The 1877 Indian Penny is a fascinating piece of American numismatic history. This coin, also known as the “Indian Head Penny,” is one of the most iconic and sought-after coins in the world. In this comprehensive guide, we will delve into the history, significance, and collecting of the 1877 Indian Penny.
History of the 1877 Indian Penny
The Birth of the Indian Head Penny
The Indian Head Penny was first introduced in 1859 by James B. Longacre, the Chief Engraver of the United States Mint. The coin was designed to replace the Flying Eagle Cent, which had been in circulation since 1856. The new design featured a Native American profile on the obverse, hence the name “Indian Head Penny.”
The 1877 Issue
The 1877 Indian Penny is a specific issue of the Indian Head Penny series. It was minted in Philadelphia and is considered one of the most valuable and sought-after coins in the series. The coin was produced in response to a shortage of small change in the United States during the late 19th century.
Design and Features of the 1877 Indian Penny
Obverse
The obverse of the 1877 Indian Penny features a profile of a Native American, often identified as a Chief. The design is based on a portrait of a Native American by James B. Longacre. The coin also bears the inscription “LIBERTY” along the top and the year “1877” at the bottom.
Reverse
The reverse of the coin features a wreath of oak and laurel leaves surrounding a shield. The shield bears the inscription “UNITED STATES OF AMERICA” and the denomination “CENT” at the bottom.
Metal and Weight
The 1877 Indian Penny is made of copper and weighs approximately 4.67 grams. It has a diameter of about 19.05 millimeters.
Significance of the 1877 Indian Penny
Historical Significance
The 1877 Indian Penny holds significant historical value. It was minted during a time of great change and upheaval in the United States. The coin reflects the cultural and political climate of the late 19th century, including the ongoing conflicts between Native Americans and the U.S. government.
Numismatic Significance
From a numismatic perspective, the 1877 Indian Penny is highly sought after by collectors. Its rarity and historical significance make it a valuable addition to any coin collection. The coin is also known for its high mintage, which contributes to its desirability among collectors.
Collecting the 1877 Indian Penny
Finding the Coin
Finding an 1877 Indian Penny can be a challenging task. The coin is relatively rare, and many examples have been lost or damaged over the years. However, there are several ways to acquire the coin:
– Auctions: Many rare coins, including the 1877 Indian Penny, are sold at auctions. Websites like eBay and Heritage Auctions often feature these coins in their sales.
– Dealers: Coin dealers specialize in buying and selling rare coins. They may have examples of the 1877 Indian Penny in their inventory.
– Coin Shows: Coin shows are events where coin collectors and dealers gather to buy, sell, and trade coins. These events can be a great place to find rare coins like the 1877 Indian Penny.
Condition and Grading
When collecting the 1877 Indian Penny, it’s essential to consider the coin’s condition and grading. The coin’s value can vary significantly based on its condition. Here are some common grading terms:
– Mint State (MS): This refers to a coin that has never been circulated and shows no signs of wear. The 1877 Indian Penny can be graded from MS-60 to MS-70.
– Uncirculated (UNC): This refers to a coin that has been circulated but shows no signs of wear. The 1877 Indian Penny can be graded from UNC-60 to UNC-70.
– Extremely Fine (EF): This refers to a coin that shows minimal wear and has a well-preserved surface. The 1877 Indian Penny can be graded from EF-40 to EF-45.
– Fine (F): This refers to a coin that shows moderate wear but still has a well-defined design. The 1877 Indian Penny can be graded from F-12 to F-15.
Care and Preservation
Once you have acquired an 1877 Indian Penny, it’s essential to take proper care of it. Here are some tips for preserving your coin:
– Storage: Store your coin in a protective case or holder to prevent damage. Avoid exposing the coin to direct sunlight or extreme temperatures.
– Cleaning: Cleaning your coin can be a delicate process. Use a soft brush and mild soap to gently clean the coin. Avoid using harsh chemicals or abrasive materials.
– Handling: Handle your coin with care. Avoid touching the coin with your fingers, as the oils on your skin can damage the coin’s surface.
The 1877 Indian Penny in Popular Culture
The 1877 Indian Penny has made appearances in popular culture over the years. It has been featured in movies, books, and television shows. The coin’s unique design and historical significance have made it a popular choice for depictions of American history.
Movies and Television
The 1877 Indian Penny has been featured in several movies and television shows. In the 1990 film “The Hunt for Red October,” the coin is used as a plot device. In the 2007 television series “The Mentalist,” the coin is used as a clue in an episode.
Books
The 1877 Indian Penny has also been featured in several books. In the 2002 novel “The Da Vinci Code” by Dan Brown, the coin is used as a clue in the story. In the 2006 novel “The Lost Symbol” by Dan Brown, the coin is used as a plot device.
The Future of the 1877 Indian Penny
The 1877 Indian Penny is likely to remain a popular and valuable coin among collectors for years to come. Its historical significance and unique design make it a sought-after addition to any coin collection. As the coin continues to gain recognition and appreciation, its value is likely to increase.
New Discoveries
The numismatic world is always changing, and new discoveries are made regularly. It’s possible that new examples of the 1877 Indian Penny will be discovered in the future, potentially increasing the coin’s value and availability.
Market Trends
The market for rare coins is dynamic and can be influenced by various factors. Changes in the economy, political climate, and collector interest can all impact the value of the 1877 Indian Penny. Staying informed about market trends can help collectors make informed decisions about buying and selling the coin.
Conclusion
The 1877 Indian Penny is a fascinating and valuable coin with a rich history. Its unique design and historical significance make it a popular choice among collectors. Whether you’re a seasoned collector or just starting out, the 1877 Indian Penny is a coin worth considering. By understanding the coin’s history, significance, and collecting tips, you can make informed decisions about acquiring and preserving this iconic piece of American numismatic history.
FAQs
What is the value of an 1877 Indian Penny?
The value of an 1877 Indian Penny can vary significantly based on its condition and grading. In mint state, the coin can be worth thousands of dollars. In uncirculated condition, the coin can be worth hundreds of dollars. In fine condition, the coin can be worth tens of dollars.
Where can I find an 1877 Indian Penny?
You can find an 1877 Indian Penny through auctions, coin dealers, or coin shows. Websites like eBay and Heritage Auctions often feature these coins in their sales.
How do I care for my 1877 Indian Penny?
To care for your 1877 Indian Penny, store it in a protective case or holder, clean it gently with a soft brush and mild soap, and handle it with care to avoid damaging the coin’s surface.
What is the significance of the 1877 Indian Penny?
The 1877 Indian Penny holds significant historical and numismatic value. It reflects the cultural and political climate of the late 19th century and is highly sought after by collectors.
What is the future of the 1877 Indian Penny?
The 1877 Indian Penny is likely to remain a popular and valuable coin among collectors for years to come. Its historical significance and unique design make it a sought-after addition to any coin collection.