How Much is a 1904 Indian Head Penny Worth? (Price Chart)

The US Mint produced Indian head pennies from 1859 to 1909. Most of these coins are common, and you can quickly find them in good condition for a couple of dollars. Still, there are mint state specimens worth a fortune.

The 1904 Indian head penny value depends on its condition and whether you only have that coin or the entire collection. So, let’s see how much is this particular penny worth.

 

1904 Indian Head Penny History

1904 Indian Head Penny History
Image

The first Indian head penny appeared in circulation in the late 1850s and replaced the Flying Eagle coin, well-known for significant design problems.

This coin initially contained 88% copper and 12% nickel, but the US Mint changed the alloy in 1864, increasing the copper content to 95%. The remaining 5% was tin and zinc. Plus, it decreased the size and weight of future pennies.

Indian head penny collection included coins from 1859 to 1909. The annual mintage average of these coins was 34,252,575, but there were considerable differences in individual years.

1904 Indian head penny

Location Year Minted
Philadelphia 1904 61,326,198
Philadelphia Proof 1904 1,817
Total / 61,328,015

For instance, the Philadelphia mint produced a total of 61,328,015 in 1904, including 1,817 proof coins. That was slightly fewer pieces than in the previous year. As a result, the 1904 Indian head penny didn’t stand out in any significant way from the entire collection.

If you compare this number with the 1909 mintage of 309,000 pennies, you can quickly conclude that the coins produced in 1904 are common. However, finding one in a mint condition is a challenge for many collectors.

The Philadelphia mint was the only one producing Indian head pennies up to 1908. That year San Francisco mint started making them, as well. The Denver mint struck the first penny in 1911, but it belonged to another collection.

1904 Indian head penny

Face value 1 cent ($0.01)
Compound 95% copper, 5% tin and zinc
Coin weight 0.1097 ounces (3.11 grams)
Coin diameter 0.7480 inches (19 mm)
Shape Round
Edge Plain

1904 Indian head penny doesn’t stand out in any way from the entire collection, but that is probably the result of the supply and demand ratio. That fact certainly diminishes its value, so you won’t get a fortune for any specimen unless it is an exceptionally well-preserved piece.

 

1904 Indian Head Penny Design

1904 Indian Head Penny Design

The entire collection has two design variants that differ on the reverse. The first, 1859 Indian head penny doesn’t have a shield appearing on later coins, including one from 1904.

James B. Longacre, the US Mint Chief Engraver at the time, designed both coin sides. This collection was specific since it paid tribute to Native American tribes.

The observed coin side has a bust of the Lady Liberty wearing a traditional Native American tribal headdress on her head. She also wears a pearl necklace and the ribbon on the tribal headdress with the written word LIBERTY.

Words the UNITED STATES OF AMERICA and the mintage year are also present on the coin’s front side.

1904 Indian head penny value*

Quality 1929
Good $2.22
Very good $3.22
Fine $5.01
Very fine $6.48
Extra fine $11
About uncirculated $22
MS 60 $41
MS 63 $61
PR 63 $156

*by USA Coin book

The 1904 Indian head penny, like the rest of the collection, has plain edges, but a thin diamond line is added along the edge on both coin sides. Plus, there is no mint mark on the 1904 penny since only the Philadelphia mint produced it.

1904 Indian head penny value*

Year Quality
Good Fine Extra fine Uncirculated
1904 $2 $4.50 $10 $20

*by JM Bullion

You can see a ONE CENT engraving in the center of the coin reverse. The wreath surrounding it is tied with a ribbon that holds it along with three arrows.

Finally, there is a shield above the letters with thirteen stripes, symbolizing the first American states. You can also notice seven horizontal and six vertical lines on the Indian head penny.

 

1904 Indian Head Penny Pricing

1904 Indian Head Penny Pricing
Image

Every American coin carries a piece of history and is valuable to collectors. The 1904 Indian head penny is no exception. As I have already mentioned, this coin is not uncommon, and you can get it pretty quickly for just a few dollars.

1904 Indian head penny value*

Year Quality
Good Fine Extra fine Uncirculated
1904 $1.48 $2.49 $7 $31

*by CoinStudy

Keep in mind that every 1904 Indian head penny is almost 120 years old. Naturally, traces of time have left marks on their surface, but the coin condition also depends on the circulation, the care you treated it with, and the preservation method.

1904 Indian head penny value*

Quality 1929
Good $1
Very fine $32
Extra fine $20
About uncirculated 55 $60
MS 63 $61
MS 65 $185
PR 65 $790

*by COIN HelpU

Pennies kept separately from other coins and placed in a protective case were secured from further damage. Some collectors often use cotton pads or wear gloves when they take a collectible piece for examination.

1904 Indian head penny value*

Coin Quality
Good Fine Extra fine Uncirculated
1904 $0.75 to $1 $2 to $2.50 $6 to $6.50 $28+

*by Coinflation

That is a reason an uncirculated 1904 Head penny is worth $20 to $40, depending on its condition and the dealer you work with. On the other hand, the same circulated coin in a very fine state costs only about $5.

1904 Indian head penny value*

Quality 1904
Good $1.45
Very good $2.15
Fine $3.35
Very fine $3.80
Extra fine $7.60
Uncirculated $23.75
Brilliant uncirculated brown $150
Brilliant uncirculated red/brown $165
Brilliant uncirculated red $475

*by Hobbizine

Surprisingly, this coin can bring you several thousand dollars in rare cases. For instance, the Professional Coin Grading Service rated eight precious 1904 Indian head pennies as MS 67 Red.

Another large grading company, the Numismatic Guaranty Corporation, has found none. You can imagine how expensive such a coin would be if you found one.

1904 Indian head penny value*

Quality 1904
Good $0.85 to $2.09
Very good $2.15 to $2.51
Fine $2.40 to $3.24
Very fine $3.38 to $5.26
Extra fine $6.75 to $16.20
About uncirculated $22.95 to $35.64
MS 60 $37.80 to $45.36
MS 61 $40.50 to $48.60
MS 62 $54 to $65
MS 63 $65 to $78
MS 64 $81 to $97
MS 65 $115 to $133

*by Greysheet

One MS 67 Red 1904 Indian head penny reached a record value at one auction. A buyer paid a staggering $33,600 for it.

 

1904 Indian Head Penny Grading

If you have a 1904 Indian head penny, its grading will be the vital factor defining coin value. You may believe you have a perfectly preserved specimen, but a professional can detect its flaws under close examination.

Numismatists quickly agree on the assessment of worn and damaged pennies. However, coins in the mint state are more difficult to examine since the expectations grow with the grade.

Experienced collectors always pay attention to a few crucial details and follow generally accepted requirements for the 1904 Indian head penny grading. Let’s see.

Mint state – This coin has no significant flaws, stains, or abrasions. It has preserved luster, although the original color may be changed. The higher is grade value, the more perfection is required. Finally, red mint state coins are far more valuable than red/brown or brown ones.

1904 Indian head penny value*

Quality 1904
Very good $3
Fine $4
Very fine $5
Extra fine $9
About uncirculated $21
MS 63 $68
MS 65 $185

*by Coinancials

About uncirculated – This coin was only a short time in circulation, and the design has been almost entirely preserved. All letters and numbers are visible and undamaged, and details around Lady Liberty’s eye, pearl necklace, and feather tips are visible.

Extra fine – This penny is appealing, with crucial details visible to the naked eye, and there are no significant stains on the surface. Still, the highest details like the feathers and necklace have changed their texture.

1904 Indian head penny value*

Quality 1904
Good $1.9
Very Good $1.9
Fine $2.5
Very Fine $3
Extra fine $5.25
About Uncirculated $16

*by Numista

Fine – Mint year, stripes on the shield and arrows, and denotation on this coin are preserved. You can clearly discern the tribal headdress on Lady Liberty’s hair and forehead. However, you can notice visible discolorations on the coin surface while the diamond lines are no longer clearly defined.

1904 Indian head penny value*

Quality 1904
Good $2
Very Fine $6
Extra fine $10
Uncirculated $40

*by Bullionshark

Good – You can see at least three letters on the Liberty inscription. Pearl necklace is usually undetectable, but there are feathers on the headdress. Arrows on the reverse side are visible but smooth when you touch them.

 

Summary

The Philadelphia mint struck 61,328,015 Indian head pennies in 1904, making this coin pretty common. Still, the real challenge is to find it in pristine condition.

On average, a circulated penny price ranges between $2 and $30, depending on its grading and the dealer. However, brilliant uncirculated coins can sometimes reach hundreds of dollars.

Leave a Comment