1898 Indian Head Penny Value: How Much is it Worth Today?

Are you curious about how much your 1898 Indian head penny is worth? These old coins are rare but popular among collectors.

The Indian head penny is not only aesthetically appealing, but it is also historically significant. The value of a penny will depend on its condition and color. Finding an 1898 Indian head penny in good condition is not easy, but if you are lucky enough to spot one, it could be worth hundreds or thousands of dollars!

Read on to discover more about the 1898 Indian head penny value. You’ll find out about the features to look for that could increase the value of your Indian head penny and errors that could be worth lots of money.

So, let’s jump in.

1898 Indian Head Penny Value Chart
Mintmark	Good	Fine	Extremely Fine	Uncirculated
I898 No Mint mark Indian Head Penny Brown	$16	$30	$50	$400+
I898 No Mint mark Indian Head Penny Brown Red	$80	$90	$125	$2,350
I898 No Mint mark Indian Head Penny Red	$185	$225	$325	$25,000
I898 No Mint mark Proof Indian Head Penny Brown	–	–	–	$2,400+
I898 No Mint mark Proof Indian Head Penny Brown Red				$6,500+
I898 No Mint mark Proof Indian Head Penny Red	–	–	–	$17,500

 

1898 Indian Head Penny Specifications

• Category: Indian Head Pennies
• Mint: Philadelphia
• Mintage: 49,821,284
• Obverse designer: James Barton Longacre
• Reverse designer: James Barton Longacre
• Composition: 95% Copper, 5% Tin, and Zinc
• Fineness:0
• Weight:3.11g
• ASW: N/A

The Obverse of 1898 Indian Head Penny

The obverse of the 1898 Indian head penny features a right-facing Lady Liberty wearing Native American headgear.

According to popular legend, Lady Liberty’s facial features were based on Sarah, Longacre’s daughter. The story goes that one day, while visiting the Mint where her father worked, Sarah wore the headdress of a Native American male who was also visiting, and her father drew her image.

However, Longacre discounted this story, noting that the image of Lady Liberty was based on the Crouching Venus statute in Philadelphia. Besides, in 1858 when the Indian head penny was first minted, Sarah was already a 30-year-old married lady and not a 12-year-old girl as is told in common legend.

All in all, the portrait on the Indian head penny definitely portrays the features of a Caucasian woman wearing a Native American male’s headdress. A band with the words LIBERTY is tied around the lady’s head.

The words UNITED STATES OF AMERICA are etched around the coin while the date, 1898, appears at the bottom of the truncated Lady Liberty portrait.

The Reverse of the 1898 Indian Head Penny

In 1860, two years after the Indian head penny’s flagship production, Mint director James Snowden changed the reverse design.

Instead of the initial laurel leaves, the new penny featured an oak wreath with arrows tied at the bottom. A little shield was also included as part of the new design.

The oak wreath represents peace, while the little shield and the bunch of arrows represent readiness to defend the country.

The Indian head penny has a pretty simple design. The only words etched at the back of the coin are ONE CENT.

The video below will help you learn more about the features to look for to determine if you have a rare 1898 Indian head penny.

1898 Indian Head Penny Value and Varieties Guides

There are only two varieties of the 1898 Indian head penny. Let’s take a look at the value of each.

1898 P No Mintmark Indian Head Penny Value

• Type: Indian Head Penny
• Edge: Plain
• Mintmark: None
• Place of minting: Philadelphia
• Year of minting: 1898
• Face value: $0.01
• Price: $2 to $400 (or more)
• Quantity produced: 49,821,284
• Designer: James B. Longacre
• Composition: 95% copper, 5% Zinc, and Tin
• Mass: 3.11 grams
• Diameter: 19.00 millimeters
• The Mint in Philadelphia produced nearly 50 million Indian head pennies in 1898. Coins coming from this Mint do not have a mint mark either on the reverse or obverse side.

The value of Indian head pennies varies with the color of the coin. These coins mainly come in brown, red-brown, and red. Brown pennies are the least valuable, while red ones fetch the most.

You can buy or sell a brown 1898 Indian head penny for as little as $2 in circulated condition. A circulated brown penny graded 53 is worth about $25—such a penny would typically be less worn and still have the most details.

There are a few examples of brown 1898 Indian head pennies in uncirculated or Mint condition. Remember, these are very old coins, and it is rare to find examples that are not worn out. In mint state, such a coin would cost as much as $400. According to the Professional Coin Grading Service (PCGS), the most expensive brown color 1898 Indian head penny was graded AU58 and was auctioned in 2007 for $1,495.

Red Brown Indian head pennies are slightly more valuable than their brown counterparts. One graded MS61 in uncirculated mint state fetches as much as $60. Coins with fewer imperfections and most of the details intact bring in more money. For example, one graded MS66 will cost between $650 and $900.

Last but certainly not least are the Red Indian head pennies, which are the most highly-priced. There are very few examples of red-colored 1898 Indian head pennies in circulated condition. The few existing examples are in mint state; they feature full details and boast a brilliant red surface with few, if any, bag marks, dings, or scratches.

A red Indian head penny from 1898 graded MS63 is worth about $165, while one graded MS67 can fetch as much as $10,000. The most expensive 1898 Red Indian head penny was graded MS67 and was sold in 2011 for $26,450.

1898 Proof Indian Head Penny Value

• Type: Indian Head Penny
• Edge: Plain
• Mintmark: None
• Place of minting: Philadelphia
• Year of minting: 1898
• Face value: $0.01
• Price: $285 to $700 (or more)
• Quantity produced: 1,794
• Designer: James B. Longacre
• Composition: 95% copper, 5% Zinc, and Tin
• Mass: 3.11 grams
• Diameter: 19.00 millimeters

In addition to the regular business strikes released into circulation, the Mint in Philadelphia produced 1,794 proof coins. These coins were struck on special dies and planchets, producing extremely brilliant, fine, and high-quality Indian head pennies for collectors and coin hobbyists.

Because of the few proof coins produced that year, you can expect the remaining existing examples to be quite expensive.

The value of a proof Indian head penny will vary with the color, whether red, red-brown, or brown. Proof coins are further categorized into cameo and deep cameo. Cameo pieces contrast significantly between the coin’s surface and the design elements. The contrast is stronger in deep cameo proof coins.

According to the PCGS, a brown 1898 proof Indian head penny graded PR61 is worth about $175, while a red-brown one is worth $160. The lowest graded example of a red one is graded PR63, worth $375, with the most expensive red penny fetching a whopping $17,500.

Cameo and deep cameo proof coins are the most desirable. There are very few examples of such coins minted in 1898, so these are expensive. The lowest-graded cameo 1898 Indian head penny is graded PR64 and is worth about $1,350, while one graded PR67 can fetch as much as $25,000.

Deep cameos have the strongest contrast between the surface and design elements. These are graded from PR64, with such an example costing $2,250, while one graded $66 can be worth $11,500 or more depending on the contrast strength.

1898 Indian Head Penny Grading

Two factors come into play when grading the Indian head penny. These are the coin’s condition and color.

Worn-out coins in typical circulated condition fall lower in the numismatic grading system. You may find a coin graded between 1 and 58 in circulated condition. Grading of uncirculated coins starts from 60 all the way to 70, with 70 being the gem state.

Check out the video below to learn more about the factors in grading Indian head pennies.

1898 Indian Head Penny Error Lists

1898 Indian Head Penny Repunched Date Error

A repunched date error occurs when the hub strikes the date onto the die at a slightly different angle. The striking error results in the date numbers appearing twice.

These errors are typically subtle but generate a lot of interest among collectors. A repunched date error Indian head penny from 1898 can be worth as much as $1,700.

1898 Indian Head Penny Triple Struck Error

Sometimes, coins can be rotated inside the collar so that the top edge of the coin faces down and the down one faces up, resulting in the design image appearing upside down. Examples of 1898 Indian head pennies with such an error are generally found at the lower end of the grading scale and can fetch about $565.

In addition to the rotation, the coin might be struck more than once at a slightly different angle each time. A triple or double-struck coin that has also been rotated in color can be worth $75 to $80.

1898 Indian Head Penny Capped Die Error

A capped die error happens when the planchet is not released from the die during the striking process. This mishap results in a coin with no design elements on the obverse, but the reverse is unharmed with all design elements intact.

Very occasionally, a planchet attaches itself to the die after it’s been struck. The result is a “capped die.” A die in this condition struck one 1898 Indian Head penny.

A capped die error is worth about $600 or more.

1898 Indian Head Penny Double Struck Error

When the planchet is stuck inside the collar and struck twice, or more times, the result is a visible double image.

Some examples of 1898 Indian head pennies with such an error show doubling on the lower headdress feathers and Lady Liberty’s truncated bust.

A double-struck error such as this one is worth up to $160.

1898 Double Struck Off-Center Error

Although rare, a double struck off-center error happens when the planchet sticks inside the coin collar, and the second time, it is struck significantly off-center.

When this happens, it appears there are two coins in one. As you can imagine, such an error would generate a lot of interest among collectors and can fetch as much as $1,400.

FAQ

Is the 1898 Indian Head Penny rare?

The 1898 Indian head penny is an old coin; it was minted more than one hundred years ago. Due to its age, it is not common to find this coin issue, so in that regard, an 1898 Indian head penny might be a rare find today and may earn you quite a bit of money. That said, the 1898 coin is not the rarest; the 19877 Indian head penny is the rarest Indian head penny because the Mint produced very few coins.

How can you tell if an 1898 Indian Head Penny is real?

Fake Indian Head Pennies are not always easy to spot by the untrained eye. That said, you should look for uneven or distorted numerals on the coin. You should also assess the coin’s color; if the toning seems off, the coin is probably being passed off as real. The quality of the coin also matters; remember, Indian head pennies are old coins, so it is safe to be skeptical of new-looking pennies dated 1898.

Are old Indian head pennies worth anything?

Indian head pennies were in circulation from 1859 to 1909, so these coins are pretty old. Indian head pennies are worth much more than their face value, and some can fetch hundreds or thousands of dollars depending on their color and condition. Whether you want to buy or sell an Indian head penny, the chances are good that you will spend or earn a couple of dollars.