| Grade |
Brown (BN) |
Red-Brown (RB) |
Red (RD) |
| PR-60 |
$200-$250 |
$350-$400 |
$650-$750 |
| PR-63 |
$300-$400 |
$600-$700 |
$1,000-$1,200 |
| PR-65 |
$650-$750 |
$1,000-$1,200 |
$1,500-$1,800 |
| PR-67 |
$1,800-$2,200 |
$3,500-$4,000 |
$5,500-$6,500 |
</tbody>
</table>
The auction record for a 1904 proof Indian Head penny belongs to a PR-67 RD (Deep Cameo) example that sold for over $15,000. The Deep Cameo designation indicates exceptional contrast between the frosted devices and mirror-like fields, making it particularly desirable to advanced collectors.
While not as well-known for errors as some other years in the Indian Head series, the 1904 penny does have several collectible varieties:
1904 Doubled Die Obverse (DDO)
This error occurs when the die used to strike the coin receives a second impression slightly offset from the first. On 1904 pennies, check for doubling in:
- Liberty’s profile
- The date numerals
- Letters in “UNITED STATES OF AMERICA”
Depending on the prominence of the doubling and the coin’s condition, DDO errors can increase the value by 50-300% over a normal specimen.
Repunched Date Varieties
Some 1904 pennies show evidence of the date being punched into the die more than once at slightly different positions. Look for:
- Extra serifs on the numerals
- Partial numerals visible beside the primary digits
- Thickened or distorted date numbers
These varieties typically command a 25-100% premium over standard examples in the same grade.
Die Cracks and Cuds
Late die state examples may show raised lines (die cracks) or missing sections of design near the rim (cuds) caused by damaged dies. Dramatic examples can sell for $50-$200+ depending on size and location.
Off-Center Strikes
When a coin isn’t properly centered during striking, part of the design can be missing. 1904 pennies struck 5-10% off-center might bring $50-$100, while those 20% or more off-center can command $200-$500 depending on condition and whether the date is visible.
1904 Indian Head Penny Authentication Checklist
Use this checklist to help determine if your 1904 penny is genuine and assess its condition
The 1904 Indian Head penny was issued during Theodore Roosevelt’s presidency, a time of significant economic growth and industrial expansion in the United States. Notable events of 1904 include:
- The St. Louis World’s Fair (Louisiana Purchase Exposition)
- The opening of the first subway line in New York City
- The beginning of construction of the Panama Canal
- The third modern Olympic Games in St. Louis
The coin’s purchasing power in 1904 was considerably higher than today. One cent could buy:
- A newspaper
- Several stamps
- A piece of candy
- A box of matches
The Indian Head penny design itself has historical significance. Despite its name, the portrait is not actually of a Native American but of Liberty wearing a Native American headdress. Chief Engraver James B. Longacre designed the coin in 1859, and it remained in production until 1909 when it was replaced by the Lincoln cent, which continues to this day.
Indian Head Penny Historical Timeline
-
1859
First Indian Head Pennies Issued
James B. Longacre's design debuts with a different reverse than later years
-
1864
Composition Change
Switched from copper-nickel to bronze (95% copper, 5% tin and zinc)
-
1904
High Mintage Year
Over 61 million pennies struck for circulation plus 1,817 proofs
-
1909
Final Year of Production
Series ends, replaced by the Lincoln cent commemorating Lincoln's 100th birthday
1. Condition/Grade
As demonstrated in the value charts above, condition is the single most important factor in determining value. A 1904 penny in uncirculated condition can be worth 30-50 times more than one in heavily worn condition.
2. Color/Toning
For uncirculated and proof coins, color designation significantly impacts value:
- Brown (BN): Most common, valued at base prices
- Red-Brown (RB): Showing 15-50% original red color, commanding 30-75% premium
- Red (RD): With 95%+ original mint luster, valued at 100-200% premium
3. Strike Quality
Weak strikes lacking sharp detail reduce value, while exceptionally well-struck examples can command premiums. Look for:
- Complete feather details in the headdress
- Sharp diamond patterns on the headband
- Full details in the wreath leaves
4. Errors and Varieties
As described in the errors section, doubled dies, repunched dates, and other varieties can add significant value.
5. Provenance
Coins with documented history of ownership by famous collectors or inclusion in notable collections can sell for premiums of 10-30% over similar examples without provenance.
6. Market Timing
Coin values fluctuate based on:
- Overall economic conditions
- Collector interest in the series
- Recent major auction results
- Media attention to numismatics
7. Certification
Third-party grading and authentication from services like PCGS or NGC typically adds value and marketability. A certified 1904 Indian Head penny generally commands a 20-50% premium over a raw (uncertified) coin of comparable quality.
Local Coin Dealers
Pros:
- Immediate payment
- No shipping concerns
- Can examine multiple coins at once
Cons:
- Typically offer 50-70% of retail value
- Limited market exposure
- May not specialize in Indian Head cents
Online Marketplaces
Sites like eBay, Etsy, and specialized coin forums offer:
Pros:
- Wider audience of potential buyers
- Higher potential selling prices (80-90% of retail)
- Control over listing and pricing
Cons:
- Fees (typically 10-15%)
- Shipping responsibility
- Risk of returns/disputes
Auction Houses
For valuable specimens (typically $500+):
Pros:
- Professional marketing and authentication
- Access to serious collectors
- Potential for bidding wars on rare examples
Cons:
- High commissions (15-25%)
- Lengthy consignment process
- No guarantee of sale
Online Coin Buying Services
Pros:
- Convenient and quick
- Free shipping (usually)
- No fees or commissions
Cons:
- Typically pay 40-60% of retail value
- Limited negotiation opportunities
- May reject common/low-value coins
Where to Learn More About 1904 Indian Head Penny Values
Begin with Realistic Expectations
For beginners, start with affordable circulated examples in Good to Fine condition. These typically cost $2-$7 and make excellent starter coins to learn grading and authentication.
Focus on Quality Within Your Budget
It’s better to own one high-quality example than multiple poor-quality specimens. Save up for the best example you can afford rather than buying impulsively.
Consider Collecting by Type
Many collectors include the 1904 penny as part of a:
- Type set of different cent designs
- Short set of final decade Indian Head cents (1900-1909)
- Complete date set of Indian Head cents (1859-1909)
Properly Store Your Coins
To preserve value and prevent damage:
- Use non-PVC flips, holders, or albums
- Store in stable temperature and humidity
- Avoid handling coins directly (use cotton gloves)
- Never clean your coins (this reduces value)
Continue Learning
Subscribe to numismatic publications, join online forums, and consider membership in organizations like the American Numismatic Association to deepen your knowledge.
Consider Third-Party Grading
For 1904 pennies in Extra Fine condition or better, professional grading from PCGS or NGC can be a worthwhile investment to confirm authenticity and condition.
Watch for Counterfeits
As values increase, so does the risk of encountering fake coins. Learn the diagnostics of genuine 1904 pennies, including:
- Proper weight and dimensions
- Expected wear patterns
- Authentic strike characteristics
- Appropriate surface texture
Common Questions About 1904 Indian Head Penny Values
How can I tell if my 1904 Indian Head penny is valuable?
To determine if your 1904 penny has above-average value, examine these key factors:
- Condition - Look for sharp details in Liberty’s headdress feathers and minimal wear
- Color - Uncirculated coins with original red or red-brown color are worth significantly more
- Errors - Check for doubled dies, especially in the date and "UNITED STATES OF AMERICA"
- Preservation - Coins free of damage like cleaning, scratches, or corrosion command premium prices
For an accurate assessment, compare your coin to online photos of graded examples or consider professional appraisal for specimens that appear to be in Extremely Fine or better condition.
What makes a 1904 Indian Head penny rare?
While the 1904 Indian Head penny had a relatively high mintage of over 61 million coins, certain factors can make specific examples rare:
- Preservation - Uncirculated examples (MS-65 or higher) represent less than 0.1% of surviving coins
- Full Red designation - Original mint luster rarely survives 119+ years
- Proof specimens - Only 1,817 were minted
- Major errors - Significant doubled dies or off-center strikes are uncommon
- Perfect strike - Coins with full sharp details on both sides
The rarest 1904 pennies are Gem Proof examples with Deep Cameo contrast and full Red color, with perhaps fewer than 50 such specimens known to exist.
Should I clean my 1904 Indian Head penny to make it more valuable?
**No, absolutely not!** Cleaning a 1904 Indian Head penny (or any collectible coin) will significantly reduce its value, not increase it. Collectors and dealers strongly prefer coins with original surfaces, even if they appear dark or toned.
Cleaning removes the natural patina that develops over decades, damages the coin’s surface at a microscopic level, and creates an unnatural appearance that experts can easily detect. A cleaned 1904 penny typically loses 30-70% of its potential market value.
If you believe your coin may be valuable, consult with a professional numismatist before attempting any conservation. For basic storage, place it in a non-PVC holder and keep it in a stable environment.
How many 1904 Indian Head pennies still exist today?
While the exact survival rate is impossible to determine precisely, numismatic researchers estimate that approximately 1-2% of the original 61,328,284 mintage survives today in collectible condition (approximately 600,000 to 1.2 million coins).
The breakdown by condition is approximately:
- Good to Very Good condition: 60% of survivors
- Fine to Very Fine condition: 25% of survivors
- Extremely Fine to About Uncirculated: 10% of survivors
- Mint State (Uncirculated): 5% of survivors
- Gem Uncirculated (MS-65 or better): Less than 0.1% of survivors
Of the original 1,817 proof specimens, experts believe 800-1,000 still exist in collectible condition, with perhaps 100-200 surviving in Gem Proof (PR-65 or better) condition.
What's the most valuable 1904 Indian Head penny ever sold?
The most valuable 1904 Indian Head penny sold at public auction was a superb Proof example graded PR-67+ RD (Red) DCAM (Deep Cameo) by PCGS that realized $19,200 at a Heritage Auctions sale in 2018.
For circulation strikes, a spectacular MS-67+ RD example certified by PCGS sold for $17,625 at auction in 2019. This coin represented one of the finest known examples of the date with full mint red color and virtually flawless surfaces.
These record prices significantly exceed the value of typical 1904 pennies because they represent the absolute pinnacle of quality and preservation for the issue. Most 1904 pennies, even in uncirculated condition, sell for far less.
Is a 1904 penny with no mint mark valuable?
All 1904 Indian Head pennies were struck at the Philadelphia Mint and have no mint mark by design. The absence of a mint mark is normal and expected for this coin.
The value of a 1904 penny without a mint mark depends entirely on its condition, color, and any potential errors or varieties. In circulated grades (Good to Fine), a standard 1904 penny is worth about $2-$7. In uncirculated condition, values range from $65 to $200+, with premium examples bringing significantly more.
So while the lack of a mint mark doesn’t add value to a 1904 penny (as it’s the normal state), the coin can still be valuable based on other factors.
How do I know if my 1904 Indian Head penny is authentic?
To verify the authenticity of your 1904 Indian Head penny, check these key indicators:
- Weight and dimensions - Should weigh 3.11 grams and measure 19mm in diameter
- Design details - Compare to known authentic examples on reputable websites or reference books
- Metal composition - Should be copper-bronze with appropriate color (not silver-colored)
- Surface texture - Authentic coins have a distinctive texture different from cast counterfeits
- Edge characteristics - Should have a plain, uniform edge without seams
- Strike characteristics - Details should show appropriate relief and sharpness
Common red flags for counterfeits include:
- Wrong weight or thickness
- Incorrect letter and number styling
- Seams or file marks on the edge
- Magnetic attraction (genuine coins aren’t magnetic)
For valuable specimens, consider professional authentication through PCGS or NGC.
Where can I sell my 1904 Indian Head penny for the best price?
The best venue for selling your 1904 Indian Head penny depends on its condition and value:
For common circulated examples (Good to Fine, $2-$7 value):
- Local coin shops (convenient but expect 50-60% of retail value)
- Online bulk buyers (convenient but lowest returns)
- Coin shows (better prices if you have multiple coins)
For better condition examples (VF to AU, $10-$65 value):
- Online marketplaces like eBay (highest potential return but fees apply)
- Online coin forums with marketplace sections
- Regional coin dealers with Indian Head cent specialization
For uncirculated or rare examples ($65+ value):
- Specialized auctions (Heritage, Stack’s Bowers, etc.)
- Direct sale to advanced collectors through forums
- Consignment with major dealers
For maximum return, have valuable coins professionally graded first, research recent comparable sales, and be willing to wait for the right buyer rather than accepting the first offer.
For most collectors, the 1904 Indian Head penny offers an affordable entry point into vintage coin collecting. With its historic design, connection to the early 20th century, and wide range of collecting possibilities, it continues to fascinate numismatists more than a century after its minting.
If you believe you have a particularly valuable example—especially one in uncirculated condition, with original red color, or displaying interesting errors—consider professional authentication and grading. The small investment in professional assessment could reveal significant hidden value.
Whether your 1904 penny is worth $3 or $3,000, it represents a tangible connection to America’s past and the rich tradition of coin collecting that has captivated enthusiasts for generations.
Remember that coin values fluctuate based on market conditions, collector demand, and new discoveries. Stay informed through reputable resources and consider joining numismatic organizations to deepen your knowledge and appreciation of these fascinating artifacts of American history.
