The 1877 is the rarest date of the Indian Head cent series, and most examples of the 1877 Indian Head Cent are heavily circulated. The number of surviving 1877 Indian cents is much lower than the reported mintage of nearly 1 million pieces would indicate, and the issue has been rare since its creation. . Richard Snow, in his 2006 treatise on Flying Eagle and Indian Head Cents, states: "...the purported original mintage of this date (852,500 business strikes) appears to be way too high compared to the number of observed surviving examples. An upper estimate of 200,000 coins struck seems more accurate."

Only two obverse dies and one reverse die are known for business strikes, the reverse of the "Shallow N" (in ONE) style last used in 1872. This one die could not possibly have been used to strike all of the reported mintage, and yet it is the only one known to date. Because of its rarity as a business strike, this date enjoys a popularity and respect afforded to none other in the series.

With a mintage of at least 900 pieces, the proof 1877 Indian Head cent is comparable in overall rarity to the other proof cents of the 1870s. The elusiveness of business strike 1877 cents transfers considerable date collector pressure to most extant proof specimens. Above the PR65 grade level, however, the few certified representatives possess undeniable rarity that has little to do with the date that they bear.

Ira & Larry Goldberg Coins & Collectibles, Inc.'s Auction catelog for the "Benson Collection, Part I", February 16, 18-20, 2001, lot 1114 provided a very well written summary of the 1877 Indian cent. In part it said

" Always popular as a proof example of the key date in the Indian Cent series. No precise mintage figure exists for the proof 1877 Indian, but enough information is available to make an educated guess. Breen lists 510 in his Proof Encyclopedia. The present estimate is now 910. It is known that 510 "Silver" sets were sold which included the five silver coins, the two nickel coins and the cent. Additionally, there were about 400 "Nickel" sets struck which included just the cent and the two nickel coins, of which we know 260 were mailed out, with the unknown remainder being sold over the counter in Philadelphia."