The 1869 is one of the rarest Indian cents in all grades. The mintages for the 1869 thru 1872 issues were significantly lower than the previous issues and even lower still than the issues that followed (except for the 1876 and 1877). The 1869 is considered one of the key dates of the series and is worth a premium price even in the lowest grades. This issue is rare in mint sate and very rare in Full Red Gem condition. However, in my opinion, when it comes to Full Red Gems, I don't feel there is a lot of difference between the rarity of the cents of this era. Actually, I feel that all pre-1895 Indian cents are indeed very rare and difficult to obtain in Full Red Gem condition.
The 1869 Indian cent is usually well struck. In mint state, "Brown" examples run the gamet of light to dark brown color. "Full Red" examples are usually a more subdued Red color.
The 1869 Indian Cent is one of the semi key dates in the Indian Cent circulation strike series. In circulated grades it compares to the 1870, 1871 and 1872 as they all have mintages ranging from about 4 - 6 million each. The survival rate is much lower than the mintage figures as many of them have been spent, destroyed and lost over the years.
The only other three coins that have a lower mintage are the 1877 (the key to the series), the 1908-S and 1909-S. All of these three key date coins have mintages of about 1 million or less.