1931-S penny: low mintage, hoard stories and how to check yours

The San Francisco Mint struck only 866,000 cents in 1931, according to the Mint's own coinage table, down from more than 24 million the year before. That makes the 1931-S one of the key dates of the Lincoln wheat series and a common target for added mint marks.

By the Coin Scanner team · Updated 2026-10-13

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A Depression-era drop in cent production

The Mint's annual reports show how sharply cent output fell at the start of the 1930s. In calendar year 1930 the three mints together struck 221,801,000 cents, with San Francisco contributing 24,286,000. In 1931 the total was just 24,742,000: Philadelphia made 19,396,000, Denver 4,480,000 and San Francisco only 866,000. The report covering fiscal 1931 described that year's domestic coinage as the smallest in pieces and value for many years.

The 1930 report lists each mint's cent output as face value; the 1930 piece counts above are those values divided by one cent, and they add up to the 221,801,000 total the report gives. With fewer than a million struck, the 1931-S became only the second Lincoln cent below the million mark, after the 1909-S VDB. The 1931-D, at 4,480,000, is also a lower-mintage date.

Which 1931 cent do you have?

Start by sorting your coin into one of the three 1931 issues. A cent with no letter under the date is from Philadelphia, which made more than twenty times as many cents as San Francisco that year; it is the common version and also the usual starting point when someone adds an S to fake a 1931-S. A D marks a Denver coin, with a mintage about five times that of the 1931-S. Only an S, struck by the San Francisco Mint, makes it the key date. If you are unsure where to look, our mint mark guide shows the spot.

The hoard story, and why it is disputed

Because the mintage was so small, collectors began saving 1931-S cents early, and hobby literature describes rolls of uncirculated coins being put away. Q. David Bowers' reference on coin hoards repeats a report by Walter Breen of a single hoard, attributed to Maurice Scharlack, said to have held more than 200,000 red uncirculated 1931-S cents, many of them weakly struck. In a July 2013 Numismatic News column, Paul M. Green questioned that figure: at the time PCGS had graded roughly 2,000 examples and NGC about 1,000, around 1.5 percent of the claimed hoard.

How to check a 1931-S penny

1. Find the S. It should be on the front, directly under the date. On every documented genuine 1931-S die the S sits close to the date, so a mint mark floating well below the date is suspicious.
2. Do not stop at "close S". Because all five known dies have a close S, closeness alone does not prove anything. A die study summarized by CopperCoins lists the markers of each die, such as the height and tilt of the S, die dots behind Lincoln's head, scratches near the date and a die crack running from the initials along the shoulder on one die. A genuine coin should match one of them.
3. Look for an added S. The usual fake is a common 1931 Philadelphia cent with an S attached. Under magnification, look for a seam, a halo of disturbed metal around the letter, or wear on the S that does not match the wear on the date next to it.
4. Weigh it. Bronze cents of this era have a standard weight of 3.11 g. A coin far off that weight is a problem; a correct weight does not prove the coin is genuine.
5. Check the overall look. Crude alterations usually show the wrong shape of S or poorly defined details compared with genuine coins.

What affects a 1931-S's value

Grade (the amount of wear), original color on uncirculated coins (red, red-brown or brown), strike sharpness, surface problems such as cleaning or corrosion, and certification all matter. As a dated reference only, the 2013 Numismatic News column quoted prices of about $105 in Good-4, $160 in MS-60 and $350 in MS-65. Prices move over time, so check a current guide before relying on any figure.

To get a current estimate, scan both sides of your coin with Coin Scanner; it reads the date and mint mark and gives an estimated value range. Estimates are not authentication, and added mint marks are common on this date, so a coin that looks like a genuine 1931-S is worth sending to a professional grading service.

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