In 2012, a rare 1909 VDB penny with a doubled-die error sold at auction for a staggering $24,150. In recent years, these coins have consistently fetched four-figure sums on auction platforms. But what exactly makes the 1909 VDB penny so valuable? Part of the answer lies in its history. In 1909, designer Victor David Brenner introduced the first U.S. coin featuring a president’s portrait: the Lincoln cent. This marked a significant and controversial shift in U.S. coinage. Let’s delve deeper into the fascinating history and value of the 1909 VDB penny.
The History of One-Cent Coins
The United States began minting official cent coins in 1793. Prior to this, during the Colonial period, a mix of foreign and domestic coins was used for transactions. It was common to find a blend of Spanish milled dollars, British pounds, and German thalers in circulation. However, in 1792, the newly-formed U.S. government established the U.S. Mint, which began producing the nation’s first official cent coins the following year.
The Large Cent
The Large Cent was the first official U.S. one-cent coin, featuring Liberty as a woman. This depiction of Liberty became a standard feature on U.S. cent coins for much of the 19th century, solidifying the tradition of using symbolic representations on currency. This design philosophy persisted for over a century, but the introduction of the 1909 Lincoln penny changed everything.
The Large Cents were significantly larger than today’s pennies, with a diameter of 1.125 inches compared to the modern penny’s 0.75 inches. This larger size was used until 1857 when the U.S. Mint began producing smaller, more familiar pennies.
The Flying Eagle Cent
Authorized by Congress in 1857, the Flying Eagle cent was the first modern-sized penny. It became the first penny to be officially recognized as legal tender in the U.S. Unfortunately, its design had critical flaws, as the alloy used was too weak, leading to frequent breakage. Congress eventually authorized a new composition for the one-cent coin, which helped the Flying Eagle cent remain in circulation for the next two years.
The Indian Head Cent
The Indian Head cent was the dominant one-cent coin in the U.S. from 1859 to 1909. Its design was easier to mint compared to its predecessors. During the Civil War, in 1861, Congress approved a redesign that featured a copper-nickel alloy proposed by President Lincoln. Today, Indian Head pennies are considered quite rare despite being the primary one-cent piece for 50 years. This coin remained in circulation until 1909 when the revolutionary Lincoln penny took over.
1904-1907: The New Cent Commission and Design
Before the creation of the Lincoln cent, American public sentiment opposed placing a national leader’s portrait on coins, as it was reminiscent of monarchies. However, in 1904, President Theodore Roosevelt expressed dissatisfaction with the design of American currency at the time. With the support of the U.S. Treasury Secretary, Roosevelt sought to commission private artists to redesign the coins.
The U.S. Mint chose sculptor Augustus Saint-Gaudens to design a new penny as well as new designs for various gold coins. Saint-Gaudens’ work led to significant changes in the appearance of U.S. coinage, ultimately paving the way for the Lincoln cent designed by Victor David Brenner.
FAQs
What makes the 1909 VDB penny so valuable?
The 1909 VDB penny is highly valuable due to its historical significance as the first U.S. coin featuring a president’s portrait, designed by Victor David Brenner. Some versions, like the doubled-die error coin, are especially rare.
What is the history behind one-cent coins in the U.S.?
The U.S. began minting official cent coins in 1793. The Large Cent, Flying Eagle Cent, and Indian Head Cent all played a role in the evolution of the penny before the Lincoln cent was introduced in 1909.
Why was the Lincoln cent so controversial?
The Lincoln cent was controversial because it was the first U.S. coin to feature the portrait of a national leader, which many Americans associated with monarchy.