Very scarce in all grades, R4.4, very rare in MS60&+, R6.4.
Jaime Hernandez: The 1908-S Indian cent is the third lowest mintage circulation strike Indian cent. The only two other lower mintage coins in the series are the 1877 and the 1909-S, with the latter being the lowest mintage in the entire series.
In circulated grades, most 1908-S Indian cents survive in Fine to XF grades. Because of its low mintage and it being the first San Francisco Mint struck cent, it has always been a very popular coin.
The majority of uncirculated 1908-S Indian cents exist in MS64 grades. In uncirculated grades, there are more coins in existence containing Red Brown surfaces than there are with Brown or Red surfaces. There are more uncirculated coins displaying complete Red surfaces than there are in Brown.
Regardless of surface color, in MS65 grade, the 1908-S Indian cents are considered somewhat scarce with approximately 350 total examples in existence in this grade. In MS66 grade they are considered very scarce, as this is also the highest grade available for this coin. There are possibly about 40 to 50 total examples in MS66 grade, with none higher.