Introduction & Value Overview
The 1909 Indian Head Penny represents a pivotal moment in American numismatics – the final year of production for this iconic series before giving way to the Lincoln cent. A pristine 1909 Indian Head Penny recently commanded $28,200 at a Heritage auction, highlighting the exceptional value these farewell-year specimens can achieve. While most circulated examples trade between $3 and $30, uncirculated specimens regularly fetch $100 to $1,000, with exceptional gems exceeding $10,000.
As the concluding issue of a beloved series that spanned from 1859 to 1909, this coin carries both historical significance and substantial collector value. The 1909 Indian Head Penny was designed by James B. Longacre and features a Native American profile on the obverse and an oak wreath with shield on the reverse. Produced in significant numbers at the Philadelphia and San Francisco mints, the coin’s value varies dramatically based on mint mark, condition, and the presence of rare errors or varieties.
In this comprehensive guide, we’ll examine the precise factors that determine 1909 Indian Head Penny value, identify key mint marks, analyze significant errors, and provide current market valuations across all relevant grades and varieties.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Designer | James Barton Longacre |
| Production Years | 1859-1909 (final year) |
| Composition | 95% Copper, 5% Tin and Zinc |
| Weight | 3.11 grams |
| Diameter | 19 mm |
| Edge | Plain |
| Obverse | Indian head (Liberty wearing feathered headdress) |
| Reverse | Oak wreath with shield, ONE CENT centered |
Authentication Markers
The genuine 1909 Indian Head Penny exhibits several critical diagnostic features that collectors should verify for authentication:
The ribbon holding Liberty’s hair should display clear, defined lines. Under magnification, the individual feathers in the headdress show distinct separation and detail, particularly in higher grades. The diamond patterns on the headband remain visible even on moderately circulated examples.
On the reverse, the shield’s vertical lines should be crisp and evenly spaced. The letters in “ONE CENT” show characteristic sharpness with the “N” in “ONE” displaying a specific angle on its diagonal stroke.
Design Elements
The obverse features Liberty wearing a Native American headdress with “LIBERTY” displayed on a ribbon in the headdress. The date appears at the bottom, with 13 stars surrounding Liberty’s profile. The designer’s initial “L” appears on the ribbon at the bottom of the portrait.
The reverse displays an oak wreath encircling “ONE CENT” with a shield at the top. The words “UNITED STATES OF AMERICA” curve along the upper edge of the coin.
The precise striking of these design elements significantly impacts grading and value determination, with weakness in the diamonds on the headband and feather details being critical assessment points.
Designer Information
James Barton Longacre served as Chief Engraver of the United States Mint from 1844 until his death in 1869. His Indian Head design represented a departure from earlier depictions of Liberty, introducing Native American imagery that would influence American coinage for generations. Longacre’s craftsmanship on the 1909 issues maintained consistent quality, though collectors note that the final year strikes often exhibit superior crispness compared to some earlier dates.
Mint Mark Guide & Value Comparison
Mint Mark Locations
On the 1909 Indian Head Penny, the mint mark appears on the reverse side, positioned at the bottom of the coin beneath the wreath and above the rim. Philadelphia issues bear no mint mark, while San Francisco issues display a small “S.” The mint mark is relatively small and can be difficult to see on worn examples, often requiring magnification.
Mint Mark Value Table
| Grade | 1909 (No Mint Mark) | 1909-S |
|---|---|---|
| Good-4 | $3-4 | $90-110 |
| Very Good-8 | $5-7 | $125-150 |
| Fine-12 | $8-10 | $175-200 |
| Very Fine-20 | $12-15 | $300-350 |
| Extremely Fine-40 | $27-32 | $425-475 |
| About Uncirculated-50 | $45-55 | $650-750 |
| Mint State-60 | $110-130 | $1,400-1,600 |
| Mint State-63 RB | $175-200 | $2,800-3,200 |
| Mint State-65 RD | $650-750 | $11,500-13,500 |
| Mint State-67 RD | $8,500-10,000 | $22,000-25,000+ |
Mint Mark Identification Tips
Distinguishing the 1909-S can be challenging, particularly on worn specimens. The “S” mint mark has specific characteristics: it should be slightly raised from the surface and display a consistent thickness in its curves. Counterfeits often show an “S” that is either too perfect in shape or irregularly formed. Under magnification, the genuine “S” mint mark shows slight imperfections consistent with the die preparation process of the era.
Position relative to the wreath is also crucial – the “S” should be centered beneath the wreath and properly spaced above the rim. Be wary of specimens where the mint mark appears to sit at an unusual angle or position, as these may be altered Philadelphia issues.
Mintage Figures
| Mint | Mintage | Notes |
|---|---|---|
| Philadelphia (No Mint Mark) | 14,368,470 | Common in most grades |
| San Francisco (S) | 309,000 | Key date with lowest mintage |
The dramatic difference in production numbers explains the significant premium commanded by the 1909-S Indian Head cent. With less than 310,000 pieces struck, compared to over 14 million from Philadelphia, the San Francisco issue represents less than 2.2% of the total 1909 production, creating a substantial rarity factor that drives collector demand.
Most Valuable Mint Mark
The 1909-S is unquestionably the most valuable regular-issue mint mark for this year, typically worth 15-25 times more than its Philadelphia counterpart in comparable grades. This substantial premium reflects both its limited mintage and its significance as the final San Francisco issue of the Indian Head series. The 1909-S in gem uncirculated condition with full original red color represents one of the most coveted Indian Head cents, with examples in MS-65 RD and above regularly exceeding $11,500 at auction.
Current Market Values By Grade
Comprehensive Value Table
| Grade | 1909 (P) | 1909-S | 1909 (P) RPD | 1909-S RPD |
|---|---|---|---|---|
| G-4 | $3-4 | $90-110 | $25-35 | $300-350 |
| VG-8 | $5-7 | $125-150 | $40-50 | $400-450 |
| F-12 | $8-10 | $175-200 | $60-70 | $500-575 |
| VF-20 | $12-15 | $300-350 | $85-100 | $650-750 |
| EF-40 | $27-32 | $425-475 | $150-175 | $850-950 |
| AU-50 | $45-55 | $650-750 | $225-275 | $1,200-1,400 |
| MS-60 | $110-130 | $1,400-1,600 | $400-450 | $2,500-3,000 |
| MS-63 RB | $175-200 | $2,800-3,200 | $700-800 | $4,500-5,500 |
| MS-65 RD | $650-750 | $11,500-13,500 | $3,500+ | $18,000+ |
| MS-67 RD | $8,500-10,000 | $22,000-25,000+ | $15,000+ | Not confirmed |
*RB = Red-Brown color, RD = Full Red color, RPD = Repunched Date variety
Price Trend Analysis
The market for 1909 Indian Head cents has shown considerable strength over the past decade, with compound annual growth averaging 7-9% for high-grade examples. The past 24 months have seen particularly strong appreciation for the 1909-S, with MS-65 RD examples increasing approximately 15% in value. This growth outpaces inflation and reflects increasing collector demand for key-date Indian Head cents.
Investment-grade specimens (MS-65 and above) have demonstrated the strongest growth potential, particularly those with full original red color. While more modest circulated examples have shown steadier, more gradual appreciation, they remain popular entry points for collectors assembling date sets.
Condition Impact
The jump in value between grades is particularly dramatic for the 1909 Indian Head Penny. For Philadelphia issues, the increase from AU-50 to MS-60 represents approximately a 135% increase in value. The leap from MS-63 RB to MS-65 RD represents a staggering 275% increase.
For the 1909-S, these percentage increases are even more pronounced. The jump from AU-50 to MS-60 represents a 115% increase, while moving from MS-63 RB to MS-65 RD shows a 322% premium. These substantial value differentials highlight the critical importance of accurate grading and preservation of original surfaces.
Key Date Values
While the 1909-S is the clear key date for this year, certain die varieties (discussed in later sections) can command substantial premiums over regular issues. The 1909-S represents the third lowest mintage of the entire Indian Head series, behind only the 1877 and 1909-S Over Horizontal S variety.
When comparing 1909 issues to other Indian Head cents, the 1909-S ranks among the top five most valuable dates in most grades, making it an essential acquisition for serious Indian Head cent collectors.
Market Visualization
The value difference across grades and mint marks shows an exponential rather than linear progression, particularly in Mint State grades. While circulated Philadelphia examples increase modestly between grades, San Francisco issues and uncirculated specimens of both mint marks demonstrate dramatic value acceleration as quality improves.
Auction Records
Recent notable auction results include:
- June 2023: 1909-S MS-67 RD, CAC – $28,200 (Heritage Auctions)
- January 2022: 1909-S MS-66+ RD – $18,000 (Stack’s Bowers)
- November 2021: 1909 MS-67+ RD – $12,600 (Heritage Auctions)
- August 2022: 1909-S RPD VF-25 – $4,320 (GreatCollections)
These realized prices demonstrate the strong premium collectors are willing to pay for exceptional examples, particularly those with CAC verification of quality within the grade.
Major Error Types & Their Values
Doubled Die Obverse
The 1909 Doubled Die Obverse (DDO) shows doubling most prominently in the date, “LIBERTY” inscription, and the feathers of the headdress. Under magnification, distinct separation can be seen in these elements, particularly in the digits of the date.
Current market values for the 1909 DDO range from $150-200 in Good condition to $5,000+ for Mint State examples. Authentication requires careful examination of the doubling pattern under 5-10x magnification, as many deceptive machine doubling examples exist which lack the characteristic “shelf” of true hub doubling.
This error is considered moderately rare, with perhaps 500-750 examples known across all grades, representing a tiny fraction of the total mintage.
Off-Center Strikes
Off-center errors occur when the planchet is misaligned during striking. The 1909 Indian Head cent is known with various degrees of off-centering, from minor 5-10% shifts to dramatic 50% off-center examples.
Values range significantly based on the percentage off-center and whether the date and mint mark remain visible:
- 5-10% off-center: $75-150
- 20-30% off-center with date visible: $300-500
- 40-50% off-center with date visible: $800-1,500
Authentication requires confirming that the error occurred during striking rather than from post-mint damage. The unstruck portion should show the natural planchet surface, and the struck design should demonstrate normal relief and detail.
Struck Through Errors
“Struck through” errors occur when foreign material comes between the die and planchet during striking. The 1909 Indian Head cent occasionally exhibits strikes through grease, cloth, or metal fragments.
Values typically range from $50-100 for minor struck-through examples to $200-500 for dramatic instances where the obstruction significantly affected the coin’s appearance while leaving the date and key design elements visible.
Authentication focuses on the pattern of the strike-through, which should show characteristics consistent with the obstructing material rather than post-mint damage or corrosion.
Clipped Planchet
Clipped planchet errors result from punching planchets from areas of the metal strip that overlap a previous punch or the edge of the strip. On 1909 Indian Head cents, these typically appear as smooth, curved absences from the coin’s edge.
Values range from $75-150 for minor clips (less than 10% of the coin’s diameter) to $300-500 for dramatic examples with 20% or larger clips. Multiple clips on a single coin can command premiums of 100% or more over single-clip examples.
Authentication requires distinguishing between genuine mint clips (which show specific characteristics like the “Blakesley Effect” of metal flow near the clip) and post-mint damage.
Most Valuable Errors
The most valuable 1909 Indian Head Penny errors are:
- Major Doubled Die Obverse examples in Mint State, currently valued at $5,000-8,000+
- 50%+ off-center strikes with both date and mint mark visible, particularly for the 1909-S, valued at $2,500-4,000+
- Multiple errors on a single coin (such as doubled die combined with off-center strike), which can command substantial premiums over single-error examples
Die Varieties & Doubled Dies
1909 Repunched Date (RPD)
The most significant die variety for the 1909 Indian Head cent is the Repunched Date (RPD), cataloged as FS-301 in the Cherrypicker’s Guide. This variety shows clear evidence of an earlier punching of the digits, most notably in the “9” where remnants of the earlier punch are visible north of the primary digit.
Diagnostic features include:
- Clear secondary “9” above the primary digit
- Often, traces of repunching visible on the “1” as well
- Die markers include a small die scratch near Liberty’s neck
Current market values range from $25-35 in Good condition to $3,500+ for Gem Uncirculated examples with full red color. Authentication requires 5-10x magnification to clearly distinguish the repunching from die damage or wear.
This variety has a rarity rating of URS-7 (approximately 100-250 known examples), making it an important addition to a specialized Indian Head cent collection.
1909-S Repunched Date
The 1909-S also exists with repunched date, cataloged as FS-302. This variety shows similar characteristics to the Philadelphia RPD but combined with the key-date status of the San Francisco issue.
Diagnostic features include:
- Repunching visible on the “90” of the date
- Secondary “9” visible to the southeast of the primary digit
- Must also show proper S mint mark characteristics
Current market values range from $300-350 in Good condition to $18,000+ for Mint State examples. Authentication requires careful examination of both the repunched date and the mint mark, as forgeries are relatively common given the high value of this variety.
This variety has a rarity rating of URS-8 (approximately 50-100 known examples), representing one of the rarest Indian Head cent varieties.
1909-S Over Horizontal S
Perhaps the most dramatic mint mark variety of the 1909 Indian Head cent is the “S Over Horizontal S” variety (sometimes called the “Sideways S”). This variety shows evidence that the mint mark was initially punched sideways into the die and then corrected with a properly oriented “S” punch.
Diagnostic features include:
- Visible remnants of a horizontally oriented “S” beneath the primary mint mark
- Typically shows thickening or distortion in the center of the S
- Often exhibits additional die markers including polishing lines
Current market values range from $400-500 in Good condition to $20,000+ for Mint State examples. Authentication requires careful examination of the mint mark under magnification, as the remnants of the horizontal S can be subtle on worn examples.
This variety has a rarity rating of URS-8 (approximately 50-100 known examples) and represents one of the most sought-after Indian Head cent varieties of any date.
Rarity Ranking
In terms of relative rarity, the 1909 Indian Head cent varieties can be ranked as follows:
- 1909-S Over Horizontal S (rarest)
- 1909-S Repunched Date
- 1909 Doubled Die Obverse
- 1909 Repunched Date (most common variety)
Most Valuable Varieties
The most valuable varieties of the 1909 Indian Head Penny are:
- 1909-S Over Horizontal S in MS-65 RD: $25,000+
- 1909-S Repunched Date in MS-65 RD: $18,000+
- 1909 Doubled Die Obverse in MS-65 RD: $7,500+
Grading Guide For Value Assessment
Grade-Specific Value Impacts
When grading 1909 Indian Head cents, several specific areas significantly impact value determination:
Circulated Grades (G-AU):
- Headband details, particularly the diamonds, are critical for distinguishing between grades
- “LIBERTY” on the ribbon should show progressive wear consistent with the grade
- Feather details in the headdress show important gradations of wear
- Reverse wreath details, particularly the small interior leaves, are key diagnostic points
Uncirculated Grades (MS-60 to MS-67):
- Luster quality and preservation determines significant value differentials
- Strike quality, particularly in the center diamonds and feather tips
- Color designation (Brown, Red-Brown, or Red) can create 300%+ value differences
- Contact marks on Liberty’s cheek are heavily penalized in grading
Key Grading Points
For 1909 Indian Head cents, precise examination of these areas is essential:
- Headband diamonds – Should show clear individual diamond shapes in grades above Fine
- Feather tips – Progressive wear pattern helps distinguish VF from EF and AU
- “LIBERTY” inscription – Letters should be complete above F-12
- Reverse shield lines – Vertical lines should remain visible in grades above VG
- Hair details behind ear – Important for distinguishing AU from Mint State
Strike Quality Factors
The 1909 Indian Head cents generally exhibit good strike quality, but collectors should note:
- Philadelphia issues occasionally show weakness in the center diamonds and feather tips
- San Francisco issues more commonly display weakness, particularly in the ribbon details
- Better strikes command 10-30% premiums within the same technical grade
- Full diamond definition is particularly important for investment-grade examples
Problem Areas
Common condition issues that significantly reduce value include:
- Improper cleaning, particularly harsh abrasives that disturb natural surfaces
- Environmental damage, including spots, corrosion, or verdigris
- Rim damage, particularly nicks or bumps that disrupt the natural rim
- Artificial toning, often applied to Red-Brown or Brown examples to simulate Red designation
Coins with these issues typically trade at 30-70% of problem-free examples in the same technical grade.
Grading Controversies
Specific grading challenges for 1909 Indian Head cents include:
- Color designation thresholds between Red-Brown and full Red examples
- Retention of original color versus artificial enhancement
- Die deterioration versus actual circulation wear
- Acceptance of original mint-made defects (like die polish, clash marks) versus post-mint damage
Professional certification through PCGS or NGC helps resolve many of these controversies and typically results in a 15-30% premium for certified examples over raw coins of similar apparent quality.
Authentication & Counterfeit Detection
Counterfeit Warning Signs
The high value of 1909-S Indian Head cents has made them frequent targets for counterfeiters. Warning signs include:
- Improper mint mark style (the “S” should have specific proportions consistent with 1909 production)
- Added mint marks (often betrayed by tooling marks around the letter)
- Incorrect weight (genuine examples should weigh 3.11 grams ±0.1 gram)
- Mushy or indistinct design details that lack the crispness of genuine strikes
- Incorrect metallic composition (often revealed by improper color or corrosion patterns)
Weight and Measurement Tests
Authentic 1909 Indian Head cents should measure:
- Diameter: 19.0mm exactly (tolerance ±0.1mm)
- Weight: 3.11 grams (tolerance ±0.1 gram)
- Thickness: 1.5mm (tolerance ±0.05mm)
Digital calipers and an accurate scale capable of measuring to 0.01 gram precision are essential tools for basic authentication.
Design Element Inspection
Under 5-10x magnification, these specific design elements should appear on genuine examples:
- The “L” in “LIBERTY” should show a specific serif style
- The designer’s initial “L” on the truncation of Liberty’s bust shows characteristic placement and style
- Feathers in the headdress should show fine, parallel incised lines
- Oak leaves on the reverse should display natural, botanical accuracy in their vein structure
Modern Counterfeits
Recent counterfeit threats include:
- High-quality Chinese forgeries using transfer dies
- Altered dates from more common Indian Head years
- Artificially aged modern replicas
- Added “S” mint marks on genuine Philadelphia issues
Particularly dangerous are counterfeits made from genuine Indian Head cents of other dates, as these will pass composition and basic design tests.
Authentication Resources
For conclusive authentication, collectors should consider:
- Professional certification by PCGS, NGC, ANACS, or ICG
- Consultation with specialized Indian Head cent experts through CONECA or ANACS attribution services
- Specific gravity testing for composition verification
- Microscopic die marker comparison with known genuine examples
- The “Cherrypicker’s Guide to Rare Die Varieties” for variety verification
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
Strategic approaches for 1909 Indian Head cent collectors include:
Entry-Level Strategy: Begin with circulated Philadelphia examples in G-4 to VF-20 (approximately $3-15), which offer affordability while still providing the historical significance of the final year of issue.
Mid-Range Strategy: Focus on high-grade circulated examples (EF-40 to AU-58) of the Philadelphia issue ($27-80) and lower-grade examples of the key 1909-S ($90-350). This balanced approach provides good value and collector satisfaction.
Investment-Grade Strategy: Target certified MS-63 to MS-65 examples with original red or red-brown surfaces, particularly for the 1909-S. While requiring significant capital ($2,800-13,500), these have demonstrated strong appreciation and liquidity.
Variety Specialist Strategy: Seek attributed varieties like the Repunched Date or S Over Horizontal S across multiple grade points, potentially discovering unattributed examples through careful study of dealer inventory.
Where To Buy
For optimal value acquisition, consider these sources:
- Major auction houses (Heritage, Stack’s Bowers) for investment-grade examples
- Specialized Indian cent dealers with ICTA membership
- Major coin shows with PCGS or NGC onsite grading
- Online marketplaces with return privileges and authentication guarantees
- Regional coin clubs and shows for possible unattributed varieties
Avoid ungraded examples from non-specialized dealers and auction platforms without strong buyer protections, particularly for key dates and varieties.
When To Sell
Market timing considerations for 1909 Indian Head cents include:
- Major anniversary years (e.g., 120th anniversary in 2029) often see increased collector interest
- Monitor auction catalogs for major collections coming to market, which can temporarily depress prices
- Indian Head cents typically perform best during periods of economic uncertainty and inflation
- Consider selling common-date examples during market peaks while retaining key dates and varieties
Storage For Value Preservation
To maintain condition and value:
- Use inert, PVC-free holders (PCGS, NGC holders or Intercept Shield products)
- Maintain stable humidity (35-45%) and temperature (65-72°F)
- Avoid direct sunlight and fluorescent lighting which can affect original red coloration
- For uncertified examples, consider professional conservation and encapsulation if environmental damage is beginning to develop
- Insurance appraisals should be updated every 3-5 years to account for market appreciation
Expert FAQ & Value Conclusion
Key Value Questions
What makes a 1909 Indian Head Penny valuable?
The 1909 Indian Head Penny derives its value from several factors: its status as the final year of the series, the low mintage of the San Francisco issue (just 309,000 pieces), the presence of significant varieties like the Repunched Date and S Over Horizontal S, and the general historical significance of the transition year to the Lincoln cent design. Exceptional preservation, particularly retention of original red color, creates substantial additional premiums.
Which 1909 Indian Head Penny errors are worth the most?
The most valuable 1909 Indian Head Penny errors are major doubled dies in high grades ($5,000+), dramatically off-center strikes with visible date and mint mark ($800-4,000 depending on mint), and the S Over Horizontal S mint mark variety ($400-20,000+ depending on grade). Multiple errors on a single coin can command exceptional premiums, particularly when they include the key San Francisco mint mark.
How do mint marks affect 1909 Indian Head Penny values?
The mint mark creates the most dramatic value differential of any single factor. The 1909-S typically trades for 15-25 times the value of its Philadelphia counterpart in comparable grades due to its limited mintage of just 309,000 pieces compared to over 14 million from Philadelphia. In uncirculated grades, this premium can expand even further, with MS-65 RD examples of the 1909-S commanding up to 18 times the value of Philadelphia specimens.
Value Summary
The 1909 Indian Head Penny represents a fascinating study in numismatic value factors. As the final year of an iconic American series, even common Philadelphia examples carry collector interest exceeding their metallic value. The key-date 1909-S, with its limited mintage, commands substantial premiums across all grades. Specialized varieties and errors add further complexity and value potential to this issue.
Current market values range from approximately $3 for common circulated Philadelphia examples to $25,000+ for superb gem San Francisco specimens with original red surfaces or major varieties. With strong collector demand across all quality tiers, the 1909 Indian Head Penny market demonstrates excellent liquidity and consistent upward trajectory.
Market Outlook
The future value potential for 1909 Indian Head cents appears strong, supported by several factors:
- Continued collector interest in complete Indian Head and Lincoln cent sets, both requiring the 1909 issues
- Limited supply of properly graded and attributed key varieties
- Increasing rarity of original red specimens as copper continues to naturally tone
- Growing interest in transitional year issues among historically oriented collectors
- Strong performance of key-date copper coins as inflation hedges
Collectors can anticipate annual appreciation of approximately 5-8% for investment-grade examples, with potentially stronger performance for properly attributed rare varieties.
Final Collector Advice
For collectors seeking to acquire 1909 Indian Head cents, consider these strategies:
- Prioritize quality over quantity, focusing on the best grade your budget allows
- Verify mint marks thoroughly before purchase, particularly for the valuable 1909-S
- Study die varieties carefully to identify potential unattributed examples in dealer inventory
- Consider third-party certification for any example valued above $100
- Pay particular attention to original surfaces and color, avoiding cleaned or artificially toned specimens
- Remember that the 1909 Indian Head cent represents not just a coin but a pivotal moment in American numismatic history—the end of one iconic design and the beginning of another