Lincoln Cent Set Features Classic Key Dates
By Paul M. Green
August 20, 2008
Generation after generation has come to the same basic conclusion that the Lincoln cent is a great collection. There is really no dispute that now approaching the century mark in terms of production when you look at a Lincoln cent collection you will find virtually everything you could ever want in a collection with the possible exception of the great rarity. There are key dates, semi-key dates and plenty of available dates as well.
The interest in Lincoln cents over the years has been enormous and to have that much interest, the Lincoln cent has to be a collection with a number of very interesting coins. That is the case and while a few dates may have dominated over the years, the fact is that if you look at a Lincoln cent collection you will find that in virtually every decade for the first half century or more there was at least one extremely interesting date. In fact, if you take Lincoln cents as a whole you will find that a set contains perhaps as many interesting and sometimes even misunderstood dates as any collection in the history of American numismatics.
There was no doubt back in 1909 when the first Lincoln cent appeared that the new cent was going to create some comment and perhaps even controversy. It simply could not be avoided as realistically it was breaking new ground. No great American had ever appeared on a circulating coin before. It was also 1909 and there were still probably quite a few Americans in states south of the Mason-Dixon line who were not all that thrilled with the idea of honoring Abraham Lincoln. Nor was it just in the South as The New York Times was not overly pleased with the idea of a Lincoln cent either.
The Lincoln cent burst onto the scene and right away there was a special date. In fact, the 1909-S VDB Lincoln cent has withstood the test of time as one of the truly great coins in American history. Certainly the 1909-S VDB Lincoln cent would be on any list of the coins that have made a significant impact in terms of adding to the popularity of coin collecting as literally for decades the 1909-S VDB Lincoln cent was the object of searches by millions of young and old collectors alike who were scouring cent rolls and checking their change to see if they could find what was probably the most avidly sought coin in American history.
The story of the 1909-S VDB Lincoln cent goes back to the process of making the coin. Victor D. Brenner had apparently suggested the idea of a Lincoln cent to then President Theodore Roosevelt. As new designs for the coins of the United States were a priority for Roosevelt, he was willing to give Brenner a green light to go ahead with the project of creating a Lincoln cent.
It is hard to be certain, but there are certainly some small indications that Brenner was not only a talented artist but also a rather aggressive self promoter. At one point he apparently suggested that he prepare designs for all the coins of the United States. That got nowhere as Roosevelt had other plans.
In the course of doing the cent, it appears that Brenner had some problems as at least one official complained that he insisted on using Latinized V-shaped "U's." There was also the matter of his name, which saw the Mint director complain that he, "insists upon putting his name in full on the obverse side." Historically speaking, that simply was not done on coins of the United States and the secretary of the Treasury quickly stepped in and made it clear that the only indication of the artist would be his initials on the reverse.
That decision by the secretary of the Treasury was seen as the final word and production of the new Lincoln cent began with 27,995,000 being produced and released at Philadelphia and 484,000 at San Francisco before production was suddenly halted. The secretary of the Treasury had spotted the small VDB at the bottom of the reverse and he did not like it. Even that was too prominent. A hurried conference was held involving Chief Engraver Charles Barber to determine what could be done.
It is worth remembering that Charles Barber was no fan of using outside artists like Brenner to create coin designs. In addition, Barber had a reasonably large ego himself and there is little doubt that the various Brenner ideas like using his full name had raised more than just the eyebrows of Barber.
Having just gone through something perilously close to a war with President Roosevelt and Augustus Saint-Gaudens over the design of gold coins, it appears that in this case Barber was simply silent probably figuring that someone like Brenner would eventually cause more than enough trouble for himself without Barber's help.
Barber was certainly not about to help Brenner. When he was asked how long it would take to change the VDB to a small "B" in an inconspicuous place, Barber apparently suggested that it would take time. As an alternative, it appears Barber suggested that simply removing the initials would take only a few days.
Time was important as the nation needed large numbers of cents for regular commerce. Moreover, the secretary of the Treasury was no great fan of Brenner and his name or initials. The probably made the decision to simply remove the initials an easy one.
Roosevelt was no longer in office to object, either.
The rest of the 1909 cent mintages would have no initials, but it took no time at all for collectors to discover that the 1909-S VDB was elusive and the mintage totals confirmed that fact. Actually, there was going to be saving of the new Lincoln cent under any circumstances because it was a new design but that saving was expanded with the extra interest in the 1909-S VDB.
Moreover, the Philadelphia 1909 with a VDB was saved in enormous numbers, explaining why today it is still just $21 in MS-60 with an MS-65 at $125.
The focus of everyone at the time and for generations since, however, was the 484,000 mintage 1909-S VDB, which today lists for $760 in G-4, $1,650 in MS-60 and $6,900 in MS-65. If it were a normal date, the 1909-S VDB would not bring such prices as it is more available than the prices suggest. The reason for the high prices, however is the extraordinary demand for the 1909-S VDB that seems to swamp any possible supply.
The 1909-S VDB, however, is a good example as Lincoln cents were subject to significant hoards. The interest in Lincoln cents and the low face value made hoards possible and Q. David Bowers in his book American Coin Treasures and Hoards has attempted to track down many of the historic hoards of Lincoln cents over the years.
In the case of the 1909-S VDB, the one major reported hoard is that of John Zug, who according to Bowers, had a hoard reported to be 25,000 pieces. It was dispersed around 1918. Bowers points to other smaller holdings, including a few uncirculated rolls that appeared in the 1950s. Bowers quotes dealer Art Kagin who purchased 10 uncirculated rolls back in the 1950s for $500 each with Kagin feeling that the same source sold other rolls to other dealers probably at about the same price. At the time, the uncirculated price of the 1909-S VDB was $12-$15 each.
It is always possible that the coins Kagin purchased were part of the Zug hoard, although as with most hoard stories, it is difficult to track down specific coins. The important point is those early hoards whatever their source have provided the market with many more examples of the 1909-S VDB than would normally have been the case.
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used with permission from numismaster 8/25/2008
Thanks,
Donald