1931-S Lincoln Cent Value Guide – This Penny Could Make You Rich

1931-S Lincoln Cent Value Guide – The 1931-S Lincoln Cent is a cornerstone of early 20th-century U.S. coinage, celebrated for its rarity and historical significance. Struck during the Great Depression, this small cent from the San Francisco Mint remains one of the most coveted issues in American numismatics. With a mintage of just 866,000, it stands as one of the lowest-mintage Lincoln Cents ever produced, making it a prized addition to any collection.

This guide explores the historical context, mint data, notable auction sales, grading rarity, and market trends surrounding the 1931-S Lincoln Cent, offering insights into why this humble penny could make you rich.

Historical Context and Production

The 1931-S Lincoln Cent emerged during a tumultuous period in U.S. history—the Great Depression. Economic hardship led to reduced demand for new coinage, resulting in extremely low mintages across several denominations. The San Francisco Mint, limited by resources and demand, struck only 866,000 Lincoln Cents that year, the lowest total for any Lincoln Cent issue until the mid-1950s.

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Despite its low production, the 1931-S quickly gained attention among collectors. Many enthusiasts recognized its potential scarcity and began hoarding examples, preserving a significant number of coins in relatively high grades. As a result, most surviving specimens are found in Extremely Fine (XF) condition or better, though truly pristine pieces remain exceptionally rare.

Mint Data and Rarity

Key Mint Statistics

• San Francisco (“S” Mint Mark): 866,000
• Philadelphia & Denver: No cents were struck in 1931 at these mints, further emphasizing the exclusivity of the 1931-S issue.

The 1931-S Lincoln Cent’s low mintage ensures its status as a key date in the Lincoln Cent series. Its survival rate is relatively high compared to other scarce dates due to early collector interest, but finding gem-quality examples remains a challenge.

Notable Auction Sales and Market Trends

The 1931-S Lincoln Cent has consistently commanded impressive prices at auction, particularly for top-tier specimens. Below are two standout examples:

High-Value Specimens

1. 1931-S MS67RD PCGS

• Description: This extraordinary coin is the sole example graded MS67RD by PCGS, featuring blazing red surfaces with impeccable strike detail and no visible marks. Its fiery luster and pristine condition place it at the pinnacle of rarity.
• Auction Result: Sold for $38,400 at Heritage Auctions in January 2022.

1. 1931-S MS66+RD NGC

• Description: Graded MS66+RD by NGC, this specimen boasts radiant red toning with subtle hints of orange patina. Its superior eye appeal earned it a Plus (+) designation, highlighting its exceptional quality.
• Auction Result: Realized $21,600 at Stack’s Bowers Galleries in August 2021.

Market trends indicate steady demand for high-grade examples, particularly those graded MS65RD or higher. Coins with original red coloration (denoted by “RD”) command significant premiums over brown (“BN”) or red-brown (“RB”) counterparts.

Grading Rarity and Population Reports

Population reports from leading grading services such as Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC) provide critical insights into the scarcity of top-tier 1931-S Lincoln Cents.

PCGS Population Report Highlights

• MS65RD: 12 coins certified.
• MS66RD: 3 coins identified.
• MS67RD: Only 1 coin known—a true masterpiece.

NGC Population Report Highlights

• MS65RD: 15 coins certified.
• MS66RD: 5 coins identified.
• MS66+RD: 2 coins reported, both exhibiting stunning eye appeal.

These numbers underscore the extreme difficulty of locating gem-quality examples, even within a relatively well-preserved issue. Collectors should focus on acquiring coins graded MS65RD or higher to ensure long-term appreciation.

Collector Interest and Investment Potential

The 1931-S Lincoln Cent appeals to a wide range of collectors, including type set enthusiasts, series specialists, and investors seeking undervalued rarities. Its combination of low mintage, historical significance, and aesthetic beauty ensures enduring demand.

Investors targeting this issue should prioritize coins with full red coloration, as these tend to appreciate more rapidly than brown or red-brown examples. Additionally, coins with low population counts—such as the lone PCGS MS67RD—are likely to outperform broader market trends.

Counterfeits exist, so buyers must exercise caution. Always purchase authenticated coins from reputable dealers or third-party grading services like PCGS or NGC.

Coin Design

Obverse

Designed by Victor David Brenner, the obverse features a right-facing portrait of Abraham Lincoln based on a photograph taken in 1864. Inscriptions include “IN GOD WE TRUST,” “LIBERTY,” and the date “1931.”

Reverse

The reverse depicts two wheat ears flanking the central inscription “ONE CENT.” Surrounding text includes “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM.”

Edge

The coin features a plain edge, consistent with all Lincoln Cents.

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The Designer: Victor David Brenner

Victor David Brenner’s design for the Lincoln Cent debuted in 1909 to commemorate the centennial of Abraham Lincoln’s birth. His portrayal of Lincoln captures the president’s wisdom and resolve, ensuring the coin’s enduring popularity. Brenner’s work remains one of the most iconic designs in U.S. numismatic history.

Full Coin Specifications

In conclusion, the 1931-S Lincoln Cent represents a unique opportunity for collectors and investors alike. Its low mintage, historical context, and scarcity in high grades make it a standout among early 20th-century U.S. coinage. By focusing on top-tier specimens with original red coloration, you can unlock the full potential of this remarkable penny.