Overview
A remarkable 1907 Indian Head Penny in MS-67 Red condition sold for $48,000 at a Heritage Auction in 2018, demonstrating the exceptional value these pennies can command at the highest grades. While most circulated examples trade for $1-$5, uncirculated specimens with full original mint luster can bring hundreds or even thousands of dollars, making this final-decade issue of the series more valuable than many collectors realize.
The 1907 Indian Head Penny represents one of the later issues in the iconic series designed by James Barton Longacre that ran from 1859 to 1909. These one-cent coins were minted in copper-nickel (1859-1864) and bronze (1864-1909) compositions, with the 1907 issue being struck in 95% copper and 5% tin and zinc. Despite a relatively high mintage, certain mint marks, errors, and die varieties of the 1907 penny can command significant premiums in today’s numismatic marketplace.
This comprehensive guide explores the complete value spectrum of 1907 Indian Head Pennies, from common circulated examples worth just a few dollars to rare uncirculated gems and error coins worth thousands. We’ll examine how mint marks, strike quality, preservation state, and specific die varieties impact the current market value of these historic pennies.
Technical Specifications & Key Identifiers
Specifications
| Feature | Specification |
|---|---|
| Denomination | One Cent |
| Composition | 95% Copper, 5% Tin and Zinc |
| Weight | 3.11 grams |
| Diameter | 19.05 mm |
| Edge | Plain |
| Designer | James Barton Longacre |
| Obverse Design | Native American portrait with headdress |
| Reverse Design | Oak wreath surrounding “ONE CENT” |
| Mint Marks | None (Philadelphia) or S (San Francisco) |
Authentication Markers
Genuine 1907 Indian Head Pennies display several key diagnostic features that help distinguish them from counterfeits. The feathers in the headdress should show distinct separation, with fine detail visible in well-preserved examples. The diamond-shaped patterns on the headband should be clearly defined, and the letters “LIBERTY” on the headband should be properly aligned and proportioned.
The portrait’s profile should have sharp details, particularly around the cheek, lips, and chin. Under magnification, authentic specimens will show the fine texture of the design elements that resulted from the minting process.
Design Elements
The obverse features a Native American figure (though actually modeled after Liberty in a tribal headdress) facing left, with “LIBERTY” inscribed on the headband. The date “1907” appears at the bottom, with 13 stars surrounding the portrait representing the original colonies.
The reverse displays an oak wreath encircling the denomination “ONE CENT” with a small shield at the top. The words “UNITED STATES OF AMERICA” curve around the upper edge of the coin.
The design elements most critical for grading include the feather tips of the headdress, the headband and “LIBERTY” inscription, and the highpoints of the cheek and neck, which are the first areas to show wear.
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 died decades before the 1907 issue, his design remained largely unchanged throughout the series. His original work exemplifies the artistic and technical standards of 19th-century American coinage, and his legacy influences 1907 Indian Head Penny values as part of this historically significant series.
Mint Mark Guide & Value Comparison
Mint Mark Locations
The mint mark on 1907 Indian Head Pennies, when present, is located on the reverse side of the coin, positioned at the bottom of the wreath, just below the bow. The Philadelphia Mint did not use a mint mark, while San Francisco-minted coins display a small “S” in this location. The mint mark can be difficult to see on worn examples or coins with environmental damage, so a magnifying glass is often necessary for proper identification.
Mint Mark Value Table
| Mint Mark | Mintage | G-4 | F-12 | VF-20 | EF-40 | AU-50 | MS-60 | MS-63 RB | MS-65 RD |
|---|---|---|---|---|---|---|---|---|---|
| None (P) | 108,138,618 | $1 | $2 | $5 | $15 | $40 | $100 | $175 | $750 |
| S | 11,470,000 | $3 | $15 | $60 | $150 | $350 | $800 | $1,500 | $6,500+ |
Mint Mark Identification Tips
The 1907-S mint mark can sometimes be difficult to distinguish, especially on worn specimens. Look for these characteristics:
- The “S” has relatively thick serifs at top and bottom
- The curve of the S is well-proportioned with balanced upper and lower loops
- The mint mark should appear properly aligned (not tilted)
- On authentic coins, the mint mark was punched by hand, so position can vary slightly
When examining potential 1907-S pennies, be aware that some unscrupulous sellers may add counterfeit mint marks to the more common Philadelphia issues. The S should appear as part of the original strike, not added later.
Mintage Figures
The Philadelphia Mint produced 108,138,618 Indian Head Pennies in 1907, while the San Francisco Mint struck 11,470,000. This significant difference in production numbers directly impacts rarity and value, with the 1907-S commanding substantially higher prices across all grades.
The large Philadelphia mintage helped ensure that many examples survived in various conditions, making it relatively accessible to collectors. The much smaller San Francisco mintage, combined with the fact that West Coast coins typically entered circulation more heavily, has resulted in fewer surviving specimens, especially in higher grades.
Most Valuable Mint Mark
The 1907-S is substantially more valuable than its Philadelphia counterpart across all grades, with the value differential increasing dramatically in higher grades. In Mint State, the 1907-S can bring 8-10 times the value of a Philadelphia issue of equal grade.
The 1907-S in gem red condition (MS-65 or better) is particularly scarce and highly sought after by advanced collectors. While Philadelphia issues in MS-65 Red condition might sell for $750-$1,000, comparable 1907-S examples regularly command $6,500-$10,000 or more, depending on the quality of the red color and overall eye appeal.
Current Market Values By Grade
Comprehensive Value Table
| Grade | 1907 (P) Brown | 1907 (P) Red Brown | 1907 (P) Red | 1907-S Brown | 1907-S Red Brown | 1907-S Red |
|---|---|---|---|---|---|---|
| G-4 | $1-2 | – | – | $3-5 | – | – |
| F-12 | $2-3 | – | – | $15-20 | – | – |
| VF-20 | $5-7 | – | – | $60-75 | – | – |
| EF-40 | $15-18 | – | – | $150-175 | – | – |
| AU-50 | $40-50 | $55-65 | – | $350-400 | $450-500 | – |
| MS-60 | $70-90 | $100-125 | $130-150 | $650-750 | $800-950 | $1,100+ |
| MS-63 | $110-130 | $175-200 | $300-350 | $1,000-1,200 | $1,500-1,800 | $2,300+ |
| MS-65 | $350-450 | $550-650 | $750-900 | $3,500+ | $5,000+ | $6,500+ |
| MS-67 | $4,000+ | $10,000+ | $30,000+ | $20,000+ | $35,000+ | $50,000+ |
Price Trend Analysis
Over the past decade, high-grade 1907 Indian Head Pennies have shown strong and consistent appreciation. MS-65 Red examples of the Philadelphia issue have increased approximately 30% in value since 2015, while the scarcer 1907-S in the same grade has appreciated nearly 45%.
The most dramatic value increases have occurred in superb gem territory (MS-67 and above), where prices have sometimes doubled in a five-year period. This trend reflects growing collector appreciation for condition rarity even among issues with relatively high mintages.
Investment-minded collectors should note that the highest-grade certified examples continue to set new price records at major auctions, indicating strong demand for trophy-quality specimens. The finest known examples of both mint marks in pristine red condition represent solid investment vehicles in the current market.
Condition Impact
The jump in value between grades becomes increasingly dramatic at the higher end of the grading scale. For the 1907 Philadelphia issue:
- The increase from AU-50 to MS-60 represents about a 100% premium
- The jump from MS-63 to MS-65 represents approximately a 150-200% increase
- The leap from MS-65 to MS-67 can represent a staggering 3,000-4,000% increase
For the 1907-S, these percentage jumps are even more pronounced:
- From AU-50 to MS-60: approximately 130% increase
- From MS-63 to MS-65: approximately 250-300% increase
- From MS-65 to MS-67: potentially 700-800% increase
Additionally, color designation dramatically impacts value, with full Red examples often commanding 2-3 times the value of Brown specimens of the same numerical grade.
Key Date Values
While the 1907 is not considered a key date in the Indian Head series (those being the 1877, 1908-S, 1909-S), the 1907-S is recognized as a semi-key date due to its relatively low mintage and scarcity in higher grades.
Notable recent auction results include:
- A 1907-S MS-66+ Red sold for $21,600 at Heritage Auctions in January 2023
- A 1907 (Philadelphia) MS-67+ Red sold for $38,400 at Stack’s Bowers in August 2022
- A 1907-S MS-67 Red, one of the finest known, realized $54,625 at a 2019 auction
Market Visualization
The value differences across grades create a steep curve, with modest increases through circulated grades and exponential jumps in the upper mint state ranges. This “hockey stick” value pattern is particularly pronounced for the 1907-S, where even small improvements in grade can yield substantial value increases above MS-64.
Color designation creates three distinct value tiers at each grade level, with Red examples typically commanding the highest premiums, followed by Red-Brown, and then Brown specimens. In MS-65 and above, the original Red designation can increase value by 200-300% compared to Brown examples of the same numerical grade.
Major Error Types & Their Values
Off-Center Strikes
Off-center strikes occur when the planchet is improperly positioned during striking. For 1907 Indian Head Pennies:
- 10-15% off-center: $150-$300
- 20-30% off-center: $300-$600
- 40-50% off-center: $700-$1,500
Authentication tip: Genuine off-center strikes will show proper rim formation on the struck portion. The date must be visible for maximum value.
Doubled Dies
The 1907 Indian Head Penny has several documented doubled die varieties, though none as dramatic as some other years in the series:
1907 Doubled Die Obverse
- Shows doubling on LIBERTY and date
- Most visible in the lower loops of the 9 and 7 in the date
- Value in F-12: $100-$150
- Value in MS-60: $500-$750
- Value in MS-63: $1,000-$1,500
Authentication tip: Examine under 10x magnification and distinguish from machine doubling, which appears more as a shelf or push rather than true die doubling.
Wrong Planchet Errors
Occasionally, 1907 Indian Head Pennies were struck on planchets intended for other denominations:
Struck on Dime Planchet
- Smaller diameter (17.9mm vs 19.05mm)
- Weight approximately 2.5g instead of 3.11g
- Silver-colored (if struck on silver dime planchet)
- Current value: $4,000-$7,000 depending on condition
Authentication tip: These are extremely rare and should be professionally authenticated. Weight and metallic composition analysis are critical for verification.
Clipped Planchets
Clips occur when the planchet cutting machinery overlaps a previously cut area or strikes the edge of the metal strip:
- Curved clip: $75-$200
- Straight clip: $60-$150
- Multiple clips: $200-$500+
Authentication tip: Genuine clips will show a distinctive “Blakesley effect” (weakness in the strike opposite the clip).
Most Valuable Errors
The most valuable 1907 Indian Head Penny errors include:
- Wrong planchet errors (especially on silver dime planchets): $4,000-$7,000+
- Major (50%+) off-center strikes with full date visible: $1,500-$3,000
- Significant doubled dies in high grade: $1,000-$2,500
Die Varieties & Doubled Dies
1907 “Misplaced Date” Variety
FS-301 (formerly S-1)
- Shows traces of an errant “7” digit partially visible in the denticles below the proper date
- Diagnostic features: Examine the denticles directly below the final “7” in the date
- Value in F-12: $75-$125
- Value in EF-40: $200-$300
- Value in MS-63: $600-$900
Authentication tip: Use at least 5x magnification focusing on the denticles below the date.
1907 Repunched Date Variety
FS-302
- Shows clear repunching on the “07” in the date
- Most noticeable as a small hook or tail at the base of the “7”
- Value in F-12: $50-$75
- Value in EF-40: $150-$225
- Value in MS-63: $400-$600
Authentication tip: The repunching appears as slight doubling or shifting of the date digits, most visible at the base of the numbers.
1907-S “S Over Horizontal S” Variety
- Shows an S mint mark punched over a previously impressed, rotated S
- Diagnostic: Look for remnants of the horizontal S under the proper mint mark
- Value in F-12: $125-$200
- Value in EF-40: $400-$600
- Value in MS-60: $1,500-$2,000
Authentication tip: This variety can be challenging to identify on worn specimens. The secondary S appears almost horizontal beneath the primary mint mark.
Rarity Ranking
From most common to most rare, the major 1907 Indian Head Penny varieties rank:
- Regular 1907 Philadelphia issue (common)
- 1907 Repunched Date Variety (scarce)
- 1907 “Misplaced Date” Variety (scarce)
- Standard 1907-S (semi-key date)
- 1907-S “S Over Horizontal S” Variety (rare)
Most Valuable Varieties
- 1907-S “S Over Horizontal S” Variety: This variety commands the highest premium, with uncirculated examples selling for $1,500-$3,000 depending on grade and condition. In MS-65 Red, these can bring $10,000 or more.
- 1907 “Misplaced Date” Variety: In high mint state with full original red color, these can sell for $1,000-$2,000, representing a significant premium over standard issues of the same grade.
- 1907 Repunched Date Variety: While less dramatic than some varieties, gem uncirculated examples can still command $700-$1,200, particularly with full original red surfaces.
Grading Guide For Value Assessment
Grade-Specific Value Impacts
Grading accuracy is critical for proper 1907 Indian Head Penny valuation, as small differences in assigned grade can mean substantial value differences:
Good (G-4): Most design details are visible but worn. The outline of Liberty’s head and headdress are clear, but feather details are mostly gone. The headband is visible but “LIBERTY” may be partially worn away. Value impact: This is the baseline grade for circulated 1907 pennies.
Fine (F-12): All major design elements are clear. Some feather details remain, and “LIBERTY” is mostly readable on the headband. Value impact: 1907-S examples in Fine condition command a notable premium over Good specimens, sometimes 3-4 times as much.
Very Fine (VF-20): Moderate wear on high points, but feather details remain distinct. “LIBERTY” is clear on the headband. Value impact: At this grade, the 1907-S begins to show significant value divergence from the Philadelphia issue.
Extremely Fine (EF-40): Light wear on high points only. Nearly complete feather details with just slight flatness at tips. Full “LIBERTY” on headband. Value impact: EF examples represent an optimal value point for many collectors, particularly for the scarcer 1907-S.
About Uncirculated (AU-50/55/58): Minimal wear with just slight friction on highest points. Full design details with original mint luster still present in protected areas. Value impact: The AU grades represent the steepest part of the value curve for circulated 1907 Indian Head Pennies.
Mint State (MS-60 through MS-70): No wear, though MS-60 through MS-63 may have numerous contact marks, bag marks, or slight strike weakness. Value impact: Each full point increase in mint state grades can represent a 25-100% value increase, with exponentially larger jumps above MS-65.
Key Grading Points
When assessing a 1907 Indian Head Penny, focus on these specific areas:
- Headdress Feathers: The tips of the feathers show wear first. In higher grades, look for full separation between feathers.
- Headband: The headband and “LIBERTY” inscription provide critical grade indicators. Even slight wear here impacts grade significantly.
- Cheek and Jaw Line: The high points of Liberty’s cheek and jawline quickly show friction and wear, making them key areas for distinguishing AU from true Mint State.
- Hair Details: The fine lines in Liberty’s hair behind the ear help differentiate between higher mint state grades.
- Reverse Wreath Tips: The fine details in the wreath leaves are often weak even on mint state coins, but help determine grade on circulated examples.
Strike Quality Factors
The quality of strike significantly impacts value, particularly for mint state examples:
- Full Strike: Shows complete design details, with sharp feather definition and clear diamond patterns on the headband.
- Weak Strike: Often shows softness in the center of the Indian head and on “LIBERTY.” Even MS examples with weak strikes may sell at 20-30% discounts compared to fully struck coins of the same grade.
- 1907-S Strike Characteristics: San Francisco issues from 1907 often exhibit weaker strikes than their Philadelphia counterparts, particularly in the center of the obverse. A fully struck 1907-S commands significant premiums.
Problem Areas
Specific problems that can substantially reduce 1907 Indian Head Penny values include:
- Environmental damage: Green spots, excessive corrosion, or porosity from ground burial
- Cleaning: Hairlines from past cleaning are common and can reduce value by 30-50%
- Rim damage: Nicks, dents, or filed rims significantly impact collector desirability
- Carbon spots: Dark spots on otherwise red examples can reduce value by 15-40%
Grading Controversies
The Indian Head cent series presents several controversial grading challenges:
- Color designation cutoffs: The distinction between Red, Red-Brown, and Brown can be subjective, with significant value implications.
- Strike vs. wear: Weak strike characteristics are sometimes mistaken for wear, or vice versa.
- Toning: Natural toning can enhance or detract from value depending on market preferences and eye appeal.
Authentication & Counterfeit Detection
Counterfeit Warning Signs
Be alert for these indicators of fake 1907 Indian Head Pennies:
- Weight inconsistencies: Authentic coins should weigh very close to 3.11 grams
- Seams or filing marks: Look for evidence of casting seams or file marks which indicate manufactured counterfeits
- Incorrect font characteristics: The date and lettering have specific properties that counterfeiters often miss
- Improper mint mark: The S mint mark has distinctive characteristics; added or altered mint marks often appear too perfect or improperly positioned
Weight and Measurement Tests
Authentic 1907 Indian Head Pennies should conform to these specifications:
- Weight: 3.11 grams (±0.10g tolerance)
- Diameter: 19.05mm (±0.05mm tolerance)
- Thickness: 1.5mm (±0.05mm tolerance)
- Edge: Plain (not reeded), with a slight beveling from the minting process
A digital caliper and precision scale can quickly identify suspected counterfeits that fall outside these parameters.
Design Element Inspection
Under 5-10x magnification, examine these often-missed details:
- Feather tips: Should show natural flow and dimensional relief
- Diamond patterns: The headband diamonds should have distinct, precise edges
- Letter forms: The “R” in “AMERICA” has specific serif characteristics counterfeiters often miss
- Denticles: Should be evenly spaced and consistent in size and shape
Modern Counterfeits
Recent years have seen sophisticated counterfeits from foreign sources, particularly targeting higher-value issues like the 1907-S:
- Cast counterfeits: Often show pitting, incorrect luster, and slightly rounded design elements
- Struck counterfeits: More dangerous, these may have the correct weight but typically show die characteristics inconsistent with genuine mint products
- Altered mint marks: Philadelphia issues with added “S” mint marks represent the most common form of 1907 Indian Head Penny forgery
Authentication Resources
For verification of valuable examples, consider these resources:
- Professional grading services: PCGS, NGC, ANACS, and ICG all authenticate and grade Indian Head cents
- Specialized Indian Head cent reference books: Refer to Rick Snow’s “Flying Eagle & Indian Cent Attribution Guide”
- The CONECA organization: Provides error coin authentication assistance
- High-resolution comparison photography: Online resources from major auction houses can help with visual comparisons
Collector Strategy & Value Acquisition
Value-Based Collecting Approaches
Best Value Entry Points: The optimal entry points for 1907 Indian Head Penny collecting depend on budget and objectives:
- Budget-conscious: VF-20 to EF-40 1907 Philadelphia issues offer excellent detail with modest investment ($5-15)
- Intermediate: AU-58 to MS-63 Philadelphia issues or VF-20 1907-S examples represent solid value ($80-200)
- Advanced: MS-65 Red Philadelphia examples or EF-40 to AU-50 1907-S pennies offer significant collector appeal ($400-750)
Quality vs. Quantity Strategies:
- Type collection: A single high-grade example represents the series
- Date and mint mark set: Acquire both 1907 and 1907-S in consistent grades
- Die variety collection: Target the major varieties within reasonable grades
Investment-grade Acquisition Tips:
- Focus on 1907-S examples in MS-63 or better with original red surfaces
- Prioritize eye appeal and strike quality over technical grade alone
- Seek PCGS or NGC certification for higher-value acquisitions ($500+)
- Consider CAC-verified examples for maximum long-term appreciation potential
Where To Buy
For Authenticated High-Grade Examples:
- Major auction houses (Heritage, Stack’s Bowers, Legend Rare Coin Auctions)
- Established online retailers (David Lawrence Rare Coins, APMEX)
- Major coin shows (ANA World’s Fair of Money, FUN Show)
For Collector-Grade Examples:
- Local coin shops (often offer better value than online sources)
- Reputable eBay sellers with strong feedback ratings
- Online forums (Coin Community Forum, CoinTalk)
- Collector club meetings and bourses
When To Sell
Market Timing Considerations:
- The current market for high-grade 1907 Indian Head Pennies remains strong
- Major auction appearance of similar examples can temporarily depress values
- Anniversary years (like 2059 for the 200th anniversary of the series) may drive increased interest
- Consider selling during periods of precious metals price increases, which often correspond with increased numismatic activity
Storage For Value Preservation
Proper storage is essential for maintaining both condition and value:
- Use inert, PVC-free holders for raw coins (avoid old-style “vinyl flips”)
- For certified examples, avoid breaking coins out of holders unless necessary for upgrading
- Store in controlled environments (60-70°F with 35-40% relative humidity)
- Handle only by edges and consider using cotton gloves for uncertified specimens
- For investment-grade examples, consider long-term solutions like PCGS or NGC holders with inert materials
Expert FAQ & Value Conclusion
Key Value Questions
“What makes a 1907 Indian Head Penny valuable?” The primary value drivers for 1907 Indian Head Pennies are mint mark (with S being much more valuable), condition (with exponential increases in high mint state grades), original color (with Red examples commanding significant premiums), and the presence of rare varieties or errors. A 1907-S in MS-65 Red condition can be worth 6,500 times more than a heavily circulated Philadelphia issue.
“Which 1907 Indian Head Penny errors are worth the most?” The most valuable errors for this date are wrong planchet strikes (particularly on silver dime planchets), which can bring $4,000-$7,000+. Major off-center strikes (40%+ off-center with the date still visible) and dramatic doubled dies also command significant premiums, often selling for $1,000-$3,000 in high grade.
“How do mint marks affect 1907 Indian Head Penny values?” The mint mark creates the most dramatic value differential for 1907 pennies. The San Francisco (S) mint mark increases value by 2-3 times in circulated grades and by 8-10 times in mint state compared to Philadelphia issues. Even in well-worn Good condition, a 1907-S is worth about three times as much as its Philadelphia counterpart.
Value Summary
The 1907 Indian Head Penny offers collectors a fascinating study in how mintage, mint mark, condition, and varieties affect coin values. While common circulated Philadelphia examples remain affordable for nearly any collector at $1-$15, mint state examples with original red surfaces and the scarcer 1907-S issues represent significant value potential, particularly as they become increasingly difficult to locate in problem-free condition.
The most exceptional examples—those graded MS-67 Red or finer—have demonstrated strong price appreciation over the past decade and continue to set new records when they appear at auction. These finest-known specimens appeal to both advanced Indian Head cent specialists and registry set competitors seeking the highest possible grades.
Market Outlook
The future value trajectory for 1907 Indian Head Pennies appears positive, particularly for high-grade examples. Several factors support continued appreciation:
- Growing interest in classic American copper coinage
- Decreasing supply of original red examples as they tone to red-brown over time
- Registry set competition for the finest examples
- Strong overall market for scarce dates and mint marks across all U.S. coin series
For the 1907-S specifically, its position as a semi-key date in the series should ensure continued collector demand and stable to increasing values over the coming decade.
Final Collector Advice
For those seeking to acquire 1907 Indian Head Pennies:
- Prioritize original, problem-free examples over cleaned or damaged coins, even if it means accepting a lower grade
- For the 1907-S, focus on the best grade your budget allows, as this date becomes exponentially scarcer in higher grades
- Be particularly cautious with purported mint state examples, as cleaned AU coins are sometimes misrepresented as uncirculated
- Consider the 1907 “Misplaced Date” variety as an undervalued opportunity that may gain more recognition and value in coming years
- For investment purposes, target certified examples in MS-64 Red or better for the Philadelphia issue and EF-40 or better for the San Francisco issue