1904 Indian Head Penny Value Guide: What It's Worth Today (2023)

Introduction to the 1904 Indian Head Penny

The 1904 Indian Head penny represents one of the final issues of this iconic American coin series before it was replaced by the Lincoln cent in 1909. With its distinctive design featuring Liberty wearing a Native American headdress, these pennies have become cherished collectibles for numismatists and history enthusiasts alike.

If you’ve recently discovered a 1904 Indian Head penny in your collection, at a garage sale, or perhaps in an old family heirloom, you might be wondering about its value. The good news is that all 1904 Indian Head pennies hold at least some premium over face value, but the exact worth depends on several key factors that we’ll explore throughout this comprehensive guide.

As you can see from the chart above, the value of a 1904 Indian Head penny can range dramatically from about $3 for a worn circulated example to over $5,000 for the finest proof specimens. According to USA Coin Book, the estimated value of a 1904 Indian Head penny in average circulated condition is approximately $3.54, while uncirculated examples can fetch $48 to $79 or more, depending on their grade.

The Indian Head penny series was designed by James Barton Longacre, Chief Engraver of the United States Mint, and was produced from 1859 to 1909. Despite its name, the coin doesn’t actually depict a Native American but rather Lady Liberty wearing a Native American headdress – a design choice that was common in 19th-century American iconography.

Design Specifications:

• Obverse (Front): Features Liberty wearing a Native American headdress with the word “LIBERTY” on the headband. The design is surrounded by the text “UNITED STATES OF AMERICA” and the date “1904” at the bottom.
• Reverse (Back): Displays a laurel wreath (oak wreath after 1860) encircling the denomination “ONE CENT.”
• Composition: 95% copper, 5% tin and zinc
• Diameter: 19 mm
• Weight: 3.11 grams
• Edge: Plain

Mintage and Rarity:

The Philadelphia Mint produced 61,328,284 Indian Head pennies in 1904 for general circulation, a relatively high mintage for the series. Additionally, 1,817 proof versions were struck specifically for collectors.

While the 1904 Indian Head penny isn’t considered rare in the series, finding examples in high-grade uncirculated condition or with error varieties can be challenging, which significantly affects their value.

James B. Longacre designs the Indian Head penny, which begins production. Early versions featured a laurel wreath on the reverse.

The reverse design is changed from a laurel wreath to an oak wreath with a shield at the top.

Due to the Civil War, the composition changed from copper-nickel to bronze (95% copper, 5% tin and zinc).

The Philadelphia Mint produces over 61 million pennies and 1,817 proof specimens.

The Indian Head penny is replaced by the Lincoln cent, designed by Victor D. Brenner to commemorate Abraham Lincoln's 100th birthday.

Condition and Grading

The condition of your coin is the single most important factor in determining its value. Numismatists use the Sheldon Scale (from 1 to 70) to grade coins, with higher numbers indicating better condition.

Color Designation

For copper coins like the Indian Head penny, color plays a crucial role in grading and valuation:

1. Red (RD): Coins retaining at least 95% of their original mint luster and copper color. These command the highest premiums.
2. Red-Brown (RB): Coins showing a mix of original red color and brown toning (40-94% red).
3. Brown (BN): Coins that have turned mostly brown due to oxidation (less than 40% red remaining).

Most circulated 1904 Indian Head pennies will have turned brown, while uncirculated examples might retain some of their original red or red-brown color, significantly enhancing their value.

Error Varieties and Die Variations

Certain error varieties and die variations can make your 1904 Indian Head penny much more valuable:

1. Repunched Date (RPD): Some 1904 pennies show evidence of the date being punched multiple times in slightly different positions. You can notice doubling on the numbers 9, 0, and/or 4.

2. Die Cracks and Cuds: Late-state die cracks or cuds (raised, irregular blobs of metal usually on the coin’s rim) can add premiums to otherwise common dates.

3. Off-Center Strikes: Coins struck off-center by 5% or more can be worth significantly more than perfectly centered examples.

The Philadelphia Mint produced 1,817 proof Indian Head pennies in 1904. These special collector editions were struck using polished dies and planchets, resulting in coins with mirror-like fields and frosted devices (known as “cameo” contrast).

Proof specimens, particularly those with strong cameo contrast or deep mirror-like fields, command significant premiums. According to recent auction data, a 1904 PR 66 penny is worth approximately $1,500, while those graded PR 67 can fetch around $5,500, especially with CAC certification (Certified Acceptance Corporation – an independent quality verification service).

Authentication Checklist:

1. Weight and Size: Authentic 1904 Indian Head pennies should weigh approximately 3.11 grams and measure 19mm in diameter.

2. Design Details: Study the fine details of Liberty’s face, the feathers in the headdress, and the lettering. Counterfeits often lack the sharpness and precision of genuine mint products.

3. Edge Examination: The edge should be plain (not reeded) and appear natural. Be wary of filed edges, which might indicate alterations.

4. Date and Mint Mark: The 1904 Indian Head penny was only produced at the Philadelphia Mint and has no mint mark. Be suspicious of any 1904 Indian Head penny claiming to be from another mint.

5. Magnetic Test: The 1904 Indian Head penny is made of bronze (95% copper, 5% tin and zinc) and should not be magnetic. If your coin sticks to a magnet, it’s likely counterfeit.

For valuable specimens or if you’re considering a significant purchase, professional third-party grading from services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) is recommended.

Do’s and Don’ts

DO:

• Handle your coin by the edges only
• Use cotton gloves when possible
• Store in archival-quality holders, flips, or albums
• Keep in a stable environment with controlled temperature and humidity
• Have valuable specimens professionally graded and encapsulated

DON’T:

• Clean your coins (this can significantly reduce their value)
• Touch the surfaces with bare fingers
• Store in leather, PVC plastic, or paper envelopes
• Expose to extreme temperature fluctuations
• Use abrasive materials or chemicals

1. Coin Dealers: Local coin shops can offer immediate cash for your coin, though possibly at wholesale prices rather than full retail value.

2. Auction Houses: For high-grade or rare error varieties, specialized numismatic auction houses like Heritage Auctions, Stack’s Bowers, or Great Collections can help you reach serious collectors.

3. Online Marketplaces: Platforms like eBay, Etsy, or specialized coin forums allow you to set your own price, though you’ll need to handle shipping and potential buyer issues.

4. Coin Shows: Attending numismatic conventions and coin shows gives you access to multiple dealers who might compete for your coin.

5. Social Media Groups: Facebook groups and other social media platforms dedicated to coin collecting can be good places to find interested buyers.

Before selling, it’s advisable to have your coin authenticated and graded by a reputable third-party grading service if it appears to be in high-grade condition or displays interesting error features.

The value of a 1904 Indian Head penny ranges widely based on condition. In average circulated condition, it's worth about $3-4. In extremely fine condition, it might fetch $20-35. Uncirculated specimens are valued at $65-200, while proof examples can be worth $1,200-$5,500 or more for exceptional specimens.

Several factors contribute to the value of a 1904 Indian Head penny, including:

- Condition (grade) of the coin
- Color designation (Red, Red-Brown, or Brown)
- Presence of error varieties like repunched dates
- Whether it's a proof specimen
- Original mint luster and strike quality
- Historical significance as part of the iconic Indian Head series

The most valuable 1904 pennies are high-grade proof specimens with cameo contrast or uncirculated coins that retain their original red color.

The most notable error on some 1904 Indian Head pennies is the repunched date (RPD). This error occurs when the date is stamped multiple times slightly offset from the original position. You can notice doubling on three of the four numbers, including 9, 0, and/or 4. Other potential errors include die cracks, cuds, and off-center strikes, all of which can add premium value to the coin.

To determine if your 1904 Indian Head penny has above-average value:

1. Check the condition - look for sharp details in Liberty's face and headdress
2. Look for any visible errors like repunched dates or die cracks
3. Examine the color - red or red-brown specimens are worth more than brown
4. Check if it's a proof coin - these have mirror-like fields and sharper details
5. Weigh and measure it to ensure authenticity (should be 3.11g and 19mm)

For potentially valuable specimens, consider having it professionally graded by PCGS or NGC.

The 1904 Indian Head penny is not considered rare in circulated conditions due to its relatively high mintage of over 61 million coins. However, specimens in high uncirculated grades (MS-65 or better), especially those retaining their original red color, are quite scarce. Proof versions, with only 1,817 minted, are legitimately rare, particularly in grades above PR-65 or with strong cameo contrast.

The 1904 Indian Head penny falls into the category of more common dates within the series. It doesn’t command the premium of key dates like the 1877 (with just 852,500 minted) or the 1909-S (the only Indian Head penny produced at the San Francisco Mint and the final year of production).

However, the 1904 issue still represents an important part of American numismatic history and a tangible connection to the early 20th century. As the series grows more distant in time, even the more common dates like 1904 continue to appreciate in value, particularly in higher grades.

Comprehensive information about the 1904 Indian Head cent including auction records, grading standards, and historical values maintained by Professional Coin Grading Service.

Detailed value information for the 1904 Indian Head penny across different grades and conditions, with price history and collection statistics.

Educational resource about 1904 Indian Head pennies, including pricing information, historical context, and collecting advice.

Specialized information on error varieties found on 1904 Indian Head pennies and how they affect value.

Current listings of 1904 Indian Head pennies for sale, providing real-time market values and availability.

The premier educational organization dedicated to encouraging the study and collection of coins, with resources for Indian Head penny collectors.

Conclusion: Is Your 1904 Indian Head Penny a Hidden Treasure?

While most 1904 Indian Head pennies in circulation condition are worth a modest premium over face value ($2-15 depending on condition), certain specimens can be significantly more valuable. High-grade uncirculated examples, particularly those retaining their original red color, can command prices from $65 to $200 or more. For the rare proof specimens, values can exceed $5,000 for the finest examples.

The historical significance of the Indian Head penny series, combined with its beautiful and distinctly American design, ensures that these coins will continue to be sought after by collectors. Whether your 1904 Indian Head penny is worth a few dollars or a few thousand, it represents an important piece of American numismatic heritage worth preserving.

If you believe you have a valuable specimen, consider consulting with a professional numismatist or submitting it to a third-party grading service for authentication and valuation. And remember, even if your coin isn’t worth a fortune, the stories it could tell about its 119-year journey make it a treasure of history in its own right.