The value of a 1904 one-cent coin, specifically an Indian Head Penny, depends heavily on its condition or grade.
- Condition (Grade): This is the most crucial factor. A professional grading company like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) assesses the coin’s condition and assigns a grade based on a 70-point scale. Higher grades indicate better condition and significantly higher value.
- Circulation: Coins that have been in circulation will generally be less valuable than uncirculated examples.
- Luster and color: Uncirculated coins retain their original mint luster, and some may exhibit red (RD) coloration, which adds to their value.
- Varieties: Certain die variations, such as the “Snow” varieties named after numismatist Rick Snow, can increase a coin’s value, particularly for specialists.
- Heavily to Moderately Circulated (G-4 to VF-20): $1 – $20
- Lightly Circulated (XF-45 to AU-58): $30 – $60
- Uncirculated (MS-63): $75 – $120
- Choice Uncirculated (MS-64): $150 – $250
- Gem (MS-65 RD): $300 – $550+
- Superb Gem (MS-66 RD): $1,000 – $2,500+
In addition to regular strike coins, a small number of proof specimens were minted in 1904. These were specially struck coins intended for collectors. A 1904 proof penny in choice condition can sell for around $1,275. Higher grades for proof coins can command significantly higher prices. For example, a Proof 67 Red (PR-67 RD) 1904 Indian Head Cent sold for over $29,000, while a Proof 62 Red (PR-62 RD) sold for around $200.
In summary: A 1904 Indian Head Penny in heavily circulated condition might be worth only a few dollars above face value. However, a well-preserved, uncirculated example or a rare proof specimen can fetch hundreds or even thousands of dollars, particularly in higher grades.
How to tell if an Indian Head penny is valuable?
An Indian Head Penny’s worth depends on its age and appearance. The better its condition, the greater the price. A rare Indian Head Penny that’s uncirculated is worth more than a circulated one with prominent wear marks.
How much is a coin from 1904 worth?
I can help with that. 1904 Morgan Dollar Value
According to the NGC Price Guide, as of August 2025, a Morgan Dollar from 1904 in circulated condition is worth between $35 and $100. However, on the open market 1904 Silver Dollars in pristine, uncirculated condition sell for as much as $13000.