1931-S Lincoln Wheat Penny 

A Depression-Era Rarity with Timeless Collector Appeal

The 1931-S Lincoln Wheat Penny stands as the last recognized key date in the classic Lincoln Cent series. Struck at the San Francisco Mint during the heart of the Great Depression, this low-mintage coin is highly coveted by collectors for its scarcity, historical significance, and role in rounding out a complete Lincoln Wheat Cent collection.

Though millions of pennies were produced in other years, the U.S. Mint scaled back production in 1931 due to weakened economic demand. As a result, the 1931-S Lincoln Cent became one of the lowest-mintage issues in the entire series - earning its place as a must-have collectible.

The Story Behind the 1931-S Lincoln Penny

By 1931, the United States was deep in the grips of the Great Depression. With economic activity at a standstill and coinage demand reduced, the Mint drastically cut back cent production. That year, the San Francisco Mint struck only 866,000 Lincoln Wheat Cents, making the 1931-S one of the rarest in the series by mintage.

Because of the tough economic conditions, many 1931-S cents sat in bank vaults or went unnoticed by the public. It wasn’t until years later that numismatists recognized just how few were released and how essential this issue had become for Lincoln Cent collectors.

Image source: usacoinbook.com

About the Designer: Victor David Brenner

The 1931-S, like all Lincoln Wheat Cents, features the iconic obverse portrait of Abraham Lincoln by renowned medalist Victor David Brenner. His 1909 design - based on an 1864 photograph of Lincoln - was the first U.S. coin to feature a real person and has remained in use with only minor modifications.

By the time the 1931-S was issued, Brenner’s initials (“VDB”) had been restored to the coin in subtle form on Lincoln’s shoulder, a nod to the earlier controversy over their placement in 1909.

Coin Details and Specifications

• Mint: San Francisco

• Mint Mark: S

• Composition: 95% copper, 5% tin and zinc

• Weight: 3.11 grams

• Diameter: 19.05 mm

• Edge: Plain

• Designer: Victor David Brenner

• Mintage: 866,000

• Obverse: Lincoln profile with “IN GOD WE TRUST,” “LIBERTY,” and the date “1931”

• Reverse: Two wheat ears enclosing “ONE CENT,” “UNITED STATES OF AMERICA,” and “E PLURIBUS UNUM”

Why the 1931-S Penny Is So Valuable

1. Extremely Low Mintage

With only 866,000 coins struck, the 1931-S has the fourth-lowest mintage in the entire Wheat Cent series.

2. Under-the-Radar Rarity

Many coins sat undistributed for years, leaving fewer well-preserved examples in the hands of collectors.

3. Great Depression-Era Appeal

Coins from the Depression hold a special place in American history, and the 1931-S captures that era in a tangible form.

4. Last Key Date in the Series

Collectors looking to complete a Lincoln Wheat Cent collection must acquire this final key date, ensuring ongoing demand.

Market Value and Investment Potential

• Circulated Condition: $85–$300+

• Uncirculated Condition: $300–$1,000+

• Top-Graded Examples (MS66RD or higher): $10,000+
  Example: In 2025, a PCGS MS67RD 1931-S penny realized $38,400 at auction, highlighting its value in high grade.

Key Value Factors:

• Grade: Mint State examples are rare and draw premium bids.

• Color: Red (RD) examples are the most desirable, followed by Red-Brown (RB) and Brown (BN).

• Certification: Buy PCGS or NGC certified coins for authenticity assurance.

• Historical Interest: Depression-era coins carry extra collector appeal.

A Depression-Era Classic

The 1931-S Lincoln Wheat Penny isn’t just the last key date in the series - it’s one of the most compelling coins in U.S. numismatic history. Its low mintage, late-series position, and deep roots in the Great Depression make it a powerful collector piece. Whether you’re seeking to complete a Lincoln Cent set or add historical depth to your collection, the 1931-S belongs at the top of your list.