One of Two Finest Known 1895 Indian Head Cents. As Good as the Blay Coin?

Hi there, this is CoinWeek Editor Charles Morgan You are looking at one of the finest known 1895 Indian Head Cents. This example is graded MS67+RD by NGC and is CAC approved. We filmed this coin at a Stack’s Bowers March 2023 lot viewing, where the coin subsequently sold for $13,200. Six months later, the same coin appeared at Heritage Auctions' sale, where it sold for $9,900—a sharp decline. Before NGC graded this coin MS67+RD, it appeared at a 2011 Stack’s Bowers sale, where it was graded MS66+RD by PCGS. It was also CAC approved. The market for high-end 1895 Cents has evolved over the past 15 years, but I’ll get into that in a minute. First, some history. The United States economy in 1895 was emerging from the severe Panic of 1893, a two-year depression caused by domestic issues like railroad over-speculation, monetary policy debates, and depleted gold reserves from the Sherman Silver Purchase Act, compounded by a contraction in European investment and the lack of a central banking system. While President Grover Cleveland's repeal of the Sherman Silver Purchase Act in 1893 and J.P. Morgan's $65 million gold loan in 1895 offered some relief, full recovery wasn't achieved until the 1896 Yukon gold discovery. This economic stabilization, further solidified by the 1900 adoption of the Gold Standard and the 1913 establishment of the Federal Reserve, led to a surge in demand for coinage, with most denominations seeing increased mintage at the Philadelphia Mint, notably the 1895 Indian Head Cent. 7 out of 10 production denominations saw increases in mintage. Famously, though, no business strike 1895 Morgan Dollars were struck With its high mintage, the 1895 cent is common in circulated and Mint State grades through MS64. Higher than MS65+, and the 1895 Indian Head Cent becomes conditionally rare. Collectors looking for a choice Mint State example with full Red or Red Brown should expect to pay upwards of $500. But cheaper options are available, in AU and Mint State Brown. We’ve seen some attractively toned examples, which generally fall in the Brown or Red Brown categories. To date, three coins are reported at the MS67+RD level. Two at PCGS and one at NGC. However, this data is in error. This coin, the NGC coin, has since been crossed to PCGS at MS67+RD, making this the second of two in that census. The top pop grade at NGC is now. MS67RD with nine coins reported. CoinFacts lists the price of its two MS67+RD coins at $45,700. PCGS arrives at this price because of the record set by GreatCollections at the November 2023 Stewart Blay sale. That coin, in our opinion, is a touch nicer than this example. So, how much is this coin worth in a PCGS holder? It depends on how it’s marketed and how much it appeals to prospective buyers. We doubt it will reach the heights of the Blay coin, and it cannot escape its pedigree.