Bowers on collecting: The birth of the Lincoln cent

By Q. David Bowers

Collecting Lincoln cents from circulation and putting them in blue Whitman folders is the way that most people discovered numismatics from the 1930s down to the 1970s or so. The hope was to find a rare 1909-S V.D.B. or 1914-D Lincoln cent. By the 1970s most cents in circulation were of the Lincoln Memorial reverse type. Older cents called “wheaties” were mostly removed from circulation and were worth two cents each in large wholesale lots. Today, “wheaties” are hardly ever seen. The only hope of finding a valuable cent is the 1969-S Doubled Die, an obscure variety that has not inspired many people to search.

Among older Lincoln cents there are two that are very historical and very affordable. The first is the 1909-V.D.B. cent from the Philadelphia Mint. The second is the 1943 zinc-coated steel cent made at the three mints.

As to the birth of the Lincoln cent, this week I give a few comments:

1907 G$20 Saint Gaudens (Roman, ultra high relief, wire edge) Gold (fineness 0.9000), 34 millimeters, 33.436 grams, designed by Augustus Saint-Gaudens. Hover to zoom.

President Theodore Roosevelt in 1905 commissioned Augustus Saint-Gaudens, America’s most famous sculptor, to redesign all circulating coins from the cent to the double eagle. In failing health the sculptor created designs for just the $10 and $20 that were made in coinage form. In 1908 the $2.50 and $5 were redesigned to the Indian Head type by Bela Lyon Pratt. Then it was the cent’s turn

On January 30, 1909, a note was sent from the Treasury Department to the editor of The Numismatist:

President Roosevelt has given his consent to the placing of the head of Lincoln on one of the popular coins. He conferred today with Director Leach, of the Mint, and details are now under advisement. Victor D. Brenner, the New York sculptor, has submitted to the director some models of Lincoln busts, and these have been shown to the president. The head of Lincoln will adorn one side of the coin and the customary coat of arms the other.

It is probable that the half dollar piece will be selected as the principal coin to bear the Lincoln head, but some legislation may be necessary to make the change.

Subsequently, Director Frank A. Leach wrote to The Numismatist:

Nothing has yet been decided upon in relation to the proposed issue of a coin bearing the head of Lincoln. The matter is only under discussion.[1]

However, by this time models had been submitted to the Engraving Department at the Philadelphia Mint, and the staff was busy at work on a new coin, not yet identified as being of the cent denomination. Originally a reverse was proposed featuring a design with a single sprig in the center, inspired by the French two-franc piece. Another idea proposed the standing figure of Miss Liberty, also modeled after a French coin. These were rejected, and a reverse depicting two symmetrically-arranged wheat stalks was used, these being stylistic and modern, rather than from nature.

The March 1909 issue of the same periodical told of progress, under the title of “Lincoln to Appear on Cent.” It was revealed that “several months may pass before the long familiar Indian cent will be displaced by a proposed new issue which will have for its main device the head of Lincoln. The designs for the coins are the product of Victor D. Brenner, and since their acceptance, Mr. Brenner has been kept very busy making the suggested, slight but time-consuming changes. . .”


The dies were cut by Henry Weil, of New York, using Brenner’s models. Brenner was a well-known sculptor and, I believe, was the first designer of a federal coin to be a member of the American Numismatic Society.

The July issue of the same magazine noted:

Coinage of the Lincoln cent has been in progress at the Philadelphia Mint for some time. The number of one-cent pieces coined in June, 22,213,575, are believed all to be of the new type. No advance coinage of the Lincoln cent has been made at any of the branch mints. It is not believed that any of the specimens, except a very few for inspection by government officials, have left the custody of the chief coiner.

The final mintage was  27,995,000. At the San Francisco Mint, 484,000 were struck

On August 2, 1909, the first Lincoln cents were released into circulation. A mad dash ensued, and all available pieces were quickly scooped up. In the same month The Numismatist related:

Notwithstanding the advance coinage, the demand for them in Philadelphia was so great that only a limited distribution was made to an individual. Banks were supplied with a portion of their order; at the mint two specimens only to a customer; at the Sub-Treasury 100 was the most anyone could purchase.

Newsboys and others, taking advantage of the interest in the new coin, obtained them in hundred lots and found customers at from 2 for 5 cents to 25 cents each.

A rare 1909-S VDB cent, with Brenner’s initials at the base of the reverse.

All was not well with the new cents. Although this was not heralded in publicity, in honor of the designer the initials V.D.B. were visible at the bottom of the reverse for all to see. Soon a controversy arose concerning the initials. Some said that as Brenner had been paid for his design, what he did was strictly as a workman, and no recognition was needed. Others said that the letters were too prominent, and that few knew what the possibly cabalistic notation meant.

Complaints were registered, and demands were made that the letters be dropped. All of this defied numismatic tradition, for in 1907 Augustus Saint-Gaudens boldly signed his new $20 piece with his ASG monogram in the obverse field. As far back as the days of ancient Greece, artists had signed their names to dies, sometimes in full, as with KIMON on certain silver decadrachms of Syracuse. Within memory, James B. Longacre’s initials, J.B.L., appeared on nearly all of the gold coins of the second half of the 19th century, continuing to 1907-1908.

The Mint bowed to these complaints and removed the V.D.B. initials. Today, the Philadelphia Mint 1909 V.D.B. coins are readily available in any and all grades from well-worn to gem Mint State, the last usually with original orange color, either full or partial. Luster varies from frosty to matte. We are all fortunate that this very short-lived type, certainly one of the greatest “story coins” in American numismatics, is the most affordable of all early Lincoln cents. There should be room for one in every collection, as this is at once a landmark coin and inexpensive.

The obverse of a 1909-S VDB cent.

In contrast, the 1909-S V.D.B. cents are rare and expensive—well worth owning, of course, but more in the realm of the Lincoln cent specialist.


[1] Apparently, the final decision to use the cent denomination was made in March, per the Report of the Director of the Mint, 1909: “New Design for the One-Cent Piece: With the approval of the Secretary of the Treasury the new design for the bronze one-cent piece was adopted in April 1909. On the obverse, the head of Lincoln appears instead of the Indian head which this piece had borne since 1864. The engraver of the mint at Philadelphia was instructed to prepare dies, and coinage of this piece was commenced in May. . .”

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Comments

  1. John Q. Coinage says

    The real question is what they will make the reverse look like in 2059…… this has been too long… Luv Lincoln but 100+ YEARSenuf…… no a change might spur someone to collect coins again….

  2. smalltimecollector says

    John Q – I respectfully submit a proposal that Lincoln remain on the cent and his familiar stovepipe be upon his head. Other obverse could be fitted with hats as well. I can envision Teddy in a derby or cavalry center pinch, Harding in a straw, FDR a Fedora, but please no rugs or cheap made ball caps.
    Liberty and Indians are frequently adorned, perhaps the men can be too.
    Lastly no living people on coinage, and like place-names on usgs maps, the designee must be dead and be of merit to be memorialized.

  3. datadave says

    It looks like the current administration has been successful in getting interest rates to go up. The big tax cut and spending package along with the fed slowly tightening conditions have finally caused rates to go up to a point where they are attractive compared to the stock market. The US government is the borrower of last resort in this case, and is set to borrow more over the next year than it ever has.

    I have to admit I didn’t think tightening would last this long before they had to ease up again, but I didn’t expect the fiscal stimulus from the “conservatives”.

    What all this means for gold and silver I have no idea. I’m waiting for cagcrisp to tell us its okay to go all in. 🙂

  4. CaliSkier says

    A.M. PM’s on the way up! 1.25%on Au, 1.32% on Pd & 1.47% on Ag! Rhodium interestingly is down $30.00 or 1.29%, Pt holding steady, up a tad…….

  5. CaliSkier says

    The “American Eagle 2018 One Ounce Silver Proof Coin (W)” is listed as currently unavailable.

  6. ips_stuff says

    So glad he fed is ahead of this rapidly rising .1% CPI figure

    Now I think Trump can question the Fed… just my opinion
    Of course I question the true CPI figure…

  7. The RCB says

    Cag – looking for your opinion. What is the best denomination of gold coin to get the most bang for your buck? I know you have a lot of experience in these and I think I finally have enough saved up to buy a few golden coins. Doesn’t have to be anything in depth, just a couple that you think are potentially undervalued.

  8. says

    @The RCB ,”Cag – looking for your opinion. What is the best denomination of gold coin to get the most bang for your buck? ”

    “most bang for your buck”. hmmm

    This is how I make my decisions:

    1. You must decide whether you go Modern vs Classic
    2. You must decide whether you are going to sell and try to make money or just keep for yourself and your family (I ONLY buy to keep for my children and grandchildren)
    3. You must decide the grade If you go the graded route
    4. IF you go Classic then you must decide whether you go Liberty vs. Indian Head (or St Gauden for the $20)
    5. You have to decide whether Mint mark makes and difference (CC, D, C, O) if you really want to get into spending some money

    Personally I’ve got a Lot of Classics and some of the Moderns. I have every denomination of the Modern AGE’s and 1 oz. Buffalo and all of the Centennial Golds, Kennedy Gold and American Liberty Gold. I stay clear of First Spouse or commemorative Golds.

    I have denomination $1.00, $2.50, $3.00, $5.00, $10.00 and $20.00 in Liberty Head and $2.50, $5.00, $10.00 in the Indian Head series and the $20 St Gauden. I have multiple sets of the above because I’m building portfolios Specific for children and grandchildren and I use Specific dates for them (100 year, 200 year)

    For my point of view, there is just nothing that compares to a Gold coin and the History that it has that is 100+ years old.

    I try to buy a Lot of pre-Civil War and Civil War Gold. Personally I’m trying to get Every $20 Gold piece minted, in a Specific grade, through the end of the Civil War.

    2 coins that I think are “potentially undervalued” are Civil War $20 Liberty and $10 Indian Heads.

    “Doesn’t have to be anything in depth”. I hated TO answer you, but I hated NOT to answer you. There is just SO SO many variables to go into and there a SO SO many opinions out there…

  9. John Q. Coinage says

    Trump’s new coin lineup: 1c Harvey Weinstein 5c Kevin Spacey 10c Judge K 25c Bill Cosby 50c Asia Argento $1 Donnie T & Stormy in a Hurricane……. otherwise Lincoln 2109!! Wearing a ID chip on his forehead…..

  10. says

    @Throckmorton,”Cagcrisp…….so are your classics slabbed or raw?”

    Some are Graded but some are raw. Easier to sell if they’re graded and my goal is for them to NOT be sold…

    …SO…for the coins that I have for children and grandchildren Most are NOT graded…

  11. Buzz Killington says

    If the question is “most bang for your buck” as far as gold purchasing, I think the correct answer is being careful about paying a premium over spot.

    I don’t forsee a sustained surge in numismatic interest in the near or distant future. I think the market will float back-and-forth more in terms of PM value than anything else.

    I think @cag’s earlier suggestion of buying old cleaned gold is a good one, since you get old gold which still looks good (in most cases) but the premium relative to spot is minimal.

  12. says

    Let’s See…

    From APMEX Currently you can get a “cleaned” random 100+ year old $20 Liberty Gold for 5.58% to Spot

    From APMEX Currently you can get a PCGS MS62 random 100+ year old $20 Liberty Gold for 10.73% to Spot

    From USM Currently you can get a 2018 Proof 1 oz. American Gold Eagle for 19.9% to Spot

    From USM Currently you can get a 2018 Proof 1 oz. Buffalo for 21.6% to Spot

    From USM Currently you can get a 2018 Proof 1 oz. American Liberty Gold for 23.1% to Spot…

  13. says

    The ^ is One of the Reasons I’m So Bullish on the 2018 Proof Palladium

    Sales from the USM continue to decline to some extent Because of just how low premiums are on Classical Gold

    There just is No alternative to the 2018 Proof Palladium whereas there is a Boatload of Better deals for Gold than what the USM offers…

  14. Buzz Killington says

    The premium on a random date BU Modern AGE is $50 — about 4%. So if the premium for cleaned classic gold is 5%, I think that is a strong case IF you want to put money into physical gold.

  15. John Q. Coinage says

    I agree with Cag to do the best I would look for the classics, maybe NOT cleaned but ciculated, or the ’62’ St.$s which are kind of disfavored v. a 63++. Also, IF you plan to sell 1o99 considerations may pop in, ASE & Classic US AG I don’t think call for a 1099, Krugerrands, Maples, etc. get IRS on the l00p……

  16. smalltimecollector says

    ips_stuff says

    October 11, 2018 at 10:36 am

    So glad …
    In the west cpi is currently 3.4 (in the west adjusted for annual.
    With fuel, home prices, (middle class) taxes, food, etc. all going up (what’s going to happen when the saudi’s retaliate), grab onto your stovepipes.
    The only segment to have much disposable income to invest will be the top tier tax payers whom will be wise to invest in gov’t bonds.
    Anyone else been getting offers from banks for c.d.’s at 3.5 to 3.8 for 18 to 30 month small (5k$) deposits.
    Get ready for a royal reaming with the catalyst being the org that was declined financing for crummy credit history.

  17. Throckmorton says

    @Cagcrisp with regard to The RCB query

    Counterfeits were in abundance during my formative years and most of the ones that were not were messed with in some other way so I quickly embraced TPG. I realize that TPGs are not 100% fool proof but better than nothing, especially for the fake coin angle. This is my attitude for classic gold. New style bullion is pretty safe IF you can trust the seller.

    I’m not planning on sell my collection either but my heirs probably will so to my mind a slab makes a coin easier to value and maybe more liquid.

    So to someone wanting to place some money in classic gold, I would recommend keeping an eye out for PCGS or NGC slabs for common dates in AU or MS62. so you stay close to melt. If you live in an area that has well attended coin shows (not flea markets!!!) you may be able to find a deal every now and again. Auctions are another way to go if you are careful with your bidding and patient.

  18. Numismatrix says

    The RCB says : What is the best denomination of gold coin to get the most bang for your buck?

    I second all of the opinions – I’ve been in somewhat of a similar search myself. I tend
    to prefer the St. Gaudens, and cherry pick high mintage 65’s or high 64’s. IMHO they are a
    better coin – more appeal and potentially with some appreciation compared to just plain
    common Au fare. I’ve found that the price point is not a significant issue if it is ~ $200
    or less above melt, and I have acquired a few. There is much pleasure in the hunt.

  19. Erik H says

    The RCB says

    OCTOBER 11, 2018 AT 6:39 PM

    Anyone else see there’s going to be a 2019 S enhanced reverse proof Kennedy half?

    It actually reads: “one Kennedy enhanced reverse Proof dollar”, but maybe they forgot the word “half”? Might be worth getting.

  20. smalltimecollector says

    Mr Brewer
    your article above has me fondly reminiscing, and eyeballing a tall old galliano bottle filled with pennies to high in the neck and re-corked. Napoleon stands leisurely with hands on a sword rather cane-like as if he’s guarding the many dozens of brownish copper disks within, many festooned with the stalks of wheat you describe.
    I look back to my youth and remember this bottle setting proudly at the back of the bar my dad built in the basement of our home. I knew better then than to sort through the pennies plucking out the treasures within. Those same thoughts persist as the same pennies continue to peer out and about the prism-like panels of the bottle set on the back of our buffet, guarded yet by the little man wearing a silly feathered hat.

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