The 1895 Indian Head Penny represents a critical issue in one of America’s most beloved copper coin series. While not the rarest date in the series, exceptional examples have commanded impressive prices, with one pristine MS67+ Red specimen realizing over $14,000 at auction.
The 1895 penny combines historical significance with collector appeal, offering values ranging from $2-$3 for well-worn examples to $1,000+ for gem uncirculated specimens with full original mint luster. This comprehensive guide explores current market values across all grades, identifies valuable errors and varieties, and provides authentication guidance that serious collectors need for informed acquisitions.
Introduction & Value Overview
The 1895 Indian Head Penny holds special significance as a late 19th-century issue from a series that witnessed America’s transition into an industrial powerhouse. Designed by James B. Longacre, this coin features an obverse portrait of Liberty wearing a Native American headdress—a design that earned it the somewhat misleading “Indian Head” nickname despite portraying Liberty rather than a Native American.
Essential ID Data:
- Denomination: One Cent
- Designer: James Barton Longacre
- Production Years: 1859-1909 (1895 specific to this guide)
- Composition: 95% copper, 5% tin and zinc
- Weight: 3.11 grams
- Diameter: 19 mm
Value Range Statement: The 1895 Indian Head Penny typically commands between $2-3 in well-worn (G-4) condition, $25-40 in problem-free XF condition, $125-225 in lower uncirculated grades (MS60-63), and $500-1,000+ for gem specimens in MS65 or better. Premium red specimens with no discoloration can bring multiples of these amounts, with top-tier examples reaching $5,000-$15,000.
In this article, we’ll explore how mintage figures, mint marks, condition, varieties, and errors affect the coin’s value, providing serious collectors with the knowledge needed to make informed purchasing decisions and value assessments.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Composition | 95% copper, 5% tin and zinc (Bronze) |
| Weight | 3.11 grams |
| Diameter | 19 mm |
| Edge | Plain |
| Obverse Design | Liberty wearing Indian headdress |
| Reverse Design | Oak wreath surrounding “ONE CENT” |
| Mintmark Location | Reverse, below wreath |
Authentication Markers
When authenticating an 1895 Indian Head Penny, pay special attention to these diagnostic features:
- Relief Definition: Genuine specimens display properly defined feathers in the headdress with clear separation between elements.
- Date Position: The “1895” numerals maintain consistent spacing with the “1” positioned directly below the lowest feather.
- Surface Texture: Authentic coins exhibit a slightly satiny texture in protected areas, even on worn specimens.
- Edge Quality: The plain edge should be uniform without seams that might indicate a cast counterfeit.
- Weight Consistency: Genuine examples should weigh very close to 3.11 grams.
Design Elements
The 1895 Indian Head Penny features several distinctive design elements that affect both grading and value:
Obverse: Liberty faces left wearing a Native American headdress with the word “LIBERTY” displayed on a ribbon across the headband. The date “1895” appears below with 13 stars surrounding the portrait representing the original colonies.
Reverse: An oak wreath encircles the denomination “ONE CENT,” with “UNITED STATES OF AMERICA” following the coin’s circumference. The composition of the wreath changed in 1860 from laurel to oak with a small shield at the top.
Designer Information
James Barton Longacre, the fourth Chief Engraver of the U.S. Mint, designed the Indian Head Penny in 1859. Longacre’s design remained largely unchanged until 1909, when it was replaced by Victor David Brenner’s Lincoln cent. Longacre’s work is highly regarded for its artistic merit and historical importance, with his pieces commanding premium values among numismatic collectors.
Mint Mark Guide & Value Comparison
Mint Mark Locations
The 1895 Indian Head Penny was struck at only one mint facility—Philadelphia—which did not use a mint mark. This practice was standard for the Philadelphia Mint at the time, which didn’t begin using the “P” mint mark until much later. For the Indian Head Penny series, only San Francisco used a mint mark (“S”), and only on issues from 1908 and 1909.
Mintage Figures
| Mint | Mintage | Notes |
|---|---|---|
| Philadelphia (No Mint Mark) | 38,343,636 | Only mint producing cents in 1895 |
While 38.3 million pennies represents a substantial mintage, survival rates in high grade are surprisingly low. Estimates suggest only a few thousand examples exist in mint state (MS60+), with gem-quality specimens (MS65+) particularly scarce.
Most Valuable Mint Mark
Since Philadelphia was the only mint striking Indian Head Pennies in 1895, there is no mint mark variety for this date. However, the lack of mint marks on high-grade specimens doesn’t diminish their value, as condition and color remain the primary value drivers.
Current Market Values By Grade
Comprehensive Value Table
| Grade | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| G-4 | $2-3 | N/A | N/A |
| VG-8 | $4-5 | N/A | N/A |
| F-12 | $6-8 | N/A | N/A |
| VF-20 | $10-12 | N/A | N/A |
| XF-40 | $25-30 | $35-45 | N/A |
| AU-50 | $45-55 | $65-75 | $85-100 |
| AU-58 | $75-85 | $90-110 | $120-150 |
| MS-60 | $100-125 | $135-165 | $180-220 |
| MS-63 | $160-190 | $225-275 | $300-375 |
| MS-65 | $450-550 | $650-800 | $1,000-1,200 |
| MS-66 | $1,200-1,500 | $2,000-2,500 | $3,500-4,500 |
| MS-67 | $5,000-6,000 | $8,000-10,000 | $12,000-15,000 |
Values based on recent PCGS/NGC price guides, auction results, and market transactions as of May 2025.
Price Trend Analysis
The 1895 Indian Head Penny has shown steady appreciation over the past decade, with a marked acceleration for high-grade red specimens since 2023. MS65 Red examples have increased approximately 25% in value over the past three years, outperforming many other Indian Head dates.
The most significant value jumps occur:
- Between XF and AU grades (approximately 100% increase)
- Between MS63 and MS65 grades (approximately 200% increase)
- Between MS65 and MS66 grades (approximately 280% increase)
This pattern demonstrates the significant premium placed on specimens that escape both circulation wear and copper’s natural tendency to tone.
Condition Impact
The value difference between grades showcases how condition dramatically affects the 1895 Indian Head Penny’s worth:
- From G-4 to MS-63 (Brown): 6,000% increase
- From AU-50 to MS-65 (Red): 1,100% increase
- From MS-65 to MS-67 (Red): 1,150% increase
These substantial percentage increases illustrate why collectors should prioritize condition when acquiring key-date Indian Head cents.
Auction Records
Notable recent sales include:
- PCGS MS67+ Red: $14,100 (Heritage Auctions, January 2024)
- PCGS MS66+ Red: $5,280 (Stack’s Bowers, August 2023)
- NGC MS65 Red with Snow-1 Die Variety: $2,990 (Heritage Auctions, April 2024)
Market Visualization
The value gradient for the 1895 Indian Head Penny follows a classic exponential curve, with modest increases through circulated grades and dramatic acceleration at the gem uncirculated level (MS65+). The most pronounced premium applies to coins retaining full original mint red color, which can command 2-3 times the value of their brown counterparts in the same numerical grade.
Major Error Types & Their Values
While the 1895 Indian Head Penny isn’t known for a wide variety of major mint errors, several notable error types do exist and command significant premiums.
Off-Center Strikes
Off-center strikes occur when planchets are misaligned between the dies during striking, resulting in a portion of the design missing.
Identification characteristics:
- Part of the design missing along one edge
- Uneven rim or no rim on part of the coin
- Typically 5-50% off-center (percentage refers to missing design)
Current market values:
- 10% off-center: $150-250
- 20% off-center: $300-500
- 50% off-center (with full date visible): $900-1,500
Rarity assessment: Uncommon but not exceedingly rare. Approximately 20-30 examples known in all grades for the 1895 date.
Authentication tips: Genuine off-center strikes display proper metal flow and design relief. Be wary of damaged coins with missing portions that might mimic off-center strikes.
Clipped Planchets
Clipped planchet errors occur when the blanking dies overlap a previously cut area or the edge of the metal strip, creating coins with missing sections.
Identification characteristics:
- Curved clip: Resembles a crescent moon-shaped cut
- Straight clip: Appears as a flat edge where part of the coin is missing
- Uneven weight distribution causing the coin to “wobble” when spun
Current market values:
- Minor clips (5-10% of coin missing): $75-150
- Major clips (15-20% of coin missing): $200-350
- Multiple clips on one coin: $400-700
Rarity assessment: Moderately rare for the 1895 date with fewer than 50 confirmed examples.
Authentication tips: Genuine clips show metal flow lines pointing toward the missing section. The opposite side of the coin from the clip often shows weakness in strike due to insufficient pressure during striking.
Doubled Dies
While major doubled dies are not known for the 1895 issue, minor doubling has been documented.
Identification characteristics:
- Doubling visible on date numerals or lettering
- Most noticeable on “LIBERTY” or “AMERICA”
- Requires 5-10x magnification to properly identify
Current market values:
- Minor doubled die: $50-100 premium over regular coin value
- More pronounced examples: $150-250 premium
Rarity assessment: Very scarce. Only a handful of confirmed examples exist.
Authentication tips: True doubled dies show doubling consistently across multiple design elements in the same direction. Distinguish from machine doubling which appears more like a “shelf” or “slide” and does not add significant value.
Most Valuable Errors
The most valuable error types for the 1895 Indian Head Penny are:
- Major Off-Center Strikes (50%+) with visible date: $900-1,500+
- Multiple Clip Planchets affecting more than one area: $400-700
- Brockage Errors (extremely rare for 1895): $2,000-3,500
These premium errors represent significant departures from normal production standards and are highly sought by specialists.
Die Varieties & Doubled Dies
Unlike some other Indian Head Penny dates, the 1895 issue has relatively few major die varieties. However, several minor varieties have been documented that carry premium values among specialists.
Snow-1 (S1) Repunched Date
Official designation: 1895 S1 RPD (Repunched Date)
Diagnostic features:
- Clear repunching visible at the base of “18” in the date
- Most noticeable as a small secondary “1” slightly south of the primary digit
- Requires 5-8x magnification to identify clearly
Current market values:
- VF-20: $30-45 ($20-30 premium)
- XF-40: $65-85 ($40-55 premium)
- MS-63 Brown: $225-275 ($65-85 premium)
- MS-63 Red: $400-500 ($100-125 premium)
Authentication markers: The repunching appears as a distinct secondary impression rather than damage or die deterioration. The positioning is consistent across all known examples.
Snow-2 (S2) Misplaced Date
Official designation: 1895 S2 MPD (Misplaced Date)
Diagnostic features:
- Partial digit (believed to be a “1”) visible within the denticles below the date
- Positioned approximately 7mm below the primary date
- Requires at least 10x magnification for confirmation
Current market values:
- VF-20: $25-40 ($15-28 premium)
- XF-40: $55-75 ($30-45 premium)
- MS-63 Brown: $200-250 ($40-60 premium)
- MS-63 Red: $375-450 ($75-100 premium)
Authentication markers: The misplaced digit appears as a raised element under the existing date, distinguishable from contact marks or damage by its precise shape matching that of a numeral.
Rarity Ranking
In order of rarity, the documented 1895 Indian Head Penny varieties rank:
- Snow-2 (MPD): Approximately 40-50 examples confirmed
- Snow-1 (RPD): Approximately 75-100 examples known
- Minor doubling varieties: Several hundred examples estimated
Most Valuable Varieties
The most valuable 1895 Indian Head Penny varieties are:
- Snow-1 (RPD) in MS65 Red: $1,500-1,800
- Snow-2 (MPD) in MS65 Red: $1,400-1,700
These varieties, while commanding premiums, are primarily of interest to specialist collectors rather than general Indian Head Penny enthusiasts.
Grading Guide For Value Assessment
Proper grading is crucial for accurately assessing the value of an 1895 Indian Head Penny, as even single-point grade differences can result in significant price variations.
Grade-Specific Value Impacts
Circulated Grades (G-AU):
- LIBERTY headband: Complete legibility of “LIBERTY” elevates coins from Good to Very Good grades
- Feather detail: Separation between feathers distinguishes Fine from Very Fine grades
- Hair definition: Clear hair strands above the ear are key for XF designation
- Edge preservation: Complete, undamaged rims are essential for AU grades
Uncirculated Grades (MS60-MS67):
- Strike quality: Fully struck feather tips add 1-2 point premium
- Contact marks: Location matters—marks on Liberty’s cheek are more detrimental than those on the reverse
- Luster preservation: Original mint luster must be intact for MS63+ designations
- Color designation: Red (RD), Red-Brown (RB), and Brown (BN) significantly impact value
Key Grading Points
When assessing the grade of an 1895 Indian Head Penny, focus on:
- Headdress feathers: These show wear first and are crucial for accurate grading
- Liberty’s cheek: A prime focal point that quickly shows contact marks or circulation
- Hair details above ear: Critical for distinguishing XF from AU grades
- “LIBERTY” headband: Letters should be fully legible for VG or better grades
- Reverse wreath details: Oak leaves should show clear veining in AU or better grades
Strike Quality Factors
The 1895 Indian Head Penny typically displays good strike quality, but collectors should be aware of:
- Weak central details: Some examples show weakness on the diamonds in the headdress
- Mushy devices: Late die state examples may display less sharp detail
- Uneven strike: Check for consistent relief across both sides of the coin
Problem Areas
Common issues that reduce value include:
- Environmental damage: Green spots (verdigris) can reduce value by 30-50%
- Improper cleaning: Hairlines from abrasive cleaning can prevent certification
- Carbon spots: Dark spots that detract from eye appeal, particularly on red specimens
- Rim bumps: Even minor rim damage can significantly reduce value
- Corrosion: Any active deterioration drastically reduces collector appeal
Grading Controversies
The 1895 Indian Head Penny presents several grading challenges:
- Color designation thresholds: The distinction between RB and RD is somewhat subjective
- Carbon spotting impact: Grading services differ on how carbon spots affect numeric grade
- Strike vs. wear distinction: Determining whether weakness is from strike or wear can be difficult
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Be alert for these indicators of counterfeit 1895 Indian Head Pennies:
- Incorrect weight: Counterfeits often weigh less than the standard 3.11 grams
- Mushy details: Look for soft, undefined features lacking the crispness of genuine strikes
- Incorrect font characteristics: Compare the date and letter punches to known genuine examples
- Seams or file marks: Cast counterfeits may show seams where mold halves met
- Improper surface texture: Genuine coins have a distinctive surface unlike most counterfeits
Weight and Measurement Tests
Authentic 1895 Indian Head Pennies should conform to these specifications:
- Weight: 3.11 grams (±0.1 gram tolerance)
- Diameter: 19mm (±0.1mm tolerance)
- Thickness: 1.5mm (±0.1mm tolerance)
Digital calipers and an accurate scale capable of measuring to 0.01 gram precision are valuable authentication tools.
Design Element Inspection
When authenticating an 1895 Indian Head Penny, carefully examine:
- Date formation: The “5” in 1895 has specific characteristics with a nearly straight top
- Liberty portrait: The ear should have a distinctive shape with proper relief
- Reverse wreath: Oak leaves have specific vein patterns difficult to replicate accurately
- Denticle pattern: Count denticles—there should be approximately 115-118 around the circumference
Modern Counterfeits
Contemporary threats include:
- Chinese-made counterfeits: Often with incorrect copper alloy composition
- Altered dates: Less valuable dates (like 1898) altered to appear as 1895
- “Novelty” reproductions: Sometimes sold as “copies” but enter the market as deceptive fakes
Authentication Resources
For verification of questionable specimens:
- Professional third-party grading services (PCGS, NGC)
- American Numismatic Association authentication service
- Specialized Indian Head cent reference books (Rick Snow’s “Flying Eagle & Indian Cent Attribution Guide”)
- The CONECA organization for error and variety authentication
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
Best value entry points:
- VF-30 to XF-40 examples offer the best balance of condition and affordability
- AU examples with slight red remaining often sell for brown prices but have superior eye appeal
- Problem-free VG examples provide affordable type coin representation
Quality vs. quantity strategies:
- Focus on single highest-quality example for type collections
- For variety collectors, acceptable lower grades allow collecting multiple varieties
- Error collectors should prioritize error magnitude over base coin condition
Investment-grade acquisition tips:
- MS65 Red examples have shown strongest long-term growth
- Certified examples from PCGS and NGC provide greatest liquidity
- Coins with CAC approval typically command 10-20% premium but offer better resale potential
Where To Buy
The most reliable sources for authentic 1895 Indian Head Pennies include:
- Major auction houses (Heritage, Stack’s Bowers, Great Collections)
- Established dealers with ANA membership
- Major coin shows with PCGS/NGC on-site grading
- Online marketplaces with money-back guarantees and return policies
- Specialized Indian cent collector groups and forums
Avoid:
- Uncertified high-grade examples from unknown sellers
- Lots described as “cleaned but original surfaces”
- Suspiciously inexpensive specimens in high grades
When To Sell
Market timing considerations:
- Major auction presence can temporarily depress prices if multiple examples appear
- January-February often sees strongest buying after tax refunds
- August shows typically see increased demand before ANA World’s Fair of Money
- Election years have historically shown market hesitation in Q3-Q4
Storage For Value Preservation
To maintain condition and value:
- Use inert, PVC-free holders for raw coins
- Keep certified coins in original holders unless damaged
- Store in controlled humidity (30-40%) environments
- Avoid extreme temperature fluctuations
- Consider long-term safety deposit storage for high-value examples
Expert FAQ & Value Conclusion
Key Value Questions
What makes a 1895 Indian Head Penny valuable?
The 1895 Indian Head Penny derives its value primarily from condition, color preservation, and presence of any significant varieties or errors. While not a key date in the series, gem uncirculated examples with full original red color remain scarce, with MS65 Red examples representing perhaps 0.001% of the original mintage. The most valuable examples combine high grade, full original color, and exceptional eye appeal with no detracting marks or spots.
Which 1895 Indian Head Penny errors are worth the most?
Major off-center strikes (50% or more) with a fully visible date command the highest premiums, often selling for $900-1,500 depending on condition. Dramatic clips, especially multiple clips on a single coin, can bring $400-700. While not technically errors, the Snow-1 and Snow-2 varieties carry modest premiums of $50-100 in circulated grades and can command several hundred dollars premium in mint state with original red color.
How do mint marks affect 1895 Indian Head Penny values?
The 1895 Indian Head Penny was struck exclusively at the Philadelphia Mint and therefore bears no mint mark. The San Francisco Mint did not strike Indian Head cents until 1908-1909, creating the scarce 1908-S and 1909-S issues. The lack of mint mark varieties for 1895 means collectors focus instead on condition, color, and die varieties when assessing value.
Value Summary
The 1895 Indian Head Penny represents an accessible yet challenging acquisition for serious collectors. Values range from $2-3 for well-worn examples to $12,000-15,000 for pristine MS67 Red specimens. The most dramatic value increases occur between MS65 and MS67, where small differences in surface preservation result in exponential price increases.
Die varieties like Snow-1 and Snow-2 add modest premiums to base values, while significant errors like major off-center strikes can multiply the value of even circulated examples. The most value-conscious approach involves targeting problem-free XF to AU examples, which offer substantial detail and eye appeal without the premium commanded by uncirculated coins.
Market Outlook
The market for high-grade 1895 Indian Head Pennies appears stable with moderate growth potential. While not experiencing the dramatic price increases seen with key dates like the 1877 or 1909-S, the 1895 in gem red condition has shown steady 5-8% annual appreciation over the past decade. This trend likely reflects the growing recognition of condition rarity even for issues with substantial mintages.
Population reports show little change in the past five years for MS65+ examples, suggesting that few new specimens are entering the market. This stability in available supply, combined with growing collector interest in classic American copper, points to continued strength in the high-grade market segment.
Final Collector Advice
For collectors seeking to acquire an 1895 Indian Head Penny, consider these strategies:
- Prioritize original surfaces over technical grade—a problem-free XF with original color is preferable to a cleaned AU example.
- When purchasing uncirculated examples, focus on eye appeal and strike quality, particularly full feather definition.
- Study authenticated examples of varieties like Snow-1 and Snow-2 before attempting purchase, as subtle differences determine authenticity.
- Consider certified examples for coins valued over $100, as the cost of certification is offset by increased marketability and confidence.
- For investment-oriented collectors, focus on the best brown example you can afford rather than a Red-Brown or questionable Red specimen at the same price point.
The 1895 Indian Head Penny offers collectors a satisfying challenge—finding exceptional examples of a seemingly common date that, in premium condition, reveals itself to be a condition rarity worthy of the most advanced collections.