The 1931 Lincoln Wheat Penny stands out as one of the most sought-after coins among numismatists and rare coin collectors. Struck during the Great Depression, this coin holds both historical and collectible value. While most Lincoln cents are easy to find, the 1931 issues—especially the 1931-S Lincoln penny—are scarce and valuable. In this article, we’ll explore the key facts, varieties, values, and tips for buying or selling a 1931 Lincoln Wheat Penny.
History of the 1931 Lincoln Wheat Penny
The Lincoln Wheat Penny, first introduced in 1909, was the first U.S. coin to feature a president’s portrait. Designed by Victor D. Brenner, it honored Abraham Lincoln’s 100th birthday and replaced the Indian Head cent.
By 1931, the United States was deep into the Great Depression, which led to reduced demand for coinage. As a result, the U.S. Mint drastically lowered production numbers for several coins, including the Lincoln cent. That year, Lincoln pennies were only struck at the Philadelphia and San Francisco mints. Notably, no Denver (D) mint pennies were produced in 1931, making the 1931 issues even more interesting to collectors.
1931 Lincoln Penny Mintage Numbers
There are two main varieties of the 1931 Lincoln cent:
- 1931 (No Mint Mark) – Struck in Philadelphia
- 1931-S (San Francisco Mint)
Here are the official mintage figures:
| Coin | Mintage |
|---|---|
| 1931 | 19,396,000 |
| 1931-S | 866,000 |
The 1931-S Lincoln Wheat Penny is among the lowest-mintage regular-issue Lincoln cents ever made. Its scarcity makes it a key date in the series, especially for those completing a full Wheat Penny collection.
How to Identify a 1931 Lincoln Wheat Penny
You can identify a 1931 Wheat Penny by checking:
- Obverse (Front): Features Abraham Lincoln’s profile with the words “IN GOD WE TRUST”, “LIBERTY”, and the year 1931.
- Reverse (Back): Displays the traditional Wheat Ear design with “ONE CENT”, “UNITED STATES OF AMERICA”, and “E PLURIBUS UNUM”.
- Mint Mark: Look under the date. If it has an “S” below the date, it’s from the San Francisco Mint. No mint mark means it’s from Philadelphia.
Value of the 1931 Lincoln Wheat Penny
Due to its low mintage, the 1931-S penny commands a premium in all conditions. Here’s a general idea of what these coins are worth in 2025, depending on condition:
1931 (No Mint Mark) Lincoln Penny Value:
- Good (G-4): $1 – $3
- Fine (F-12): $4 – $6
- Extremely Fine (EF-40): $7 – $10
- Uncirculated (MS-60 to MS-65): $15 – $60+
1931-S Lincoln Wheat Penny Value:
- Good (G-4): $75 – $90
- Fine (F-12): $120 – $150
- Extremely Fine (EF-40): $200 – $300
- Uncirculated (MS-60 to MS-65): $400 – $1,200+
Certified coins, especially those graded MS-65 and higher by PCGS or NGC, can fetch significantly more at auction.
What Makes the 1931-S Penny So Valuable?
Several factors contribute to the high value of the 1931-S Wheat Penny:
- Low Mintage: At only 866,000 struck, it’s one of the rarest Lincoln cents in circulation.
- Collector Demand: Lincoln Wheat Pennies are among the most collected U.S. coins, and key dates like the 1931-S are essential for completing a set.
- Historical Significance: Coins from the Depression era are highly prized for their historical context.
- Limited Surviving Examples: Many 1931-S cents were hoarded in the 1930s, but relatively few remain in uncirculated condition today.
Errors and Varieties
While there are no widely recognized major errors for the 1931 Lincoln pennies, collectors still look out for:
- Die cracks
- Double die obverse (DDO)
- Off-center strikes
- Repunched mint marks (RPMs) on the 1931-S
If you suspect you have an error coin, it may be worth getting it authenticated and graded by a reputable service such as PCGS or NGC.
Tips for Collectors and Investors
Here are some practical tips if you’re looking to buy, sell, or invest in a 1931 Lincoln Wheat Penny:
1. Buy Certified Coins
To avoid counterfeits and overpaying, consider buying graded coins from established dealers. A PCGS or NGC certification adds credibility and liquidity to your investment.
2. Look for Eye Appeal
Coins with sharp strikes, minimal wear, and original red luster are more valuable than dull or heavily circulated examples.
3. Know the Market
Monitor recent auction sales on platforms like Heritage Auctions or eBay to understand current trends in pricing.
4. Store Properly
Protect your investment by storing coins in airtight holders or slabs. Avoid humidity and direct sunlight to prevent tarnishing or corrosion.
Where to Buy a 1931 Lincoln Wheat Penny
You can find 1931 Lincoln pennies at:
- Online marketplaces (eBay, Etsy, Amazon)
- Auction houses (Heritage, Stack’s Bowers)
- Local coin shops
- Coin shows and conventions
- Reputable online coin dealers (APMEX, JM Bullion, Provident Metals)
Always ensure the seller offers authenticity guarantees and a return policy.
Final Thoughts: Is the 1931 Lincoln Penny Worth Collecting?
Absolutely. Whether you’re a seasoned numismatist or a beginner looking to build a coin portfolio, the 1931 Lincoln Wheat Penny, especially the 1931-S, is a smart addition. It combines rarity, historical interest, and strong collector demand—all essential ingredients for long-term value.
If you happen to come across one in your collection or change jar, take a closer look—you might be holding a small treasure worth hundreds, if not thousands, of dollars.