1931 Nickel Value (2026 Guide): Errors List & “S” Mint Mark Worth

If you’ve come across a 1931 S Nickel, you’re holding a piece of American history that’s well worth a closer look. In 1931, only the San Francisco Mint struck any Buffalo nickels, with a final mintage of just 1,200,000 — the second lowest in the entire series. That backstory alone makes the 1931 Nickel value a topic coin collectors love to dig into.

The low production numbers were a direct result of the Great Depression, when demand for new coinage dropped sharply across the country. Interestingly, many collectors at the time were aware of the low mintage and held onto quantities of these coins — which is why the 1931 S Nickel tells such a nuanced value story today.

So how much is a 1931 S Nickel actually worth? Prices range from around $13.53 in Good condition all the way to $162.00 in MS (Mint State) — and condition makes all the difference. Whether you’re a seasoned numismatist or just starting your collection, understanding what drives the 1931 Nickel value is the first step to knowing what you’ve really got.

 

1931 Nickel Value By Variety

The 1931 S Nickel value varies significantly depending on its grade — here’s a quick breakdown of what you can expect across different condition levels.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 60+ Most Valuable Buffalo Nickels Worth Money

 

Top 10 Most Valuable 1931 Nickel Worth Money

Among all recorded auction results for the 1931 S Nickel, the MS67 example stands out as the definitive benchmark. The auction record of $63,250 was achieved at a Bowers & Merena sale in September 2008, a price that reflects not just grade, but extreme scarcity at that level. PCGS had graded only two specimens at MS67 with none finer, and NGC certified just three at the Superb Gem level — making this one of the most condition-restricted coins in the entire Buffalo nickel series.

The dramatic drop from $63,250 (MS67) to $3,360 (MS66) is not arbitrary. While hundreds of examples have been certified at MS66, fewer than two dozen exist at MS67, and that disparity in population drives the exponential gap in value. In numismatics, the jump between grade points at the top of the scale rarely follows a linear curve — scarcity compounds as grades rise, and so does price.

Also notable are the DDR (Doubled Die Reverse) varieties — FS-801 and FS-802 — which appear in the mid-range of the auction data at MS65. These are coins struck from a die that inadvertently received a second, misaligned impression, leaving visible doubling on reverse elements. The doubling on these varieties can be observed on lettering such as “FIVE CENTS,” and while they carry a premium over standard strikes at the same grade, they remain significantly below the top-condition standard issues in overall value — reflecting that grade still outweighs variety in this series.

The 1931 S Nickel is not rare in lower Mint State grades, largely because dealers and speculators saved rolls of the coin upon issue, anticipating its eventual premium due to the low mintage of 1.2 million pieces. This means the auction ladder from MS62 through MS65 is relatively accessible, with prices ranging from $75 to $386. The real scarcity — and the real value — begins above MS66, where surviving examples become genuinely rare and market competition intensifies accordingly.

 

History of the 1931 Nickel

The Buffalo Nickel series was introduced in 1913 as a replacement for the Liberty Head Nickel, designed by sculptor James Earle Fraser. By the time 1931 arrived, the series was well into its second decade — but the economic conditions of that year would make the 1931 issue unlike any other in the series.

As the Great Depression deepened, the need for new coinage fell sharply. The United States scaled back production significantly, and in 1931, only one-cent coins, nickels, and dimes were produced at all. In January 1931, the San Francisco Mint struck just 194,000 Buffalo Nickels — no nickels were produced at Denver or Philadelphia that month, and no nickels would be struck by any of the three branch mints for months thereafter.

By November, acting Mint Director Mary O’Reilly had grown concerned about the implications of such a low mintage figure and ordered Mint Superintendent M.J. Kelly to suspend dime production and strike additional nickels through the remainder of the calendar year. Kelly complied, and the San Francisco Mint struck 1,006,000 nickels over November and December, bringing the total to 1,200,000 — still the second lowest mintage in the entire Buffalo Nickel series.

O’Reilly’s concerns about speculation proved well-founded. Mint State examples of the 1931-S Buffalo Nickel commanded a premium almost immediately after release. As the coin-collecting boom took off in the 1960s, prices for uncirculated examples had reached $45, and by the mid-1970s that figure had nearly doubled.

By 1930, pioneering dealers such as Wayte Raymond had already begun setting aside original uncirculated rolls of newly minted coins, with low mintage as a key factor in their decisions. The 1931-S was widely recognized as a low-mintage issue at the time of release, and quite a few uncirculated specimens were preserved — to the point where there may be more uncirculated examples in existence today than circulated ones. This unusual survival pattern is one reason why the coin’s value curve is steeper at the very top grades than in the mid-Mint State range.

The 1931-S is widely recognized today as a key date in the Buffalo Nickel series and the rarest regular-issue nickel of the 1930s, cementing its place as a cornerstone of U.S. numismatic history.

Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)

 

Is Your 1931 Nickel Rare?

The 1931 S Nickel is classified as Rare within the Buffalo Nickel series — a designation that carries real weight when it comes to buying, selling, or appraising your coin. The CoinValueChecker App puts rarity rankings and coin valuations at your fingertips, taking the guesswork out of what your coin is actually worth.

 

Key Features of the 1931 Nickel

The 1931 Nickel belongs to the Buffalo Nickel series, officially known as the Indian Head Nickel, struck by the United States Mint from 1913 to 1938. In 1931, production was limited exclusively to the San Francisco Mint, making every example an “S” mint coin.

The coin is a copper-nickel five-cent piece, struck to the standard specifications of the series: weighing 5 grams, measuring 21.2 mm in diameter, with a plain (smooth) edge — no reeding.

The Obverse of the 1931 Nickel

The obverse features an oversized bust of a Native American warrior, a composite image rather than a portrait of any single individual. Sculptor James Earle Fraser drew from three well-known figures: Chief Iron Tail of the Sioux, Big Tree of the Kiowa, and Two Moons of the Cheyenne.

The composite effigy wears two feathers woven into the hair and a braid running down the side of the head. The date 1931 is superimposed over the truncation of the bust, and the legend LIBERTY appears at approximately 2 o’clock on the rim.

On higher-grade examples, fine detail is visible in the hair strands, facial structure, and feather texture. These are among the first areas to show wear in circulated coins, and their preservation is a primary factor in grading. Notably, the design does not include the motto “IN GOD WE TRUST” — Mint Director George Roberts had informed Fraser that the motto was not required on this coin.

The Reverse of the 1931 Nickel

The central motif on the reverse is an American bison standing on a small strip of land, reportedly modeled after a bison named Black Diamond that lived at the New York Central Park Zoological Garden. Standard examples display all four of the animal’s legs. Below the bison is the denomination FIVE CENTS. The inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” appear around the upper rim.

The mint mark “S” is located on the reverse below the words “FIVE CENTS,” identifying the San Francisco Mint as the striking facility. On well-preserved coins, the bison’s fur texture and muscle definition remain visible — detail that flattens quickly with circulation.

Other Features of the 1931 Nickel

One consistent criticism of the Buffalo Nickel throughout its production run was that the date wore away quickly in circulation. On the 1931-S, the date position — raised and exposed on the obverse — makes it particularly vulnerable to wear. Many circulated examples show a faded or fully missing date, which significantly affects both identification and value.

Fraser’s initial “F” appears below the date on the obverse, a subtle but consistent feature present across all Buffalo Nickel issues. For the 1931-S specifically, strike quality is an important variable: coins struck later in the year, after the initial 194,000-piece run, can vary in sharpness depending on die condition — a factor that becomes relevant when evaluating examples at the upper end of the Mint State scale.

Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)

 

1931 Nickel Mintage & Survival Data

The 1931 S Nickel had a total mintage of 1,200,000 — the second lowest in the entire Buffalo Nickel series — with an estimated 12,000 examples surviving today, placing the survival rate at approximately 1%. That figure, however, requires context.

Because the mintage was so low, quite a few uncirculated specimens were set aside in the year of issue — to the point where there may be more uncirculated examples in existence today than circulated ones. Unlike the 1926-S, which had a similarly low mintage but entered circulation without fanfare, the 1931-S was heavily hoarded from the outset. Dealers like Wayte Raymond were already saving original rolls of newly minted coins, and the 1931-S — recognizable immediately as a low-mintage issue — was a prime candidate for preservation.

This means the survival distribution is skewed: circulated examples with clearly visible dates are comparatively scarce, while Mint State examples are more available in the lower grade ranges. The copper-nickel alloy used in the series was relatively soft, and the raised date position made it especially vulnerable to wear — contributing to the significant percentage of surviving Buffalo Nickels that are dateless and carry minimal numismatic value.

For the 1931-S, any circulated example with a readable date and intact surface detail represents a genuinely collectible coin. The overall 1% survival rate places this issue firmly in the category of coins where condition and provenance matter as much as the date itself.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1931 Nickel Value

Knowing your 1931 Nickel’s value starts with assessing its condition. Grade plays heavily into how a coin is priced — collectors are eager to attain coins in excellent condition and will naturally pay more for those than for coins in sub-par condition.

Start by examining the obverse: check the cheekbone, hair strands, and feather detail on the Native American portrait. On the reverse, look at the bison’s horn and tail — a full, visible horn indicates a higher grade, while a smooth or worn horn points to heavier circulation.

Getting the grade right is the single most important factor in knowing what your coin is actually worth — and that’s exactly where the CoinValueChecker App comes in, giving you instant, accurate valuations based on grade, mint mark, and current market data.

 

1931 Nickel Value Guides

In 1931, only a single mint variety was produced — the 1931-S, struck exclusively at the San Francisco Mint. No coins were issued from Philadelphia or Denver that year, making this the sole regular-issue Buffalo Nickel of 1931.

• 1931-S Buffalo Nickel — With a total mintage of 1,200,000, the 1931-S holds the title of the second lowest mintage in the entire Buffalo Nickel series, surpassed only by the 1926-S. The “S” mint mark appears on the reverse, below “FIVE CENTS.”

By the early 1930s, many collectors were already aware of the low mintage and held onto roll quantities of these coins — much as was done with the similarly scarce 1931-S Lincoln cent. This widespread hoarding at the time of issue shaped the coin’s survival profile and continues to define its place in the market today. For collectors, the 1931-S remains the single key date to acquire from the year, with condition being the primary driver of value across the board.

 

1931-S Nickel Value

The 1931-S is one of those coins where grade does most of the talking. Its value is strong and stable, the result of being a popular yet elusive date within a very popular series — and today’s prices are consistently pressured upward by sustained collector demand.

In circulated grades, the coin is accessible but not inexpensive. A readable, problem-free example in Good condition is already worth a meaningful premium over face value, and that figure climbs steadily through Fine and AU. The key distinction is surface integrity: because the spectrum of damage on circulated examples is broad, collectors generally seek out those coins that have suffered the least wear and tear.

In Mint State, the value curve steepens noticeably above MS65. While not the most common of Gem-grade Buffalo Nickels, the 1931-S is by no means scarce in MS65 or higher, with an estimated 3,000 or so specimens remaining at that level.

Hundreds have been certified at MS66 by PCGS and NGC, though fewer than two dozen exist at MS67 — a grade point that is particularly attractive to Buffalo Nickel enthusiasts building registry sets. At that ceiling, the market has spoken clearly: an MS67 example realized $63,250 at auction — a figure that reflects just how competitive demand becomes when supply is this thin.

Mint State survivors of the 1931-S typically show a decent strike, and luster can be quite frosty — making high-grade examples genuinely attractive coins beyond their rarity alone.

The auction record below breaks down exactly what buyers have paid across different grades — a useful reference whether you’re buying, selling, or simply tracking where this coin stands in the current market.

Market activity tells the bigger picture — here’s how collector demand for the 1931-S Nickel has trended over time.

Also Read: 22 Rare Nickel Errors List with Pictures (By Year)

 

Rare 1931 Nickel Error List

Error coins from the 1931-S are not abundant, but several types have been documented — ranging from die-related varieties catalogued in standard references to striking errors that slipped through quality control.

Given the relatively small mintage of 1,200,000 pieces, production at the San Francisco Mint in 1931 was carried out under tight conditions, and die fatigue was a natural consequence of extended use. Here is a breakdown of the known error types associated with this date.

1. 1931-S Doubled Die Reverse (DDR) FS-801

The FS-801 is the more prominent of the two Doubled Die Reverse varieties recognized on the 1931-S. Doubled Die Reverse errors originate during die production, when the hub stamps the working die more than once with a slight misalignment — permanently embedding a doubled impression that replicates across every coin subsequently struck from that die.

On the FS-801, the doubling is most visible on the reverse inscriptions, particularly “FIVE CENTS” at the base of the coin. The diagnostic feature is a clear separation between doubled elements, appearing as raised, distinct layers — distinguishable from the flat, shelf-like appearance of mechanical doubling, which carries no premium. Certified examples in Mint State command a meaningful premium over standard strikes at the same grade, and professional attribution is recommended before purchase.

2. 1931-S Doubled Die Reverse (DDR) FS-802

The FS-802 is the second catalogued DDR variety for the 1931-S and is considered the more elusive of the two. The doubling is subtler than on the FS-801, concentrated in the lower reverse lettering, and requires magnification to identify reliably.

Because the doubling is less dramatic, this variety is more frequently overlooked in the marketplace — which contributes to its relative scarcity in certified form. Collectors should look for sharp, raised doubling on reverse inscriptions with clearly separated elements, rather than blurred or flattened appearances, which indicate mechanical doubling and carry no collector value. For those building a complete variety set of the 1931-S, the FS-802 is the harder of the two to locate in problem-free, higher-grade condition.

3. 1931-S Nickel Die Crack Error

Die cracks develop when working dies deteriorate under the intense pressure of repeated coin striking. Metal fatigue causes cracks to form on the die’s surface, which then appear as raised lines or ridges on the finished coin — and because the crack is embedded in the die itself, it replicates identically across all coins struck from the same damaged die.

On the 1931-S, die crack examples have been documented, with cracks appearing across the obverse field and near the date. Given that the San Francisco Mint resumed production in November 1931 and struck over one million coins in just two months, accelerated die wear was likely, making later production runs more susceptible to this type of error. Minor die cracks add modest premiums, while more dramatic examples crossing major design elements — or “cud” errors where a portion of the die breaks away entirely — can command significantly higher prices.

4. 1931-S Nickel Lamination Error

Lamination errors occur when impurities or contaminants become mixed into the metal during planchet preparation, creating weak spots within the coin blank that crack, peel, or flake away — leaving distinctive lines or missing sections on the finished coin’s surface.

On the 1931-S, lamination errors present as irregular cracks or peeling areas on either the obverse or reverse, following the internal grain structure of the metal rather than showing the random, impact-based pattern of post-mint damage.

The key diagnostic is that true lamination errors reveal distinct metal layers at the point of separation, whereas environmental damage or scratches disrupt the surface without exposing internal structure. Examples with dramatic or extensive lamination across key design areas carry the highest premiums within this error category.

5. 1931-S Nickel Off-Center Strikes

Off-center strikes occur when the planchet is not properly aligned within the striking chamber at the moment of impact, resulting in the design being shifted — with a blank, unstruck crescent appearing on one side of the coin.

On the 1931-S, off-center examples are rare and highly collectible. The value of an off-center strike depends on two factors: the percentage of misalignment and whether the date remains fully visible. A coin struck 10–15% off-center with a complete, readable date is considerably more desirable than a more dramatically shifted example where the date is lost.

Given the 1931-S’s already strong base value as a key date, off-center examples with intact dates command a significant premium over both standard strikes and undated off-center errors from more common Buffalo Nickel years.

 

Where to Sell Your 1931 Nickel?

After determining what your coins are worth, you’re probably wondering about convenient online selling options. I’ve researched and compiled a guide to the best platforms, outlining their services, pros, and cons.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

FAQ about the 1931 Nickel

1. Is the 1931 Nickel rare?

Yes. The 1931-S is classified as a key date within the Buffalo Nickel series. With only 1,200,000 coins minted, it is one of the lowest-mintage Buffalo Nickels in the entire series. Only the 1926-S has a lower production figure, making the 1931-S the second rarest regular-issue Buffalo Nickel by mintage.

2. Why was the 1931 Nickel only made at one mint?

Due to the Great Depression, minting numbers decreased sharply in the early 1930s, and with little demand for coinage, no quarters or half dollars were struck at all that year. Only the San Francisco Mint produced Buffalo Nickels in 1931, with Philadelphia and Denver sitting out entirely.

3. How do I know if my 1931 Nickel is valuable?

Condition is the primary factor. The grade of the coin plays heavily into how it is priced — collectors are eager to attain coins in excellent condition and will naturally pay more for those than for coins in sub-par condition. Start by checking the date legibility, the sharpness of the Native American portrait on the obverse, and the bison’s horn and fur detail on the reverse.

4. What does the “S” mean on a 1931 Nickel?

The “S” is the mint mark for the San Francisco Mint, located on the reverse of the coin below “FIVE CENTS.” Since San Francisco was the only facility to produce nickels in 1931, every authentic 1931 Buffalo Nickel carries this mark.

5. Are there more circulated or uncirculated 1931 Nickels today?

Unusually, uncirculated examples may actually outnumber circulated ones. The 1931-S Buffalo Nickel mintage was so low that quite a few uncirculated specimens were put away in the year of issue — in fact, there may be more uncirculated examples in existence today than circulated ones. This makes problem-free circulated examples with readable dates comparatively harder to find than their Mint State counterparts in lower grades.

6. What is the highest grade a 1931 Nickel can receive?

The highest confirmed grade for the 1931-S is MS67. While hundreds have been certified by PCGS and NGC at the Superb Gem level of MS66, fewer than two dozen exist in MS67 — a grade point that is particularly attractive to Buffalo Nickel enthusiasts building registry sets. No example has been certified above MS67.

7. Can I still find a 1931 Nickel in circulation?

It is extremely unlikely today. The 1931-S is one of those “must have” dates to a collector, and with its recognized scarcity, most surviving examples have long since been pulled from circulation and entered private collections or the certified coin market. Any example found in loose change would almost certainly be heavily worn and dateless.

8. Does the 1931 Nickel contain silver?

No. The 1931-S Buffalo Nickel is composed of 75% copper and 25% nickel — the standard alloy used for the entire Buffalo Nickel series. Silver nickels were not produced until 1942–1945, when wartime demands led to a temporary switch to a 35% silver composition for Jefferson Nickels.

9. What makes the 1931 Nickel a good investment for collectors?

The 1931-S Nickel’s value is strong and stable, the result of being a popular yet elusive date within a very popular series, with today’s prices consistently pressured upward by sustained collector demand. Its status as the only nickel issued in 1931 means every collector building a complete date set must acquire one, ensuring a broad and consistent buyer base regardless of market conditions.

10. How should I store my 1931 Nickel to preserve its value?

Store the coin in an inert, acid-free holder — a PCGS or NGC certified slab is the best option for a coin of this value, as it protects the surfaces while providing an authenticated grade. Avoid cleaning the coin under any circumstances. Coins that have been cleaned or artificially enhanced are generally worth less than problem-free examples in the same grade, and any surface alteration is immediately visible to experienced collectors and graders.