1906 Indian Head Penny Value Guide

The 1906 Indian Head Penny Value

The 1906 Indian Head penny only had one minting location, Philadelphia. It has special designations for its brown, red-brown, and red versions. Red is the most valuable, and brown is the least valuable. It also has circulation and proof versions. 1906 Indian Head proof pennies are almost always more valuable than the circulation ones. 

An N/A for a value below indicates no publicly known examples of that version of the 1906 Indian Head penny with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1906 Indian Head penny’s melt value is approximately negligible. The melt value will fluctuate with the market.

Circulation Strike Value Chart – Brown Coins (BN)

1906 Brown Indian Head Penny
Grade Names	Coin Values
Good – G BN	$2
Very Good – VG BN	$4
Fine – F BN	$5
Very Fine – VF BN	$9
Extra Fine – XF BN	$19
About Uncirculated – AU BN	$26-$36
Mint State – MS BN	$40-$432 (66)

Circulation Strike Value Chart – Red-Brown Coins (RB)

1906 Red-Brown Indian Head Penny
Grade Names	Coin Values
MS 60 RB	N/A
MS 61 RB	$50
MS 62 RB	$67
MS 63 RB	$105
MS 64 RB	$142
MS 65 RB	$262
MS 66 RB	$550
MS 67 RB	$1,000
MS 68 RB	N/A
MS 69 RB	N/A
MS 70 RB	N/A

Circulation Strike Value Chart – Red Coins (RD)

1906 Red Indian Head Penny
Grade Names	Coin Values
MS 60 RD	N/A
MS 61 RD	N/A
MS 62 RD	$100
MS 63 RD	$147
MS 64 RD	$270
MS 65 RD	$687
MS 66 RD	$2,000
MS 67 RD	$23,000
MS 68 RD	N/A
MS 69 RD	N/A
MS 70 RD	N/A

Proof Strike (PR) Value Chart – Brown Coins (BN)

1906 Brown Proof Indian Head Penny
Grade Names	Coin Values
PR 60 BN	$115
PR 61 BN	$130
PR 62 BN	$185
PR 63 BN	$252
PR 64 BN	$342
PR 65 BN	$562
PR 66 BN	$1,200
PR 67 BN	$2,400
PR 68 BN	N/A
PR 69 BN	N/A
PR 70 BN	N/A

Proof Strike (PR) Value Chart – Red-Brown Coins (RB)

1906 Red-Brown Proof Indian Head Penny
Grade Names	Coin Values
PR 60 RB	N/A
PR 61 RB	N/A
PR 62 RB	$222
PR 63 RB	$262
PR 64 RB	$412
PR 65 RB	$700
PR 66 RB	$1,500
PR 67 RB	$3,800
PR 68 RB	N/A
PR 69 RB	N/A
PR 70 RB	N/A

Proof Strike (PR) Value Chart – Red Coins (RD)

1906 Red Proof Indian Head Penny
Grade Names	Coin Values
PR 60 RD	N/A
PR 61 RD	N/A
PR 62 RD	$287
PR 63 RD	$375
PR 64 RD	$650
PR 65 RD	$1,400
PR 66 RD	$2,700
PR 67 RD	$12,000
PR 68 RD	N/A
PR 69 RD	N/A
PR 70 RD	N/A

What Makes A 1906 Indian Head Penny Valuable?

Factors contributing to a 1906 Indian Head penny’s value include the following:

• Grading
• The rarity of some versions
• Strike type
• Special designations
• Error coins
• And die varieties

Let’s start with grading.

Grading

Grading does affect the value of a 1906 Indian Head penny. It is more pronounced in the red-brown and red versions than in the brown version. Grading also affects the proof coins more than the circulation coins.

However, even the lowest grade of a brown circulation-strike coin is worth $2 or more.

Rarity

The Mint minted the 1906 Indian Head penny approximately 96,022,255 times across all of its versions. Please see the following list for the breakdown for each version:

• 1906: 96,020,530 minted in Philadelphia^1,2
• 1906 Proof: 1,725 minted in Philadelphia^5,6

With a mintage of over 96 million, the 1906 Indian Head penny is relatively common. In fact, this is even true for red versions of the coin, which are the most valuable overall.¹

Mint Marks

The 1906 Indian Head penny has no mint marks because the Mint only produced it in Philadelphia.^9-10 This does not add to its overall value.

Strike Types

The 1906 Indian Head penny has 2 two strike types: circulation and proof.^9-10

Of the two, the proof version is more valuable in almost all cases. The only exception is the MS 67 grade for red coins. In this case, the circulation-strike version is worth more than the proof-strike version.

Design Variations

The 1906 Indian Head penny has no design variations.

Special Designations

The 1906 Indian Head penny has 3 special designations. These special designations are based around the penny’s color (like all copper pennies). Specifically, they’re red, red-brown, and brown.^1-8

Of those 3 special designations, red is the most valuable, then red-brown, and brown in last.

Error Coins

1906 Indian Head penny errors include the following:¹¹

• Struck off-center errors
• Double-struck errors
• Wrong cent planchet errors

Of these errors, the wrong cent planchet errors are the most valuable. They add tens of thousands of dollars to the coin’s value.

The other two errors add hundreds of dollars of value.

Die Varieties

The 1906 Indian Head penny has several die varieties. All of these revolve around the date.^2,12-14 

Either the Mint repunched parts of the date, or it misplaced them. Coin-grading bodies express these as RPD and MPD, respectively.

These don’t appear to add any value to the coin. However, they are nonetheless interesting.

Composition

The 1906 Indian Head penny is 95% copper. This does not add to its value.

Additionally, as with all coins, we advise against melting this one down. Although the melted metals of some coins have value, they’re always worth more intact.

How Do You Know If You Have A Valuable 1906 Indian Head Penny?

The best way to know if you have a valuable 1906 Indian Head penny (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

Higher grades require less and less wear, fewer imperfections, and better details. While you can determine some of these elements in general on your own, you’ll need a professional’s help to narrow your coin down to what exact grade it is.

Mint Marks

Since the 1906 Indian Head penny has no mint marks, you won’t need to determine which one your coin has or where it came from. 

However, this also means you shouldn’t ever see a mint mark on your penny. If you do, it could be an extremely rare version of the coin or a forgery. Either way, get a professional to figure out what’s going on.

Strike Types

The Mint produces proof coins with more care than circulation coins. They strike proof coins at least twice and they highly polish the planchets. 

They do not take these steps for circulation coins. 

So, generally, proof coins should and will show the characteristics of this greater level of care. They should have no wear, and their details should be clearer and sharper. 

Circulation coins can also have these characteristics, but far fewer of them will. 

Design Variations

The 1906 Indian Head penny has no design variations.

Special Designations

Determining whether your 1906 Indian Head penny qualifies for a special designation comes down to the coin’s color. Unfortunately, this can be hard to determine and can vary from one coin-grading body to another. 

However, generally, a copper penny needs to have nearly all of its original red color remaining to qualify for the red special designation.

A penny needs to have most or some of its original red color remaining to qualify for the red-brown special designation.

A penny with little to no red color remaining qualifies for the brown special designation.

Whatever version you think your penny is, you’ll need to consult with a professional to get it officially certified.

Error Coins

For struck off-center errors, look at your 1906 Indian Head penny’s design. It should be centered, but when it’s off-center, it will be shifted in one direction or the other.

Coin-grading bodies express this shifting as a percentage. 5% means a small amount of shifting, while 30% means a significant amount of shifting. Depending on the severity of the shifting, this can result in an incomplete coin design.

Double-struck errors mean the Mint accidentally struck that coin twice. This can result in doubling or even a rotated second design over the first.

Wrong cent planchet errors mean the Mint struck a design on the wrong coin. For example, it could’ve struck a penny design on a nickel or vice versa.

Die Varieties

For the MPD and RPD 1906 Indian Head penny die varieties, look at the date on the coin’s obverse side.¹² Specifically, you’re looking for evidence of removed numbers. These will often show up as faint impressions, and you will likely need a loupe or some other form of magnification to see them.

For example, you may see part of a 6 below the 6. You may also see the faint outline of a 0 just down and to the left of the 0.

Regardless, you’ll need a professional’s assistance to certify whether you have one of these die varieties and which one you have.

Additional Information About The 1906 Indian Head Penny

History

There’s nothing notable about the 1906 Indian Head penny’s history. 

The Indian Head penny began in 1859 and saw production until 1909, when the Lincoln cent (with wheat reverse) replaced it. The flying eagle cent was prior, circulating only for 2 years until the Mint Director at the time decided to replace it. 

The origins of the “Indian Head” on the penny have some conflicting stories. 

The designer, James B. Longacre, claimed he based the face’s design on the Crouching Venus statue’s face. Some claim he based the face’s design on his daughter’s face. Some even claim he based the whole design on his daughter, who wore a headdress from some visiting Native Americans. 

What’s certain is that the woman wearing the Native American headdress on the Indian Head penny is Caucasian, not Native American.

^{Sources: 9,15}

The Coin’s Obverse Side

A depiction of Liberty with an Indian headdress dominates the center of the 1906 Indian Head penny’s obverse side. The words “United States Of America curve around the head. They’re separated from the rim by denticles. The year “1906” sits at the bottom.

The Coin’s Reverse Side

The 1906 Indian Head penny’s reverse side features the words “One Cent” in the center of the coin. An oak wreath encircles them with a bow and arrows tied in its center. The tips of the wreath nearly touch a striped shield.

Why Are Indian Head Pennies Called That?

Indian Head pennies get their name from the design on the coins’ obverse side. Although it features a Caucasian woman wearing a Native American headdress, many mistake it for a Native American woman. In short, people call the coin by that name because it bears an “Indian Head” on its obverse.

Are Indian Head Pennies Okay To Collect Given What They Depict?

Ultimately, that’s up to the collector to decide. However, studies show that Native Americans oppose such depictions of themselves and their cultures, and with good reason. The best thing you could do is to research more about Native Americans, their cultures, and their perspectives. 

If you decide you don’t want to collect them, know that you have many options for pennies and other coins in their stead.

Sources

1906 Indian Head Penny Value Guide Sources