1909-S

The 1909-S Indian Head cent is the key date of the series' final years and one of the most sought-after coins in all of American small-cent collecting. The San Francisco Mint produced only 309,000 Indian Head cents in 1909 before switching to Lincoln cent production. The low mintage, combined with the coin's status as the last Indian Head from any mint, makes the 1909-S a coin with dual appeal: it is both the rarest regular-issue Indian Head of the twentieth century and the final coin of a fifty-year design.

The 309,000 mintage is the lowest in the entire Indian Head series, below even the 1877's 852,500. But the 1909-S had an advantage the 1877 lacked: people knew the design was ending and saved examples deliberately. Collectors and speculators hoarded them almost from the moment of release. The result is a coin that survives in better average condition than the 1877 despite having fewer made. NGC has noted that the only true rarities among 1909-S Indian cents are heavily worn pieces, because so few escaped detection long enough to wear down. Uncirculated examples, often with a golden or brassy color and woodgrain toning streaks, exist in meaningful numbers. An MS67 Red brought $97,750 at auction in 2006.

Even with the hoarding advantage, the 1909-S is an expensive coin. Good to Fine examples command three-figure prices. Very Fine approaches four figures. Uncirculated examples, depending on color and surface quality, reach well into four figures and beyond for gem-quality pieces with original red surfaces. The coin's popularity ensures strong demand across all grade levels.

The small S mintmark on the reverse below the wreath identifies the San Francisco issue. Counterfeits exist (the high value incentivizes fraud), and added mintmarks on common 1909 Philadelphia cents are a known risk. Any 1909-S Indian Head purchased at key-date pricing should carry third-party certification. The coin is too valuable and too frequently counterfeited to buy on trust.