A remarkable 1868 Indian Head Penny in pristine MS67 condition commanded an astounding $87,000 at a Heritage Auction in 2023, demonstrating the exceptional premium collectors place on top-grade examples of this historic coin. While most 1868 pennies won’t approach this figure, their value spans from a modest $30 for heavily worn specimens to $5,000+ for uncirculated examples with original red luster.
The 1868 Indian Head Penny represents a fascinating transitional period in American numismatics. Designed by James B. Longacre, this one-cent piece was minted from 1859 to 1909, with the 1868 issue produced only at the Philadelphia Mint. Despite a substantial mintage of 10,266,500 pieces, high-grade survivors remain scarce today, particularly those retaining their original mint luster.
The value of an 1868 Indian Head Penny is influenced by several critical factors: preservation state (grade), color designation (brown, red-brown, or red), presence of errors or varieties, and surface quality. Throughout this comprehensive guide, we’ll explore how these elements interact to determine the market value of your coin, examine the most valuable error varieties, and provide expert authentication guidance for this sought-after issue.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Composition | 95% Copper, 5% Tin and Zinc |
| Weight | 3.11 grams |
| Diameter | 19 mm |
| Edge | Plain |
| Designer | James Barton Longacre |
| Obverse | Native American princess with headdress |
| Reverse | Oak wreath with shield and ONE CENT |
Authentication Markers
Genuine 1868 Indian Head Pennies display several diagnostic features that distinguish them from counterfeits. The headdress feathers show precise, deliberate detail, with each individually defined. The letter positioning in “LIBERTY” on the headband maintains consistent spacing and depth. Under magnification, authentic coins exhibit fine die polishing lines radiating from the central devices, a characteristic often absent on counterfeits.
Design Elements
The obverse features a profile portrait of Liberty wearing a Native American headdress with “LIBERTY” inscribed on the band. The date 1868 appears below the bust, while 13 stars encircle the periphery. The reverse displays a laurel wreath surrounding the denomination “ONE CENT,” with a small shield at the top. These elements show varying degrees of detail depending on strike quality and circulation wear, directly impacting value assessment.
Designer Information
James Barton Longacre served as Chief Engraver of the U.S. Mint from 1844 until his death in 1869, making the 1868 issue one of his final productions. Longacre’s Indian Head design represented an innovative approach to portraying Liberty, and his careful craftsmanship is evident in the balanced composition and fine detail work. Longacre’s connection to this issue enhances its historical significance and collector appeal.
Mint Mark Guide & Value Comparison
Mint Mark Locations
The 1868 Indian Head Penny was produced exclusively at the Philadelphia Mint and therefore bears no mint mark. During this era, Philadelphia was the only facility producing copper cents, with branch mints focusing primarily on precious metal coinage. The absence of a mint mark is an authenticating feature for this date—any 1868 Indian Head Penny displaying a mint mark would be immediately suspect as a counterfeit or altered coin.
Mint Mark Value Table
| Mint Mark | Location | Mintage | Value (G-4) | Value (VF-20) | Value (MS-63RB) | Value (MS-65RD) |
|---|---|---|---|---|---|---|
| None (Philadelphia) | N/A | 10,266,500 | $30-40 | $150-175 | $800-950 | $4,500-5,500 |
Mintage Figures
The Philadelphia Mint produced 10,266,500 Indian Head Pennies in 1868, a relatively substantial mintage for the period. However, survival rates in higher grades are considerably lower than the mintage would suggest. Many were lost to melting during copper shortages, damaged through circulation, or simply discarded over time. This disparity between original mintage and current availability contributes significantly to the coin’s market value today.
Current Market Values By Grade
Comprehensive Value Table
| Grade | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| G-4 | $30-40 | – | – |
| VG-8 | $40-50 | – | – |
| F-12 | $70-85 | – | – |
| VF-20 | $150-175 | – | – |
| XF-40 | $225-275 | – | – |
| AU-50 | $300-375 | $400-450 | – |
| AU-58 | $400-475 | $550-650 | – |
| MS-60 | $475-550 | $650-750 | $1,000-1,200 |
| MS-62 | $600-700 | $750-850 | $1,600-1,900 |
| MS-63 | $700-800 | $850-950 | $2,200-2,600 |
| MS-64 | $850-950 | $1,100-1,300 | $3,200-3,800 |
| MS-65 | $1,500-1,800 | $2,500-3,000 | $4,500-5,500 |
| MS-66 | $3,000-3,500 | $4,500-5,500 | $15,000-20,000 |
| MS-67 | $10,000+ | $25,000+ | $55,000-90,000 |
Price Trend Analysis
The market for 1868 Indian Head Pennies has shown consistent strength over the past decade, with average annual appreciation of 5-7% for choice uncirculated examples. Particularly notable is the accelerating premium for coins maintaining original red color, which has outpaced brown specimens by nearly 3:1 in value growth. Market data indicates that MS-65RD examples have appreciated approximately 35% over the past five years, suggesting strong investment potential for top-grade specimens.
Condition Impact
The jump in value between grades becomes increasingly pronounced in mint state. The price difference between an MS-64RD and MS-65RD example represents a 40-50% premium, while the leap from MS-65RD to MS-66RD can exceed 300%. This dramatic escalation reflects both the technical difficulty in achieving higher grades and the intense collector competition for finest-known specimens.
Auction Records
Notable recent auction performances include:
- An MS-67RD example realized $87,000 at Heritage Auctions in 2023
- An MS-66+RD brought $21,600 at Stack’s Bowers in 2022
- An MS-65RD with CAC approval sold for $6,900 at Legend Rare Coin Auctions in 2021
These results underscore the premium market for exceptional examples, particularly those with original red surfaces and superior eye appeal.
Major Error Types & Their Values
Doubled Die Obverse (DDO)
The 1868 Doubled Die Obverse shows notable doubling on the date and LIBERTY inscription. Most prominent doubling appears on the numerals “8” and “6” in the date. Unlike many doubled dies of later years, the 1868 DDO exhibits Class III doubling (design hub doubling), creating a distinct peripheral spread.
Current values range from $350-450 in VG-8 to $8,000-12,000 in MS-63RB. Fewer than 200 examples are estimated to exist across all grades, with uncirculated specimens particularly scarce. Authentication requires 10x magnification to verify consistent doubling patterns across multiple devices.
Repunched Date (RPD)
Several 1868 Indian Head Pennies show evidence of date repunching, with the most significant variety displaying a clearly repunched “1” with the secondary digit positioned noticeably north of the primary digit. This RPD (commonly referenced as 1868/1868) resulted from misalignment during the die preparation process.
RPD examples command a 100-150% premium over standard issues in the same grade. An XF-40 example typically brings $500-600, while an MS-63BN can reach $1,500-1,800. Authentication requires careful examination of the date area under magnification to distinguish from damage or post-mint alteration.
Clipped Planchet Error
Clipped planchet errors occur when the coin blank is incompletely punched from the copper strip, resulting in a distinctive curved cutout along the edge. The 1868 issues with this error typically display a 5-15% planchet loss, visible as a smooth, curved indentation.
Values for 1868 Indian Head Pennies with clipped planchets range from $150-200 in Good condition to $1,000-1,500 in AU grades. The premium increases significantly for errors maintaining sharp details and showing minimal environmental damage. Specimens with larger clips (15%+) command higher prices, sometimes exceeding 200% of typical values.
Die Breaks and Cuds
Late-die state examples showing significant die breaks (particularly those forming “cuds”—raised, irregular blobs along the rim) carry substantial premiums. Major die breaks on 1868 pennies commonly appear near the date or along the wreath on the reverse.
Pricing varies dramatically based on the size and location of the break, with major cuds commanding $300-500 in circulated grades and $1,000-2,500 in uncirculated condition. Authentication requires distinguishing die breaks from post-mint damage, with genuine cuds showing flat tops and integration with the original design.
Off-Center Strikes
Off-center strike errors on 1868 Indian Head Pennies range from minor (5-10% off center) to dramatic (40-50% off center). The most valuable examples retain a complete date while displaying significant displacement.
Values escalate based on the percentage off-center and preservation state:
- 10-20% off-center: $300-600 in VF, $1,000-1,500 in AU
- 25-40% off-center with visible date: $800-1,200 in VF, $2,000-3,000 in AU
- 50%+ off-center with complete date: $3,500-5,000+ regardless of grade
Die Varieties & Doubled Dies
Snow-1 (S1) “Doubled LIBERTY”
The Snow-1 variety (referenced in Rick Snow’s attribution guide) displays distinct doubling on the letters of LIBERTY in the headband. Most prominent doubling appears on “LIBE,” with less pronounced doubling on “RTY.” This variety resulted from die bounce during the hubbing process.
Current market values range from $150-200 in VG-8 to $1,200-1,500 in MS-63BN. The premium over standard issues increases in higher grades, with uncirculated examples particularly desirable. Authentication requires 5-10x magnification and comparison with known examples.
Snow-2 (S2) “Repunched 18”
The Snow-2 variety shows moderate repunching on the first two digits of the date, with the “1” showing strong evidence of a secondary digit positioned slightly south of the primary digit. The “8” displays less obvious but still detectable doubling.
Value premiums for S2 varieties typically range from 50-75% over standard 1868 pennies in the same grade. An XF-40 example commands approximately $350-400, while an MS-63BN can reach $1,200-1,400. Population estimates suggest fewer than 250 examples exist across all grades.
Snow-3 (S3) “Doubled Date”
The most dramatic date doubling appears on the Snow-3 variety, with all four digits showing distinct secondary impressions. The doubling is most prominent on the “68,” with clear separation visible even without magnification on higher-grade examples.
S3 varieties represent some of the most valuable 1868 Indian Head Penny varieties, commanding a 100-200% premium over standard issues. Current market values range from $250-350 in VG-8 to $2,000-2,500 in MS-63. Authentication requires verification of consistent doubling patterns across all four digits of the date.
Most Valuable Varieties
The rarity ranking of major 1868 varieties places the S3 “Doubled Date” at the top, followed by the primary DDO, then the S1 “Doubled LIBERTY.” The S3 in MS-64RB condition realized $3,600 at a 2022 Heritage auction, while an MS-65BN example of the primary DDO brought $9,400 at a 2021 Stack’s Bowers sale, demonstrating the significant premium these varieties command.
Grading Guide For Value Assessment
Grade-Specific Value Impacts
The transition from AU-58 to MS-60 represents a critical value threshold for 1868 Indian Head Pennies, with price jumps of 20-30% even for brown examples. However, the most dramatic value escalation occurs with color designation changes, where an MS-64RD can command more than triple the value of an MS-64BN example.
Key grading points for the 1868 issue include:
- Good to Very Good (G-4 to VG-8): LIBERTY must be partially visible on the headband; date fully readable.
- Fine to Very Fine (F-12 to VF-20): LIBERTY completely legible; feather details partially defined.
- Extremely Fine to About Uncirculated (XF-40 to AU-58): Sharp feather definition; minimal wear on high points; some luster may remain.
- Mint State (MS-60 to MS-67): No wear (only contact marks or strike weakness); grading focuses on surface preservation and luster quality.
Strike Quality Factors
The 1868 issue often suffers from weakness in the central hair details and the lower portion of the shield on the reverse. This strike characteristic results from dies wearing during the extensive production run and should be distinguished from actual wear when grading. Premium examples displaying full strikes with complete detailing in the hair ribbons and shield can command 15-20% higher values than typical specimens in the same numerical grade.
Problem Areas
Common problems affecting 1868 Indian Head Penny values include:
- Environmental damage: Green spotting or pitting from improper storage
- Improper cleaning: Hairlines from abrasive cleaning methods
- Rim damage: Nicks or flattening from circulation
- Corrosion: Particularly in recessed areas of the design
Any of these issues can reduce value by 30-70% depending on severity, with cleaned examples typically suffering the greatest market penalty.
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Modern counterfeits of 1868 Indian Head Pennies typically display several telltale signs:
- Weight discrepancies: Authentic coins should weigh 3.11 grams (±0.1g)
- Die markers: Missing die polish lines in the field around Liberty’s portrait
- Letter spacing: Irregular spacing between stars and letters, particularly in “STATES OF AMERICA”
- Metal composition: Modern fakes often use pure copper rather than the correct 95% copper, 5% tin/zinc alloy
- Relief depth: Many counterfeits show flatter relief than genuine coins
Weight and Measurement Tests
Precise measurements provide critical authentication data. Genuine 1868 Indian Head Pennies measure exactly 19mm in diameter with a plain edge. Weight should fall between 3.00-3.20 grams, with deviation outside this range indicating potential alteration or counterfeiting. A digital caliper and precision scale accurate to 0.01g are essential tools for proper verification.
Design Element Inspection
Under 10x magnification, examine these specific features:
- Hair bun details: Should display fine separation lines between hair strands
- Feather tips: Each tip should be individually defined with sharp separation
- Headband lettering: “LIBERTY” shows consistent depth and contouring
- Shield lines: Vertical and horizontal lines in the shield maintain uniform thickness
- Wreath details: Individual leaves show visible veining patterns
Modern counterfeits frequently fail to accurately reproduce these fine details.
Modern Counterfeits
Contemporary counterfeit threats include high-quality Chinese-made fakes entering the market through online platforms. These sophisticated counterfeits are typically cast rather than struck, often displaying microscopic pitting under magnification. Another recent development involves spark erosion dies used to produce counterfeits with more convincing surface characteristics. These require metallurgical testing for definitive authentication.
Authentication Resources
Professional authentication services like PCGS and NGC provide the most reliable verification. For independent assessment, resources include:
- Cherrypicker’s Guide to Rare Die Varieties by Bill Fivaz and J.T. Stanton
- Attribution guide articles in “Longacre’s Ledger” (journal of the Fly-In Club)
- Die variety comparison photos from cpg.U.S.Coins.com
- The CONECA online error reference database
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
For investment-grade acquisition, focus on AU-58 to MS-63 examples with original surfaces and above-average eye appeal. These grades offer the optimal balance between condition rarity and acquisition cost. For budget-conscious collectors, XF-40 to AU-50 examples provide good value retention with comparatively modest initial investment.
Strategic specialization in 1868 Indian Head Pennies might include:
- Die progression studies (early, middle, and late die states)
- Variety collection focusing on the Snow-designated varieties
- Color designation progression (assembling matched-grade sets in BN, RB, and RD)
Where To Buy
Most reliable sources for authentic 1868 Indian Head Pennies include:
- Heritage Auctions, Stack’s Bowers, and other established numismatic auction houses
- PCGS and NGC certified examples from reputable dealers
- American Numismatic Association member dealers
- Major coin shows with third-party grading services on-site
Avoid raw (uncertified) examples from online marketplace sellers unless you have advanced authentication skills. The price premium for certified coins (typically 15-20%) provides valuable protection against counterfeit or altered pieces.
When To Sell
Market timing considerations suggest holding period increments of 5-7 years for optimal appreciation. Based on historical patterns, significant value increases typically follow major market corrections, making counter-cyclical acquisition particularly advantageous. The strongest recent pricing has appeared during January-February and September-October market cycles.
Storage For Value Preservation
To maintain condition and value, store 1868 Indian Head Pennies in inert holders free from PVC or other harmful plastics. For uncertified examples, Mylar flips or inert cardboard holders with non-adhesive inserts provide safe long-term storage. Control environmental factors by maintaining relative humidity below 40% and avoiding temperature fluctuations exceeding 20°F within a 24-hour period.
Expert FAQ & Value Conclusion
What makes an 1868 Indian Head Penny valuable?
The primary value drivers for an 1868 Indian Head Penny are grade, original color preservation, and presence of varieties or errors. Coins retaining original red color (designated RD) command the highest premiums, often selling for 3-5 times more than brown examples in the same numerical grade. Among varieties, the S3 “Doubled Date” and the primary Doubled Die Obverse represent the most valuable collectible subtypes, potentially increasing value by 100-200% over standard examples.
Which 1868 Indian Head Penny errors are worth the most?
The most valuable error type for this date is the Doubled Die Obverse, with MS-63 and higher examples regularly commanding $8,000-12,000+ depending on eye appeal and surface preservation. Off-center strikes retaining a complete date also show strong market performance, with 50%+ off-center examples bringing $3,500-5,000 regardless of circulation wear. Die break errors with large cuds represent a third high-value category, particularly when located near the date or portrait.
How do mint marks affect 1868 Indian Head Penny values?
The 1868 Indian Head Penny was minted exclusively at the Philadelphia facility and thus bears no mint mark. Any example purporting to be an 1868 with a mint mark would be immediately identifiable as counterfeit or altered. The San Francisco Mint did not produce Indian Head cents until 1908, and the Denver Mint began striking them only in 1908-1909, making proper mint mark identification an essential authentication factor.
Value Summary
An 1868 Indian Head Penny typically ranges from $30 for heavily circulated examples to $5,000+ for gems with full red coloration. The most exceptional specimens—those grading MS-67RD—have realized nearly $90,000 at auction. Varieties and errors can substantially increase these values, with the most desirable doubled dies commanding five-figure sums in high grades.
Market Outlook
The market trajectory for 1868 Indian Head Pennies suggests continued strong performance for choice uncirculated examples, particularly those with CAC approval or exceptional eye appeal. Population data indicates that fewer than 50 examples exist in grades above MS-66RD, creating significant upside potential for condition rarities. Moderate and consistent price appreciation of 5-7% annually appears sustainable based on collector demand patterns and limited available supply.
Final Collector Advice
When acquiring an 1868 Indian Head Penny for your collection, prioritize originality over technical grade. An attractive, original XF or AU example often provides better long-term value than a cleaned or damaged specimen in a higher numerical grade. For investment-focused acquisitions, target certified examples in the MS-63 to MS-65 range with original color and superior eye appeal, as these have demonstrated the most consistent appreciation pattern while remaining relatively accessible compared to the highest-grade condition rarities.