Expert: PAPAJACK - 11/8/2009

Question
how much should I pay for an 1887 indian head? What is this penny worth?

Answer
Hello Martin,                             

Thank you for selecting me for this question.

  True value of a coin depends on the state of preservation and how many of the coins are left around. The Mintage for that year was 45,226,483 coins produced (I wish the mint kept records like this today, They do not know how many quarters they made last year!). So it is not a rare coin.  So its value would be in its quality. Here is a quick guide to finding the grade for your coin.  The grading scale goes from poor (Grade-1) to Mint State (Grade-70).

Good (4) - All details worn word LIBERTY gone from headband.     $1.00 or less

Very Good (8) - There need to be at least 3 letters in LIBERTY are evident but worn.    $1.50
Fine (12) -   LIBERTY completely visible in headband.       $3.00

Very Fine (20) - Sight but even wear on all surfaces.           $3.75

Extremely Fine (45) - Very slight wear, all details & LIBERTY sharp.  $14.00

Mint State (60 to 65) - No trace of wear, surfaces are lustrous.      up to $45.00

I hope the information helps; there is a lot to grading evaluating coins.

Feel free to contact me again on this or any other U.S. Coin question.

Good Luck

PapaJack