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Indian Head Penny 1901, 1902, 1903 and 1943 D Steel Penny
Description: Indian Head Penny 1901, 1902, 1903 and 1943 D Steel Penny (One Cent $0.01)
The Indian head penny was created to replace the Flying Eagle cent because the United States Mint was having problems striking the Flying Eagle cent uniformly. Under direction from Mint Director James Ross Snowden, James B. Longacre designed the replacement. The reverse design stayed relatively the same while Longacre replaced the obverse design with an allegorical figure of Lady Liberty wearing an Indian headdress.
Longacre first used this allegorical figure idea on the 1854 one dollar gold piece. The reverse design was very similar to the preceding Flying Eagle reverse. In the first year (1859) the reverse had a laurel wreath surrounding the words ONE CENT. In 1860, Longacre changed the wreath on the reverse side to a wreath made of oak leaves with the Union Shield at the top of the wreath.
Due to the rising cost of raw materials during the Civil War, the composition was changed midway through 1864 from a mixture of copper and nickel to a bronze alloy. Additionally, Congress approved a reduction in the weight from 4.67 grams to 3.11 grams. Production of these cents continued through 1909 when the Treasury Department replaced it with the Lincoln cent that commemorated the 100th anniversary of his birth.
Indian Head penny values and prices have remained historically flat when corrected for inflation.
However, there are a few key dates and varieties that appreciate at a faster rate.
Production Years, Mints and Types
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