In the world of coin collecting, some pennies quietly rise in value not because of flashy errors or rare metal compositions — but because they’re simply disappearing. The 1931-S Lincoln cent is one of those stealthy treasures. Struck during the Great Depression, this penny had a notably low mintage, and over time, many examples have been lost, worn down, or locked away in permanent collections. As a result, it’s becoming harder and harder to find, especially in higher grades. Here’s what makes the 1931-S penny a prized and vanishing piece of U.S. numismatic history.
Coin Name: 1931-S Lincoln Wheat Penny
The 1931-S penny was minted at the San Francisco Mint, and its mintage was remarkably low — just 866,000 coins. This makes it one of the lowest-production Lincoln cents of the entire Wheat penny series (1909–1958). Unlike other rare pennies that became famous because of mint errors or design changes, the 1931-S gained its fame purely from scarcity.
What makes it more interesting is that at the time, collectors were aware of its low mintage. Many were set aside in uncirculated condition by savvy coin enthusiasts. But despite this early awareness, most people still spent them like regular pennies, especially during the economic hardships of the early 1930s.
Why It’s Disappearing:
- Low Original Mintage – Under 1 million minted — rare for Lincoln cents.
- Depression-Era Circulation – Many were spent and heavily worn during hard economic times.
- Collector Demand – It’s a key “semi-key date” needed to complete Lincoln cent sets.
- Increasing Value – As values rise, more are being slabbed or locked in private collections.
- High-Grade Rarity – Very few survive in Mint State condition, and those that do fetch high prices.
What to Look For:
- Date and Mint Mark: Look for a clean “1931” date with an “S” mintmark beneath it.
- Wheat Reverse: As part of the Wheat penny series, it features two stalks of wheat on the reverse.
- Condition Counts: Even in circulated condition, this coin is valuable. In Mint State, it’s a gem.
- Authentication: Due to its value, counterfeits exist — buying a certified example is safest.
- Price Range: Expect $60–$100 in lower grades, with Mint State examples reaching $200–$1,000+.
The 1931-S penny may not carry the drama of an error coin or the fame of the 1909-S VDB, but it is quietly becoming one of the most elusive Lincoln cents in circulation. Its disappearing act is real — worn examples are vanishing due to age and use, and uncirculated ones are being tucked away by serious collectors. If you’re hoping to complete your Wheat penny set, now is the time to act. This modest cent could soon become one of the hardest to track down.
FAQ’s:
1. How rare is the 1931-S penny?
Very rare — with only 866,000 minted, it’s one of the lowest-mintage Lincoln cents, especially sought after by collectors.
2. How much is a 1931-S penny worth today?
In circulated condition, expect to pay around $60–$100. Mint State coins can command $200 to over $1,000, depending on grade and eye appeal.
3. Can I still find a 1931-S penny in circulation?
It’s extremely unlikely. Most have been removed from circulation or are in permanent collections. But older coin jars or inherited collections might yield surprises.
4. Are there counterfeits of the 1931-S penny?
Yes. Because of its value, counterfeits exist — especially altered coins with fake “S” mintmarks. Buy certified examples from reputable dealers when possible.
