Lincoln Cent.. part 2 of 2
While there are thousands of uncirculated examples today, the number is still never enough as the 1909-S VDB is a coin with enormous popularity among average collectors and this translates into demand that seems to keep prices constantly rising. The centennial of the Lincoln cent in 2009 will further fuel demand.
In the case of the much more available 1909 VDB, we probably see just how significant the cent design change was in 1909. In that year, most Americans had never known anything but an Indian Head cent. To suddenly have Abraham Lincoln on the cent was a change no one could ignore. There is no way to know how many of that original 1909 VDB mintage was saved back in the first year of issue, but it was a significant number as Bowers observed that even in the 1990s rolls were still coming on the market periodically and that is highly unusual after more than eight decades.
Interestingly, there are no significant reports about the 1909-S without the VDB. Certainly the 1909-S with a lower mintage of 1,825,000 has always had a place as one of the best Lincoln cents. The 1909-S as well as the 1931-S and 1914-D were generally seen as the group right behind the 1909-S VDB as all had low mintages. In the days of collecting from circulation, all were basically impossible to find.
The historical assumption is that the 1909-S, which would have been issued after the 1909-S VDB, saw some saving and that explains why its prices while certainly well above most other Lincoln cents have never been quite as high especially in Mint State as might be expected. Today the 1909-S sits at just $360 in MS-60 and $1,325 in MS-65, which while more than many dates, do not place it in the group of the most expensive Lincoln cents. The 1909-S should be in that most expensive group based on its mintages. It is simply a case with the 1909-S where the hoards are simply not documented or perhaps the 1909-S was simply saved by many.
Whatever the source, the 1909-S is definitely more available than expected, but it is still a famous and important Lincoln cent.
The 1914-D with its mintage of 1,193,000 has always had the reputation as a very tough Lincoln cent and it is with the 1914-D being the only regular date other than the 1909-S VDB to top $100 in G-4. Where the 1914-D is really famous, however, is in MS-65 where it is usually the most expensive regular date at a current price of over $24,000. In fact, as the 1914-S is also very tough in the highest grades, the general feeling has been that the novelty of the Lincoln cent had worn off and there was simply little saving of the 1914-D and the 1914-S when they were released.
Interestingly enough, there are reports of at least two uncirculated rolls of the 1914-D. Precisely where they were found is subject to debate but Q. David Bowers did actually see some coins from the rolls and in his American Coin Treasures and Hoards said, "The writer examined several pieces said to have been from that source, and they were spotted red and brown." Of course that description leaves open the possibility that they would not have graded MS-65 or better. Other reports of significant numbers of the 1914-D cannot be verified. It all suggests that while small numbers of the 1914-D might have been saved at the time of issue, the hoards were not massive and coins probably were not MS-65, leaving the 1914-D as a key date today.
The 1931-S is a completely different situation. The 1931-S has the distinction of being the only other regular date Lincoln cent along with the 1909-S VDB to have a mintage of fewer than 1 million. When the mintage of 866,000 became known, there was apparently an immediate rush to find the 1931-S. There has been a rumor for years that one dealer had been offered the entire mintage.
Realistically, most of the coins were squirreled away. The 1931-S has always had a most unusual pricing structure which even today shows a G-4 at $122 while an MS-60 is hardly more at $163. Normally you would expect an MS-60 to be a number of times more costly than a G-4, but the 1931-S with so much early saving is well outside the normal pricing pattern. It may well be possible that a G-4 is tougher to find than an AU-50.
Just how many examples of the 1931-S were hoarded is subject to debate. Walter Breen suggested that the Maurice Scharlack hoard at one point contained "over 200,000 red uncirculated specimens, many weak." That cannot be verified and the number seems high, but the fact remains that the 1931-S in Mint State was being found for years. Bowers observed, "As late as the 1950s it was not unusual to see these traded by the roll at coin conventions. Later most were broken up." In fact that may well explain why the 1931-S in recent years has started to move higher in price in all grades as it may finally be the case that market concerns about additional supplies have been put to rest.
It seems like only yesterday, but in fact it is now 53 years since the 1955 doubled die obverse burst onto the scene. The 1955 doubled die obverse was once described by a dealer friend as the perfect error and over time it is hard to dispute that notion. The 1955 doubled-die obverse arrived at a time when much of the nation seemed to be assembling Lincoln cents from circulation so anything involving the Lincoln cent would be big news. That was especially true in 1955 when it had been announced that San Francisco was producing its last coins. That was later changed, but back in 1955 everyone thought the 1955-S Lincoln, which had the lowest Lincoln cent mintage since the 1930s, would be the final San Francisco Lincoln cent.
The discovery of a 1955 Lincoln cent with a clearly doubled date and obverse lettering would quickly eclipse the 1955-S in importance. By being so clear and easily identified, the 1955 doubled-die obverse was immediately significant. It was obvious even to non-collectors that the coin had an error. That is a major factor for any error to become the "perfect error" as it needs to be easily spotted.
We do not know what the mintage of the 1955 doubled-die obverse was, but some have estimated around 20,000 pieces. Whatever the number, it also turned out to be perfect as the 1955 doubled-die obverse could not be easily found. Later the 1960 small-date cents would create a sensation, but in their case the numbers being found in circulation were far too high for them to become as significant. The 1955 doubled-die obverse almost seemed charmed as just as interest seemed to be on the decline another would be discovered and that would encourage people to keep looking. The enthusiasm for the 1955 doubled-die obverse has never really waned, which is why it is priced at $1,650 in XF-40 and $43,500 in MS-65.
The supply of the 1955 doubled-die obverse is probably pretty much accounted for. In his book, Bowers explained that he and his partner at the time, James F. Ruddy, advertised to buy them in New York and Massachusetts. It was a very smart idea as that was where the first examples had been discovered and there seemed to be more discovered in the region than any other location. It worked. Bowers suggested, "At one time 800 pieces were on hand."
Since that time those 800 pieces and any other holdings have also been sold. It was the coin that helped to increase the popularity of error collecting. The 1955 doubled-die obverse also became a special Lincoln cent perhaps the one real rival to the 1909-S VDB in popularity and although technically it is not needed for a complete set, everyone still wants a 1955 doubled-die obverse and that explains its constantly rising prices today.
What cannot be seen in the prices is that everyone had a great deal of fun looking for the 1955 doubled-die obverse even though most were never lucky enough to find one. The fun of the hunt has helped to make other Lincoln errors popular as well. The 1972 doubled-die with doubling of date and motto has actually proven to be the Lincoln Memorial reverse version of the 1955 doubled-die obverse as it is very popular and it too set off a massive hunt in circulation.
Bowers explains in his book a significant number of the 1972 doubled dies were found in the trunk of the car of Georgia coin dealer John Hamrick who had apparently bought some 1972 uncirculated bags before the 1972 doubled die was discovered. When he heard of the discovery, he opened the bags and found significant numbers of the 1972 doubled die. It is the sort of story that simply makes a special Lincoln cent all the more so.
Actually there are many reports of hoards of other Lincoln cents. Having a low face value, the Lincoln cent was an easily hoarded coin. In most cases the hoards are circulated examples of better dates, but even if the numbers are in the hundreds, the Lincoln cent market is historically so strong that a hoard of literally any date can be easily absorbed.
Certainly with so many special dates and different stories, the Lincoln cent as it approaches its centennial in terms of production continues to be a fascinating set and one where date after date is special. For the collector, that simply makes the Lincoln cent even more fun and interesting.
used with permission from numismaster 8/25/08
Thanks for reading...
Donald