2009 Lincoln Bicentennial Cent – Birth and Early Childhood : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

2009 marked the bicentennial of Abraham Lincoln’s birth, and to celebrate, the United States Congress instructed the Treasury Department to issue a series of four new Lincoln Cents. Each design depicts a period of Lincoln’s life, from his early childhood in Kentucky to his historic presidency during the American Civil War.

The first issue in the series was officially named the Birth and Early Childhood in Kentucky Cent. This one-cent coin depicts a log cabin like the one where Lincoln spent the first seven years of his life.

Abraham Lincoln in Kentucky

Abraham Lincoln was born to Thomas Lincoln, Sr. and Sarah Lincoln Grigsby on February 12, 1809, in a one-room log cabin on Sinking Spring Farm in central Kentucky. He was the second of two children to survive infancy. His sister Sarah had been born two years earlier, and his younger brother, Thomas, Jr., was born in 1812 or 1813 and survived only three days after birth. In Kentucky, Lincoln’s family struggled, as his father tried his hand at farming, but title disputes forced the return of nearly 30 acres. In 1816, the family would move to Indiana and try again.

Lincoln’s Kentucky cabin was probably disassembled at some point before he died in 1865. Thirty years later, New York businessman Alfred W. Dennett, a possibly insane religious fanatic and restauranteur purchased the Lincoln farm and reconstructed the cabin using logs that were supposedly from the original home site. This version of the Lincoln Log Cabin was shipped to St. Louis to serve as a feature exhibit at the Lincoln Museum during the Louisiana Purchase Exposition of 1904. Also on display was Lincoln’s railroad funeral car. The cabin was disassembled again after the exposition and soon lost, the beams reportedly used as firewood – a curious fate for the supposed historical relic.

Today, Abraham Lincoln’s birth site is a National Historical Park. On the main site, a Memorial Building was erected to commemorate the centennial of Lincoln’s birth. Inside is a recreation of the log cabin, giving visitors a glimpse of the hardscrabble life the Lincolns faced on the American frontier.

Circulating the 2009 Lincoln Birth and Early Childhood Cent and the Post-Launch Bubble

The 2009 Lincoln Birth and Early Childhood Cent was struck for circulation and released to the Federal Reserve Banks in the normal fashion. Typically, these coins would enter circulation within weeks of their release, based on the needs of private banks. However, 2009 was unlike any year in recent memory.

On the heels of the collapse of Lehman Brothers in September 2008, the nation was plunged into the Great Recession. Uncertainty and fear about a cascading series of financial crises impacted virtually every aspect of American life. This developing situation all but assured the election of President Barack Obama, and saw the Federal Government disburse over 440 billion dollars to shore up the nation’s banking system.

As the crisis played out, demand for circulating coins shrank dramatically and mintages for 2009 coins reflected this. Collectors, enthusiastic about the numismatic celebration of the 200th Anniversary of Lincoln’s birth, were stymied until banks exhausted their stocks of older coins.

Hardly a patient bunch, collectors eagerly purchased coins at premium prices, buying them online or through TV coin shows when they couldn’t source them at their local banks.

For its part, the United States Mint offered circulation-quality 2009-P and 2009-D rolls in official Mint paper wrappers for sale starting at $8.95 plus $4.95 for shipping. Sales were limited to five sets per household. Due to their perceived scarcity, these rolls sold on the secondary market for up to $15 each. Fifty-coin rolls in generic wrappers were selling for similar amounts.

Within weeks of the coin’s release, dealers who held quantities of the new cents placed advertisements in the trade periodicals. One company, Chattanooga Coin, Inc. of Rossville, Georgia, advertised “Scarce” First Day of Issue 2009 Log Cabin Cents for $20 in MS65RD, $28 for MS66RD, and $249 for MS67RD. In their April 13, 2009 Coin World advertisement, Chattanooga stated that the NGC population was less than 300 coins.

On eBay, PCGS “First Day of Issue” Bunting Label MS66RD coins were selling for $100 to $130 in the immediate post-release window.

For modern issues, the certified coin market is usually a fast-in, fast-out endeavor. As the buzz for the new designs wore off, the market cooled. Today, a PCGS MS66RD Lincoln Early Childhood Cent brings between $20 and $25, while an MS67RD might bring $150 to $200.

The Return of the Copper Cent

In 1982, after a decade of trepidation regarding the rising costs of copper, Congress authorized a change in the cent’s composition from copper to copper-plated zinc. While this action undoubtedly saved taxpayers considerable amounts of money each year, the removal of copper from the “penny” marked the end of an era of American coinage that dated back to colonial times.

The first Lincoln Wheat Cent, minted in 1909, was struck in a copper alloy, and the first Lincoln Memorial Cent, minted in 1959, was struck in a copper alloy. And while the circulating version of the 2009 Lincoln Bicentennial Cent was produced in copper-plated zinc, numismatic versions of the coin produced for the 2009 Uncirculated Coin Set and 2009 Proof Sets were struck in a copper alloy comprised of 95% copper and 5% tin and zinc.

The Philadelphia Mint struck 284,400,000 circulation strikes in copper-played zinc and 784,614 copper alloy “Satin Finish” strikes for the 2009 Uncirculated Coin Sets. The easiest way to differentiate the two types is by weight. Zinc cents weigh 2.5 grams, while the copper alloy version weighs 3.11 grams.

2009 Uncirculated Coin Sets contained one of each coin design struck for circulation in 2009, including the Washington, D.C. and Territorial Quarters, four Presidential Dollars, and the inaugural release of the Native American Dollar program. Sets carried an issue price of $27.95 ($41.64 in 2024 inflation-adjusted dollars) and generally sell today for about $30.

If certified, these specially prepared coins should grade higher than their corresponding circulation strike versions. NGC and PCGS have certified just under 1,000 examples at SP/MS69. These coins sell for about $100.

How Much Are 2009 Lincoln Birth and Early Childhood Cents Worth Today?

The value today of a 2009 Lincoln Birth and Early Childhood Cent runs from 1¢ for an ordinary cent pulled out of circulation to potentially $500 or more for pristine examples, unmarred by flaws, stains, or wear.

2009 Lincoln Birth and Early Childhood Cents were saved in uncirculated condition in sufficient numbers that even on a limited budget, anybody interested can acquire a bright red uncirculated example in their raw form for less than $1 per coin on websites like eBay. Original United States Mint 50-coin rolls sell for about $10 each.

The cost of encapsulation will limit the number of coins submitted to CAC, NGC, or PCGS for grading. Most of the examples in NGC and PCGS holders were submitted during the coin’s immediate launch window, where the potential for profits was the highest. Most of these coins were also submitted in bulk by dealers at a reduced cost. As a result, the certified populations do not reflect the true scarcity of the issue and one should not read anything into the current top pop census data as these numbers could easily multiply by a hundred-fold or more if the profit incentive existed.

Having said that, the Lincoln Cent is one of the most popularly collected series in all of numismatics, and a superlative example of this coin, while common, is necessary to complete the collection. In our view, higher-grade business-strike versions are more interesting than the Mint Set coins. We feel this way because attrition will reduce the number of potential Superb Gem business strikes below the number of coins struck for numismatic purposes.

* * *

Market Data and Noteworthy Specimens

Coin dealer Paul Hollis gave away $10,000 face value of the 2009 Lincoln Birth and Early Childhood Cent to collectors and members of the general public throughout the state of Louisiana. The Hollis giveaway took place starting on February 12 and concluded at Mardi Gras on February 24.

2009 Lincoln Cent, Birth and Early Childhood – Zinc Circulation Strike

Top Population: PCGS MS67+RD (2, 8/2024), NGC MS68RD (3, 8/2024), and CAC N/A (0:0 stickered:graded, 8/2024).

• PCGS MS67RD #14626404: Heritage Auctions, January 31, 2017, Lot 29757 – $176.25. Pop 17 when offered.
• PCGS MS66RD #14274553: eBay, July 2, 2024 – $12.95.

2009 Lincoln Cent, Birth and Early Childhood – Copper Mint Set Version

Top Population: PCGS SP69RD (491, 8/2024), NGC MS69RD (371, 8/2024), and CAC N/A (0:0 stickered:graded, 8/2024).

• NGC MS69RD #3623871-009: eBay, June 30, 2024 – $55. Lincoln novelty insert.

* * *

Design

Obverse:

The obverse of the 2009 Lincoln Cent was designed by Victor David Brenner and appears largely as it did when the type was first minted in 1909. The main difference between the modern obverse versus the 1909 version is the location of Brenner’s initials, V.D.B., which were added under Lincoln’s bust in 1918 after their removal from the reverse in late 1909. The year 2009 appears to the right of Lincoln. The motto IN GOD WE TRUST appears above the president, and behind him (viewer’s left) is the word LIBERTY.

Reverse:

A log cabin representing the Lincoln birthplace and early homesite dominates the reverse of the Lincoln Birth and Early Childhood Cent. Below the land line, the initials RM designer Richard Masters (left) and JL for sculptor Jim Licaretz (right) appear. The denomination ONE CENT wraps along the rim at the bottom, while the legend UNITED STATES OF AMERICA runs along the top. The motto E PLURIBUS UNUM and Lincoln’s birth year 1809 are inscribed below the cabin on the earth (arguably an exergue).

Edge:

The edge of the 2009 Lincoln Cent is plain or smooth.

2009 Lincoln Cent Birth and Early Childhood Coin Specifications

* * *