The Depression Cent: 1931-S Lincoln, 866,000 Struck
Coin Encyclopedia · 7 min read · Published November 7, 2026
The 1931-S Lincoln cent is the Depression cent. Struck in the worst year of the Great Depression, it carries the second-lowest mintage of the entire wheat series: 866,000, from the San Francisco Mint, in a year when the country had little use for new cents and the Mint struck few of them. Our wheat guide puts worn examples at $100+ and mint-state reds at $1,200+ — the figures of a genuine key, earned by a depression, not by a variety.
This page is about the year that made the coin: why the mintage fell so low, what $100+ worn and $1,200+ in mint state mean, and how to read a 1931-S properly — the S below the date, the strike, and the colour that decides so much of a wheat cent's standing. The 1931-S is the key that history made, and it is the date the wheat set is measured against after the 1909-S VDB and the 1914-D.
The Depression year
The 1931-S mintage of 866,000 was not a plan to make a rarity. It was the Depression. By 1931 the economy had collapsed, commerce was slow, and the demand for new cents was low — the Mint struck what was needed and little more. San Francisco, which struck the smallest runs of the three mints in any case, made fewer than a million cents that year, and the 1931-S became the second-lowest mintage of the whole wheat series, behind only the 1909-S VDB at 484,000.
The low mintage was recognised quickly. A series collected by date and mint mark needs a 1931-S, and there were fewer than a million to go around — against tens of millions for the common dates of the 1930s and 1940s. The 1931-S was a key from the start, and it has stayed one: the Depression cent, the date that proves a mintage can be made by history as surely as by design.
Condition makes the gap wider. The 1931-S circulated hard in the Depression years, and most survivors are worn — the beard soft, the wheat grains flat, the date worn at the edges. Sharp, original Mint State examples are a small share of the 866,000, and red ones are scarcer still. That scarcity at the top is why mint-state reds run to $1,200+ while a worn example sits at $100+: the date gets you into the market, but grade and colour decide where you land in it.
What $100+ worn and $1,200+ in mint state mean
Our wheat series guide puts the 1931-S at $100+ worn and $1,200+ for mint-state reds. Those two figures are the shape of the coin's market: a Depression key that is affordable worn and serious in Mint State, and a coin whose value climbs steeply with condition and colour. A worn 1931-S is a $100+ coin because it is a low-mintage first-Depression key. A mint-state red one is a $1,200+ coin because it is that, and original, and red.
Put the 1931-S beside the other wheat keys and the hierarchy is plain. The 1909-S VDB, at 484,000, is the king. The 1914-D, at 1,193,000, is the Denver key. The 1931-S, at 866,000, is the Depression key — the second-lowest mintage of the series, and the date that sits between the two most famous keys in the set. It is the key collectors turn to when they finish the 1909-S VDB and the 1914-D and start on the rest of the set.
Reading a 1931-S
Check the S first, under a loupe. The mint mark sits on the obverse, directly below the date, and it must be there — a 1931 without the S is a Philadelphia cent, common and worth little worn. A genuine S sits in the correct position with the correct shape, struck with the rest of the coin. The 1931-S is a key date, and key dates are faked: an added S on a common 1931 Philadelphia cent is the oldest trick in the series, and it shows the same tells as ever — a letter that sits on the surface rather than in it, too high or too sharp, often with tool marks or a different lustre around it.
Then weigh the coin. A genuine 1931-S is bronze at 3.11 grams and 19 millimetres across, with a plain edge. Colour comes next: wheat cents grade as Red, Red-Brown, or Brown, and a Red coin in the same technical grade can be worth many times what a Brown one brings. Never clean a 1931-S: cleaning strips the original surface and its colour, and a cleaned coin is worth a fraction of an original one, no matter how sharp the details look.
Strike is the last check, and it matters on this date. The portrait's beard and coat and the wheat grains are the high points of the design, and on many 1931-S cents they never fully formed. A coin with a sharp beard and full wheat grains is a better-struck example, and it stands out at once beside a typical one. None of this is damage; it is how the coin left the Mint. But it is the first thing an experienced collector checks, and it is worth learning before you judge any 1931-S by its wear alone.
The coin at a glance
Designer Victor David Brenner. Struck 1931 at San Francisco only. Composition bronze, 95 percent copper with 5 percent tin and zinc. Weight 3.11 grams, diameter 19 millimetres, plain edge. Obverse: Lincoln facing right, date below, S mint mark below the date. Reverse: two wheat stalks flanking ONE CENT, UNITED STATES OF AMERICA above. Mintage 866,000 — the second-lowest of the entire wheat series. Metal floor: —. A copper cent carries no precious-metal floor, so the live system shows no melt figure for this coin — its worth is collector value alone.
The 1931-S is the Depression cent, and the key that history made. Learn the S, learn the strike, learn the colour — and the rest of the wheat series will read the same way, from the 1909-S VDB down.
What it is worth by grade
Our guide has not yet researched grade-by-grade estimates for the 1931-S — the table below shows “—” for every grade rather than a guess. The wheat series guide puts the 1931-S at $100+ worn and $1,200+ for mint-state reds.
| Grade | Estimated value |
|---|---|
| Good (G-4) | — |
| Fine (F-12) | — |
| Extremely Fine (XF-40) | — |
| About Uncirculated (AU-50) | — |
| Mint State 60 (MS-60) | — |
| Mint State 65 (MS-65) | — |
Guide values reviewed November 5, 2026 — figures update live from our Worker.
Latest reported results for this coin
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Your 1931-S Lincoln cent questions, answered
How much is a 1931-S Lincoln cent worth?
Our guide has not yet researched grade-by-grade estimates for the 1931-S, so this page carries no estimated value by grade. The wheat series guide puts the 1931-S at $100+ worn and $1,200+ for mint-state reds. Sharp, original examples run above the worn figure; cleaned or damaged ones run below it.
Why is the 1931-S Lincoln cent so valuable?
Mintage. Only 866,000 were struck in the Depression year of 1931 — the second-lowest mintage of the entire wheat series, behind only the 1909-S VDB at 484,000. The Mint struck what was needed in a collapsed economy and little more, and a series collected by date and mint mark needs a 1931-S.
Where is the mint mark on a 1931-S Lincoln cent?
On the obverse, directly below the date — an S for San Francisco. A 1931 without the S is a Philadelphia cent, common and worth little worn. Both the mint mark and the date must be read together.
Is the 1931-S the rarest wheat penny?
It is the second-lowest mintage of the series, behind only the 1909-S VDB. The 1914-D is the Denver key at 1,193,000, and the 1922 Plain is a famous variety — but as a regular date, the 1931-S sits just behind the VDB at the top of the mintage table.
Should I clean my 1931-S Lincoln cent?
No. Cleaning strips the original surface and its colour, and a cleaned coin is worth a fraction of an original one. Wheat cents grade as Red, Red-Brown, or Brown, and original colour is one of the biggest value drivers on this coin. Keep it in an acid-free holder and handle it by the edges.
Check your 1931-S Lincoln cent
Run the date through the free Coin Value Checker for an instant estimate, or get a Grade-or-Not verdict on whether your coin is worth certifying. The full wheat series guide is here: Wheat Pennies Worth Money, 3¢ to $1.7 Million+. Compare the keys — the 1909-S VDB Lincoln cent and the 1914-D Lincoln cent.
This guide is written so collectors can recognise the Depression cent for themselves — its mintage, its mint mark, and its colour — and use that knowledge before any individual coin is judged.
