A penny in 1900 was a worthless token that only had value because it could be exchanged for the valuable Silver and Gold coins of the era.

2067 pennies were able to be exchanged for 1 Oz of fine Gold.

Today, you need more than 400,000 pennies to get the same Oz of fine Gold.

400,000 / 2067 = ~193~

So the penny in 1900 is 193 pennies today.