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What is the value of a 1904 Indian wheat leaf penny?



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Actually, they're called Indian head cents. "Wheat cent" is the term used for 1909 - 1958 Lincoln cents with wheat ears in the reverse design. You didn't say what condition the coin is in, but assuming average circulation wear, it might retail for a dollar or so. A dealer would pay wholesale prices, so you're only talking about 75 cents at most. My advice would be to keep it as a conversation piece and a memento of a long-gone time.