The 1864 Indian Head pennies have value as numismatic coins. Keep reading to learn more about these one cent coins.

1864 Indian Head Penny

The design and composition changed in 1864, so there are two different types of this coin. There are the type 2 coins and the type 3 coins. The type 2 coins weigh 4.67 grams and they consist of 88% copper and 12% nickel. The type 3 coins weigh 3.11 grams and they have a bronze composition of 95% copper and 5% tin and zinc.

The designs are slightly different between the two types. The type 3 coins have a slightly sharper portrait. Near the end of 1864 the designer's initial L was added onto the lower ribbon behind Liberty's neck. It helps to tilt the coin sideways in order to see the initial. In addition, the tip of the bust is another indicator. It's pointed on the variety with the L and rounded for the variety without the L.

1864L Indian Head Penny

Series Location Quantity Minted
1864 Type 2 Philadelphia 13,740,000
1864 Type 2 Proof Philadelphia 800-1,000
1864 Type 3 Philadelphia 39,233,714
1864 Type 3 Proof Philadelphia 170+

Value

The value is going to depend on the coin's type and its condition. Below we will review the two different types.

Type 2 Coins

The 1864 Indian Head type 2 penny is worth around $20 in good condition. In very fine condition the value is around $55. In extremely fine condition the value is around $100. In uncirculated condition the price is around $200 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 63 can sell for around $325.

The 1864 Indian Head type 2 proof penny is worth around $850 in PR 63 condition.

Type 3 Coins

For the type 3 coins there are two different varieties. There are coins without the designer's intitial L, and coins with the L.

The 1864 Indian Head type 3 penny with no L is worth around $15 in good condition. In very fine condition the value is around $45. In extremely fine condition the value is around $70. In uncirculated condition the price is around $115 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 63 can sell for around $150. Proof coins are worth around $500 in PR 63 condition.

The 1864 Indian Head type 3 penny with the L is worth around $55 in good condition. In very fine condition the value is around $200. In extremely fine condition the value is around $275. In uncirculated condition the price is around $425 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 63 can sell for around $575. Proof coins are worth around $20,000 in PR 63 condition.

Grading System

Good- The word "LIBERTY" inscribed on Liberty's headband is not visible.

Very fine- The word "LIBERTY" inscribed on Liberty's headband is visible but there is slight wear.

Extremely fine- The word "LIBERTY" inscribed on Liberty's headband is sharp. The other details on the coin are also sharp. There is slight wear on the end of the ribbon.

MS 60 uncirculated- There are no signs of wear. The coin has luster, but there may be a few stains, abrasions, or surface marks.

MS 63 choice uncirculated- In the major focal areas there are some blemishes or contact marks. The coin's luster might not be as prominent.

PR 63 proof- This coin has reflective surfaces and only a few blemishes away from the major focal points. There are no major flaws.

 

Sources:

The Red Book


See also:

1865 Indian Head Penny
1863 Indian Head Penny
1862 Indian Head Penny