The 1931-S Lincoln Wheat Penny is a standout in the world of U.S. coin collecting. With one of the lowest mintages in the entire Lincoln cent series, this coin is prized for its rarity, historical significance, and collector demand. While most pennies from the era were struck in the tens of millions, the 1931-S came in with under a million—making it a true key date.
Let’s explore what makes this small copper coin such a big deal.
Why Is the 1931-S Penny So Valuable?
Minted at the San Francisco Mint, the 1931-S penny had a production run of just 866,000 coins—a remarkably low number for any Lincoln cent. Its rarity, combined with widespread circulation, means few examples have survived in pristine condition.
Today, it’s considered a cornerstone of any serious Lincoln cent collection..
Quick Facts: 1931-S Lincoln Wheat Penny
| Feature | Details |
|---|---|
| Year | 1931 |
| Mint Mark | “S” (San Francisco Mint) |
| Total Mintage | 866,000 |
| Metal Composition | 95% copper, 5% tin and zinc |
| Key Attribute | One of the lowest mintage Lincoln cents |
What Makes It So Rare?
Most 1931-S pennies were heavily circulated, meaning they show significant wear today. Finding one in Mint State (MS-65 or higher) is extremely rare, and the few surviving high-grade examples command top dollar at auctions.
Collectors and investors hunt for this coin because it checks all the boxes: rarity, demand, historical importance, and price growth.
Auction Records: Just How Much Can It Sell For?
In 2022, a superb MS-66 Red example of the 1931-S Lincoln Wheat Penny sold for a jaw-dropping $95,000 at auction. This price reflects not just its scarcity, but the intense competition among collectors for top-grade coins.
| Grade | Auction Price | Year Sold |
|---|---|---|
| MS-66 Red | $95,000 | 2022 |
| MS-65 | $10,000–$25,000+ | Ongoing |
| Circulated | $75–$500+ | Varies |
A Key Date for Collectors
If you’re building a complete Lincoln Wheat cent set, the 1931-S is considered a must-have. Even in circulated condition, it holds solid value. But in high grades, it’s a showstopper—a coin that serious collectors proudly display and investors carefully guard.
Owning one means owning a vital piece of numismatic history.
Conclusion
The 1931-S Lincoln Wheat Penny isn’t just another old coin—it’s a rare and historic treasure with a story to tell. With fewer than a million minted, and even fewer surviving in top shape, this coin is one of the most valuable pieces in the Lincoln cent series. If you ever stumble upon one in great condition, you could be holding a small fortune in the palm of your hand.
FAQs
How many 1931-S Lincoln Wheat Pennies were made?
Only 866,000, making it one of the lowest mintages in the entire series.
Where can I find the “S” mint mark?
It’s located just below the date on the front (obverse) of the coin.
What is a 1931-S penny worth in circulated condition?
Prices range from $75 to $500, depending on wear and detail.
What does MS-66 mean?
It’s a Mint State grading that indicates near-perfect condition with full luster and minimal marks.
Why is this coin so popular with collectors?
Its scarcity, low mintage, and value in high grade make it a key date and a top target for collectors.