What Is the Value of a 1909 Penny?

Posted by Bullion Shark on Nov 13th 2024

What Is the Value of a 1909 Penny?

First year of issue coins tend to be more valuable and command greater interest from collectors than other coins in a series, especially if it is a popular, widely collected series like the Lincoln penny. In the case of 1909 pennies, that is even more the case because they include the legendary 1909-S VDB penny, one of the most famous and highly demanded 20th century U.S. coins. What is the value of a 1909 Penny Value? Continue reading!

But not all 1909 pennies are valuable, and the value of the different types of 1909 pennies varies a lot. Plus, that 1909-S VDB’s popularity has more to do with the controversy about using the initials of the coin’s designer, Victor David Brenner, than it does with the rarity of the coin itself.

AUCTION RECORD: $56,400 • MS68RD

Brenner was a widely admired and highly accomplished sculptor who had emigrated from Lithuania in 1890 and had an early interest in coins and medals. In 1908 he helped found the influential New York Numismatic Club. After several successful commissions to create medals, he was asked to create one and a plaque of President Abraham Lincoln in 1907 that caught the attention of President Theodore Roosevelt.

As the centennial of Lincoln’s 1809 birth approaches, Roosevelt and Brenner discussed using the plaque as the basis for a portrait of Lincoln that would appear in 1909 on a new coin to honor the slain president. When it debuted on August 2 of that year to widespread acclaim, the coin was the first U.S circulating coin and non-commemorative issue to feature a portrait of an American president, becoming the first coin of a key trend in U.S. coinage that continues to the present day.

VDB Controversy

However, the coin soon became embroiled in controversy because of the appearance of the initials “VDB” on the reverse of the coin under “UNITED STATES OF AMERICA” which some people felt was too prominent a place to credit the designer. Others felt that the initials were too large or that they amounted to free advertising the Brenner. Although the initials had been used in lieu of Brenner’s last name as the artist first proposed, Treasury Secretary Franklin MacVeigh claimed he did not know the initials would be used on the coin until he saw struck examples.

In many ways this was an odd controversy since it was not only a centuries-old tradition dating to the ancient Greeks to credit a coin’s designer on the coin. It was also a longstanding American tradition as seen on the coins designed by James B. Longacre such as the Indian Head penny and his gold coins through 1908 that featured the initials “JBL”, among other coins that followed this practice. Brenner himself also protested the criticism of using his initials in numismatic publications at the time.

1909-S VDB

There were plans to replace “VDB” with a more inconspicuous “B,” but Treasury officials said it would take at least two weeks to remove the “VDB” from the master hub and that it would be simpler and more efficient to just erase the initials and not add a “B”.

Another reason for not adding the “B” is that then-Chief Engraver Charles E. Barber did not want people to think he had designed the coin since he was not a fan of the new design.

In 1918 after Barber died the prior year, and there was a new Treasury Secretary, Brenner’s three initials were restored to the penny this time in smaller letters on the obverse.

Production of the non-VDB 1909 pennies began just days later on August 12, and 72,702618 of those coins were made along with 1,825,000 1909-S coins without the VDB.

But the wheat penny that has attracted the greatest attention in numismatic history is the 1909-S VDB struck at the San Francisco mint whose mintage was only 484,000 or 1.7% of the coins struck at the Philadelphia Mint that year with the VDB initials.

1909 Penny Value

There are four types of 1909 pennies: 1909, 1909-S, 1909 VDB and 1909-S VDB.

A 1909 penny struck in Philadelphia is the most common type of 1909 penny. In circulated condition, it is worth under $10. In MS60 Brown it is worth $26 and reaches $200 in MS66 Brown. In Red-Brown it is worth about the same unless it is an MS67 worth $2500. And in Red it is worth more, especially in higher mint state grades including $250 in MS65, $540 in MS66 and $2750 in MS67.

The 1909-S without VDB is substantially scarcer than the 1909 Philadelphia Mint coin. Even in Good-4 Brown it is worth $80, reaching $340 on MS60 and $850 in MS65. Red-Brown examples are worth about $100 more than Brown ones unless they are MS66 which is worth $2,100. And in Red MS65 it is worth $2,100 and reached as much as $16,000 in MS67 Red.

1909 VDB is a good alternative to the more expensive 1909-S VDB for those on a budget. Worth $60 in MS60 Red-Brown and Red, it gets to $120 in MS65 Red-Brown and $250 in MS65 Red and reaches as much as $57,000 in MS68 Red, the finest quality available.

We have an example that grades MS65 Red for less than the PCGS guide value.

Finally, there is the 1909-S VDB – the coin which Lincoln penny expert David Lange calls the “holy grail” of the series with a surviving population that PCGS estimates at around 60,000.

This coin is worth close to $1,000 even in low circulated grades, commanding $700 in Good-4 Brown and $1400 in XF40, $1900 in MS60 and $2,500 in MS63 all for Brown examples. In Red-Brown they are worth about the same as Brown except for the top mint state grades, which for this issue reach MS67.

A Red-Brown MS65 is listed by PCGS for $5,400 but can be obtained now for about $1,000 less.

And in Red, it reaches $5,000 in MS64, $8,500 in MS65, and a maximum of MS67 worth an amazing $140,000 according to PCGS and only 16 coins in the pop report. The record for one of these in that grade and color is $168,000 paid at auction in October 2022.

But keep in mind if you see a Red example of this issue that coins with original color are typically “yellowish-orange,” according to Q. David Bowers, who adds that coins with a red appearance may have been dipped.

While there are certainly rare coins, the 1909-S VDB is arguably the most well-known classic U.S. coin and one that is always in demand with collectors.

Sources:

Q. David Bowers, A Guide Book of Lincoln Cents (Whitman, 2018)

FAQ

What factors influence the 1909 penny value?

The 1909 penny value is influenced by several key factors, including its mint mark, condition (or grade), and whether it has the VDB initials on the reverse. The most valuable are the 1909-S VDB and 1909-S versions, with their value increasing significantly based on their condition. The presence of the designer's initials, V.D.B., on the reverse of some 1909 pennies adds to their collectibility and value.

How much is a typical 1909 penny worth?

A typical 1909 penny value varies widely depending on its condition and mint mark. A 1909 penny without a mint mark in good condition might be worth a few dollars, while the same coin in uncirculated condition can be worth significantly more. The 1909-S and 1909-S VDB pennies are worth much more, with values starting in the hundreds of dollars even in lower grades.

What is the 1909-S VDB penny value compared to the 1909-S penny?

The 1909-S VDB penny value is generally higher than that of the 1909-S penny due to its lower mintage and the presence of Victor David Brenner's initials on the reverse. While both are highly sought after by collectors, the 1909-S VDB is considered the more valuable of the two, with values ranging significantly based on condition, from several hundred to tens of thousands of dollars for coins in pristine condition.

Can the condition of a 1909 penny significantly affect its value?

Yes, the condition of a 1909 penny can significantly affect its value. Pennies in higher grades (e.g., uncirculated or mint condition) are much more valuable than those in lower grades (e.g., good or fine). The grading scale includes details such as the sharpness of the coin's features, luster, and the presence of any wear, all of which play a crucial role in determining the 1909 penny value.

How can I accurately determine my 1909 penny's value?

To accurately determine your 1909 penny's value, you should first identify its mint mark (if any) and assess its condition as best as you can. For a more precise valuation, consider consulting with a professional coin grader or a reputable coin dealer. Professional grading services like PCGS or NGC can provide an official grade, which is invaluable in determining the exact market value of your coin.

What is the highest price ever paid for a 1909 penny?

The highest price ever paid for a 1909 penny typically involves the 1909-S VDB version in top condition. These pennies have sold for over $100,000 at auction, depending on their grade and the auction's circumstances. The rarity and demand for the highest-graded coins drive their value to such heights among collectors and investors.