1931 Wheat Penny Coin Value (Errors List, “D”, “S” & No Mint Mark Worth)

Are you building your Lincoln Wheat penny collection and wondering about the value of a 1931 penny? Or, maybe you’ve come across a 1931-S penny and are curious how much this key date is worth? Our 1931 penny value guide will help!

We will go through everything: from the fascinating history of the 1931 penny, minted during the Great Depress to its unique features. Our detailed value guide will help you understand how much a 1931 penny is today. We’ll also share expert grading tips to show you how to assess your coin’s condition. Plus, some interesting minting errors that could be worth more than face value.

Whether you are a seasoned collector or just getting into the hobby, a 1931 penny in Mint State could be a valuable addition to your collection. Our guide will help you make a smart decision whether you’re buying or selling your Lincoln penny.

Let’s get started!

1931 Penny Value Chart
Mint Mark	Good	Fine	Extremely Fine	Uncirculated
1931-No Mint Mark Penny Value	$0.75	$1.50	$5.50	$110
1931-D Penny Value	$5	$7.25	$21	$350
1931-S Penny Value	$85	$110	$130	$525

 

 

History of the 1931 Penny

 The 1931 penny stands out for its low mintage, with the 1931-S penny being the rarest and particularly fascinating to collectors. The historically low mintage across all three mints (Philadelphia, Denver and San Francisco) reflects the tough economic times brought on by the Great Depression. Beginning with the stock market crash of October 1929, the economic recession reached its peak in 1931 and stretched into the 1940s.

Due to the Great Depression, there was little demand for coins and the U.S. Mint, struggling with resources, cut back on coin production. This resulted in a dramatic drop in wheat penny mintages in 1931 compared to previous and following years. For example, the San Francisco Mint produced only 886,000, pennies, making the 1931-S one of the rarest in the entire Lincoln Wheat cent series. But, collectors didn’t realize the scarcity of the 1931-S penny until years later, increasing its demand as a sought-after key date.

The Philadelphia and Denver Mints, also recorded historically low mintages at 19,396,000 and 4,480,000 pennies, respectively. With all three mints recording low coin production, 1931 stands out as a unique year in the Lincoln penny series.

The 1931 penny retained Victor Brenner’s initial 1909 design. We’ll explore these design features in detail in the next section. Overall, the 1931 Wheat penny, especially the 1931-S penny variety, is a must-have for any serious collector.

Also read: 17 Most Valuable Indian Head Penny Worth Money

 

Features of the 1931 Penny

At first glance, the 1931 penny may look like any other. But, it stands out for its unique design features and, of course, its low mintage. Let’s breakdown the details to help you spot 1931 pennies worth money.

Obverse of the 1931 Penny

The front of the 1931 Wheat penny features Abraham Lincoln’s right-facing portrait.

The words “IN GOD WE TRUST,” are etched in an arc above Lincoln’s head while “LIBERTY” is inscribed on the left of Lincoln’s profile. The year, 1931, is displayed to the right.

Reverse of the 1931 Penny

The reverse displays two wheat stalks along the left and right edges, giving the coin its nickname, Wheat penny.

The denomination, “ONE CENT,” is boldly etched in the center. Surrounding it are the words “UNITED STATES OF AMERICA.” Above, you will notice the Latin motto, E PLURIBUS UNUM, which translates to “Out of many, one.”

Other Features of the 1931 Penny

Additional features of the 1931 Lincoln penny are:

• Diameter:19.00 millimeters
• Weight: 3.11 grams
• Metal composition: 95% copper, 5% Tin and Zinc
• Edge: Plain

Also read: 12 Most Valuable Lincoln Penny Worth Money

 

1931 Penny Grading Guide

You don’t need to be an expert to approximate the general grade of a 1931 penny. Here are some tips to help you along:

Uncirculated (MS): These are pennies grade between MS60 to MS70 and will show no signs of wear or die weakness. Your penny should have few or no contact marks, and most importantly, it should display full mint luster with shiny, copper-red toning.

About Uncirculated (AU): Graded between AU50 to AU58, About Uncirculated pennies will have some mint luster. But some high points such as the jawline and cheekbone, and the wheat stalks on the reverse will show slight wear.

Extremely Fine (XF):  Check your coin for slight loss of mint luster on the high points. There’s also considerable wear on areas such as Lincoln’s hair on the obverse and the wheat stalks on the reverse. Such pennies can be graded XF40 to XF45.

Very Fine (VF): If your penny has all the major details intact, such as the inscriptions and date, but there is some wear on the high points, it could fall into the Very Fine category or graded between VF20 to VF35. In particular, Lincoln’s hair and the wheat stalks will show some flattening.

Fine (F): These pennies show extensive wear, especially on the hair and cheeks. The wheat stalks are also flattened and much of the details are blurry. Such a penny would be graded between F12 and F15.

Good (G): Lastly, your penny would rightfully be graded between G4 and G6 if Lincoln’s face, the wheat stalks and inscriptions on both sides are smooth or flattened.

#	Grade
1	Basal State-1
2	Fair
3	Very Fair
4, 5, 6	Good
7, 8, 10	Very Good
12, 15	Fine
20, 30	Very Fine
40	Extremely Fine
50	About Uncirculated
60	Mint State
65	Mint State
70	Mint State

Lincoln pennies are also graded based on their color, with Red (RD) being the most valuable and Brown (BN) pennies being less valuable. Please check our grading guides to know your coin scale, It’s the necessary step to know the exact value of your coin.

Check out now: How to Grade Lincoln Wheat Penny?

 

1931 Penny Value Guides

Curious about how much a 1931 penny is worth? The value depends on several factors such as the coin’s condition, mintage, mintmark, and rarity. There are three varieties of the 1931  penny, each with its own market value:

• 1931 No-Mint Mark Penny
• 1931-D Penny
• 1931-S Penny

Whether your penny is circulated or in mint condition, our 1931 penny value guide will help you understand how it is worth.

1931 No-Mint mark Penny Value

As was the tradition, Lincoln pennies minted at the Philadelphia Mint did not bear any mintmark, and 1931 was no exception.

The Mint released 19,396,000 wheat pennies, only about an eight of the previous year’s mintage, making 1931 one of the lowest mintage years for the Philly Mint.

Because there was already a steady supply of pennies from the previous years, collectors were able to preserve 1931 no-mintmark pennies. This made uncirculated examples readily available, although gem quality specimens are relatively scarce.

The Philadelphia 1931 pennies are known for their generally good-quality strike, due to the low mintage and unworn dies.

 So, how much is a 1931 no-mintmark penny? Here’s what to expect:

• Circulated examples: These are more common, although many are well-struck. Expect to pay about $0.75 for a penny graded Good (G) and up to $16.50 for one graded About Uncirculated (AU58).
• Uncirculated: These are plentiful and affordable. For example, a penny graded MS60 will fetch as much as $20 while an MS64 will sell for $50.
• Gem-quality specimens: Gem-quality is rare, especially those with red toning. For example, a brown MS66 will sell for around $110 while a red one can fetch up to $10,750.
• Auction record: In 2022, Heritage Auctions sold a red 1931 MS67 for a remarkable $13,200.

1931-D Penny Value

Next, let’s look at the 1931 penny minted in Denver. With a production of only 4,480,000 pennies, the 1931-D penny is equally scarce. The Mint released the Denver pennies a later due to the economic hardships at the time, driving up hoarding of the 1931-D penny when it was finally released.

Like the Philadelphia pennies, the ones from Denver are fairly well-struck, though some show signs of worn dies.

Here’s what to expect:

• Circulated examples: In Good condition a 1931-D penny can sell for about $5 while an AU58 can fetch up to $50.
• Uncirculated examples: These are rarer and will bring in some nice prices. In lower Mint State, expect to pay between $60 and $90 for a piece graded MS60 to MS64 and $350 for an MS66.
• Gem-quality specimen: Gem-quality 1931-D pennies are extremely scarce. A red gem graded MS66 can fetch between $3400 and $7500.
• Auction record: In 2008, Heritage Auctions sold a brown 1931 no-mintmark penny graded MS65 for an impressive $920 while in 2007, Bowers & Merena sold a red MS66 for a remarkable $10, 063.

1931-S Penny Value

The San Francisco Mint produced the lowest mintage in 1931, with just 886,000 pennies. The Mint released most of these pennies in 1935 due to the low demand. By this time, collectors were eagerly waiting to hoard them, making Mint State pennies more common than circulated ones. In fact, any 1931-S pennies graded less than Very Fine (VF) are rare.

Though the 1931-S is known for its gem-quality, most show staining from the coin’s age and poor preservation.

Being a key date, counterfeiters target the 1931-S penny by adding an S mintmark to 1931 no-mintmark pennies or changing the date on a 1930s penny with an S mintmark. With a keen eye to detail, you can, however, detect some of these alterations

Here’s a breakdown of the value of a 1931-S penny:

• Circulated examples: Because they are scarce, circulated 1931-S pennies are worth a premium even in lower grades. For example, the few examples graded Very Fine (VF) can sell for as much as $120 while one graded AU58 will fetch up to $155.
• Uncirculated examples: In Mint State, 1931-S pennies are not worth as much as one would expect. This is due to uncirculated examples being plentiful and readily available. In lower Mint State, starting from MS60 to MS64, these pennies will fetch between $165 and $265. Pennies graded MS65 and above are harder to find and these can bring in as much as $360.
• Gem quality examples: Fully red gem-quality 1931-S pennies are genuinely scarce. Those graded MS65 to MS67 can sell for as much as $3050.
• Auction record: According to PCGS records, the most expensive 1931-S penny was graded MS66+ and was sold in 2021 at a Heritage Auctions sale for a remarkable $18,600.

The 1931-S penny is a prized possession for any serious collector building a high-value Wheat pennies collection.

Also read: 13 Most Valuable Wheat Penny Worth Money

 

Rare 1931 Penny Errors List

Flaws caused during the minting process can significantly increase your coin’s value. Let’s explore the fascinating errors to watch for when collecting 1931 pennies:

1. 1931 Penny Lamination Error

A lamination error can occur if the metal alloy is improperly mixed or contains contaminants. This causes weak spots in the alloy, resulting in the upper layer cracking or peeling. Sometimes, the upper layer may be completely missing, resulting in a lamination error known as a missing clad layer. Depending on the coin’s condition and the error’s visual effect, a 1931 penny with a lamination error can fetch between $5 and $200.

2. 1931 Die Crack Penny Error

Another common error in the 1931 penny series is the die crack. As the name implies, this error occurs when cracks develop on the die’s surface. Small metal pieces fill the cracks as the die continues to be put to use, resulting in raised, crack-like bumps on the die’s surface.

Eventually, as the die continues striking, it will leave impressions of the raised cracks on one or more planchets, resulting in coins with a die crack error. Larger die cracks will generally be worth more, fetching between $5 and $100.

Also read: 11 Most Valuable Wheat Penny Errors

 

Where to Sell Your 1931 Wheat Penny?

Now that you know the value of your coins, do you know where to sell those coins online easily? Don’t worry, I’ve compiled a list of these sites, including their introduction, pros, and cons.

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

 

FAQS

Is a 1931 penny rare?

The 1931 pennies has some of the lowest mintages in the entire Lincoln Wheat pennies series. These coins are relatively rare, especially in circulated condition, as collectors quickly hoarded them as soon as the Mint released them. But, although Mint State 1931 pennies are plentiful, fully red gem-quality examples are rare.

Why is the 1931-S penny worth so much?

The 1931-S penny is worth a lot due to its low mintage. With just 886,000 pennies produced, this is one of the rarest coins in the Lincoln pennies series.

Where is the mintmark on a 1931 penny?

The mintmark on a 1931 penny is on the obverse just below the date. If there is no mintmark, the penny was minted in Philadelphia.