Who says Lincoln Cents are PENNY-ANTE $2.86 Face Value in Pennies Sells for $7.73 Million

What's likely the highest-quality collection of Lincoln Head Cents ever assembled, 286 coins, has been auctioned for a record $7,731,811 by Great Collections, one of the world's leading rare coin auctioneers based in Irvine, California.

- SCOTT A. TRAVERS

The January online auction was like a frenzied treasure hunt that shattered all-time world records, including the first Lincoln Head Cent to break the million-dollar mark. Thirteen other Lincoln Head Cents realized over $100,000 each, a remarkable milestone for the coin industry.

Great Collections was co-founded by Ian Russell and Raeleen Endo, who actively own and manage it. Under their leadership, Great Collections was named the official auctioneer of the American Numismatic Association (ANA), a Congressionally-chartered 501(c)(3) non-profit organization that is the world's largest coin club.

LINCOLN HEAD CENT FACTS

The Lincoln Head Cent was first issued by the United States Mint in 1909 on the 100th anniversary of Abraham Lincoln's birth. It was the first time that a real-life person from the nation's past was portrayed on a coin to be used in everyday commerce. The wheatstalk reverse continued through 1958.

Examples manufactured at the San Francisco Mint during the first year of issue bear the letter "S" under the 1909 date. Coins struck early in the year 1909 bear the designer's initials, V.D.B., for Victor David Brenner, prominently on the reverse near the base of the bottom. The initials were removed later in the year, only to be restored to a less prominent place on the coin in 1918.

The intrigue of the 1909-S V.D.B. Lincoln Head Cent has made it one of the most sought-after U.S. coins. It has a mintage of 484,000. Many were saved in Mint State condition by the public because it was the first year the coins were issued.

The rubber stamp only has to hit the paper once for the doubling to occur, because the rubber stamp lettering is itself doubled.