- 1902 Indian Head Penny Value Your penny is one of the dates likely found in a box of old coins and 1902 Indian head penny value begins in the $1 to $2 range. However, because of strong collector demand it is becoming a valuable collectible.
- USA Coin Book Estimated Value of 1902 Indian Head Penny is Worth $3.14 in Average Condition and can be Worth $40 to $60 or more in Uncirculated (MS+) Mint Condition. Proof Coins can be Worth $152 or more. Click here to Learn How to use Coin Price Charts. Also, click here to Learn About Grading Coins.
1902 Indian Head Penny. CoinTrackers.com has estimated the 1902 Indian Head Penny value at an average of $2.50, one in certified mint state (MS+) could be worth $55. USA Coin Book Estimated Value of 1902 Indian Head Penny is Worth $3.14 in Average Condition and can be Worth $40 to $60 or more in Uncirculated (MS+) Mint Condition. Proof Coins can be Worth $152 or more. Click here to Learn How to use Coin Price Charts. Also, click here to Learn About Grading Coins.
The British pre-decimal penny coin, abbreviated as 1d (from 'denarius' - the Roman coin from which the penny is directly descended), was a unit of currency that equalled one two-hundred-and-fortieth of a pound sterling (there were 20 shillings to a pound, and 12 pence to a shilling so one pound was equal to 240 pence).
The denomination continues the tradition of earlier penny coins of Great Britain, which also featured the figure of Britannia. The bronze coins of these specifications replaced the larger copper pennies which were issued until 1860. The new, more durable, alloy was composed of 95 parts of copper, four of tin and one of zinc. Between 1860 and 1895, the penny had the third Britannia design on the reverse, and Queen Victoria's 'Bun Head' effigy. In 1895, the reverse was updated to this fourth Britannia design - which is a simplified version of the earlier design by Leonard Charles Wyon, and the obverse to the Queen's 'Veiled Head' portrait. Unlike the smaller denominations, which were redesigned for the new coinage of King George VI in 1937 (see the Ship Halfpenny and the Wren Farthing), the penny did not get a new design and retained the classic Britannia reverse until the end.
During the reign of King George V, the mint had issues with the monarch's portrait by Sir Bertram Mackennal. Many of the bronze blanks used for the coins were produced by private firms in Birmingham. A great deal of difficulty was encountered in striking coins of this design. The high relief portrait caused a displacement of metal, called 'ghosting', that showed through on the reverse side as an incuse outline of the head. A new bronze alloy was adopted in 1923 in an effort to remedy the situation. It consisted of 95.5 per cent copper, 3 per cent tin and 1.5 per cent zinc. This alloy has a more golden tint than the former one. It lessened the hardness, enabling the coins to be more easily struck and lengthened the life of the dies. During 1925 the features of the design were slightly modified to further help eliminate the 'ghosting', but this fault was not fully corrected until 1928 when a new design, with a smaller head, was introduced. The coins with the modified effigy from late 1925 and thereafter all have the designer’s initials in small letters without periods.
One penny coins issued in 1902 remained in circulation for 69 years until 'Decimal Day', 15 February 1971 when the old currency was demonetised and the decimal Pound Sterling was introduced, with a new decimal penny replacing these old coins.
1902 High Sea Level Penny
Above is a 1902 penny of Great Britain. 1902 was a tumultuous year for British coinage, Queen Victoria had died the year previously and an entire new coinage needed to be issued with the portrait of King Edward VII designed by G.W. De Saulles. The reverse of the penny was the same as that used on Queen Victoria’s pennies from 1895 when the classic seated Britannia design of W.C. Lyon was modified to remove the lighthouse and ship. The reverse dies used prior to 1902 had a very slight die difference those used from that year forward, mainly in the sea level and where it intersected with the rocks behind Britannia and the robes on her right leg. Dies prior to 1902 are known as the “Normal Tide” or “High Tide” dies, while those from 1902 onward are the “Low Tide” dies. Both sets of dies are also known sometime as the “High Sea Level” and “Low Sea Level” dies. The variety is quite known and appears in the better English coin catalogues, Spink catalogues it as S 3990A, Freeman as 156, Peck as 2205 and Krause as KM#794.1.
Almost 27,000,000 1902 pennies were minted[1] and it turns out that some of the old pre-1902 reverse dies with the “Low Tide” were used. This resulted in two distinct 1902 reverse die varieties, the 1902 “High Tide” (seen above) and the 1902 “Low Tide” seen below. The population ratio of High Tide to Low Tide is uncertain, but some estimates[4] suggest that 1 in 22 1902 pennies (or less than 5%) are the Low Tide Variety. This makes it a scarce coin in British terms and the catalogue values reflect this with the 2014 Spink catalogue valuing the High Tide penny in uncirculated grade at £75 and the Low Tide penny at £350 [3].
Determining if your 1902 penny is a regular High Sea Level or the scarce Low Sea Level variety is fairly simple. Look at where the water level intersects the right (front) leg of Britannia. If the water level is on the top fold of the robe almost at the point where the legs cross then it’s the normal high tide. If it intersects with the second fold of the robe below where the legs cross then it’s the low tide variety. This is illustrated in the image below.
High Tide / Low Tide Comparison
Conclusions
If you’re unsure of whether a 1902 penny is the scarcer low die variety then in the words of one experienced British collector I know, assume the 1902 penny is “High Tide”[2] and then try to prove to yourself otherwise. Looking at where the sea level intersects the robe of Britannia makes it easy enough to determine, at the cross of the legs, high tide, below it, low tide. Collectors should also be aware that the low tide variety is also present on 1902 half pennies, a coin that is harder to find even than the 1902 low tide penny. The variety on both denominations is a fun one to look for and should form a part of any collection of British coins.
1902 Penny Coins
References
[1] Bressett, K.E., 1965. A Guide Book of English Coins. 4th ed. Racine, Washington: Whitman Publishing Company.
[2] Brit Tip #13 – What’s the difference between “High Tide” and “Low Tide?”. 2016. Brit Tip #13 – What’s the difference between “High Tide” and “Low Tide?”. [ONLINE] Available at:http://wybrit.com/Brit%20Tips/Brit%20Tip%2013.html. [Accessed 28 February 2016].
[3] Philip Skingley, 2013. Coins of England and the United Kingdom 2014. Revised edition Edition. Spink & Son Ltd.
[4] 1902 low tide penny – British Coin Related Discussions & Enquiries – British Coin Forum – Predecimal.com. 2016. 1902 low tide penny – British Coin Related Discussions & Enquiries – British Coin Forum – Predecimal.com. [ONLINE] Available at: http://www.predecimal.com/forum/topic/3927-1902-low-tide-penny/. [Accessed 28 February 2016].
1902 Penny What Is It Worth
[5] Warner, S, 1998. The House of Saxe-Coburg. Australian Coin Review, 400, 30-34.