Indian Head Nickel
from Cowboys and Indians
Medium: Screenprint in colors on Lenox Museum Board
Year: 1986
Sheet: 36×36 inches (91.4 x 91.4 cm)
Edition: 250
Artist’s Proofs: 50 AP
Printer’s Proofs: 15 PP
Hors Commerce: 15 HC
Other: 10 numbered in Roman numerals
Trial Proofs: 36 TP in unique color combination
(see Feldmann & Schellmann IIB.385)
Publisher: Gaultney, Klineman Art, Inc., New York
Printer: Rupert Jasen Smith, New-York
Literature: Feldmann & Schellmann II.385
All signed and numbered in pencil lower left
With the publisher’s blindstamp and the artist’s copyright inkstamp on the reverse
Indian Head Nickel is part of Cowboys and Indians
(Click on picture below to access the Catalogue entry)
Indian Head Nickel depicts the obverse of the Indian Head/Buffalo nickel designed by American Sculptor James Earle Fraser. Born in the Dakota Territory 1876 (the year of Custer’s death), Fraser depicted Indigenous people in his sculptures throughout his career. The Indian Head/Buffalo nickel, first minted in 1913, was Fraser’s replacement for Charles Barber’s 1883 Liberty Head nickel. Fraser’s goal was simple: to make sure his design “could not be mistaken for any other country’s coin,” to create “something totally American.”
1913 Buffalo Nickel Obverse, photograph by Jaclyn Nash
Smithsonian’s National Numismatic Collection, National Museum of American History
Warhol’s Indian Head Nickel references the artist’s earlier work depicting dollar bills and dollar signs, continuing Warhol’s exploration of the connection between commerce and image production. But, by emphasizing the coin’s text ‘LIBERTY’ and presenting it alongside the portraits other cultural products depicted in Cowboys and Indians, Warhol offers an incisive reflection of the American imagination—his two-cents was more than just pocket change.
Auction Market Overview
Regular Editions
Heritage Auctions: 16 October 2025
Estimated: USD 40,000 – 60,000
USD 52,500
ANDY WARHOL (1928-1987)
Indian Head Nickel (Feldman & Schellmann, II.385), 1986
From Cowboys and Indians
Screenprint in colors with metallic ink on Lenox Museum Board
A.P. 5/50
(aside from an edition of 250, 15 printer’s proofs, 15 hors commerce, and 10 editioned in Roman numerals)
Signed and editioned in pencil lower left
Christie’s New-York: 25 October 2024
Estimated: USD 50,000 – 70,000
USD 94,500
ANDY WARHOL (1928-1987)
Indian Head Nickel, from Cowboys and Indians (Feldman & Schellmann II.385), 1986
Screenprint in colors on Lenox Museum Board
Signed in pencil, numbered 82⁄250 (there were also 50 artist’s proofs)
Estimated: NZD 50,000 – 75,000
NZD 121,850 / USD 73,110
Indian Head Nickel, 1986
Silkscreen in colors on Lenox Museum Board
Signed in pencil, numbered IX/X
This work is number 9 from the edition of 10 numbered in Roman numerals
Christie’s New-York: 28 October 2023
Estimated: USD 60,000 – 80,000
USD 69,300
ANDY WARHOL (1928-1987)
Indian Head Nickel, from Cowboys and Indians, 1986
Screenprint in colors on Lenox Museum Boardss
Signed in pencil, numbered 230⁄250
Sotheby’s New-York: 15 December 2022
Estimated: USD 50,000 – 70,000
USD 81,900
ANDY WARHOL
Indian Head Nickel, from Cowboys and Indians, 1986
Screen-print in colors on Lenox Museum Board
Signed in pencil Andy Warhol and inscribed AP 17/50 (lower left)
This impression is one of 50 artist’s proof aside from the numbered edition of 250
Bonhams New-York: 1 November 2022
Estimated: USD 40,000 – 60,000
USD 69,675
Screenprint in colors on Lenox Museum Board
Signed in pencil and numbered AP 47/50
An artist’s proof, aside from the edition of 250
Christie’s New-York: 28 October 2022
Estimated: USD 40,000 – 60,000
USD 63,000
ANDY WARHOL (1928-1987)
Indian Head Nickel, from Cowboys and Indians, 1986
Screenprint in colors on Lenox Museum Board
Signed in pencil, numbered ‘PP 6/15’
A printer’s proof, the edition was 250
Heritage Auctions: 26 October 2022
Estimated: USD 30,000 – 50,000
USD 75,000
ANDY WARHOL (1928 – 1987)
Indian Head Nickel, from Cowboys and Indians, 1986
Screenprint in colors on Lenox Museum Board
Signed in pencil Andy Warhol and inscribed AP 7/50 (lower left)
This impression is one of 50 artist’s proof aside from the numbered edition of 250
Sotheby’s New-York: 3 October 2022
Estimated: USD 50,000 – 70,000
USD 52,920
ANDY WARHOL (1928 – 1987)
Indian Head Nickel, from Cowboys and Indians, 1986
Screenprint in colors on Lenox Museum Board
Signed in pencil Andy Warhol and numbered 72/250 (lower left)
Sotheby’s New-York: 21 April 2022
Estimated: USD 30,000 – 50,000
USD 100,800
AUCTION RECORD FOR INDIAN HEAD NICKEL (REGULAR EDITION)
ANDY WARHOL
Indian Head Nickel (F&S, II.385), 1986
Screen-print in colors on Lenox Museum Board
Signed in pencil and numbered 185/250
Christie’s New-York: 22 October 2021
Estimated: USD 25,000 – 35,000
USD 68,750
ANDY WARHOL (1928-1987)
Indian Head Nickel, from Cowboys and Indians, 1986
Screenprint in colors on Lenox Museum Board
Signed in pencil, numbered ‘PP 9/15’
A printer’s proof, the edition was 250
Bukowskis Stockholm: 20 April 2021
Estimated: SEK 400,000 – 500,000
SEK 400,000 (Hammer)
SEK 500,000 / USD 59,340
ANDY WARHOL (United States, 1928-1987)
“Indian Head Nickel”, from: “Cowboys & Indians”, 1986
Silkscreen printed in colors
Signed in pencil and numbered 28/250
Christie’s online: 30 July 2020
Estimated: USD 25,000 – 35,000
USD 52,500
ANDY WARHOL (1928-1987)
Indian Head Nickel, from Cowboys and Indians, 1986
Screenprint in colors on Lenox Museum Board
Signed in pencil, numbered 47/250
Indian Head Nickel (149/250)
Christie’s New-York: 20 April 2018
Estimated: USD 15,000 – 25,000
USD 40,000
Indian Head Nickel (234/250)
Sotheby’s London: 27 March 2018
Estimated: GBP 10,000 – 15,000
GBP 28,750 / USD 40,715
Indian Head Nickel (PP 12/15)
Bonhams New-York: 7 June 2016
Estimated: USD 15,000 – 25,000
USD 31,250
Trial Proofs
Indian Head Nickel (TP 22/36), 1986
Dallas Auction Gallery: 4 November 2015
Estimated: USD 20,000 – 30,000
USD 62,500
TRIAL PROOF
ANDY WARHOL (American, 1928-1987)
“Indian Head Nickel” (From Cowboys and Indians), 1986
(Feldman/Schellmann IIB.385)
Unique color screenprint on Lenox Museum Board
Signed and numbered lower left
“TP 22/36 Andy Warhol”
Indian Head Nickel (TP 12/36), 1986
Phillips New-York: 1 June 2009
Estimated: USD 20,000 – 30,000
USD 32,500
TRIAL PROOF
ANDY WARHOL
Cowboys and Indians portfolio: Indian Head Nickel, 1986
Unique screenprint in colors on Lenox Museum Board
Signed in pencil and inscribed ‘TP 12/36’
A unique color trial proof, aside from the numbered edition of 250
Indian Head Nickel (TP 29/36), 1986
Sotheby’s New-York: 31 October 2008
Estimated: USD 25,000 – 35,000
USD 31,250
TRIAL PROOF
ANDY WARHOL
Indian Head Nickel (F. & S. IIB.385), from the Cowboys and Indians portfolio, 1986
Screenprint in colors on Lenox Museum Board
Signed in pencil and inscribed ‘TP 29/36’
A unique color trial proof, aside from the numbered edition of 250
Indian Head Nickel (TP 9/36), 1986
Phillips New-York: 20 May 2008
Estimated: USD 15,000 – 25,000
USD 103,000
TRIAL PROOF
ANDY WARHOL
Cowboys and Indians portfolio: Indian Head Nickel, 1986
Unique screenprint in colors on Lenox Museum Board
Signed in pencil and inscribed ‘TP 9/36’
A unique color trial proof, aside from the numbered edition of 250