1. Introduction & Value Overview
In 2023, a pristine 1862 Indian Head Penny graded PCGS MS66 sold at Heritage Auctions for $3,840, showcasing the coin’s potential for serious collectors. The 1862 Indian Head Penny, a copper-nickel cent from the Civil War era, commands attention due to its historical significance and diverse error and variety profiles. Collectors prize this coin for its affordability in lower grades and high value in gem condition, with rare errors and varieties pushing prices into the thousands.
Essential ID Data:
- Denomination: One Cent
- Designer: James Barton Longacre
- Production Years: 1859–1909
- Composition: 88% copper, 12% nickel (copper-nickel alloy)
Value Range: Common circulated examples start at $12.50, while uncirculated (MS+) coins can fetch $174 to $3,000 or more, depending on grade, mint mark, and variety.
This article explores the 1862 Indian Head Penny value, mint mark significance, error types, die varieties, and grading factors, providing collectors with actionable insights for assessing and acquiring valuable examples.
2. Technical Specifications & Key Identifiers
Specifications Table
| Feature | Details |
|---|---|
| Weight | 4.67 grams |
| Diameter | 19 mm |
| Composition | 88% copper, 12% nickel |
| Edge Type | Plain |
| Obverse Design | Liberty with headdress, “UNITED STATES OF AMERICA” |
| Reverse Design | Laurel wreath, “ONE CENT” |
Authentication Markers
- Obverse: Sharp feather details in Liberty’s headdress, with distinct “L” in the ribbon.
- Reverse: Laurel wreath leaves should be crisp, with no signs of tampering.
- Edge: Smooth, with no reeding or irregularities.
Design Elements
The 1862 Indian Head Penny features Liberty wearing a feathered headdress, a design by James Barton Longacre. The reverse showcases a simple laurel wreath, which transitioned to an oak wreath with a shield in 1860. Strong strikes enhance feather and wreath details, significantly impacting value in higher grades.
Designer Information
James Barton Longacre, the U.S. Mint’s fourth Chief Engraver, designed the Indian Head Penny. His work on this series is noted for its durability, but minor die variations and errors from the copper-nickel alloy contribute to the coin’s collectible appeal.
3. Mint Mark Guide & Value Comparison
Mint Mark Locations
The 1862 Indian Head Penny was struck only at the Philadelphia Mint, so no mint mark appears. Look beneath the wreath on the reverse to confirm the absence of a mint mark, as counterfeits may add fictitious ones.
Mint Mark Value Table
Since only Philadelphia minted the 1862 Indian Head Penny, values are uniform across mints:
| Grade | Philadelphia (No Mint Mark) |
|---|---|
| G-4 | $12.50 |
| VG-8 | $22 |
| F-12 | $35 |
| VF-20 | $65 |
| EF-40 | $110 |
| AU-50 | $165 |
| MS-60 | $174 |
| MS-63 | $325 |
| MS-65 | $1,000 |
| MS-66 | $3,000+ |
| Source: NGC Price Guide, May 2025 |
Mint Mark Identification Tips
- Confirm no mint mark exists under the wreath.
- Beware of altered coins with added “S” or “D” marks, as these mints did not produce 1862 Indian Head Pennies.
Mintage Figures
The Philadelphia Mint produced 28,075,000 1862 Indian Head Pennies, a high mintage for the copper-nickel series, making it common in circulated grades but scarce in high-end gem condition (MS65+).
Most Valuable Mint Mark
As only Philadelphia coins exist, the no-mint-mark variety in MS66 or higher is the most valuable, with auction records reaching $3,840 for an MS66 example.
4. Current Market Values By Grade
Comprehensive Value Table
Price Trend Analysis
The 1862 Indian Head Penny value has risen steadily, with MS65 examples increasing 15% since 2020 due to demand for copper-nickel cents. Circulated coins remain stable, offering affordable entry points.
Condition Impact
- Good to Fine: Minimal value jumps ($12.50 to $35).
- VF to EF: Significant increase ($65 to $110, ~70% jump) due to retained details.
- MS60 to MS65: Exponential growth ($174 to $1,000, ~475% increase) as gem coins are scarce.
Key Date Values
The 1862 Indian Head Penny is not a key date but shines in high grades. MS66 coins are the most valuable, with prices exceeding $3,000.
Market Visualization
A line chart of 1862 Indian Head Penny values shows a steep curve from AU50 ($165) to MS66 ($3,000+), reflecting rarity in top grades.
Auction Records
- MS66, PCGS: $3,840 (Heritage Auctions, 2023).
- MS65, NGC: $1,200 (eBay, 2024).
- MS62, PCGS: $295.99 (eBay, 2025).
5. Major Error Types & Their Values
Rotated Reverse Die Error
- Identification: Reverse wreath is misaligned, often rotated 45–180 degrees from obverse.
- Value: $100–$500 in Fine to EF grades.
- Rarity: Moderately rare, seen in small batches.
- Authentication: Check for consistent die rotation, not post-mint damage.
- Photo Reference: Look for wreath misalignment relative to “ONE CENT.”
Strike Through Grease Error
- Identification: Obverse or reverse shows weak or missing details due to grease on the die.
- Value: $50–$200 in VF to AU grades.
- Rarity: Common but collectible in pronounced cases.
- Authentication: Ensure missing details are not due to wear or cleaning.
- Photo Reference: Check for patchy, irregular surfaces on Liberty’s face.
Die Cud Error
- Identification: Raised, irregular blob on the rim from a broken die.
- Value: $125–$600 in Fine to AU grades.
- Rarity: Scarce, highly sought after.
- Authentication: Confirm cud is raised and matches known die breaks.
- Photo Reference: Look for cuds near the date or rim.
Most Valuable Errors
- Die Cud: Up to $600 in AU50.
- Rotated Reverse: Up to $500 in EF40.
- Strike Through Grease: Up to $200 in AU50.
6. Die Varieties & Doubled Dies
FS-301 Doubled Die Obverse
- Designation: Cherrypicker’s Guide FS-301.
- Diagnostics: Doubling on “LIBERTY” and headdress feathers.
- Value: $200–$1,500 in VF to MS63.
- Authentication: Use a loupe to confirm doubling on “L” and feathers.
- Rarity: Rare, highly collectible.
FS-801 Repunched Date
- Designation: Cherrypicker’s Guide FS-801.
- Diagnostics: Secondary date impressions under “1862.”
- Value: $150–$800 in Fine to MS60.
- Authentication: Check for clear repunching under the primary date.
- Rarity: Moderately rare.
Rarity Ranking
- FS-301 (Doubled Die): Rarest, most valuable.
- FS-801 (Repunched Date): Less rare but still significant.
Most Valuable Varieties
- FS-301 Doubled Die: Up to $1,500 in MS63.
- FS-801 Repunched Date: Up to $800 in MS60.
Source: Cherrypicker’s Guide, Variety Vista
7. Grading Guide For Value Assessment
Grade-Specific Value Impacts
- Good-4: Heavy wear reduces value to $12.50.
- VF-20: Clear details boost value to $65.
- MS65: Gem condition commands $1,000.
Key Grading Points
- Obverse: Headdress feathers and “LIBERTY” clarity.
- Reverse: Wreath leaf definition and rim integrity.
- Surfaces: Check for scratches or cleaning.
Strike Quality Factors
Well-struck coins with sharp feathers and wreath details fetch premiums, especially in MS65+ grades. Weak strikes lower value by 10–20%.
Problem Areas
- Corrosion: Common in copper-nickel, reduces value by 30–50%.
- Cleaning: Harsh cleaning drops value by 20–40%.
Grading Controversies
Some 1862 Indian Head Pennies exhibit uneven toning, complicating grading. PCGS and NGC occasionally differ on MS65 vs. MS66 designations, impacting value by $1,000+.
8. Authentication & Counterfeit Detection
Counterfeit Warning Signs
- Incorrect weight (not 4.67 grams).
- Blurry or soft details, especially in “LIBERTY.”
- Added fake mint marks (e.g., “S” or “D”).
Weight and Measurement Tests
- Weight Tolerance: 4.67 grams ± 0.1 grams.
- Diameter: 19 mm, no deviations.
Design Element Inspection
Counterfeiters often miss the sharp feather contours or wreath leaf veins. Compare with certified examples.
Modern Counterfeits
Chinese-made fakes with incorrect alloy compositions are common. Use a magnet (genuine coins are non-magnetic) to test.
Authentication Resources
- PCGS CoinFacts (pcgscoinfacts.com)
- NGC Coin Explorer (ngccoin.com)
- Professional grading services for high-value coins.
9. Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
- Best Entry Points: Buy VF20–EF40 coins ($65–$110) for affordability and detail.
- Quality vs. Quantity: Prioritize MS63+ coins for investment potential.
- Investment-Grade Tips: Target MS65 or errors like FS-301 for long-term value.
Where To Buy
- Heritage Auctions: High-grade certified coins.
- eBay: Raw coins, verify seller ratings.
- Coin Shows: Direct inspection opportunities.
When To Sell
Sell during market peaks (e.g., after major auction records) or when gem-grade demand spikes.
Storage For Value Preservation
Use airtight holders or Mylar flips to prevent corrosion. Store in low-humidity environments.
10. Expert FAQ & Value Conclusion
Key Value Questions
- What makes an 1862 Indian Head Penny valuable? High grades (MS65+), rare errors (die cuds), and varieties (FS-301) drive value.
- Which 1862 Indian Head Penny errors are worth the most? Die cuds ($600) and rotated reverses ($500) top the list.
- How do mint marks affect 1862 Indian Head Penny values? Only Philadelphia coins exist, so no mint mark variations apply.
Value Summary
The 1862 Indian Head Penny ranges from $12.50 in Good-4 to $3,000+ in MS66, with errors like die cuds and varieties like FS-301 commanding premiums. High-grade examples and rare errors are the most sought-after.
Market Outlook
Demand for copper-nickel Indian Head Pennies is rising, with MS65+ coins likely to appreciate 10–15% annually. Errors and varieties remain strong investment targets.
Final Collector Advice
Focus on certified MS63+ coins or verified errors for the best value. Use PCGS or NGC for authentication, and monitor auction trends for optimal buying and selling opportunities.