1901 indian head penny how much is it worth

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Indian Head Penny Overview

The Indian Head penny was first minted in 1859. It was the second small cent, the successor to the short-lived Flying Eagle cent.

The design for the Indian Head penny was created by James B. Longacre, head at the Philadelphia Mint.

The obverse design features a profile bust portrait of Liberty wearing a Native American-style feature headdress with the word “LIBERTY” on the headband. The term “Indian Head” is a misnomer, since the figure is not actually an American Indian.

Divided between the left and right portions of the rim is the legend “UNITED STATES OF AMERICA,” and below Liberty’s portrait is the year of mintage.

The denomination “ONE CENT” is boldly centered on the reverse, surrounded by an oak wreath. At the base of the wreath is a bundle of arrows, and at the top is a shield.

The original reverse design contained a laurel wreath instead of oak, and there was no shield present. The design was changed before the end of 1858.

Like the design, the composition and weight of the Indian Head penny also evolved over its 50 years of mintage. The coins minted from 1858 to 1864 had a diameter of 19mm and a mass of 4.67g and were composed of 88% copper and 12% nickel.  

However, the coins minted from 1864 to 1909 had a diameter of 19mm, a mass of 3.11g, and a composition of 95% copper to 5% tin and zinc.

In 1909, the Indian Head penny was replaced by the wheat penny, the first Lincoln cent.

History of the 1901 Indian Head Penny

1901 is considered a late issue of the Indian Head penny, as it was struck only eight years before the end of the series.

Until 1908, all Indian Head cent pieces were minted exclusively in Philadelphia, so there is no mint mark present on 1901 Indian Head pennies. The Philadelphia Mint reports producing 79,609,158  cent pieces that year.

Such high production numbers are common to all late Indian Head penny mintages. Causes for this have been attributed to the growing popularity of penny arcades, public transportation, and other services that required cent pieces at the beginning of the 20th century.

Compositionally, 1901 Indian Head pennies are standard for coins from the series produced after 1964: 95% copper, 5% tin and zinc, and with a mass of 3.11g.

Longacre Doubling

A characteristic that is often seen in Indian Head pennies is what is known as Longacre doubling. This most commonly manifests as a doubling effect on the letters and numbers of the coin, often producing a sort of “shoulder” or “lip” on both sides of the design elements.

Although many beginning collectors mistake this effect for a doubled die variety, it is not in fact a true doubled die.

Doubled dies are created when a die is being hubbed and the hub strikes the die in two slightly different locations, creating a doubled effect on the die’s design.

Longacre doubling instead occurs during the hubbing of the master die. There are a few theories as to the reason for Longacre doubling, but the exact cause is not certain.

Whereas true doubled die varieties can be quite valuable, Longacre doubling does not tend to increase the value of a coin. If you suspect you may have a true doubled die Indian Head penny, consider having it professionally evaluated by a coin grading service.

Valuing the 1901 Indian Head Penny

Indian Head pennies, thanks to large mintage numbers and enthusiastic collectors, are still quite common. Their value reflects this, but coins in good condition can still be worth a nice premium.

Good-4 to Very Good-8 grade examples are worth between $2.00 and $3.00. Fine-12 examples are valued at $4.64. These grades are where most 1901 Indian Head pennies will fall.

The coin’s value increases to $6.00 in Very Fine-20, $10 in Extremely Fine-40, and $21 in About Uncirculated-50.

Lower end Uncirculated grades (MS-60) are valued at $38, and higher grades (MS-63) increase to $57. Proof examples may bring as much as $144.

If an Indian Head penny displays what is called a Full Red color (as opposed to Brown or Red-Brown), its value will increase quite a bit.

To illustrate the difference this color distinction can make, take a 1901 Indian Head cent graded at MS-65: when graded as Brown in color, the value is $150. When graded as Red-Brown, the value increases to $240. In Full Red, the value jumps to $625!

Unfortunately, Full Red coins are almost exclusively found in the highest grades, since wear from circulation tends to mute the red luster.

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