The most expensiveIndian Head Coins that sold at auction became an 1864 "L" variety in immaculate condition which reached over $160,000. "Coin collectors seek the "L" variety of 1864 Liberty pennies because this mintmark on her ribbon ensures rarity in the series. Mint-state specimens of both the 1877 and 1909-S are among the most valuable Indian Head Pennies to date. The value of Indian Head Pennies depends on their scarcity level along with their condition ratings and market consumer interest. The highest prices from collectors are given to coins which display pristine original luster alongside strong strikes combined with minimum wear with no damage.