Introduction & Value Overview
A remarkable piece of American numismatic history recently changed hands at a Heritage Auction for $14,100—an 1891 Indian Head Penny in pristine MS67+ condition. This exceptional sale demonstrates why the 1891 Indian Head Penny continues to captivate serious collectors seeking premium examples of this classic American coin.
The 1891 Indian Head Penny offers collectors an intriguing combination of accessibility and rarity. While circulated examples can be acquired for as little as $2-3, choice uncirculated specimens command prices from $100 to several thousand dollars depending on condition, mint mark, and presence of errors or varieties. The most valuable examples are those with the highest grades, significant errors, or from the coveted Philadelphia production with exceptionally strong strikes.
In this comprehensive guide, we’ll examine all factors that influence 1891 Indian Head Penny values, including detailed mint mark analysis, grade-specific pricing, significant error varieties, and authentication tips that serious collectors need for informed acquisitions.
Technical Specifications & Key Identifiers
Specifications Table
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Designer | James Barton Longacre |
| Weight | 3.11 grams |
| Diameter | 19 mm |
| Composition | 95% copper, 5% tin and zinc |
| Edge | Plain |
| Obverse | Liberty wearing Native American headdress, “LIBERTY” on headband |
| Reverse | Oak wreath surrounding “ONE CENT” with shield at top |
Authentication Markers
Genuine 1891 Indian Head Pennies exhibit several key diagnostic features. The feathers in Liberty’s headdress should display distinct separation between each feather, with the central diamond on the headband clearly defined. The date numerals show consistent sizing with the “1” slightly shorter than the “891.” Under magnification, authentic examples reveal fine striations in the fields from the original die preparation process.
Design Elements
The obverse features Liberty facing left, wearing a Native American headdress with the word “LIBERTY” inscribed on the headband. Surrounding this central portrait are 13 stars representing the original colonies, with the date positioned at the bottom. The reverse shows “ONE CENT” encircled by an oak wreath with a shield at the top, and “UNITED STATES OF AMERICA” surrounding the entire design.
Designer Information
James Barton Longacre, the U.S. Mint’s Chief Engraver from 1844 until his death in 1869, designed the Indian Head Penny. While Longacre passed away over two decades before the 1891 issue, his classic design remained largely unchanged. His artistic decisions continue to impact value assessment, particularly in how relief depth affects wear patterns and ultimately the grading of these coins.
Mint Mark Guide & Value Comparison
Mint Mark Locations
The 1891 Indian Head Penny was produced at two mints: Philadelphia (no mint mark) and San Francisco (S mint mark). For coins with the S mint mark, look on the reverse side between the lower edge of the wreath and the rim, directly below the “E” in “ONE.” The mint mark is small but should be visible without magnification on properly struck examples.
Mint Mark Value Table
| Grade | Philadelphia (No Mint Mark) | San Francisco (S) |
|---|---|---|
| G-4 | $2-3 | $25-30 |
| VG-8 | $3-4 | $35-45 |
| F-12 | $5-7 | $65-75 |
| VF-20 | $10-12 | $100-120 |
| EF-40 | $25-30 | $225-250 |
| AU-50 | $55-65 | $425-475 |
| MS-60 | $100-110 | $750-850 |
| MS-63 | $175-200 | $1,250-1,500 |
| MS-65 | $650-750 | $3,500-4,000 |
| MS-67+ | $12,000-15,000 | Not verified |
Mint Mark Identification Tips
When examining an 1891 Indian Head Penny for mint marks, use a 5x to 10x loupe and good lighting. The S mint mark from San Francisco shows varying strength and positioning. Authentic S mint marks typically have relatively thick serifs. Be cautious of artificially added mint marks—these often appear too sharp or have disrupted surrounding metal.
Mintage Figures
- Philadelphia (no mint mark): 47,072,000
- San Francisco (S): 1,201,000
The dramatic production disparity explains the significant value difference between these two mint facilities. With fewer than 3% as many coins produced at San Francisco compared to Philadelphia, the 1891-S commands substantially higher prices across all grades.
Most Valuable Mint Mark
The 1891-S is undoubtedly the most valuable mint mark for this year, with values approximately 8-10 times higher than their Philadelphia counterparts in comparable grades. This premium reflects both the lower mintage and the fact that San Francisco coins typically saw more circulation in the expanding western states, leaving fewer high-grade examples for today’s collectors.
Current Market Values By Grade
Comprehensive Value Table
| Grade | 1891 (P) | 1891-S | 1891 (P) RB | 1891 (P) RD |
|---|---|---|---|---|
| G-4 | $2-3 | $25-30 | N/A | N/A |
| VG-8 | $3-4 | $35-45 | N/A | N/A |
| F-12 | $5-7 | $65-75 | N/A | N/A |
| VF-20 | $10-12 | $100-120 | N/A | N/A |
| EF-40 | $25-30 | $225-250 | N/A | N/A |
| AU-50 | $55-65 | $425-475 | $70-80 | N/A |
| MS-60 | $100-110 | $750-850 | $115-130 | $140-160 |
| MS-63 | $175-200 | $1,250-1,500 | $225-275 | $325-375 |
| MS-65 | $650-750 | $3,500-4,000 | $900-1,100 | $1,500-1,800 |
| MS-67 | $7,500-9,000 | N/A | $11,000-13,000 | $14,000-16,000 |
*Note: RB = Red-Brown color, RD = Full Red color. Color designations only apply to uncirculated coins.
Price Trend Analysis
The 1891 Indian Head Penny has shown steady appreciation over the past decade, with premium-grade examples experiencing the most significant gains. Since 2015, MS-65 and above examples have appreciated approximately 30-35%, while circulated examples have seen more modest increases of 10-15%. This divergence indicates growing demand from series specialists and investors focusing on condition rarity.
The value differential between brown, red-brown, and full red specimens has widened considerably, with the premium for full red examples in MS-65 and above nearly doubling in the past five years. This reflects increased collector sophistication and preference for original copper surfaces.
Condition Impact
The jump in value between grades is particularly dramatic at certain thresholds:
- From AU-58 to MS-63: Approximately 200% increase
- From MS-63 to MS-65: Approximately 275% increase
- From MS-65 to MS-67: Approximately 1,100% increase
These significant value jumps reflect the exceptional rarity of high-grade specimens with original surfaces and minimal marks.
Key Date Values
While not considered a key date in the Indian Head series, the 1891-S is a semi-key date due to its relatively low mintage. For Philadelphia issues, examples with full original mint red color (RD designation) in grades MS-65 and higher represent condition rarities that command significant premiums.
Auction Records
Notable recent auction results include:
- 1891 MS67+ RD (PCGS): $14,100 (Heritage Auctions, 2023)
- 1891-S MS65 RB (NGC): $5,875 (Stack’s Bowers, 2022)
- 1891 MS66+ RD (PCGS): $9,400 (Heritage Auctions, 2021)
These results confirm the premium market for exceptional examples, particularly those with original mint color and strong strikes.
Major Error Types & Their Values
Doubled Die Obverse (DDO)
The 1891 DDO shows doubling most visible in “LIBERTY” on the headband and the date. Authenticated examples command significant premiums:
- VF-20: $150-200 (compared to $10-12 for normal strikes)
- EF-40: $300-350 (compared to $25-30 for normal strikes)
- MS-63: $1,000-1,200 (compared to $175-200 for normal strikes)
Authentication requires careful examination under 10x magnification, focusing on consistent doubling direction and depth. This doubling resulted from misalignment during the hubbing process and is not to be confused with machine doubling or strike doubling.
Repunched Date (RPD)
Several varieties of repunched dates exist for 1891, with varying degrees of value enhancement:
- Minor RPD: 25-50% premium over standard values
- Major RPD (all digits): 100-200% premium over standard values
The most significant RPD shows clear repunching on all four digits, most noticeable on the “1” and “9” with the secondary impressions visible to the north. This variety is identifiable at 5x magnification and validates with uneven digit positioning compared to normal strikes.
Off-Center Strikes
Off-center strikes range from minor (5-10% off-center) to dramatic (50% or more off-center). Values vary based on severity and whether the date and mint mark remain visible:
- 5-10% off-center: $100-150 in VF or better
- 20-30% off-center: $300-500 if date is visible
- 40-50% off-center: $750-1,000 if date and mint mark are visible
Complete authenticity requires verification that the error occurred during striking rather than being post-mint damage.
Clipped Planchets
Clipped planchets show a distinctive curved cut where the coin blank was partially overlapping a previous blank cutout. Values range from:
- Minor clip (5-10% missing): $50-75 in VF condition
- Major clip (15-20% missing): $150-200 in VF condition
Authentication focuses on the characteristic “Blakesley Effect”—weakness of design opposite the clip due to uneven metal flow during striking.
Wrong Planchet Errors
Extraordinarily rare wrong planchet errors exist where an 1891 Indian Head design was struck on a planchet intended for another denomination. Documented cases include:
- Struck on nickel three-cent planchet: $12,000-15,000
- Struck on silver dime planchet: $20,000-25,000
These dramatic errors require professional third-party authentication due to their exceptional rarity and value.
Die Varieties & Doubled Dies
FS-101 (Misplaced Date)
This variety shows a partial digit embedded in the denticles below the regular date. Current market values are:
- VF-20: $75-100
- EF-40: $150-200
- MS-63: $450-550
Authentication requires strong magnification to identify the partial digit clearly visible between denticles. Population reports from major grading services suggest fewer than 200 examples have been certified across all grades.
FS-301 (Doubled Die Reverse)
This variety shows doubling in “ONE CENT” and portions of the wreath. Market values are:
- VF-20: $100-125
- EF-40: $200-250
- MS-63: $600-700
Authentication focuses on consistent doubling direction on the central lettering and upper portions of the wreath leaves. This variety is scarcer than the FS-101 and more frequently counterfeited.
Snow-2 (Repunched Mint Mark S/S)
For the 1891-S, a significant repunched mint mark variety exists showing clear doubling of the S mint mark (S/S). Current values:
- VF-20: $175-225
- EF-40: $300-375
- MS-60: $900-1,100
Authentication requires 10x magnification to verify the clear secondary S slightly south of the primary S mint mark. This variety has historically been underreported and represents a collecting opportunity as awareness increases.
Rarity Ranking
Among the major varieties, rarity ranks as follows (from most common to rarest):
- FS-101 (Misplaced Date)
- FS-301 (Doubled Die Reverse)
- Snow-2 (Repunched Mint Mark S/S)
- Major Repunched Date variants
Most Valuable Varieties
The two most valuable varieties for the 1891 Indian Head Penny are:
- Snow-2 (Repunched Mint Mark S/S) in MS-63 or better: $1,500-2,000
- FS-301 (Doubled Die Reverse) in MS-65 RB: $2,500-3,000
These values reflect both the rarity of the varieties and the condition rarity of high-grade survivors.
Grading Guide For Value Assessment
Grade-Specific Value Impacts
For 1891 Indian Head Pennies, value assessment hinges on several grade-specific factors:
In circulated grades (G-4 through AU-58):
- Retention of detail in Liberty’s headdress feathers
- Clarity of “LIBERTY” on the headband
- Definition in the diamond on the headband
- Visibility of hair details behind the neck
In uncirculated grades (MS-60 through MS-67+):
- Presence and extent of original mint color (brown, red-brown, or full red)
- Strike quality, especially in central diamond and hair details
- Surface preservation and absence of contact marks
- Luster characteristics and cartwheel effect
Key Grading Points
When assessing an 1891 Indian Head Penny, pay particular attention to:
- The central diamond on Liberty’s headband—this typically shows wear before other elements
- The tips of the feathers in the headdress—these should be distinct for higher grades
- The hair details behind Liberty’s neck—often weak on lower-grade specimens
- The high points of the shield on the reverse—these show early wear
Strike Quality Factors
The 1891 issue is known for strike variability, which significantly impacts value:
- Philadelphia issues typically show stronger strikes than San Francisco
- Weakly struck examples may appear to be of lower grade even when unworn
- Premium values (20-30% above guide prices) apply to exceptionally strong strikes
- Strike weakness commonly appears on Liberty’s hair details and the reverse shield
Problem Areas
Common issues that reduce 1891 Indian Head Penny values include:
- Improper cleaning (hairlines visible under magnification)
- Environmental damage (spots, corrosion, or verdigris)
- Rim damage or edge problems
- Carbon spots on otherwise red specimens (30-50% value reduction)
- Machine doubling mistaken for doubled die varieties
Grading Controversies
The 1891 Indian Head Penny presents several grading challenges that affect value:
- The distinction between original and artificial color remains subjective
- Toning progression from red to brown creates inconsistent color designations between grading services
- Strike characteristics versus wear can be difficult to distinguish, particularly on San Francisco issues
- The increasing premium for full red specimens has led to more conservation controversies
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Be alert for these red flags when authenticating 1891 Indian Head Pennies:
- Weight discrepancies (authentic coins should be 3.11 grams ±0.1 gram)
- Die markers that don’t match known authentic dies
- Improper font characteristics, particularly in date numerals
- Artificially added or enhanced mint marks (particularly S mint marks)
- Cast production evidence (seams, grainy surfaces, or improper edge detail)
Weight and Measurement Tests
Precise measurements provide a first line of defense against counterfeits:
- Diameter: 19.0mm exactly (tolerance of ±0.1mm)
- Thickness: 1.5mm (tolerance of ±0.1mm)
- Weight: 3.11 grams (tolerance of ±0.1 gram)
- Edge: Plain with slight beveling on authentic examples
Design Element Inspection
Authentic 1891 Indian Head Pennies show these diagnostic features:
- The “1” in the date has a characteristic serif
- Feather tips show precise detailing with uniform spacing
- Oak leaves on the reverse exhibit natural asymmetry
- Shield details show consistent line spacing and definition
Modern Counterfeits
Recent years have seen sophisticated counterfeits targeting collectors:
- Chinese-manufactured replicas with artificially aged surfaces
- Altered dates from more common years
- Spark-erosion transfer dies that reproduce authentic details
- “Sandcast” counterfeits with artificially enhanced details
Authentication Resources
For definitive authentication, consider these resources:
- PCGS and NGC third-party grading services
- ANACS attribution services for varieties and errors
- The Fly-In Club (Flying Eagle and Indian Head Cent Collectors)
- Major auction house experts for pre-purchase opinions
- Comparison with documented authentic examples in reference collections
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
The 1891 Indian Head Penny offers several collection strategies for maximum value appreciation:
Condition-Focused Strategy: Acquire the highest grade examples within your budget, emphasizing original surfaces and strong strikes. This approach typically yields the strongest long-term value appreciation, particularly for MS-64 and above examples.
Variety-Focused Strategy: Target the major varieties (doubled dies, repunched dates, etc.) in mid-range circulated grades (VF-20 to AU-50). This approach offers strong value potential as variety awareness increases among collectors.
Complete Mint Set Strategy: Acquire matched-grade examples from both Philadelphia and San Francisco in the highest affordable grade. For optimal value positioning, target AU-53 to MS-63 grades which offer the best value-to-price ratio.
Where To Buy
For the best combination of authenticity and value, consider these acquisition sources:
- Major auction houses for premium certified examples (Heritage, Stack’s Bowers)
- Established dealers specializing in Indian Head cents
- PCGS and NGC registered set members selling duplicates
- Major coin shows with vetting requirements for dealers
- Online platforms (eBay, Heritage) but exclusively for certified examples in higher grades
Avoid:
- Raw (uncertified) coins in online auctions unless from established dealers
- “Bargain” uncirculated examples that likely have hidden problems
- Artificially enhanced specimens with unnatural color
When To Sell
Market timing considerations for 1891 Indian Head Pennies:
- The strongest market typically occurs from January through March as collectors build sets
- August through September often sees softer prices before fall coin shows
- Major auction appearances of exceptional examples create temporary market strength for similar specimens
- Current market trends favor MS-65 and above examples with original color
Storage For Value Preservation
Proper storage is essential for maintaining value:
- Non-PVC flips or PCGS/NGC holders for certified coins
- Avoid direct handling of uncirculated examples
- Store away from temperature and humidity fluctuations
- For uncertified specimens, Intercept Shield products offer superior protection
- Consider professional conservation only for significant environmental issues
Expert FAQ & Value Conclusion
Key Value Questions
What makes an 1891 Indian Head Penny valuable? The most valuable 1891 Indian Head Pennies combine high grade (MS-65+), original mint color (especially full red designation), strong strike characteristics, problem-free surfaces, and rarity factors such as the S mint mark or significant die varieties. The value hierarchy from most to least valuable typically follows: MS-67+ RD > MS-65+ S > Major Error Varieties > MS-65+ RD > MS-63 S > MS-63 RD > Circulated S > Circulated Philadelphia.
Which 1891 Indian Head Penny errors are worth the most? Wrong planchet errors (struck on nickel or silver planchets) command the highest premiums at $12,000-25,000. Among die varieties, the Snow-2 S/S Repunched Mint Mark in high grade brings the strongest values at $1,500-2,000 in MS-63. Significant off-center strikes (40%+) with visible date and mint mark typically bring $750-1,000.
How do mint marks affect 1891 Indian Head Penny values? The S mint mark dramatically increases value across all grades, commanding 8-10 times the price of Philadelphia issues in comparable condition. This premium reflects both the lower mintage (1.2 million vs. 47.1 million) and higher circulation rate of San Francisco issues, leaving fewer survivors in collectible grades.
Value Summary
The 1891 Indian Head Penny represents an intriguing value proposition in American numismatics. While common in lower circulated grades from the Philadelphia mint, it offers significant value potential through its scarcer San Francisco counterpart, condition rarities in MS-65 and above, and several important die varieties and errors.
Current value ranges extend from as little as $2-3 for heavily circulated Philadelphia examples to $14,000+ for the finest known specimens with original red surfaces. The most dramatic value appreciation in recent years has occurred in premium-grade specimens (MS-65 and above) with full original color.
Market Outlook
Looking forward, the market for 1891 Indian Head Pennies shows strong fundamentals:
- Continued collector base expansion for Indian Head cents
- Increasing sophistication regarding strike quality and original surfaces
- Growing recognition of major varieties
- Limited supply of premium-grade examples
- Strong historical performance compared to other 19th-century copper issues
These factors suggest continued price appreciation for high-grade examples and key varieties, with more modest growth for circulated common-date specimens.
Final Collector Advice
For collectors seeking maximum value appreciation potential in 1891 Indian Head Pennies:
- Prioritize quality over quantity, focusing on choice examples with strong strikes
- Consider certified examples for higher-grade purchases
- Study die characteristics to identify potentially unlisted varieties
- Be particularly selective regarding color and surfaces
- When possible, opt for the scarcer S mint mark in the highest affordable grade
Remember that patience in acquisition often yields superior long-term value, particularly when focusing on this specific date with its wealth of collecting opportunities.