Indian Heads Fetch Little Wampum

Question: Would a U.S. Indian head penny dated 1862 have value as a collector’s item? Judging from its condition, which is unworn, it may not have been circulated.--R.N.

Answer: The Indian head cent has long been a favorite of collectors. It is an especially good series for young people, because the design is so appealing and the coins are not terribly expensive. Also, it is a long-run series, dating from 1859 to 1909, when it was replaced by the familiar Lincoln cent.

Legend has it that designer James B. Longacre used his daughter, Sarah, as the model for the Indian head figure on the small cent piece. Research, however, apparently indicates that Longacre adapted a Greco-Roman profile from a statue of Venus in a Philadelphia museum. Add a war bonnet and--presto!--an American Indian princess.

If you want an authentic Indian head design, look at the Indian head (also called “buffalo”) nickel (1913-1938). Three Indians were used as models for that piece, which is probably more American than any coin yet issued.

In any event, your coin was issued during the Civil War, which makes it interesting but also plentiful, because of widespread hoarding during that period. More than 28 million cents were struck in 1862, so it is not difficult to acquire. Chances are your coin is in the $1 to $5 range, although truly nice specimens may fetch about $100. Your coin would have to be seen to be accurately appraised.

Coin News

Mexico’s Mint is offering a three-metal set that, for the first time, will offer the renowned Libertad in platinum and gold in addition to the familiar silver. Each year from 1989 through 1991, a three-coin proof set of gold, silver and platinum will be released, with the metals rotating within each three-coin set. The 1989 set contains a 1-ounce silver (pictured), 1/2-ounce gold and 1/4-ounce platinum. In 1990, the set will be 1-ounce platinum, 1/2-ounce silver and 1/4-ounce gold. In 1991, it will be 1-ounce gold, 1/2-ounce platinum and 1/4-ounce silver. The set, dubbed the Rainbow, is limited to 3,500 worldwide each year. For information contact MTB Banking Corp., 90 Broad St., New York, N.Y. 10004-2290; telephone (800) 221-5240.

Auctions are a good way to monitor coin prices. The recent sale conducted by Pacific Coast Auctions in conjunction with the American Numismatic Assn./Professional Numismatists Guild Show in San Diego is no exception. The auction of certified coins realized more than $1.2 million, with a 1915 proof set going for $38,000. Other highlights included an 1818 large cent graded Mint State-64 ($1,200), a 1927-S dime graded MS-64 ($2,250), an 1840 $1 graded MS-63 ($7,200), a 1925-S California commemorative half dollar graded MS-66 ($4,900), and a 1906 proof-64 gold $10 ($28,000). For information (consignments for Certsale XI are being accepted until May 15), contact Pacific Coast Auctions, 1013 State St., Santa Barbara, Calif. 93101, (805) 962-3197.