The 1931-S Lincoln Cent stands out due to its extremely low mintage. During the Great Depression, coin production dropped sharply due to reduced demand. That year, the San Francisco Mint produced just 866,000 of these pennies—making it the second-lowest mintage of any Lincoln Wheat Cent.
For comparison, Lincoln cents from the 1940s were produced in the hundreds of millions, making the 1931-S a true scarcity. Because collectors anticipated its rarity even back in the 1930s, many uncirculated examples still exist today.
This combination of historical context, low mintage, and collector demand makes the 1931-S Lincoln Cent a highly sought-after piece in American numismatics.
How Much Is a 1931-S Penny Really Worth?
The value of a 1931-S Lincoln Cent depends largely on its condition. Here’s what you can expect based on its grade:
| Condition | Estimated Value |
|---|---|
| Good (G-4) | $90 |
| Very Fine (VF-20) | $120+ |
| Extremely Fine (EF-40) | $150 |
| Mint State (MS-60) | $213 |
| Mint State (MS-63) | $244 |
| Mint State (MS-65 Red – RD) | $779+ |
| Mint State (MS-67 RD – Top Condition) | $40,000 – $50,000+ |
What Increases a 1931-S Penny’s Value?
Beyond grade, color designation plays a major role in determining price:
- RD (Red) – Coins with full original red luster from the mint are the most valuable.
- RB (Red-Brown) – Some red remains, but the coin has begun to tone. Mid-range value.
- BN (Brown) – Fully toned coins typically have the lowest value.
Coins graded MS-67 RD are among the rarest and most valuable, with auction prices exceeding $50,000 in some cases.
How to Identify a 1931-S Lincoln Cent
Step 1: Check the Date and Mint Mark
Look at the obverse (front) of the coin. If the date reads 1931, check for a small “S” mint mark below it. The “S” indicates it was minted in San Francisco—this is the key detail that makes the coin rare.
Step 2: Assess the Condition
Examine the coin closely. The sharper the details on Lincoln’s hair, coat, and lettering, the higher the grade.
Step 3: Weigh the Coin
A genuine 1931-S Lincoln Cent should weigh 3.11 grams. If it’s significantly different, it could be a counterfeit.
Step 4: Get It Authenticated and Graded
Professional grading from PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company) ensures authenticity and increases value when selling.
Step 5: Compare with Recent Sales
Before selling, research auction results on sites like:
- Heritage Auctions
- eBay (for graded coins only)
- Stack’s Bowers
Why the 1931-S Penny Became a Collector’s Dream
During the Great Depression, economic hardship led to lower coin production. With only 866,000 coins minted, the 1931-S penny was already a rarity.
Coin collectors in the 1930s anticipated its scarcity and hoarded rolls of uncirculated coins. As a result, many high-grade specimens still exist today, making them prized finds for modern collectors.
Where You Might Find a 1931-S Lincoln Cent Today
If you’re wondering where this valuable penny might be hiding, check:
- Old family coin collections
- Grandparents’ coin jars
- Garage or estate sales
- Local coin shops
- Inherited coin albums
Even if you don’t find this specific coin, other pennies—like the 1909-S VDB, 1943 Copper Cent, or 1955 Double Die—can also be worth thousands.
Should You Sell or Hold Your 1931-S Penny?
Whether you should sell or hold depends on your goals and the current market.
Reasons to Sell Now
- Your coin is already graded and in demand
- You need immediate funds
- Auction platforms are experiencing high buyer interest
Reasons to Hold
- Coin values may continue to rise
- You’re working on completing a full Lincoln Wheat Cent collection
- The coin has sentimental value or family history
If you’re unsure, consult with a professional numismatist to get the best timing and price.
Where to Sell a Rare 1931-S Lincoln Cent
If you decide to sell, choose a trusted platform:
- PCGS or NGC (For professional grading and certification)
- Heritage Auctions or Stack’s Bowers (For high-value coin auctions)
- eBay (Only for graded coins to avoid scams)
- Certified coin dealers (Local shops or professional numismatic organizations)
Selling Tips
- Do NOT clean the coin—cleaning can reduce its value.
- Take high-quality photos of the obverse, reverse, and edges.
- Get an appraisal from a reputable dealer before listing.
The 1931-S Lincoln Cent isn’t just an old penny—it’s a valuable piece of history. With its low mintage and high demand, this coin can command anywhere from $90 to over $50,000, depending on its condition.
If you suspect you have one, take the time to authenticate, grade, and research it before selling. You never know—you might be holding one of the rarest pennies in American coinage.
FAQs
How rare is the 1931-S Lincoln Cent?
With only 866,000 minted, it’s one of the scarcest Lincoln Wheat Cents.
How can I tell if my penny is a real 1931-S?
Check for the date (1931) and the “S” mint mark below it. Weigh the coin (should be 3.11g).
Where can I sell my 1931-S Lincoln Cent?
Professional coin auctions, PCGS, NGC, Heritage Auctions, or eBay (only if graded).
