1. Good Condition: A 1903 Indian head penny in good condition with moderate wear and visible details may be worth around $1 to $5.
2. Fine Condition: A penny in fine condition with some wear but still retaining most of its original details can be valued between $5 and $10.
3. Very Fine Condition: A 1903 Indian head penny in very fine condition, showing minimal wear and clear design elements, can range in value from $10 to $20.
4. Extremely Fine Condition: Pennies in extremely fine condition, with sharp details, minimal wear, and a lustrous appearance, can be worth between $20 and $50.
5. Uncirculated Condition: Uncirculated pennies, also known as "Mint State," that show no signs of wear and retain their original luster and minting marks can command higher values. Uncirculated 1903 Indian head pennies can be worth anywhere from $50 to several hundred dollars, depending on their grade and preservation level.
6. Rare Varieties: Certain rare varieties of the 1903 Indian head penny, such as the "V.D.B." variety (with the initials of the designer, Victor David Brenner, near the base of the neck), can be significantly more valuable. The "V.D.B." variety can range from a few hundred dollars to even thousands of dollars, depending on its condition and grade.
It's important to note that the actual value of a 1903 Indian head penny can be determined by a professional numismatist or appraiser who can assess its condition and identify any unique features or varieties.