1907 Indian Head Penny Value: How Much is it Worth Today?
Most people assume that the older a coin is, the more likely it is to be rare and worth a lot of money. But that is not always the case, as with the Indian Head penny. Although extremely old, most Indian Head pennies are cheap because of their general condition.
However, the mint year may determine this coin’s value on the open market or in closed sales. This is especially true for coin collectors looking for old coins that cannot be found anywhere else, even if worn out.
So, the 1907 Indian Head penny value may be high depending on who is selling or buying, the coin condition, mintage, and mint mark. This article explains how these factors affect the value of this coin and some rare errors that may occur with a few coins.
1907 Indian Head Penny Value Chart |
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|---|---|---|---|---|
| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
| 1907 No Mint Mark Indian Head Penny Value | $1.23 | $1.96 | $6 | $31 |
Unlike many other years of United States coinage, the 1907 Indian Head penny was minted only in Philadelphia. This applies to all the Indian Head pennies of that period, although the San Francisco mint struck some pennies in 1909.
That means the mintage from the Philly mint is high and those coins have no mint marks. Since that is the case, the pennies may not be so attractive to coin collectors. They typically prefer coins with a distinguishable mint mark because of their uniqueness from other coins.
Although the coins are collectible because of their age and unique design, most of the minted ones are worn out, without any luster or details in sharp relief. Consequently, the value is low since buyers are unwilling to pay more than a few dollars for them.
However, there are a few rare coins in mint state, but they are hardly available for pricing or purchasing. Collectors have snapped them up and are unwilling to remove them from their collections. Such coins may cost tens of thousands of dollars if graded and valued.
Coinage History
The government of the United States always minted coins made with gold or silver; every other metal was not allowed. If any coin was made with copper or any other metal, it could not be used as legal tender. Only large cents were coins made of copper during that time, but they could not be used for tax payments.
However, in the middle of the 1850s, there was a fluctuation in the price of copper. So, the government had to reduce the size of the pennies used as legal tender. The Flying Eagle was the first coin to have a small size, but it only lasted for two years due to the difficulty in striking the intricate design.
That was how the Indian Head penny came into existence. The Mint Chief Engraver designed it and considered it simpler than the previous one. The initial idea was an Indian Chief on the obverse, but the designer opted for Liberty with an Indian headdress.
At this point, the usage of gold and silver for coins dropped, and the government used more metal combinations. The 1907 Indian Head penny has a metal combination of copper and tin/zinc. And because it is mostly copper, the penny has a right reddish-brown color when in mint state.
Coin Condition
If you have an old coin such as the 1907 Indian Head penny, one of the first things to check is the coin’s condition. This refers to the look and feel of the coin, including the luster, how sharp the details are, and its color.
The brighter a penny is, the more likely it is to attract more value. This is particularly true because of its copper color. You must also check the details on the coin especially the address and the features on Liberty’s face.
Uncirculated coins are the best types to have because they look like they are fresh from the mint. They have little or no damage, although such coins are usually rare. You are more likely to find a coin in extremely fine condition than in a mint state. This coin condition is close to the uncirculated condition but not as pristine or undamaged.
But if a coin is in fine condition, it has lost most of its luster and details. You can still make out the image on the obverse and reverse, although they are not as clear as they should be. The same is true for coins in good condition, but they are typically worse for wear than the former condition.
1907 No Mint Mark Indian Head Penny Value
Although old, the Indian Head penny is one of the best-struck coins in the history of the country. It is a coin any avid coin collector would want in their stack and not because of its future value. It may be part of a series or may complete a specific collection.
This penny does not have a mint mark, which means it was struck in the Philadelphia mint. Only a few coins came from the San Francisco mint, but that was in 1909. A total of 108,138,618 were minted for that year; 108,137,143 were regular strike coins while 1,475 coins were Proof pennies.
Since most of these coins are damaged or lost, there is not much value attached to the available ones. The pennies in circulation are too worn out to be of any value to collectors. The good news is that it is not expensive for a buyer unless you want a Proof or rare coin, which may be difficult to find.
The coin’s obverse bears the image of Liberty with an original and traditional Indian headdress. Some people say the image is that of a Native American with a headdress, but the artist and Chief Engraver J. Barton Longacre said it is Liberty. The bottom line is that the image is not of an actual person.
The words UNITED STATES OF AMERICA are struck around the coin’s rim, and the mint date appears at the bottom of the coin. There is no other lettering on the obverse; the Indian head covers most of the head’s side, although the penny is not particularly large.
On the reverse for the 1907 penny, you will find an image of oak wreaths locked and curved around the denomination ONE CENT. The wreath curves to meet at the top but the ends are separated by a shield.
The coin’s edge is plain and it contains 95% copper. The rest of the composition is a mixture of tin and zinc to strengthen the coin. With a face value of one cent, you are getting a good deal if you buy or sell it for tens of dollars.
1907 Proof Indian Head Penny
The Philadelphia mint struck a small number of Proof coins in 1907, which makes them rare. Because of this, the coins are difficult to find, and when found, can cost hundreds of dollars. However, the actual worth is steeped deep in the color of the coin. This includes regular and Proof coins.
A brown-toned 1907 Indian Head penny can fetch you between $130 and $1,900. But a red-toned penny may have a monetary value between $2,000 and $2,400, especially at auctions. A 1907 PR 67 Indian Head penny can get you almost $3,000 if you can find one.
A regular strike MS 66 1907 Indian Head penny with a red tone can cost between $1,300 and $1,800. A higher grade can fetch you between $18,000 and $24,000 at an auction. Brown and red-brown tones are less valuable but may still cost hundreds of dollars, depending on the grade and collector.
1907 Indian Head Penny Grading
There are different levels or grades for an old coin that determine its true worth. If a coin is uncirculated or in a mint state, it can be graded between 63 and 70 on the Sheldon scale. 70 is the best grade, and only a few coins fall within this grade in the entire U.S. coinage history.
The same rule applies to all categories of coin conditions, and any grader will check this before placing a value on the coin. Old and hugely circulated coins usually fall low on the scale, which makes them less valuable, but that is not always the case.
This video explains how to grade Indian Head pennies, including the series from 1907.
Rare 1907 Indian Head Penny Errors List
Coin errors are part of the factors that increase their value. This is particularly true for rare errors. The following are the known errors on the 1907 Indian Head penny:
1907 Indian Head Penny Die Cud Error
A die cud error refers to a defect on the die that causes a raised area on the planchet. The die may have a gouge that allows the metal to fill it when the coin is being minted.
Consequently, that part appears higher than the rest of the coin, although the actual size of the cud depends on the gouge on the die. This error is rare, which significantly increases the value of coins with it.
1907 Indian Head Missing Letters Error
This is not an error that affects all the coins. In fact, it is difficult to find a penny with missing letters, but if you do, it can be worth good money. You can get as much as $1,000 for such a coin.
However, you must be able to tell the difference between missing letters as an error from the mint and worn-out letters due to age. Sometimes, you may find an old coin with missing letters but not as a result of mint errors. Such a coin may be worth only a little more than its face value instead of thousands of dollars.
1907 Indian Head Penny Re-punched Date Error
Some coins have errors on the mint date where it is re-punched. It appears to have a double image or the date may look too thick compared to other coins. While this error is most obvious on the dates, other parts of the coin may also have the same doubling or thickness error.
Coins with this error are pretty rare, but they are worth much more than the value of regular-strike coins. If you have a considerable collection, inspect the old pennies to check for this error and ensure a grader checks it to be sure it is an actual error, not the result of wearing over years of use.
1907 Indian Head Penny FAQs
What makes the 1907 Indian Head penny valuable?
The primary determining factor of the value of the 1907 Indian Head penny is the grade. The grade of the coin is the first thing any collector will check before placing a value on it. Since most of the coins are circulated, they are in worn condition, which reduces their value.
Another vital factor is an error. Some rare errors change the coin’s value, but you must be sure it is an actual error and not the result of wear and tear. Only a professional grader can determine this, especially if the coin is degraded.
How much is a 1907 Indian Head penny worth?
The worth of the 1907 Indian Head penny depends on the coin’s condition and availability. This coin is very available because of the mintage of over 108 million for that year. Also, most of them are degraded or damaged. So, they are not worth more than a few dollars on the open market.
