A Penny Saved is … Well … Brand-New by Peter Rexford on Creators.com

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A Penny Saved is … Well … Brand-New

Just over 100 years ago, thousands of people on both coasts lined up around their local banks. In many cities, the lines stretched around the block. Some of those in line were coin collectors. OK, considering that virtually every man, woman and child collected coins, almost everyone was a collector. But why they were willing to wait is the curiosity.

Today, we barely give the penny a second thought. Loads of them are relegated to the "free" change trays at retail counters. Some people tell retailers to "keep the pennies." Countless more end up in mall fountains and wishing wells. For several years, a push has been made to eliminate the one-cent piece altogether. Even though it costs the government roughly 1.8 cents to produce a single penny, they continue to be a staple of our change.

With all the apathy toward pennies today, it's surely surprising that all those that waited outside of banks back in 1909 were there to purchase new one-cent coins just being released. For the 60 years prior, pennies featured the image of an Indian chief — hence the name "Indian Head Penny."

All that changed in 1909 when, on the 100th anniversary of Abraham Lincoln's birth, a new penny bearing his likeness was issued. The reverse was fairly nondescript with two sheaves of wheat bordering the words, "One Cent" and "United States of America." That didn't matter. The U.S. — being a country renowned for rarely changing the look of its change — was issuing something new and people couldn't wait to get their hands on it.

That penny had a 50-year run until 1959, when the reverse was changed to show the Lincoln Memorial in Washington, D.C. And that's what we had for another 50 years until 2009. Last year, on the 200th anniversary of Lincoln's birth, the reverse design was changed four times to showcase as many periods of Lincoln's life. There was a goodly amount of fuss and fanfare surrounding their release, but not a lot came of it. I hate to say it, but it may very well be because few people found any in their pocket change.

Even with billions minted, most people I've spoken to have found no more than one or two in their change so far. I suppose that's a question of distribution.

Now that all the anniversaries are over (at least for another half-century), the government had a choice: go back to the traditional Lincoln Memorial reverse or try something new. They've opted for the latter — and that can be a good thing.

Beginning this month, the official penny of the United States will now feature a vintage union shield with a scroll draped across the front inside, which has the inscription "ONE CENT." The shield is reminiscent of those seen during the Civil War with 13 vertical stripes representing the original states. The stripes are joined together by a horizontal bar at the top, representing states supporting the federal government. Inside the bar is the inscription, "E PLURIBUS UNUM" — "out of many, one."

The classic image of Lincoln's silhouette on the front stays the same. A guy named Victor D. Brenner designed it over 100 years ago. Collectors know that well because his "VDB" initials were put on the coin. Evidently, the initials were too prominent because the public objected and they were subordinated. But those pennies bearing his initials — especially the ones minted in San Francisco — became hot collectors items. Today in top grade, a 1909-S VDB penny can sell for thousands.

Evidently, that's all water under the bridge because the new 2010 pennies have two sets of initials. The "LB" is for the Associate Designer Lyndall Bass and "JFM" stands for Mint Sculptor-Engraver Joseph F. Menna. Both are prominent on the new reverse.

So, will these new pennies be worth a small fortune in the future? Flip a coin. But given that these are the very first of what's assured to be a long run of this design, it's definitely collectible. And if it's retained in pristine, high-grade condition, years from now I can see potential value. At least, that's a penny for my thoughts.

Editor's Note: A JPEG visual of the new reverse design on the 2010 Lincoln one-cent piece has been sent with this column.

To find out more about Peter Rexford and to read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.