1895 Indian Head Cent: A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..

The year 1895 was a critical one for the United States economy, as the country was still reeling from the severe Panic of 1893. This economic depression had gripped the nation for two years, driven by a confluence of domestic and international factors.

Domestically, several interconnected issues fueled the crisis. There was over-speculation in the railroad industry, an ongoing debate over monetary policy, and the negative impact of the Sherman Silver Purchase Act of 1890, which significantly depleted U.S. gold reserves. The agricultural sector also faced considerable trouble.

Simultaneously, Europe experienced its own financial difficulties, leading to a contraction in foreign investment in the U.S. The absence of a central banking system exacerbated the crisis, allowing financial contagion to spread rapidly across banks and industries.

To address the crisis, President Grover Cleveland successfully lobbied Congress to repeal the Sherman Silver Purchase Act in 1893, which helped stabilize the currency. Two years later, in a pivotal moment to prevent the federal government from defaulting, banker J.P. Morgan loaned the U.S. government $65 million in gold. Banks also worked to stabilize their books by writing down losses.

However, the crisis wasn’t fully resolved until the discovery of gold in the Yukon Territory in 1896. This influx of gold helped to restore confidence and liquidity. The U.S. government further solidified its financial system in 1900 by formally adopting the national Gold Standard, and in 1913, it established the Federal Reserve to provide a more robust and resilient financial structure.

As the economy grew stronger, the demand for coins surged. At the Philadelphia Mint, seven of the ten in-production denominations saw year-to-year mintage increases. The 1895 Indian Head Cent experienced the most dramatic rise, with a 128.91% increase in demand. Other coins with significant production surges included the 1895 Liberty Head Nickel and the 1895 Barber Half Dollar. Famously, the Mint did not produce business strike Morgan Dollars that year, despite reporting a mintage of 12,000 pieces. However, the Mint did strike 880 1895 Morgan Dollar Proofs.

The 1895 Indian Head Cent in Particular

1895 Indian Head Cents are common coins that are available in both circulated and Mint State conditions.

• A pleasing Very Fine (VF) example typically ranges from $8-$10, depending on the exact grade and eye appeal.
• Collectors can purchase uncertified examples in About Uncirculated (AU) condition for $25-$30, with prices varying based on the specific level of wear and overall aesthetic appeal. Certified examples will cost more to compensate for grading fees and marketability.

Collecting Mint State 1895 Indian Head Cents

Those interested in Mint State coins should only buy certified examples graded by CAC, NGC, or PCGS. For Mint State copper, it is essential to understand the three color attributes, as they are significant factors that influence value and scarcity:

• Brown (BN): Coins that have entirely lost their original red luster and display a uniform brown color. Brown is the most common attribute for vintage copper coins.
• Red-Brown (RB): Coins with a mix of original red luster and brown toning. These typically command a modest premium over Brown examples.
• xRed (RD): Coins that retain at least 95% of their original red luster. These are the most desirable and, consequently, the most expensive.

Expect to pay a premium for full Red examples. For a choice MS64RD with good eye appeal, prices generally start around $400-$500, though exceptional pieces can certainly realize more. The majority of 1895 Indian Head Cents found with significant original red luster will fall within the MS64 to MS65 grade range. The 1895 cent is conditionally rare in grades MS65+RD and above.

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Market Data and Noteworthy Specimens

Dealers Abner Kreisberg and Jerry Cohen offered an example they described as “BU – Full blazing mint colors – superb” for $50 in their February 1978 advertisement in The Numismatist.

1895 Indian Head cents are plentiful in MS65RD. Through 11/07, PCGS reported 31 in MS66RD with two finer. That number has grown significantly in the years since. As of July 2025, the PCGS MS66RD population has grown to 53, with 28 finer.

*NGC reports one coin at the grade MS67+RD (#6332485-001). This coin has been crossed to PCGS at the same grade level.

The record price paid for a 1895 Indian Head Cent is $46,125, the price realized in November 2023 for the Stewart Blay coin. That coin, in our opinion, is the finer of the two PCGS MS67+RDs.

Top Population: PCGS MS67+RD (2, 7/2025), NGC MS67RD (9*, 7/2025), and CAC MS67RD (4:1, 7/2025).

• PCGS MS67+RD: As PCGS MS66+RD CAC. Stack’s Bowers, August 13, 2011, Lot 6353 – $5,175; As NGC MS67+RD CAC #6332485-001. Stack’s Bowers, March 21, 2023, Lot 3084 – $13,200; Heritage Auctions, September 14, 2023, Lot 3011 – $9,900; “The Sunset Collection, Part 231,” GreatCollections, November 26, 2023, Lot 1469557 – $9,393.75. Crossed to NGC, where the coin upgraded by 1/2 point. As PCGS MS67+RD. Crossed to PCGS at MS67+RD. Imaged on PCGS CoinFacts. Not removed from NGC census. Carbon fleck on Liberty’s cheek. Carbon spot on upper left wreath. Die clash image below C.
• PCGS MS67+RD CAC #11266824: “The Stewart Blay Collection of Indian Cents,” GreatCollections, November 19, 2023, Lot 1455996 – $46,125. Top pop, pop one when offered. Tiny tick on jaw line.
• PCGS MS67RD #40948011: Heritage Auctions, May 1, 2025, Lot 3431 – $9,300. Light chatter on the neck.
• PCGS MS67RD CAC #21819210: As PCGS MS67RD #21819210. “The Joshua and Ally Walsh Collection,” Heritage Auctions, January 5, 2006, Lot 3067 – $40,250; “The Joseph C. Thomas Collection,” Heritage Auctions, April 30, 2009, Lot 2090 – $25,300. Two thin streaks below S of States. As PCGS MS67RD CAC #21819210. “The Tom Bender Collection,” Heritage Auctions, January 2023, Lot 3324 – $10,200; “The Douglas Wright Collection of Indian Head Cents,” Heritage Auctions, February 27, 2025, Lot 3072 – $10,800.
• PCGS MS67RD #45690740: Heritage Auctions, January 15, 2025, Lot 3872 – $9,600.
• PCGS MS67RD #42605860: Stack’s Bowers, November 1, 2022, Lot 5018 – $5,160. Diagonal hit on jaw. Carbon spots on eagle’s feather, on the D of STATES, and to the left of OF.
• PCGS MS67RD #38161525: “The Silver Springs Collection,” Stack’s Bowers, August 17, 2021, Lot 4026 – $12,000.
• PCGS MS67RD #25305062: Heritage Auctions, November 6, 2014, Lot 3584 – $23,500; “The Castle Collection,” Heritage Auctions, August 14, 2019, Lot 3689 – $10,800.
• NGC MS67RD CAC #2589317-002: Heritage Auctions, June 8, 2017, Lot 3527 – $5,640. Carbon spot between D and S of STATES.
• NGC MS67RD #1554157-003: The Maine Roll Collection; Heritage Auctions, May 28, 2009, Lot 128 – $6,325; Heritage Auctions, July 31, 2009, Lot 105 – $5,485; Heritage Auctions, September 10, 2009, Lot 115 – $6,325. Maine Roll on insert.
• PCGS MS66+RD CAC EEPS #84287385: Stack’s Bowers, June 24, 2025, Lot 1366 – $5,280. Cluster of light scratches on the cheek. Cognac color.
• PCGS MS66RD: Heritage Auctions, January 9, 2008, Lot 342 – $4,312.50. Carbon spot on L in LIBERTY, red mellowing.

1895 Indian Head Cent, Snow-8, Repunched Date

Minor repunching on the lower loops of the date.

• PCGS MS66RD #30836764: Herigage Auctions, January 7, 2015, Lot 3220 – $1,292.50; Heritage Auctions, March 3, 2016, Lot 3535 – $2,585. Variety attribution by Heritage Auctions.

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Design

Obverse:

Liberty’s face on the Indian Head Cent is similar to U.S. Mint Chief Engraver James Barton Longacre’s Three-Dollar Gold piece, and also bears a resemblance to his Gold Dollar and double eagle Liberty portraits. Wearing a beaded necklace, Liberty faces left. On her head is a nine-feathered Indian war bonnet with a band displaying the word LIBERTY. Locks of hair drape down the back, and one end of the diamond-patterned headband curls slightly to the front, with the other end somewhat hidden between the hair and the bottom feather. UNITED STATES follows along a denticulated border to the left while OF AMERICA follows along the right. The date is at the bottom.

Reverse:

The reverse features a concentric two-part wreath set within a denticulated rim, tied together at the bottom by a ribbon that also binds three arrows. The wreath is mainly composed of oak leaves with acorns, though another type of leaf is shown at the bottom on the left side. The top ends of the wreath separate to allow for the placement of a small Union shield, and the denomination ONE CENT is prominently displayed in the center of the flan.

Edge:

The edge of the Indian Head Cent is plain or smooth.

Coin Specifications

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