Proof Indian Head Cents
Surprises Abound
The Indian Head cent series remains a collector favorite; and indeed, one of our first Bargain Collector columns took a good look at these classic, little coppers. Today, 1-cent aficionados find plenty of value in the wealth of red, brown or red-brown pieces in the higher Mint State grades. For those of us who feel that buying into that part of the Indian Head cent series is a bit like being scalped, it might seem ridiculous to think that there could be any sort of bargain stuck in among the proofs. After all, they are the rarest of the Indian Heads. That being said, it might just be pleasantly surprising to take a look through the price lists of this limited number of proof Indian Head cents. Let’s be brave and look.
The Proof Sets That Weren’t
For those of us who collect modern proof sets, it’s a bit disappointing to realize that back when the Indian Head cents were being minted, from 1859 to 1909, there were no proper proof sets at all. Oh sure, the Mint did make proof coins, but generally not as sets to sell to the wider public. The number of proofs made each year varied from one denomination to another and was never particularly high since coin collecting back in that time was not the widespread hobby it has become today.
Folks can also make the claim that proofs that are this old have probably seen a bit of benign neglect, as for some of their lifetime they might not have been stored with any special care. Copper proofs, such as our Indian Head cents, most likely have fared worse than silver or gold proofs of the same time since copper is the most active element among those three metals, meaning it reacts more readily with its environment. This is most likely why there is what might be considered the low grade of Proof-63 for these cents printed in the major price guides, listed as PF-63. Still though, proof coins are seldom discarded or spent, and thus we have something for which we can aim.
The High Points
Today, proof sets are made to the tune of several million each year. Back when the Indian Head cents were being churned out at the Mint in Philadelphia (and for the final two years, San Francisco as well), there were only a few thousand proofs produced annually. In the entire run of the Indian Head cents, the lowest year for proof production appears to be 1864 with only about 200 made – in two different varieties – and the highest was 1883, with a whopping 6,609 of these shiny gems coined.
Price Tags Across the Series
In all of our Bargain Collector columns, we look for a decent price and see what we can land that falls at that point, or that at least comes near it. Whenever possible, we like to stick to $100. Yes, some of the series we have looked at – like any of the gold coins at all – have to have a price point significantly higher than that. So when it comes to proof cents from this classic, highly collected series, it may seem like we again will have to stretch to the breaking point to find something we can call both affordable and a bargain. Well, is $300 the breaking point, or something well below it?
It may be tough to believe, but there are actually quite a few proof Indian Head cents that currently can be found in the major price guides at the PF-63 grade for $300 or less. Okay, if we insist on PF-64, the price rises to about $400 – so let’s try to keep the word “bargain” in mind.
How to Collect?
Since we have established a price point, the next question is how to go about building as full a collection as possible. While it might seem logical to “start at the very beginning,” to quote Julie Andrews in “The Sound of Music,” that tends to be where the expensive pieces lie. The very beginning of the inexpensive proofs is 1879, where the price is $275, at least as this is being written. With a total of 3,200 proofs that year, the ’79 is not even the most common piece in this series.
From 1879 up to 1908, there are 20 dates, not all in a row, for which something like $275 or even $250 should do the trick in landing the proof. Plus, we can toss in another seven or eight dates in the latter half of the series that come in right on the $300 mark. That’s roughly 40 percent of the entire Indian Head cent series that can be found in this price zone and in PF-63 condition. While these numbers are above what we can now call our traditional price point, they are still far below what we might expect for coins that are this rare. Making just one comparison, the 1877 is a key date within the Indian Head cent series, and it has more than 850,000 to its official Mint total. It commands a high price simply because every collector needs one to finish a full set. But every one of these proofs is much less common – downright rare, really. And there are 27 that only cost a few hundred dollars.
Putting In Our Final Two Cents
The Indian Head cents have been a collector favorite for decades and probably will remain so for the foreseeable future. But within this big set are almost 30 dates for which the proof examples are quite undervalued, real bargains. Even if we add only a single proof to any Indian Head cent collection, we will have acquired a wonderfully priced crown jewel. ◆