A position indicator (100) has a variable capacitor 200, a resonant circuit (36) configured with a position indicating coil (13) and a resonant capacitor (15a), and a rod (11). The variable capacitor (200) has a flat disc-shaped dielectric (1) having two mutually opposite surfaces (1a, 1b), an electrode (2) provided on one surface (1a) of the dielectric (1), a hole (1c) extending between the two mutually opposite surfaces of the dielectric, a conductive portion electrically connecting both ends of the hole, and a conductive elastic member (3) provided near the other surface (1b) of the dielectric (1). The conductive elastic member (3) is arranged on one end of the rod (11). When a pen pressure in the direction of arrow “a” is applied to the other end of the rod (11), the conductive elastic member (3) is pressed against the dielectric (1) so as to be flattened, and the capacitance of the variable capacitor (200) changes in response to the change in the contact area between the conductive elastic member (3) and the dielectric (1).