1903 Indian Head Penny: How Much Is It Worth Today?

Published on February 05, 2025

A random coin you found in your Grandparents' house just became your lucky charm, didn’t it? The Indian Head pennies are some of the most valuable and sought-after rare American coins in the market. The 1903 Indian Head penny value is an interesting topic to discuss, being one of the last pennies ever produced.

This 1903 Indian Head Penny could be valued anywhere from $2 to $20 based on their condition and can go as high as $20,000. With the value, we will also decipher their conditions with the grading scale, their variations, and their errors.

Without any further ado, Let’s dive right into it!

1903 Indian Head Penny Grading

Without any further ado, Let’s dive right into it!

1903 Indian Head Penny Grading

The conditions and the grading scale go hand-in-hand when determining the value of the 1903 indian head penny. Here are the descriptions of the conditions, along with the grades:

Uncirculated

The Indian Head Pennies that never left the mint are uncirculated. They retained all of their original luster, and the inscriptions are clear and sharp. The Uncirculated 1903 Indian Head Pennies are rather harder to find and can fetch values up to $20 and as high as $20,000.

Extremely Fine

Extremely fine 1903 Indian head pennies would depict small signs of tear on the surface. However, the overall condition and shape would be intact. These condition pennies are also uncommon, with prices from $10 to around $380.

Fine

Coins with the ‘Fine’ condition have experienced a considerable amount of circulation, meaning plenty of scratches and signs of wear are expected. In this case, the design is often disoriented and unable to identify. The 1903 Indian Head Penny value of Fine condition is around $4.50 and would increase if errors were included.

Good

The Good condition Indian Head Pennies are generally neglected by collectors as they fail to fetch a considerable sum. This is the roughest condition, with heavy chipping, scratching, and wear. These coins can fetch a value of as much as $2.

Features of the 1903 Indian Head Penny

Obverse	Lady Liberty wearing a headdress along with “UNITED STATES OF AMERICA. 1903” inscribed.
Reverse	Two tied wreaths at the bottom, a shield at the top, and the denomination “ONE CENT” in the center.
Dimensions	19.05 mm in diameter
Edge	Reeded
Composition	95% copper, with the remainder in zinc, tin, or both
Weight	3.11g
Designer	James B. Longacre

1903 Indian Head Penny Variations and Value

1903 Indian Head Penny Value - No Mint Mark

The 1903 Indian Head penny was struck at the Philadelphia facility of the US Mint. The pennies struck at this facility lack a mintmark, while the other facilities have their designated initials. A total of 85,092,703 pennies were struck at Philadelphia.

Here are some prices that these pennies fetch: (from historical records)

On 16th February 2001, an MS60 BN Penny was sold for $4,600 but could only fetch $55 in 2025.
A red Indian head Penny sold for $17,250 on 4th November 2004.
From all the mintage, PCGS has only graded three pennies as MS67+ RD with an estimated valuation of $20,000 as of September 2023.

1903 Proof Indian Head Penny Value

Proof coins are a mint’s way to earn extra cash, as they were struck solely to target collectors during that time. Proof coins are sold at an extra premium price since they are practically the perfect coins with a mirror-like finish.

In 1903, the Philadelphia Mint made 1,790 Proof Indian Head Pennies. Finding one of them is rare, while one among the earliest 50 to 100 with the Deep Cameo, aka Ultra Cameo, are even more rare.

Here’s what these proof pennies have fetched in the market:

A PR 66 BN was $3,220 in 2006 but is only $1,350 today.
A PR 65 CAM was $1,920 on October 10th, 2021, and a PR 67 CAM is now $15,500.

1903 Indian Head Penny Errors and Rare Coins

Errors are basically manufacturing defects on the coin that drastically increase the 1903 Indian Head Penny value. We have brought together some of these errors, how to identify them, and their values.

Read Around, and Find out!

1903 Indian Head Penny Broadstruck Error

Broadstruck error usually happens when the edge is deformed leading to a much flatter coin at the spot. In the 1900s, the coins would use three-piece collar molds which would make the metal spill out since it separated too soon.

The 1903 Indian Head penny with broadstruck error would fetch around $55 even for lower grades like Very Good (VG) 8 BN.

1903 Indian Head Penny Curved Clip

Coins are generally made from planchets by striking out the discs of the right size. This leaves the planchet full of holes and deformation, resulting in its recycling.

However, if these planchets are re-used, they would give a rather incomplete coin. The curved clip error pennies fetch negligible amounts in AU conditions.

1903 Indian Head Penny Double Strike Error

Double strike error pennies mean that a coin was struck twice and flipped before doubling. Hence, if you are confused between Double Strike and Double die, that’s how to differentiate them. This error penny was graded VG 8 and was sold for $275.

1903 Indian Head Penny Double Struck 65% Off-Center

Off-center errors are when the coin moves out of the machine before the second strike. The percent of the off-center determines how far from the center is the second strike. However, this is a double struck off-center meaning it is the after math of the previous coin. The only difference is that, the previous coin flipped while this coin moved completely.

The 1903 Indian head penny with double struck 65% off-center error with an MS63 BN grade fetches upto $900.

1903 Indian Head Penny 10% Off-Center

Similar to the previous coin, this error is also off-center; the only difference is that, this is single strike. In this case, the 10% misalignment on the right leaves a part of coin empty. The 10% off-center is rather famous among the collectors.

Here’s what these pennies have valued:

Graded AU 55 BN, the Indian Head Penny Off-center error sold for $250.
A 35% off-center variant on its southern obverse was graded AU 58 and sold for $380.
Finally, an MS 64 BN that was 15% off-center sold for $490.

1903 Indian Head Penny MPD Error FS-301 and FS-302

Misplaced Date (MPD) is an uncommon and sought-after error in the Indian head pennies. FS stands for Fivaz-Stanton, names of two numismatics, who developed the system that categorized die variations. The numbers 301 and 302 determine the specific die variety code particularly assigned to it. This particular error often leads to a extra ‘1’ from 1903 poking out of Lady Liberty’s neck.

Here’s what the 1903 Indian Head Penny MPD Error FS-301 and FS-302 fetch:

An F 12 BN FS-301 was $198 on 23rd June 2013.
An MS 64 BN FS-301 is worth $250 in September 2023.
An MS 63 RB FS-302 sold for $200 on 6th March 2019 and an MS 64 RB FS-302 is $285 today.

1903 Indian Head Penny RPD Error FS-303 and FS-304

Similar to the previous coin, this error coin bears the die varieties of FS-303 and FS-304. However, this is a Repunched Date (RPD) error, meaning single or multiple dates are struck on the same coin.

The MPD FS-301 and FS302 prices are similar to RPD being valued from $250 to $285.
The FS-304, however, is more valuable fetching amounts from $495 to $1,425 for grades like AU 58 BN and MS 65 RD.

Final Word

There you have it! Everything you practically need about the 1903 Indian Head Penny value including its influencing factors, variations, and notable errors. If you happen to find a Indian Head Penny in your house or backyard, you now know that you have a treasure in your palms.

Make sure to take professional advice before selling your rare coins. You can also get your coins graded from the likes of NGC and PCGS to gain more leverage. Check out the other Indian Head Penny and rare coins here.