In 2012, a rare, doubled-die 1909 VDB penny sold for $24,150 at auction. More recently, these Lincoln cents have been reliably sold for four figures on popular auction sites.

What makes these coins so valuable? In part, their history. In 1909, designer Victor David Brenner debuted the first-ever coin with a president's portrait: the Lincoln cent. This move proved truly groundbreaking—and controversial.

The history of One-Cent Coins

The United States started officially minting cent coins in 1793. Before this, during the Colonial period, a mix of foreign and domestic coins circulated.

In that era, it was common to find a mix of Spanish milled dollars, British pounds, and German thalers used as currency. Finally, the new American government established the U.S. Mint in 1792.

It minted the first cent coins the next year.

Large Cent

The Large cent depicted Liberty as a woman. Liberty depictions stayed popular on cent coins in the United States for most of the 19th century.

This started the popular thought that coins ought to have symbolic representations engraved on them. This concept held sway for over one hundred years. The 1909 penny was the coin that broke this tradition.

Large cents predated pennies. They were 1.125 inches in diameter, which is huge compared to today's pennies! The U.S. Mint began minting one-cent coins in the modern size (0.75 inches) in 1857.

Flying Eagle Cent

The Flying Eagle cent was the first modern-sized penny. Congress formally authorized the coin in 1857.

The Flying Eagle cent was the first penny that counted as legal tender in the USA. Unfortunately, the coin had some critical design flaws. It was made from a weak alloy, which broke too easily.

Congress authorized a new composition for the one-cent coin. This worked well, and the Flying Eagle penny remained the official one-cent coin for the next two years.

Indian Head Cent

The Indian Head penny was used in the United States from 1859 to 1909. The Indian Head design was easier to mint.

Congress redesigned the Indian Head cent once, in 1861. The Civil War threw the American economy into chaos. President Lincoln proposed a copper-nickel alloy for the one-cent coin.

Indian Head pennies are now fairly rare, despite being the primary one-cent piece in the United States for half a century.

It lasted until 1909 when the U.S. Treasury created the groundbreaking Lincoln penny.

1904-1907: New Cent Commission and Design

Prior to the Lincoln cent, the American people didn't want a portrait on any coinage. They associated having national leaders' faces on coins with the monarchy.

But, in 1904, President Theodore Roosevelt was unhappy with the look of contemporary American currency. With the help of the U.S. Treasury Secretary, Roosevelt sought to hire a private artist to redesign coins.

The U.S. Mint commissioned the sculptor Augustus Saint-Gaudens to create a new design for the penny. The Mint also commissioned new designs for gold coin pieces from Saint-Gaudens.

Roosevelt chose these coins, in part, because it had been over twenty-five years since they'd been redesigned. Per an 1890 law, Congress had to approve of coin redesigns if the designs were more recent.

The U.S. Mint chose Saint-Gaudens because his work on commemorative memorials was notable.

Saint-Gaudens' designs for the gold pieces, including the $20 medallion, are still praised as great works of art. In 1986, the U.S. Mint reused Saint-Gaudens' $20 piece design for a limited edition gold bullion coin.

Despite Saint-Gaudens' artistry, Roosevelt rejected his design for the new penny. Saint-Gaudens depicted an eagle in his design. Unfortunately, the Coinage Act of 1873 prohibited engraving an eagle on a one-cent coin.

Taking the law in stride, the artist sought to draft a new penny design. But, tragically, Saint-Gaudens was unable to complete the new piece.

1907: Death of Augustus Saint-Gaudens

In 1907, doctors diagnosed Augustus Saint-Gaudens with cancer. He became seriously ill. Even near his death, Saint-Gaudens dedicated himself to his art.

Historians write that Saint-Gaudens asked his aids to carry him into his art studio every day. There, he instructed his apprentices on how to finish his work.

Eventually, he sent Roosevelt a new design for the penny, depicting Liberty. Roosevelt critiqued the new design and argued it should include a Native American war bonnet, like the Indian Head penny.

That year, Augustus Saint-Gaudens passed away. His work on the new one-cent coin was set aside.

1907 Lincoln Plaque

Meanwhile, Victor David Brenner, a sculptor, designed a plaque portraying Abraham Lincoln. In 1907, Brenner completed the piece. White House decorators chose it for display.

Brenner's Lincoln portrait caught the eye of President Roosevelt. Eventually, it was this plaque that changed the course of numismatic history.

1908: Americans Petition Treasury to Honor Lincoln, VDB Chosen

In 1908, Americans were looking forward to the centennial anniversary of Abraham Lincoln's birthday. Lincoln was, and remains, one of the most admired American presidents.

His leadership brought the United States through the devastating Civil War. As the centennial celebration neared, Americans wrote to the U.S. Treasury to request a coin featuring Lincoln.

This broke with the tradition of American coinage. But, since Lincoln was a beloved memory rather than a current leader, his portrait did not conjure the negative associations Americans had with the faces of kings on coins.

Instead, Lincoln had come to be as much a symbol of liberty—and the strength of the American spirit—as the personification of Liberty herself. So, President Roosevelt was eager to create a Lincoln coin.

Roosevelt's Inspiration

The sculptor Victor David Brenner was sitting with the president to draft his portrait. The White House had commissioned Brenner to immortalize Roosevelt on a medal for the Panama Canal Commission.

During this meeting, Roosevelt and Brenner began to talk about the penny redesign project. Roosevelt mentioned how much he admired Brenner's portrait of Lincoln.

According to historians, this is when Roosevelt proposed Brenner ought to design the new penny. Then, the U.S. Mint commissioned Brenner officially.

From the start of Brenner's assignment, it was clear Lincoln would be the face of the cent.

January 1909: Lincoln Cent Draft, Art Plagiarism Controversy

Brenner drafted his portrait of Lincoln from a few sources. He used a campaign photograph of Lincoln from 1860. Then, he combined that image with details from an 1864 photograph of Lincoln and his son.

Brenner submitted his draft for the coin in January 1909. The obverse side showed his depiction of Lincoln. The reverse side depicted a tree branch.

French Coin Plagiarism?

Frank A. Leach, the Mint Director, was surprised by Brenner's submission. While Leach appreciated the obverse-side portrait, the reverse-side art worried him.

Leach noted that the branch seemed almost identical to the tree branch on French silver coins. But, the Director didn't want to accuse Brenner of plagiarism outright. Instead, Leach simply rejected the reverse-side artwork.

Wheat Penny Draft

The Mint Director encouraged Brenner to design a simple, iconic reverse. He advised a design that included the coin's value and the country's motto. So, Brenner created the iconic wheat design.

The U.S. Mint engraved Brenner's wheat relief design on pennies for the next forty-nine years. It was so recognizable, numismatists still call these cent coins "wheat pennies."

Brenner vs. Barber

In March of 1909, Brenner came into conflict with Mint Engraver Charles Barber. Barber wanted Brenner to alter his designs so they work better on the coins. Barber was in charge of creating the hub and die casts from Brenner's work.

Brenner argued that Barber had lost some of his detail when the Mint had cast his previous coin work. Barber took offense to the allegation. But, he consented to let an outside smith create the hub.

Ultimate, Barber and Leach decided to make one final change to Brenner's design. They added the phrase "In God We Trust" to the top of the obverse side. This was the final design of the Lincoln cent.

August 2, 1909: First Lincoln Cent Minting, Hoarding, Initials Controversy

The U.S. Mint officially released the first Lincoln cent to the public on August 2, 1909. The Philadelphia Mint was the first to strike the design. It minted 20,000,000 Lincoln pennies even before the design was officially finalized.

The San Francisco Mint prepared dies to begin minting the coin that same day. Coins minted in Philadelphia have no mintmark. But, coins minted in San Francisco bear an "S" mintmark.

Americans anticipated the release of the Lincoln cent eagerly. They formed lines outside Treasury offices across the nation. Those first in line were able to get as many pennies as they wanted.

But, soon, the Treasury officers realized they had to ration the coins. Different states imposed different limits. Americans were limited to as many as one hundred pennies to as few as two.

Outside the Philadelphia Mint, people created a secondary market. Some purchased Lincoln pennies for as much as a quarter. But, eventually, the price settled.

Still, hoarding continued to be a problem in the first week of the 1909 VDB Lincoln penny release. And, in that week, controversy arose.

VDB Controversy

In his design for the reverse side of the coin, Brenner added his initials: VDB. The initials "VDB" were prominent enough to be noticeable. Most Americans didn't know what the letters stood for, or whose initials they were.

People complained about the initials distracting from the profile of Lincoln. After all, the Lincoln portrait is what all the anticipation was over. The "VDB" initials seemed to distract from the true beauty of a Lincoln coin.

At least one daily newspaper, The Washington Star, published the complaints. One reporter interviewed anonymous Treasury staff on the matter.

In the report, one staff member speculated that the "VDB" stamp might invalidate the coin. Some collectors viewed Brenner's initials as "advertising." Other editorials criticizing the initials followed.

Regardless of its legality, many Americans agreed the initials were an unsightly element of the design.

The controversy continued to mount until August 5. On that day, Treasury Secretary Franklin MacVeagh ordered all Mints to halt the production of the coin. MacVeagh aimed to redesign the Lincoln cent quickly with smaller initials.

August 12, 1909: Objections and Redesign Cause Delays

MacVeagh halted minting on August 5, 1909. Initially, his idea was to alter the strike so the pennies would only include the letter "B." He viewed this as a compromise that would still respect (and credit) Brenner.

But Barber, the Chief Engraver, objected to the modification. Barber argued people might mistake the "B" for his own initial. He fundamentally disliked Brenner's design, so he didn't want to be attached to it.

And, replacing the "VDB" with a single "B" would be a lot of work. It ended up being easier to remove the "VDB" with no replacement.

The Department Solicitor of the Treasury, Maurice O'Connell, ruled that removing the initials didn't violate the 1890 law limiting redesigns. So, the Treasury and U.S. Mint moved forward with the plan to remove "VDB."

Brenner objected. He argued that he deserved on-coin credit for his Lincoln profile. But, the officials overruled his complaints.

Thick Coin Conundrum

It took about a week to create new dies and casts without the initials. In that time, people grew impatient for the Lincoln cent. And, in the interim, vending machine designers started complaining.

The new Lincoln cent was too thick to fit in many machine slots. Leach tried to intervene, ordering yet another design change for the penny. This time, though, Barber refused.

Barber did not alter the design further to make the penny thinner. Instead, he spoke with vending and slot machine manufacturers. After their conversations, manufacturers agreed to make bigger slots, to accommodate thicker coins.

This was wise on Barber's part. Previous cent coins, like the Flying Eagle cent, were too thin and broke easily. Barber successfully avoided repeating that mistake with the Lincoln penny.

Finally, the U.S. Mint resumed production and release of Lincoln cents on August 12, 1909.

1909-S VDB: Limited Circulation Raises Value

The 1909 VDB wheat penny was only minted for about three days. And, only two Mints struck the cent: Philadelphia and San Francisco. The Denver Mint never struck the VDB penny, as it only began minting Lincoln cents in 1911.

The Philadelphia Mint released over 20 million VDB pennies. Americans were so excited about the pennies, they hoarded them as Lincoln-centennial souvenirs. As a result, there are fewer VDB pennies in circulation than one might expect.

VDB Lincoln cents minted in San Francisco are even rarer than their Philadelphia cousins. The San Francisco Mint only got to create 484,000 Lincoln pennies with the original die. Then, MacVeagh halted production.

As a result, these pennies are rarer—and more valuable—on the market today. The pennies minted in San Francisco bear the "S" mintmark. Thus, the most coveted Lincoln cents from that year are are 1909-S VDB pennies.

Today, 1909-S VDB pennies are some of the most valuable non-error coins on the market.

What's a 1909 VDB Penny Worth Today?

Today, a 1909 VDB penny can be worth a few hundred dollars, even if it doesn't have any other unique qualities. Part of its value is its rarity.

Another part is the penny's cultural significance. It was the first coin to bear a president's face. Now, most American coins feature presidential portraits.

It is also one of the few American coins sent to space. In 2013, the Martian Rover Curiosity performed a calibration test with the iconic 1909 coin. To date, it is the only coin to touch the surface of Mars.

Combined, these qualities make the 1909 VDB penny highly collectible. Numismatists set most VDB pennies' value between $80 and $7,000. That said, beginners can purchase VDB Lincoln cents for as little as $10.

The market value of a given VDB penny depends on its condition. Also, certain rare varieties and errors drive up a coin's worth.

And, the market can fluctuate for less predictable reasons. Some VDB pennies have sold at auction at prices higher than the current market value of the coin. In those cases, buyers may have personal reasons to bid on a specific coin.

Evaluating Condition

Numismatists rate a coin's quality according to its condition. The nearer a coin is to mint state (MS) condition, the higher the coin's quality.

Numismatists and auctioneers rate coin quality on a scale from 1 to 70. This is the Sheldon Coin Grading Scale. When an evaluator grades a coin between 60-70, the coin is in mint condition.

Coins lose quality points when they show signs of wear. Damage, discoloration, tarnish, and loss of luster can all bump a coin down a grade. Condition is the most likely difference between a high-value VDB penny and a cheap one.

Beware of Fraud

The popularity of the 1909 VDB penny made it a target for con artists. In particular, there have been high-profile cases of counterfeit 1909-S Lincoln cents at auctions.

The 1909 penny obsession was the first time mintmark-hunting became a critical part of the game for collectors.

Among 1909 VDB pennies, the Philadelphia-minted coins outnumbered the San Francisco varieties by a ratio of 40:1. The S-mintmark versions' rarity was notable. Soon, 1909-S VDB pennies were highly sought after.

The high demand for 1909-S VDB cents tempted fraudsters. Counterfeiters added fake "S" mintmarks to real VDB cents. Or, they added both an "S" mintmark and a "VDB"-initial stamp to non-VDB pennies.

These false pennies make the rounds often enough that they're worth looking out for.

Typically, coins with counterfeit marks have something off about them. Sometimes the font is slightly incorrect. Or, the placement is slightly high, low, or to the side.

An authentic 1909-S VDB wheat penny is a great find. Just make sure it's the real deal before you celebrate.

1909 VDB Wheat Penny: Rarities and Varieties

The 1909 VDB wheat penny value increases if it's a rare version. In general, 1909-S VDB Lincoln pennies are rarer than their Philadelphia counterparts. But, there are a few notable errors that increase a coin's value further.

1909-S Over Horizontal S

The 1909-S Over Horizontal S wheat penny is a notable error coin. Numismatists classify this coin as a repunch mintmark error.

Before 1990, coins were minted by a machine loaded with a hub and die. The hub and die stamped the coin's design onto a raw metal planchet. Then, a minter stamped the mintmark on the new coins by hand.

The minter used a hand punch and mallet to press the mark into the coin. They would punch with the mallet up to four times to set the mark completely.

Typically, nobody would know how often a coin was struck. The minter aimed to strike identically each time. But, if the punch moved even slightly, the mintmark would double upon the second strike.

The 1909-S Over Horizontal S is this type of error. The "S" mintmark is engraved over a slightly skewed, fainter "S" mark.

The current market value for 1909-S Over Horizontal S VDB wheat pennies is $118-$406. But, one mint-state example of this variant sold for $24,000 in 2018.

1909 VDB Doubled-Die Obverse

The 1909 VDB Doubled-Die Obverse wheat penny is a rare variant. It's an edition of the 1909 coin with a doubled-die error.

When a coin is minted, the hub and die stamp the design into the blank planchet. The hub may stamp the coin multiple times to set the design in deeply.

A doubled-die error happens when the hub impresses a design into a coin multiple times. But, the second impression is inexactly aligned with the first impression. This makes the design seem "doubled" on the coin.

Numismatists estimate there are only 500 doubled-die error versions of the 1909 VDB penny. These error versions were all minted in Philadelphia.

Type 1 vs. Type 2

There are two known doubled-die error versions of this coin. Type 1 is more obvious. In particular, the doubling is visible to the naked eye around the digits of the date.

Type 2 doubled-die 1909 VDB cents are only noticeable under a magnifying glass. But, both are valuable.

Estimated Value

Numismatists currently estimate the value of these error coins to range from $141-$419. But, many of these error varieties have sold at auction for over $1400.

In 2009, auctioneers sold one 1909 VDB Doubled-Die Obverse error penny for $23,000. That's the most valuable Philadelphia-minted 1909 VDB cent on record.