BUG: $now in Standard Values changes to 1/1/0001 on Save
Working with Sitecore 8 Update 3 (rev. 150427) I ran into a bug where $now, $date and $time tokens don't seem to be working correctly in Standard Values. Reported it to Sitecore and they confirmed it as a bug and provided the following workaround:
BUG: Adding $now to Standard Values of a template and saving changes the value to 1/1/0001
SOLVE: While on the Standard Values, check "Raw Values" under the View tab. Then add the $now token and Save. Un-check the Raw Values and you will still see a 1/1/0001 value in Standard Values but each time a new item is created, it will have the correct DateTime value. This should with with $date and $time tokens as well.