The 1931-S Wheat Penny is a legendary coin in American numismatics, renowned for its rarity, historical significance, and substantial value. As part of the Lincoln Wheat Cent series, which ran from 1909 to 1958, this coin stands out due to its low mintage and enduring appeal among collectors.
Struck at the San Francisco Mint during the Great Depression, the 1931-S penny is a key date in the series, with high-grade examples potentially worth a fortune, making it a coveted prize for coin enthusiasts.
Historical Context
Introduced in 1909 to commemorate Abraham Lincoln’s 100th birthday, the Lincoln Wheat Penny, designed by Victor David Brenner, features Lincoln’s portrait on the obverse and wheat stalks on the reverse. The 1931-S Wheat Penny was minted during the depths of the Great Depression, a time of economic hardship that led to reduced coin production.
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The San Francisco Mint struck only 866,000 pennies in 1931, one of the lowest mintages in the series, compared to millions produced at other mints like Philadelphia and Denver that year. This low mintage, combined with heavy circulation, makes well-preserved 1931-S pennies exceptionally scarce and valuable.
Key Features
- Obverse: Abraham Lincoln’s portrait facing right, with “IN GOD WE TRUST” above, “LIBERTY” to the left, and “1931” with the “S” mintmark below, indicating San Francisco.
- Reverse: Two wheat stalks framing “ONE CENT” and “UNITED STATES OF AMERICA,” with “E PLURIBUS UNUM” above.
- Composition: 95% copper, 5% tin and zinc.
- Diameter: 19.05 mm.
- Weight: 3.11 grams.
- Special Note: High-grade examples with original red luster (noted as “RD” in grading) are particularly rare and valuable due to the coin’s age and circulation history.
Rarity and Value
The 1931-S Wheat Penny’s value is driven by its low mintage and the scarcity of well-preserved specimens. While circulated examples are more attainable, uncirculated coins, especially those with vibrant red color (RD), command significant premiums.
The coin’s rarity stems from its limited production and the fact that many were heavily circulated during the Depression, leaving few in pristine condition. A top-grade 1931-S penny can fetch thousands at auction, with some examples selling for over $10,000.
Below is a chart of approximate values for the 1931-S Wheat Penny based on grade (data sourced from numismatic references, as of July 23, 2025):
| Grade | Approximate Value (USD) |
|---|---|
| Good (G-4) | $75.00 – $100.00 |
| Fine (F-12) | $100.00 – $150.00 |
| Very Fine (VF-20) | $150.00 – $200.00 |
| Extremely Fine (EF-40) | $200.00 – $300.00 |
| About Uncirculated (AU-50) | $300.00 – $500.00 |
| Uncirculated (MS-63, Red-Brown) | $500.00 – $800.00 |
| Uncirculated (MS-65, Red) | $1,500.00 – $3,000.00+ |
Note: Prices are approximate and can vary based on market demand, auction results, and specific coin characteristics, such as color (Red, Red-Brown, or Brown) and strike quality. Coins graded by PCGS or NGC with a Red (RD) designation often fetch higher prices.
Why It’s So Rare
The 1931-S Wheat Penny’s rarity and value are driven by several factors:
- Low Mintage: With only 866,000 coins struck, it is one of the lowest-mintage Lincoln Wheat Pennies, making it a key date in the series.
- Heavy Circulation: The Great Depression led to extensive use of these coins, leaving few in high-grade condition.
- Condition Rarity: Uncirculated examples with original red luster are scarce, as copper coins often develop toning or wear over time.
- Collector Demand: As a key date, the 1931-S is essential for completing a Lincoln Wheat Penny set, driving competition among collectors.
Why Collectors Love It
The 1931-S Wheat Penny captivates collectors for its rarity, historical context, and affordability relative to other key dates like the 1909-S VDB. Its connection to the Great Depression adds a layer of historical significance, while the classic Lincoln Wheat design remains a favorite for its simplicity and elegance. High-grade examples with red luster are particularly prized, offering both visual appeal and investment potential, making this coin a cornerstone for collectors of all levels.
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Tips for Collectors
- Check Condition: Look for coins with minimal wear and strong details, especially on Lincoln’s portrait and the wheat stalks. Red luster significantly boosts value.
- Authentication: Have valuable coins graded by PCGS or NGC to confirm authenticity and condition, particularly for uncirculated examples.
- Storage: Store in archival-quality holders in a cool, dry environment to preserve copper luster and prevent corrosion or toning.
- Market Trends: Monitor auction results and consult reputable dealers to stay informed on values, especially for high-grade or Red examples.
Conclusion
Could your 1931-S Wheat Penny be worth a fortune? While circulated examples are accessible to many collectors, uncirculated coins with vibrant red luster can command thousands, making this coin a potential treasure. Its low mintage, historical significance, and status as a key date in the Lincoln Wheat series ensure its place as a numismatic icon.
Whether you’re a beginner or a seasoned collector, the 1931-S Wheat Penny offers a thrilling blend of rarity, history, and value, making it a must-have for any serious collection.
