examples in the same grade. Look carefully at the area beneath the neck truncation and within the lower denticles using 5x-10x magnification.
Die Breaks and Cuds
Late-die state examples with significant die breaks or cuds (raised areas of metal where a piece of the die has broken away) can command 50-150% premiums depending on size and location. Major cuds affecting key design elements like the portrait or date are particularly desirable, while minor rim breaks typically bring more modest premiums.
Off-Center Strikes
Off-center strikes of the 1887 Indian Head Penny are uncommonly encountered, with values varying based on the percentage off-center and whether the date remains visible:
- 10-15% off-center with visible date: $150-250
- 20-30% off-center with visible date: $300-500
- 40-50% off-center with visible date: $800-1,200
For maximum value, the date must be clearly visible, and the strike should be sharp on the portion of the planchet that received the impression.
Wrong Planchet Errors
Extremely rare instances exist of 1887 cents struck on planchets intended for other denominations. These dramatic errors can command five-figure sums depending on the specific wrong planchet used:
- Struck on silver three-cent planchet: $5,000-7,500
- Struck on nickel five-cent planchet: $3,500-5,000
Authentication is critical for these rare errors, as weight and composition analysis must confirm the planchet’s origin. Professional certification is strongly recommended.
Die Varieties & Doubled Dies
Snow-1 (S1) Repunched Date
The 1887 Snow-1 variety shows clear repunching on the final digit, with a secondary “7” visible north of the primary digit. This variety commands modest premiums:
- VF-20: $20-30
- XF-40: $40-60
- MS-63 Brown: $120-150
- MS-65 Red: $700-850
Look for the secondary “7” using 5x-10x magnification, focusing on the upper portion of the primary digit.
Snow-2 (S2) Doubled LIBERTY
This variety displays doubling on the letters of “LIBERTY” on the headband, most pronounced on “L,” “B,” and “Y.” Values typically range:
- VF-20: $30-45
- XF-40: $60-80
- MS-63 Brown: $150-200
- MS-65 Red: $800-1,000
Authentication tip: True doubled dies will show consistent doubling along the same directional axis, unlike machine doubling which may appear irregular.
Snow-3 (S3) Misplaced Date
The S3 variety shows digit fragments in the denticles below the date, representing a fascinating die preparation error. Values typically range:
- VF-20: $25-35
- XF-40: $50-70
- MS-63 Brown: $130-180
- MS-65 Red: $750-900
Rarity Ranking
Among the documented 1887 Indian Head Penny varieties, rarity ranks approximately:
- Wrong Planchet Errors (R-7 to R-8)
- Major (40%+) Off-Center Strikes (R-6)
- Doubled Die Obverse (R-5)
- Snow-1 Repunched Date (R-4)
- Snow-2 Doubled LIBERTY (R-4)
- Snow-3 Misplaced Date (R-4)
- Minor Die Breaks and Cuds (R-3 to R-4)
Grading Guide For Value Assessment
Grade-Specific Value Impacts
For the 1887 Indian Head Penny, understanding grade-specific wear patterns is essential for accurate valuation:
- In Good to Fine grades, focus on the headband details and whether “LIBERTY” remains legible.
- In VF to XF grades, examine the feather details in the headdress and the diamond patterns in the necklace.
- In AU grades, look for traces of mint luster in protected areas and minimal wear on high points.
- In Mint State grades, full strike quality and original color (red, red-brown, or brown) become primary value determinants.
Key Grading Points
When evaluating an 1887 Indian Head Penny, pay particular attention to these areas:
- Headdress feathers should show clear separation between individual plumes
- The word “LIBERTY” on the headband must be fully legible for grades above Good
- Check the diamonds in Liberty’s necklace for clarity and definition
- On the reverse, examine the fine details of the wreath, particularly the small inner leaves
- Note any flatness at central high points, which may indicate weak strike rather than wear
Strike Quality Factors
The 1887 issue generally displays good strike quality compared to earlier issues in the series. However, some examples show weakness in the center of the obverse (particularly around Liberty’s ear and cheek) or on the reverse shield. Well-struck examples with full detail command 10-20% premiums over weakly struck coins in the same numerical grade.
Problem Areas
Common issues that reduce value for the 1887 Indian Head Penny include:
- Environmental damage (particularly spotting or verdigris)
- Improper cleaning, which can destroy original surfaces
- Carbon spots, which are especially detrimental to red examples
- Rim bumps and edge damage
- Porosity from ground exposure
Even minor problems can significantly impact value in higher grades, particularly for MS-65 and above examples.
Grading Controversies
Some debate exists among experts regarding strike versus wear on certain areas of the 1887 Indian Head Penny design. Particular attention should be paid to:
- Flatness on Liberty’s cheek, which can result from either strike deficiency or circulation
- Shield details on the reverse, which may show weakness even on uncirculated examples
- The distinction between Red-Brown and full Red designations, which can significantly impact value
When in doubt about borderline grades or color designations, third-party grading services like PCGS or NGC can provide objective assessments.
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Several red flags may indicate a counterfeit 1887 Indian Head Penny:
- Incorrect weight (genuine coins should be 3.11 grams with minimal deviation)
- Imprecise letter formation, particularly in “UNITED STATES OF AMERICA”
- Mushy or indistinct details, especially in the feathers and wreath
- Improper metal composition (modern counterfeits may use pure copper rather than bronze)
- Seams or casting marks indicating a cast rather than struck counterfeit
Weight and Measurement Tests
Genuine 1887 Indian Head Pennies should measure precisely 19mm in diameter and weigh 3.11 grams (with minimal tolerance for wear). Simple digital calipers and an accurate scale can help verify these specifications. Remember that heavily worn examples may weigh slightly less due to metal loss from circulation.
Design Element Inspection
Counterfeiters often struggle to replicate certain design elements accurately:
- The fine details of the feathers in the headdress
- The correct positioning of “LIBERTY” on the headband
- The intricate weave pattern of the wreath on the reverse
- The precise shape of the shield atop the reverse wreath
Examine these areas under 5x-10x magnification, comparing to known genuine examples whenever possible.
Modern Counterfeits
Recent years have seen an increase in high-quality counterfeits from China and other overseas sources. These deceptive copies often feature correct weight and composition but may show subtle differences in strike quality, letter positioning, or die characteristics. Professional authentication is recommended for any high-value example, particularly those in Mint State grades.
Authentication Resources
For verification of valuable 1887 Indian Head Pennies, consider:
- Professional third-party grading services (PCGS, NGC, ANACS)
- The Counterfeit Detection resources at CONECA (Combined Organizations of Numismatic Error Collectors of America)
- The American Numismatic Association’s counterfeit detection programs
- Rick Snow’s reference books on Flying Eagle and Indian Head cents
- Comparison with multiple confirmed genuine examples from established dealers or museum collections
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
For the 1887 Indian Head Penny, several collecting strategies can maximize value and enjoyment:
Quality Focus Strategy: Concentrate on obtaining the highest grade possible within your budget, even if it means owning fewer examples. A single MS-65 Red specimen often appreciates more consistently than multiple lower-grade examples.
Variety Collection Strategy: Seek out the documented die varieties and errors, which often trade for reasonable premiums relative to their rarity. The Snow varieties offer particular value for specialists.
Original Surfaces Strategy: Prioritize coins with original surfaces, even if the technical grade is slightly lower. Naturally toned brown examples with no cleaning often perform better long-term than artificially brightened specimens.
Where To Buy
For acquiring quality 1887 Indian Head Pennies, consider:
- Established auction houses with numismatic expertise (Heritage, Stack’s Bowers, GreatCollections)
- PCGS and NGC certified coins from reputable dealer websites
- Major coin shows where multiple examples can be compared side-by-side
- Specialist dealers in Flying Eagle and Indian Head cents
- Carefully vetted online marketplaces, focusing on sellers with strong feedback and return policies
Avoid ungraded “raw” coins from unknown sources, particularly for examples presented as high grade or rare varieties.
When To Sell
Timing considerations for selling 1887 Indian Head Pennies include:
- Market peaks typically follow strong precious metals performance
- Major auction visibility can temporarily boost prices for specific dates
- January through March often sees stronger collector buying activity
- Consider selling when unexpected media attention focuses on Indian Head cents
- The strongest market for rare varieties typically comes during specialized collection auctions
Storage For Value Preservation
To maintain condition and value:
- Use inert, PVC-free holders for long-term storage
- Avoid exposure to environmental sulfur, which can damage copper surfaces
- Maintain stable humidity (ideally 30-40%) to prevent corrosion
- For high-value examples, consider maintaining PCGS or NGC certification with their protective holders
- Never clean, dip, or otherwise treat copper coins, as original surfaces command significant premiums
Expert FAQ & Value Conclusion
What makes an 1887 Indian Head Penny valuable?
The primary value drivers for the 1887 Indian Head Penny are condition, color, and presence of rare varieties or errors. While common in circulated grades, gem-quality examples with full red color remain genuinely scarce, with fewer than 50 examples graded MS-67 Red between major grading services. The significant premium for original red color reflects both aesthetic appeal and the difficulty of preserving copper surfaces over 130+ years.
Which 1887 Indian Head Penny errors are worth the most?
The most valuable 1887 Indian Head Penny errors are the extremely rare wrong planchet strikes, particularly those struck on silver three-cent or nickel five-cent planchets. These can command $5,000+ even in circulated condition. Among more obtainable errors, the Doubled Die Obverse varieties bring the strongest premiums, with MS-65 Red examples potentially reaching $2,500-3,000.
How do mint marks affect 1887 Indian Head Penny values?
The 1887 Indian Head Penny was produced exclusively at the Philadelphia Mint and thus bears no mint mark. Any example purporting to be from another mint facility is either altered or counterfeit. For mint mark variety collecting in the Indian Head series, collectors must look to other years when branch mints produced cents.
Value Summary
The 1887 Indian Head Penny represents an accessible yet rewarding collecting opportunity within this popular series. With common circulated examples available from $3-20, virtually any collector can own a piece of late 19th-century American numismatic history. For advanced collectors, the premium Red Uncirculated examples and specialized varieties offer significant appreciation potential and collecting challenge.
Market Outlook
The market for high-quality 1887 Indian Head Pennies remains robust, with particular strength in the MS-65 to MS-67 Red range. As registry set collecting continues to grow in popularity, competition for top-grade examples intensifies, suggesting continued price appreciation for the finest specimens. More modest but steady growth can be expected for choice XF to AU examples with original surfaces, which represent exceptional value in today’s market.
Final Collector Advice
When acquiring 1887 Indian Head Pennies, prioritize original surfaces and eye appeal over technical grade alone. A naturally toned XF example with chocolate-brown patina often represents better value than a cleaned AU coin, despite the technical grade difference. For investment purposes, focus on acquiring the best-preserved examples your budget allows, preferably with third-party certification for high-grade or variety pieces. Patient searching and careful study will reward collectors with both aesthetic pleasure and solid long-term value.