The $168K Lincoln Wheat Penny: What Makes It So Valuable?

What makes the 1909‑S VDB Wheat Penny so rare and valuable

• The 1909‑S VDB is one of the key “first year” Lincoln Wheat Cents. 1909 was the inaugural year. It was minted with the designer’s initials V.D.B. (Victor David Brenner) on the reverse, a feature that was controversial at the time. After only a short period, the Mint removed those initials due to public criticism.
• The “S” mint mark indicates it was struck at the San Francisco Mint. Only 484,000 of the 1909‑S VDB pennies were minted. That low mintage, combined with the short period in which the VDB initials were used, contributes heavily to its rarity.
• Condition (grade) is a massive determinant of value. Examples in “Mint State” with strong red copper color, sharp strike, and clean surfaces are extremely scarce. Most surviving specimens are worn or have lost much of their original red color.

Some recent known sale / auction examples

Here are real, documented recent sales (2024‑2025) or auctioned specimens that illustrate how much the premium is for the very best coins:

• A 1909‑S VDB graded MS‑65 Red by PCGS sold for $5,000 in a Heritage auction in July 2025. It was noted for its full strike especially visible on the VDB initials.
• A coin graded MS‑66 Red has brought much higher premiums historically (though I did not find a confirmed sale for $168,000 in accessible catalogs by major auction houses).
• A more worn example, VF‑20 (Very Fine 20) condition, recently sold for about $900 in a PCGS auction.

So while the “$168,000” figure might be quoted in some articles or from private sales / rumors, the publicly documented sale records tend to show lower but still large numbers for top grade examples.

How to spot (authenticate) a genuine 1909‑S VDB Wheat Penny

If you think you have one, here are the criteria, physical features, and tests to check. Many counterfeit or altered coins try to mimic these, so careful inspection matters.

Key features to look for

1. Date “1909” on obverse (front)
   The date must read clearly “1909.” The styling of the numerals is important (shape of the “9”s, the “1”, etc.). Wear can blur, but even in coins with some wear, key parts of the numerals should remain identifiable.
2. “S” mint mark under the date
   This is critical. Genuine “S” is from the San Francisco Mint. The position, size, style, depth, and wear of the mint mark should match known authentic examples. It should be just under the date, slightly to the right of the final digit in “1909.” Altered or added mint marks are one of the most common types of fakery.
3. Reverse (back) side: Wheat ears design
   Two wheat stalks framing the inscription “ONE CENT” and “UNITED STATES OF AMERICA” are standard for Wheat Pennies (1909‑1958). Beneath that, at the bottom rim, check for the designer’s initials “V.D.B.” (in that exact style). Because these were removed partway through 1909, genuine coins with VDB are scarce.
4. Weight, size, composition
   A genuine 1909‑S VDB Wheat Penny should weigh about 3.11 grams, have a diameter ~19 mm, and consist of bronze (95% copper with tin & zinc). Magnetic tests (i.e. ensuring it is not magnetic) help rule out some fakes.
5. Condition / color / preservation
   • Color categories matter: Red (fully original copper color) is most prized, then Red‐Brown, then Brown. How much of the original red remains influences whether it will fetch a high price.
   • Strike quality: are the details sharp? Is the portrait of Lincoln well defined (hair, ear, cheek)? Are the wheat stalks crisp? Are the V.D.B. initials clear and not worn off or blurred?
   • Surface condition: look for abrasions, corrosion, cleaning or harsh polishing which degrade value.

Signs of altered / counterfeit coins

• Mint mark added aftermarket: sometimes a “plain 1909” (without “S”) is modified to add an “S” to mimic the San Francisco version. The added mint mark may be poorly matched in style, depth, wear, or may have tool marks.
• V.D.B. initials added or altered: similarly, someone might try to add initials to a coin that didn’t originally have them. The style, placement, and appearance might be off.
• Wrong composition, plating, or altered color: sometimes color is artificially enhanced or plated. Old coins with red copper color can be “recolorized.”
• Inconsistent wear pattern: e.g. the mint mark or the VDB initials look less worn than the rest of the coin, or look “new.” That hints that those parts might have been added or repaired.
• Incorrect fonts / inconsistent die features: comparing with authenticated examples is important. Authentic examples from major grading services (PCGS, NGC) are reference points.

Verification via grading

• If you believe you’ve found a high‑grade piece, send it to a professional grading service (PCGS, NGC, ANACS etc.). Getting a coin slabbed (graded and sealed) is usually essential for selling or establishing trust.
• When grading, especially for high value, third‑party certifications, population reports (how many of that grade exist) and images help judge rarity.

Why the “$168,000” figure is quoted, but with caution

• Some articles and coin enthusiasts mention a “record sale” figure of ~$168,000 for a specimen in extremely high grade. These may refer to private sales, estimated values, or super high graded examples that haven’t been widely publicized.
• Publicly documented auction sales for 1909‑S VDB pennies do show six‑figure values for the VERY best grades, but more often the top documented auction prices are lower (still large, but perhaps in the $80,000‑$150,000 range depending on grade).
• Varieties and color (especially “full red” plus sharpness and minimal defects) drive these extreme prices. If you see someone offering $168,000 for one, ensure there is full documentation: grading, high resolution images, provenance.

Market context and recent demand (2024‑2025)

• Collectors remain very interested in “key date” Lincoln cents, and 1909‑S VDB is near the top of that list. Because it’s one of the first pennies with Lincoln’s image, and because of the designer’s initials issue, it has strong historical importance.
• Auctions continue to show that MS‑65 Red examples are very desirable; but those that approach MS‑66 Red or Gem Red with excellent strike — those are far scarcer.
• In mid‑2025, examples graded MS‑65 Red have sold in Heritage and other auction houses for thousands of dollars. For example, the 1909‑S VDB MS‑65 Red sold ~US$5,000 in a 2025 auction.
• For lower grade examples (circulated, brown, or worn), the values are much more modest — often in the low thousands or even hundreds, depending on condition.

Practical steps if you want to check your own pennies

If you have a jar of old pennies, here’s how you should inspect them, step by step, to see if you might have something.

• First, put aside any penny with the date 1909. That includes 1909 with no mint mark (Philadelphia), 1909‑S (San Francisco), and any with VDB initials.
• Next, check for an “S” under the date. Use a magnifying glass or good lighting. The position and style of the “S” is important: if it looks odd, uneven, or suspiciously added, put aside for more careful inspection.
• Flip the coin to the reverse: Look at the bottom rim between the wheat stalks. Do you see “V.D.B.” (three tiny initials)? If yes, check how clear they are. If they are worn or partially obscured, that reduces value, but still may be meaningful.
• Check the color: does it have the red copper color (“Red”)? Or is it more brown/red‑brown? Look also for signs of cleaning or polishing. If the coin looks artificially shiny or has unusual coloring, it may have been tampered with.
• Inspect details: Lincoln’s features (hair, jawline), wheat stalks detail, rim condition. Even if the coin is worn, look for symmetry, strike quality.
• If the coin looks promising, compare with reference photos of authenticated 1909‑S VDB pennies. Auction house sites (Heritage, PCGS, NGC) often have high‑resolution photos of sold examples in different grades. These are great comparative tools.
• Don’t clean or polish the coin. Cleaning often destroys collector value. Handling with gloves or via edges helps preserve condition.
• Get the coin authenticated / graded if you believe it might be a high‑value specimen. A sealed grading result gives buyers confidence and helps establish provenance.

What to expect value‑wise if you find one

• If the coin is circulated and worn, even with “S” and VDB, value may be in the low thousands, depending on degree of wear, remaining detail, and color.
• If the coin is in uncirculated condition, especially with strong red coloring, that’s when premiums jump dramatically.
• The very best examples (MS‑65 Red, MS‑66 Red, or higher) are the ones approaching six‑figure prices in auctions or private sales. But these are extremely rare.
• Always compare recent auction results for similar grade and color to get realistic expectations.

Conclusion

The 1909‑S VDB Wheat Penny is one of the most iconic and sought‑after U.S. coins among collectors. Its combination of historical importance, low minting numbers, design controversy (V.D.B initials), and scarcity of high‑grade specimens gives it great cachet. Prices of well‑preserved examples can be very large — six figures for the very best — but most are far more modest unless condition is excellent.

If you find a “1909 1 cent” penny, check carefully for the “S” mint mark and the “V.D.B.” on the back. Examine condition, color, strike, and avoid cleaning. Use ref photos, use a magnifier, and get professional grading if needed. Even if you don’t have one worth $168,000, you might have something with significant numismatic value, or at least a wonderful piece of coin history.

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