1931-S

The 1931-S Lincoln cent is the key date of the Depression era, struck in a mintage of only 866,000 coins. The figure is the lowest for any Lincoln cent after 1914 and reflects the near-total collapse of economic activity in the San Francisco Mint's distribution region by 1931. The Depression had been grinding on for two years, and the demand for new cents had essentially evaporated.

The 1931-S was recognized as scarce from the moment of issue. Collectors and dealers set aside examples, and the coin was hoarded more aggressively than typical Depression-era cents. The hoarding means the 1931-S survives in better average condition than its low mintage might suggest. Uncirculated examples exist in meaningful numbers, thanks to people who recognized the low mintage and saved rolls or individual coins. The 1931-S is scarce in worn grades and available (for a price) in Uncirculated.

Pricing in Good to Fine is in the mid-two-figure range. Very Fine approaches three figures. Uncirculated examples, depending on color and quality, range from the low hundreds to well into four figures for gem red coins. The 1931-S is the Depression-era key that every Lincoln cent collector needs, and the demand from a large collector base keeps prices firm across all grade levels.