The 1931-S Lincoln Wheat Penny is a standout coin in the Lincoln cent series, not just because of its age but due to its extreme rarity. With a mintage of just 866,000, it’s one of the lowest-produced pennies ever released for circulation in the United States.
That limited number makes it a top target for coin collectors across North America, especially in well-preserved condition.
Let’s take a closer look at what makes this coin so valuable, how rare it truly is, and why collectors are still chasing it more than 90 years after it was minted.
Why Is the 1931-S Penny So Special?
The 1931-S penny was struck at the San Francisco Mint during the tail end of the Great Depression. That year, fewer coins were needed in circulation, leading to the production of just over 866,000 pennies.
Compare that to other years in the same series where the mint issued tens of millions of coins. This incredibly low mintage immediately placed the 1931-S in a class of its own.
Even more importantly, most of these coins were used in everyday transactions, meaning they circulated heavily and got worn down. That’s why finding one in mint condition is not just rare—it’s nearly unheard of.
Just How Rare Is It?
To understand the rarity, here’s a quick comparison:
| Year | Mint Mark | Mintage |
|---|---|---|
| 1931-S | S (San Francisco) | 866,000 |
| 1930 | No Mint Mark | 157,415,000 |
| 1935 | D (Denver) | 47,000,000+ |
With only a fraction of the typical mintage for the time, the 1931-S stands out. And while over 866,000 may seem like a large number, very few have survived in high-grade condition. Coins in worn or circulated grades are still collectible, but it’s the mint-state examples that really command the big bucks.
Auction Value of the 1931-S Penny
In 2022, a 1931-S penny graded MS-66 (Mint State) sold at auction for an incredible $95,000. That price reflects just how scarce it is to find this coin in such pristine condition. MS-66 is considered near-perfect, with only minimal flaws visible even under magnification.
Even coins in lower mint-state grades like MS-63 or MS-64 can sell for several thousand dollars, depending on eye appeal and demand. Here’s a rough value guide:
| Grade | Estimated Value |
|---|---|
| VF-20 | $150–$200 |
| XF-40 | $250–$350 |
| AU-50 | $500–$700 |
| MS-63 | $2,500–$4,000 |
| MS-65+ | $8,000–$95,000+ |
These values fluctuate based on market demand, but they show the significant premium placed on well-preserved examples.
A Key Date for Collectors
Every coin series has its “key dates”—coins that are essential to complete a collection. In the Lincoln Wheat Penny series, the 1931-S is one of those key coins. For anyone collecting by date and mint mark, this coin is a must-have.
It’s particularly important for those assembling a complete Lincoln cent collection, which spans from 1909 to 1958 for the wheat reverse design.
Because of its scarcity, many collectors start building a set knowing that one of their biggest challenges will be locating a nice 1931-S penny.
Historical and Collector Appeal
This coin is more than just metal—it represents a piece of American history. Minted during economic hardship, it reflects a time when fewer coins were needed, and resources were limited. That backstory adds to its appeal for collectors who value both rarity and historical context.
Add to that the fact that high-grade 1931-S pennies rarely hit the open market, and it’s easy to see why these coins sell so quickly—and for so much—when they do.
Final Thoughts
The 1931-S Lincoln Wheat Penny is a perfect example of how a small piece of metal can carry tremendous value. Whether you’re a serious numismatist or a casual collector, this coin holds a special place in American coin history.
If you’re lucky enough to come across one in great condition, you could be looking at a small fortune.
FAQs
Why is the 1931-S penny so rare?
It had a very low mintage of just 866,000 coins, making it one of the scarcest Lincoln Wheat cents.
What does the ‘S’ mint mark mean?
It means the coin was minted in San Francisco.
How much is a 1931-S penny worth today?
It ranges from $150 in worn condition to $95,000 in mint-state grades.
Is the 1931-S penny a key date?
Yes, it is one of the most important key dates in the Lincoln Wheat series.
Where can I get my coin graded?
Use services like PCGS or NGC to have your coin professionally graded.
