Introduction & Value Overview
A recent Heritage Auction saw a pristine 1898 Indian Head Penny in MS-67 Red condition sell for an impressive $9,400, demonstrating the continued strong market for exceptional examples of this classic American coin. While most circulated 1898 pennies trade in the $2-$10 range, uncirculated specimens can command anywhere from $40 to several thousand dollars depending on condition, color designation, and the presence of rare errors or varieties.
The 1898 Indian Head Penny represents a fascinating chapter in American coinage, designed by James Barton Longacre and produced from 1859 to 1909. Made of 95% copper with tin and zinc comprising the remainder, these pennies were minted during America’s industrial revolution and have become staples in numismatic collections.
Throughout this comprehensive guide, we’ll explore the full spectrum of 1898 Indian Head Penny values across various conditions, analyze mint mark impact, document key error varieties, and provide expert authentication guidance that serious collectors need for making informed purchasing decisions.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Designer | James Barton Longacre |
| Composition | 95% Copper, 5% Tin and Zinc |
| Diameter | 19mm (0.75 inches) |
| Weight | 3.11 grams |
| Edge | Plain |
| Obverse | Liberty wearing Native American headdress |
| Reverse | Oak wreath surrounding “ONE CENT” |
Authentication Markers
Genuine 1898 Indian Head Pennies display several key authentication points that collectors should verify:
The feathers in Liberty’s headdress show distinct separation and detail, particularly in higher grades. The word “LIBERTY” on the headband should be clearly visible with well-defined letters, though this can be worn on circulated examples. The date 1898 should have consistent digit height and spacing, with the “98” positioned slightly higher than the “18” in most examples.
On the reverse, the oak wreath should show textured leaf veining, and the shield at the top of the wreath displays vertical lines in its upper portion. The lettering on genuine specimens has a characteristic style with “ONE CENT” showing subtle serifs that counterfeiters often fail to replicate accurately.
Design Elements
The obverse features a portrait of Liberty wearing a Native American headdress (not an actual Native American as is sometimes incorrectly stated). Surrounding this portrait are 13 stars representing the original colonies, with the date positioned at the bottom.
The reverse design consists of an oak wreath encircling the denomination “ONE CENT,” with a small shield at the top of the wreath. This “oak wreath reverse” design was introduced in 1860, replacing the original laurel wreath design of 1859.
Designer Information
James Barton Longacre, the U.S. Mint’s fourth Chief Engraver, designed the Indian Head Penny. Having previously designed the Flying Eagle cent, Longacre created this new design partly in response to striking difficulties with the earlier coin. The Indian Head design proved more durable for production and remained in use until it was replaced by the Lincoln cent in 1909.
Mint Mark Guide & Value Comparison
Mint Mark Locations
Unlike many U.S. coins, the 1898 Indian Head Penny was produced exclusively at the Philadelphia Mint and therefore bears no mint mark. This simplifies identification but also means collectors focus more intensely on condition and variety differences rather than mint mark variations.
Any 1898 Indian Head Penny purporting to show an “S” or “D” mint mark is either counterfeit or has been altered, as the San Francisco and Denver Mints did not produce Indian Head cents in 1898.
Mintage Figures
The Philadelphia Mint produced 49,823,079 Indian Head Pennies in 1898, a substantial mintage that makes this date relatively common in most circulated grades. This large production run came during a period of economic growth in the United States, requiring increased coinage for commerce.
For context, this mintage was considerably higher than many earlier years in the series but roughly average for the late 1890s period of Indian Head cent production.
Most Valuable Mint Mark
Since all 1898 Indian Head Pennies were minted in Philadelphia with no mint mark, value variations stem from condition, color preservation, and error/variety status rather than mint of origin.
Current Market Values By Grade
Comprehensive Value Table
| Grade | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| Good-4 | $2-3 | N/A | N/A |
| Very Good-8 | $3-4 | N/A | N/A |
| Fine-12 | $4-5 | N/A | N/A |
| Very Fine-20 | $5-7 | N/A | N/A |
| Extremely Fine-40 | $10-12 | N/A | N/A |
| About Uncirculated-50 | $15-20 | $25-30 | N/A |
| Mint State-60 | $40-50 | $60-75 | $90-110 |
| Mint State-63 | $75-85 | $130-150 | $175-200 |
| Mint State-65 | $200-225 | $450-500 | $700-850 |
| Mint State-66 | $400-450 | $1,000-1,200 | $2,000-2,500 |
| Mint State-67 | $2,000-2,500 | $5,000-6,000 | $8,000-10,000 |
| Mint State-68 | N/A | N/A | $20,000+ |
Note: Values current as of May 2025. N/A indicates either that coins do not exist in this grade/color combination or are so rare that market values cannot be reliably established.
Price Trend Analysis
The 1898 Indian Head Penny has shown steady appreciation over the past decade, with premium-quality red specimens in MS-65 and above experiencing the strongest gains. Investment-grade examples (MS-65 and higher) have appreciated approximately 5-7% annually over the past five years, outperforming many similar-era copper coins.
Particularly notable is the widening value gap between brown and red specimens in higher mint state grades, reflecting increased collector emphasis on original color preservation. While MS-65 brown examples have increased about 15% in the past three years, MS-65 red specimens have gained closer to 25% in the same period.
Condition Impact
The jump in value between grades becomes increasingly dramatic in the upper mint state range:
- The value increase from MS-64 to MS-65 represents approximately a 100% premium for red specimens
- The leap from MS-65 to MS-66 adds another 150-200% in value
- MS-67 examples command a 300-400% premium over MS-66 coins
These substantial value jumps highlight the importance of accurate grading and the premium market for truly superb examples of the 1898 Indian Head Penny.
Auction Records
Notable recent auction results for the 1898 Indian Head Penny include:
- A PCGS MS-67+ Red example sold by Heritage Auctions in January 2024 for $14,400
- A PCGS MS-67 Red specimen with CAC approval sold by Stack’s Bowers in August 2023 for $10,200
- An NGC MS-66 Red with exceptional eye appeal realized $3,760 at a Legend Rare Coin Auction in December 2023
These results demonstrate strong demand for gem-quality examples with original mint red color, particularly when verified by third-party grading services and, in some cases, additional quality endorsements like CAC.
Major Error Types & Their Values
Repunched Dates
The 1898 Indian Head Penny is known for several repunched date varieties, where the date was punched into the die more than once at slightly different positions. The most notable include:
1898/7 Overdate
Though debated by some experts, certain 1898 pennies show evidence of the final digit “8” punched over a “7,” creating what some specialists classify as an 1898/7 overdate. This variety, when confirmed, carries a significant premium:
- In Good-4: $150-200
- In Fine-12: $300-400
- In Extremely Fine-40: $700-850
- In Mint State-60 Brown: $2,000-2,500
1898 Repunched 98
This variety shows clear doubling on the “98” portion of the date, with the secondary digits visible slightly south of the primary digits. Values typically range from:
- In Very Fine-20: $30-40
- In Extremely Fine-40: $75-100
- In About Uncirculated-50: $150-200
- In Mint State-63 Brown: $350-450
Off-Center Strikes
Off-center strikes occur when the planchet is not properly positioned during striking. The 1898 Indian Head Penny values for off-center errors vary based on percentage off-center and what details remain visible:
- 5-10% Off-Center: $100-150 in Fine condition; $300-400 in Uncirculated
- 20-30% Off-Center: $250-350 in Fine condition; $700-900 in Uncirculated
- 40-50% Off-Center: $500-700 in Fine condition; $1,200-1,800 in Uncirculated
The most valuable off-center strikes are those that still show the complete date while being significantly off-center, often commanding premiums of 50-100% over examples where the date is partially or completely missing.
Die Cracks and Cuds
Die cracks appear as raised lines on the coin when the die begins to fail, while cuds are more significant breaks at the die’s edge that appear as raised, unstruck blobs on the coin.
Major die cracks on 1898 Indian Head Pennies typically add 30-100% to the coin’s value depending on the severity and location. Particularly desirable are cracks that run through significant design elements like Liberty’s face or headdress.
Die cuds on the 1898 Indian Head Penny are relatively uncommon but highly collectible:
- Small edge cuds (2-3mm): $100-150 premium
- Medium edge cuds (4-6mm): $200-300 premium
- Large edge cuds (7mm+): $400-600 premium
Clipped Planchets
Clipped planchet errors occur when the planchet cutting machine overlaps previously cut areas or strikes the edge of the metal strip. On 1898 Indian Head Pennies, these errors come in several varieties:
- Straight Clip: $75-100 in circulated grades; $200-250 in Uncirculated
- Curved Clip: $100-150 in circulated grades; $250-300 in Uncirculated
- Multiple Clips: $250+ in circulated grades; $500+ in Uncirculated
The premium increases with the size and number of clips, with dramatically clipped pieces sometimes reaching $1,000 or more regardless of the base coin’s grade.
Most Valuable Errors
The most valuable 1898 Indian Head Penny errors include:
- Major Die Cap/Struck-Through Errors: When a coin sticks to the die and strikes subsequent planchets, creating severely deformed pennies worth $2,000-5,000+
- 1898/7 Overdate in Mint State: MS-63 or better examples can command $5,000-10,000
- 50%+ Off-Center with Full Date: These dramatic errors typically realize $2,000-3,000 in Uncirculated condition
Die Varieties & Doubled Dies
1898 Doubled Die Obverse (DDO)
The 1898 Indian Head Penny features several doubled die varieties, with the most significant showing doubling on Liberty’s face and the letters in “LIBERTY” on the headband. These are classified by specialists according to the area and intensity of doubling:
FS-101 (Strong Doubling on LIBERTY)
This variety shows strong doubling on the letters in “LIBERTY” on the headband, particularly visible on the “LIB.” Current values:
- Very Fine-20: $100-125
- Extremely Fine-40: $175-200
- About Uncirculated-50: $250-300
- Mint State-63 Brown: $600-700
- Mint State-65 Red-Brown: $1,500-1,800
Snow-3 (Doubling on Liberty’s Chin and Lips)
Named after specialist Rick Snow’s attribution system, this variety shows noticeable doubling on Liberty’s facial features:
- Very Fine-20: $75-100
- Extremely Fine-40: $150-175
- About Uncirculated-50: $200-250
- Mint State-63 Brown: $500-600
1898 Doubled Die Reverse (DDR)
Doubled die reverse varieties for 1898 show doubling on elements of the wreath, “ONE CENT,” or the shield:
FS-801 (Doubled ONE CENT)
This variety displays clear doubling on the central lettering:
- Very Fine-20: $75-90
- Extremely Fine-40: $140-160
- About Uncirculated-50: $200-225
- Mint State-63 Brown: $450-550
Die State Varieties
As dies wore during the production process, they created collectible die state varieties. For 1898 Indian Head Pennies, notable die states include:
Late Die State “Fatigued Liberty”
These examples show a worn die state with flatness to Liberty’s features and reduced detail in the headdress. While technically not errors, these distinctive appearance varieties sell for 15-30% premiums among specialists.
Cracked Reverse Die “Bisecting Crack”
Some 1898 pennies show a dramatic die crack running entirely across the reverse, essentially splitting the design in half. These command:
- Fine-12: $50-75
- Very Fine-20: $100-125
- Extremely Fine-40: $200-250
- About Uncirculated: $400-500
Rarity Ranking
From most common to most rare, the significant 1898 Indian Head Penny varieties rank:
- Late Die State varieties (relatively common)
- Minor die cracks and die chips
- Doubled Die Reverse varieties
- Doubled Die Obverse (minor doubling)
- Repunched dates (except 1898/7)
- Major die breaks/cuds
- Strong Doubled Die Obverse varieties
- 1898/7 Overdate (most rare)
Most Valuable Varieties
The most valuable 1898 Indian Head Penny varieties are:
- 1898/7 Overdate in Mint State: $5,000-10,000 depending on grade and color
- FS-101 (Strong DDO) in MS-65 Red: $3,000-4,000
- Major Die Cud + DDO combination: $1,500-2,500 in Extremely Fine or better
Grading Guide For Value Assessment
Grade-Specific Value Impacts
The 1898 Indian Head Penny experiences several critical wear points that significantly impact grade determination and value:
Obverse Critical Points:
- Liberty’s cheek: First area to show wear, with flattening indicating significant circulation
- Headband with “LIBERTY”: Letters wear quickly, with full “LIBERTY” indicating at least Very Fine condition
- Feather tips: Sharpness and separation of feather details indicate higher grades
- Hair strands above ear: Detail retention here distinguishes AU from XF grades
Reverse Critical Points:
- Central area around “ONE CENT”: Wear here affects legibility and detail
- Upper shield lines: These fine lines disappear quickly with circulation
- Leaf veins in wreath: Detail retention in these fine elements indicates higher grades
Key Grading Points
When assessing the grade of an 1898 Indian Head Penny, pay particular attention to:
For Circulated Grades:
- Complete visibility of “LIBERTY” in the headband separates Fine from Very Good
- Initial tooth detail remaining at rim elevates a coin from Very Fine to Extremely Fine
- Traces of mint luster in protected areas are key indicators of About Uncirculated status
For Uncirculated Grades:
- Contact marks in open fields significantly impact grade, particularly on Liberty’s cheek
- Strike quality, especially in the central obverse and reverse devices
- Color designation (Brown, Red-Brown, or Red) impacts value by as much as 400%
Strike Quality Factors
The 1898 Indian Head Penny exhibits variable strike quality that can significantly affect value:
Well-Struck Examples:
- Show complete feather detail throughout the headdress
- Display full diamond shapes in the ribbon below “LIBERTY”
- Exhibit complete shield lines on reverse
- Command 20-30% premiums over weakly struck examples in the same grade
Weakly Struck Examples:
- Often show flatness in center of headdress feathers
- May have incomplete shield details
- Sometimes display weak “ONE CENT” central legends
- Can sell at 10-20% discounts compared to fully struck specimens
Problem Areas
Common problems that reduce 1898 Indian Head Penny values include:
Environmental Damage:
- Spotting from improper storage reduces value by 20-40%
- Verdigris (green encrustations) typically reduces value by 50% or more
- Corrosion and pitting can render even rare varieties nearly valueless
Cleaning and Alteration:
- Harshly cleaned surfaces with hairline scratches reduce value by 30-70%
- Artificial toning attempts often reduce value by 40-60%
- Retooled or enhanced details (particularly on the “LIBERTY” headband) severely impact authenticity and value
Physical Damage:
- Rim bumps and edge damage reduce value by 15-30%
- Scratches across primary design features reduce value by 25-50%
- Bent or straightened coins typically sell at 50-75% discounts
Grading Controversies
The 1898 Indian Head Penny presents several challenging grading issues that create inconsistencies even among professional services:
Red vs. Red-Brown Designation:
The threshold between Red, Red-Brown, and Brown color designations remains somewhat subjective, with some coins receiving different color designations from different grading services. Even minor differences in color designation can result in 50-100% value differentials.
Strike vs. Wear Differentiation:
Weakly struck 1898 pennies can sometimes be confused with lightly worn examples. This particularly affects MS-60 to MS-63 grades, where strike weakness might be misinterpreted as circulation wear.
Die Polish vs. Cleaning:
Many 1898 dies were polished during their lifespan, creating a distinctive sheen that can be confused with light cleaning. This creates uncertainty in grading and sometimes results in genuine specimens being improperly designated as “cleaned.”
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Collectors should watch for these telltale signs of counterfeit 1898 Indian Head Pennies:
Composition Issues:
- Incorrect weight (genuine coins weigh 3.11 grams with minor tolerance)
- Improper ring when struck against hard surface (counterfeits often sound dull)
- Magnetic attraction (genuine copper Indian cents are not magnetic)
Design Discrepancies:
- Mushy or indistinct design details, particularly in the fine feather elements
- Incorrect font style or sizing, especially in date digits
- Missing denticles or irregular rim formation
- Improper positioning of date relative to bust
Manufacturing Methods:
- Cast counterfeits show porous surfaces under magnification
- Transfer die counterfeits typically show depressed areas where genuine coins have raised details
- Modern counterfeits often show microscopic tooling marks absent on genuine specimens
Weight and Measurement Tests
Genuine 1898 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)
Using a precision digital scale and calipers can quickly identify many modern counterfeits that fail to match these specifications.
Design Element Inspection
Under 5-10x magnification, examine these specific design elements for authenticity:
- The “LI” in “LIBERTY” should show subtle serifs that many counterfeiters miss
- Liberty’s earlobe should have a distinctive curved shape with proper relief
- The uppermost feather tip should extend to between the “T” and “Y” in “LIBERTY”
- The diamond shapes in the ribbon below “LIBERTY” should be complete and well-defined
Modern Counterfeits
Current counterfeit threats to the 1898 Indian Head Penny include:
Chinese-Made Replicas:
Often sold as “replica coins” but sometimes enter the collector market as genuine. These typically have incorrect copper content, slightly smaller diameter, and lack the proper ring when struck against a hard surface.
Altered Date Examples:
Genuine Indian Head cents from more common dates (like 1901-1908) with dates altered to appear as 1898. Examination under magnification typically reveals tooling marks around the date area.
High-Grade Forgeries:
Sophisticated counterfeits targeting the high-value MS-65 and above market. These often have artificial “mint red” color that appears too bright or orange compared to genuine mint red.
Authentication Resources
Collectors can utilize these resources to authenticate 1898 Indian Head Pennies:
- PCGS and NGC third-party grading services (approximately $30-50 per coin)
- ANA Authentication Service for special varieties and errors
- The CONECA Error-Variety Club for verification of specific die varieties
- “A Guide Book of Flying Eagle and Indian Head Cents” by Richard Snow
- Digital microscopes (40-100x) for home examination of suspect pieces
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
Budget-Conscious Strategy:
Start with attractive Fine to Very Fine examples showing minimal problems and full “LIBERTY.” These provide excellent value at $5-10 each while displaying key design elements. Target minor varieties like repunched dates that may be overlooked by general collectors.
Mid-Range Investment Approach:
Focus on Extremely Fine to About Uncirculated examples with original surfaces and no cleaning. These $15-30 coins offer significant upside potential as they become increasingly difficult to locate with original surfaces. Consider Red-Brown Uncirculated examples in the MS-60 to MS-63 range, which provide most of the visual appeal of full Red examples at 40-60% of the cost.
Premium Acquisition Strategy:
Target PCGS/NGC graded MS-65 Red examples with CAC approval. These coins, while commanding $700-850, represent the optimal intersection of rarity and eye appeal without reaching the exponentially higher prices of MS-66 and MS-67 examples.
Where To Buy
For Raw (Ungraded) Coins:
- Established coin shops with knowledgeable staff
- Major coin shows with multiple dealers for comparison shopping
- ANACS online marketplace with verified dealer ratings
- Estate sales and auctions (though authentication expertise is essential)
For Certified Coins:
- Heritage Auctions, Stack’s Bowers, and Great Collections for premium examples
- PCGS and NGC online exchanges for certified examples
- Major coin shows where coins can be examined in person before purchase
- Established online retailers with return privileges
Best Value Sources:
- Local coin clubs often offer member-to-member sales with lower premiums
- Online auction purchases of “raw” coins from established sellers with return policies
- “Original rolls” occasionally appear at auction, providing opportunities for cherry-picking quality examples
When To Sell
Strategic timing considerations for 1898 Indian Head Penny sales:
- January-March typically sees strongest prices as tax refunds enter the market
- Major auction appearances of important collections can temporarily depress values of similar material
- Market peaks often occur following significant media coverage of coin collecting
- Long-term holding (7-10 years) has historically provided better returns than short-term trading
Storage For Value Preservation
To maintain maximum value, store 1898 Indian Head Pennies:
- In inert, PVC-free flips or holders (never use “soft” flexible flips)
- In temperature and humidity-controlled environments (ideally 65-72°F with 40-50% humidity)
- Away from paper envelopes that contain sulfur or acid
- In album systems that don’t require pressing the coin surface against plastic
For highest-value examples, consider PCGS or NGC holders that provide both authentication and protection from environmental damage.
Expert FAQ & Value Conclusion
Key Value Questions
“What makes an 1898 Indian Head Penny valuable?”
The primary value drivers are condition, color preservation, and the presence of varieties or errors. While circulated examples remain affordable at $2-20, uncirculated coins with original red color command substantial premiums, with MS-65 Red examples valued at $700-850. The most valuable examples combine high grade, full red color, and key varieties like the 1898/7 overdate.
“Which 1898 Indian Head Penny errors are worth the most?”
The most valuable errors include the 1898/7 overdate ($300-10,000 depending on grade), major off-center strikes with visible dates ($500-3,000), and significant doubled dies ($100-4,000). Dramatic die caps and major struck-through errors can also command $2,000-5,000 when well-preserved.
“How do mint marks affect 1898 Indian Head Penny values?”
The 1898 Indian Head Penny was produced exclusively at the Philadelphia Mint and therefore bears no mint mark. Any specimen purporting to show a mint mark is either counterfeit or altered. Value variations come entirely from condition, color, and error/variety status rather than mint origin.
Value Summary
The 1898 Indian Head Penny presents collectors with numerous value opportunities across different budget levels:
- Circulated examples (Good to Very Fine) remain accessible at $2-10
- Better circulated pieces (Extremely Fine to About Uncirculated) offer solid value at $10-30
- Uncirculated brown examples start around $40-50
- Red Uncirculated examples begin around $90-110 and escalate dramatically with grade
- Premium quality MS-65 Red examples have shown steady appreciation, now valued at $700-850
- Superb gems in MS-67 Red can command $8,000-10,000
The most exceptional examples combine top grade with original color and major varieties, occasionally reaching five-figure prices at major auctions.
Market Outlook
The 1898 Indian Head Penny market shows positive indicators for continued appreciation:
- Growing international collector base for classic U.S. coins
- Diminishing supply of original-surface examples as cleaning and improper storage take their toll
- Increased recognition of varieties and errors driving premium prices for specialist material
- Strong performance of copper coins as tangible assets during economic uncertainty
Collectors can reasonably expect 5-8% annual appreciation for premium quality examples over the next decade, with exceptional specimens potentially outperforming this projection.
Final Collector Advice
When acquiring 1898 Indian Head Pennies, prioritize original surfaces over absolute grade. A natural brown VF example is preferable to a cleaned AU specimen both aesthetically and as a long-term investment. For uncirculated examples, even minor cleaning dramatically impacts both eye appeal and value potential.
Consider specializing in a particular aspect of 1898 Indian Head Penny collecting—such as die varieties, error types, or toning patterns—to develop expertise that can identify undervalued specimens that others might overlook.
Finally, remember that while third-party grading provides valuable authentication and protection, developing personal grading skills remains essential for identifying valuable pieces before they’re encapsulated and priced accordingly in the market.