1931-S Lincoln Wheat Cent

The 1931-S cent is a well-known semi-key to key date in the Lincoln Wheat cent series, struck during the depths of the Great Depression when reduced coinage demand led the San Francisco Mint to produce a comparatively small quantity of cents that year. It has long been a target date for set collectors due to its relative scarcity compared to most other Lincoln cents of the era.

Because the low mintage was recognized early on by collectors and dealers, many 1931-S cents were saved in higher grades at the time of issue, so the date is available in mint state more readily than some other scarce Lincoln cents, though nice examples still command solid premiums.

The Great Depression sharply reduced commercial demand for new coinage throughout the early 1930s, and the San Francisco Mint's 1931 cent production reflected this economic slowdown. Contemporary dealers and collectors quickly recognized the date's low output and encouraged hoarding and saving of the coin near the time of issue.

This early recognition means 1931-S cents were preserved in far greater proportion, relative to their original mintage, than many other low-mintage coins from eras when collecting was less organized, giving the date a somewhat different market character than earlier key dates like 1909-S VDB or 1914-D.

Obverse: Standard Brenner Lincoln portrait with the date 1931 and an S mint mark beneath it, denoting San Francisco.

Reverse: Traditional wheat-ears reverse used from 1909 to 1958.

Collectors should verify the S mint mark's authenticity, as with any valuable key date, since added or altered mint marks can occur; comparing font style, mint mark size, and placement to authenticated references, or seeking third-party certification, is the standard precaution.

1931-S cents in worn, circulated grades typically sell in the range of roughly $100 to $200, while choice uncirculated examples can bring several hundred dollars or more, reflecting both the coin's true low mintage and the fact that many were saved in better condition than typical circulated coins of the era.

Because a meaningful number of mint-state examples survive due to contemporary hoarding, price differences between circulated and uncirculated grades are less extreme than for some other key dates, but well-struck, problem-free coins in top grades still bring a notable premium.