The value of a newspaper is largely dependent on whether or not the newspaper features a historic event. The scarcity of a given newspaper also figures into its value.
Approximately 98 percent of old newspapers do not feature major historic events on their first pages, and are therefore worth very little. These newspapers, often called "atmosphere" newspapers, were worth anywhere from $3 to $10 as of 2009. The more scarce a particular newspaper reporting on a historic event becomes, the more likely its value is to rise. As of 2009, significant historical newspaper values included $400 for the New York Times issue announcing the sinking of the Titanic and $350 for an 1882 newspaper reporting on the death of Jesse James.