1863 Indian Head Penny: Highest Mintage Of The Copper Nickel Indian Pennies

by Andrew Spaeth on Saturday, November 20th, 2010 | No Comments

1863 Indian Head penny Overview

With a mintage of 49,840,000 coins, the 1863 Indian Head Penny has the highest mintage of any of the copper nickel variety Indian Head pennies. The Civil War had driven all silver and gold coinage into hiding as people hoarded coins, fearing the uncertainty that comes with war. The Indian Head penny was soon to follow, and the us mint spit out the 1863 Indian Head penny in record numbers.

The full extent of the 1863 Indian Head Penny mintage was hoarded until the end of the war, when they re-entered circulation in their original condition. During the Redemption period of the 1870's, large numbers of the 1863 Indian Head penny were melted down. This year's issue was so plentiful that a great many coins remain for today's collector and many of these coins are in excellent condition due to the fact that they were hoarded at the beginning of their issue.

The optimal collecting grade for the 1863 Indian Head penny is AU-50.

There are more than enough coins in low to mid grade to go around. Choose one with good eye appeal in any grade, and avoid overly worn coins or ones with scratches or gouge marks. This coin's high mintage makes it affordable in most all grades, and also allows you to be choosy about which coin to collect. There is only about $5 in value between a G-4 Indian Head penny and one in VF-20 condition so you may want to lean towards a coin in Fine or Very Fine condition, as this grade of coin will have superior eye appeal with a full LIBERTY in the headdress.