Reprinted with permission from PCGS's Official Guide to Coin Grading and Counterfeit Detection.

Indian Head Cent (Copper-Nickel)
(1859-1864)
MARKS: As with the Flying Eagle cents, these coins were struck in copper-nickel alloy. Resultant marks and other surface impairments are noticeable to about the same degree for the obverse. The reverse of the first type, with no shield and a thin laurel wreath reverse, shows marks and other detractions more easily than the second type, with a shield and the more complex oak wreath.
LUSTER: As with Flying Eagle cents, all types of luster variations are seen, with the typical coin having satin to slightly frosty luster. Flat-luster, semi-prooflike, and prooflike specimens are fairly common. There is seldom frost on the devices and lettering, and the surface texture is usually very uniform.
STRIKE: The problems encountered with striking the copper-nickel alloy continued with the cents of 1859-64, though the new design allowed for better striking. Slight weakness for the obverse is often seen in the tips of the headdress feathers, the hair below LIBERTY, the diamonds on the ribbon, the lowest hair curls, and the tip of the bust. The reverse may show weakness in the leaves and bow of the 1859 type, with the shield, leaves, bow, ribbon, and arrows sometimes weak on the 1860-64 type. Some coins are seen with a mushy look, and this is attributable to worn and/or improperly spaced dies. These coins will have incomplete feathers and diamonds.
EYE APPEAL: Strike and luster are the two areas that are usually deficient. Spotting, discoloration, and other surface impairments also may be noted, although there are coins with blazing luster and minimal marks. Finding all positive attributes for these coins may take some time, but exceptional coins are available.

Indian Head Cent (Bronze)
(1864-1909)
MARKS: The change in 1864 to bronze cents, from the previous copper-nickel alloy or pure copper, made a significant difference in surface preservation. The softer bronze is more easily marked than the copper-nickel, but it is slightly harder than pure copper, thus, the marks are more muted and not as sharp. Also, the small cents did not bang against each other as severely in shipping, leading to smaller and less severe marks. The reverse is fairly intricate, hiding all but the most severe marks.
LUSTER: The new bronze-alloy cents have all luster variations, though the typical coin is satin to slightly frosty for the early years, 1864 through the 1880s. Coins from the later 1880s through the end of the series in 1909 are usually slightly frosty to very frosty. The red color varies from year to year, ranging from tan to a golden color to bright red, with many variations in between.
STRIKE: The new bronze alloy alleviated many of the striking problems seen with the copper-nickel alloy Indian Head cents. Die life improved, as the new alloy was much softer and easier to strike. Weakly struck coins are still seen, however, as the dies were sometimes used too long and deteriorated. The tips of the headdress feathers, the hair below LIBERTY, the hair around the ear, the diamonds, the lowest hair curls, and the tip of the bust are seen weakly impressed on some coins. The earlier dates are more often seen with these weaknesses. Also, the reverses still show occasional weakness, with the shield, leaves, bow, ribbon, and arrows sometimes affected. The bottom part of the N of ONE is also seen weak on some business strikes from the hub used from 1864 to 1870 and again in 1877, which had this letter weakly impressed. Crumbled dies are still seen, mainly in the earlier issues, which often are characterized by partial lettering, dates, hair, diamonds, and feathers. The San Francisco Mint started striking cents in 1908, and many of the 1908 and 1909 San Francisco coins have weakness in the tips of the feathers and an overall mushy look.
EYE APPEAL: There are many different looks that have good eye appeal for bronze Indian Head cents, though obviously those with full strikes, original mint red, no spots, minimal marks, and blazing luster are the most attractive. Once the red color starts to fade and becomes red, brown or brown, then the other factors become paramount in determining eye appeal. Strike, spotting, marks, and luster are the important factors on coins that are less than full original red. Issues from the early years, the 1860s and 1870s, do not have the blazing red color of some of the later years, and one should not expect an 1872 Indian cent to have the same color as an 1899.