1920 US Coins: Values & Mintages

The Mint in the 1920s

After the First World War, demand for coins rose and fell sharply. A sharp recession in 1920 and 1921 cut demand for new coins, which is why several branch-mint issues of the early 1920s have low mintages. The Morgan dollar returned briefly in 1921 and the Peace dollar replaced it, struck in large numbers to replace the dollars melted under the Pittman Act.

Through the middle of the decade the economy boomed and the Philadelphia, Denver and San Francisco mints struck cents, nickels, dimes, quarters and half dollars in growing numbers. Dates that wore off easily, on the Buffalo nickel and the Standing Liberty quarter, are a feature of the era's coins. The decade ended with the stock market crash of October 1929.

How many coins were made in 1920

Counting the circulation issues on this page, US mints struck 631,172,150 coins dated 1920 across 18 issues. That is 15% fewer than in 1919 (738,642,000). In 1921 the figure fell to 160,143,973.

By mint: Philadelphia 466,748,250 (74%, down from 500,915,000), Denver 83,006,400 (13%, up from 78,208,000) and San Francisco 81,417,500 (13%, down from 159,519,000).

Those coins held about 18,035,749 troy ounces of pure silver and 821,885 troy ounces of gold.

1920 coins by denomination

Cents: 405,665,000 struck in 3 circulation issues of the Lincoln Wheat Cent, down 31% on 1919. The scarcest is the 1920-S (46,220,000) and the most plentiful the 1920 (310,165,000).

Nickels: 82,200,000 struck in 3 circulation issues of the Buffalo Nickel, up 7.6% on 1919. The scarcest is the 1920-D (9,418,000) and the most plentiful the 1920 (63,093,000).

Dimes: 92,021,000 struck in 3 circulation issues of the Mercury Dime, up 69% on 1919. The scarcest is the 1920-S (13,820,000) and the most plentiful the 1920 (59,030,000).

Quarters: 37,826,400 struck in 3 circulation issues of the Standing Liberty Quarter, up 150% on 1919. The scarcest is the 1920-D (3,586,400) and the most plentiful the 1920 (27,860,000).

Half Dollars: 12,547,000 struck in 3 circulation issues of the Walking Liberty Half Dollar, up 241% on 1919. The scarcest is the 1920-D (1,551,000) and the most plentiful the 1920 (6,372,000).

Gold Coins: 912,750 struck in 3 circulation issues of the Indian Head Eagle and Saint-Gaudens Double Eagle. The scarcest is the 1920-S (126,500) and the most plentiful the 1920-S (558,000).

Every 1920 circulation issue at a glance

• 1920-S Indian Head Eagle: 126,500 struck, 10th lowest of 31 in the series, similar to 1916.
• 1920 Saint-Gaudens Double Eagle: 228,250 struck, 15th lowest of 52 in the series, up from 152,000 in 1915.
• 1920-S Saint-Gaudens Double Eagle: 558,000 struck, 25th lowest of 52 in the series, down from 796,000 in 1916.
• 1920-D Walking Liberty Half Dollar: 1,551,000 struck, 13th lowest of 65 in the series, up from 1,165,000 in 1919.
• 1920-D Standing Liberty Quarter: 3,586,400 struck, more than 50% of the series' 37 issues, up from 1,944,000 in 1919.
• 1920-S Walking Liberty Half Dollar: 4,624,000 struck, more than 58% of the series' 65 issues, up from 1,552,000 in 1919.
• 1920 Walking Liberty Half Dollar: 6,372,000 struck, more than 61% of the series' 65 issues, up from 962,000 in 1919.
• 1920-S Standing Liberty Quarter: 6,380,000 struck, more than 64% of the series' 37 issues, up from 1,836,000 in 1919.
• 1920-D Buffalo Nickel: 9,418,000 struck, more than 51% of the series' 64 issues, similar to 1919.
• 1920-S Buffalo Nickel: 9,689,000 struck, more than 52% of the series' 64 issues, up from 7,521,000 in 1919.
• 1920-S Mercury Dime: 13,820,000 struck, 33rd lowest of 77 in the series, up from 8,850,000 in 1919.
• 1920-D Mercury Dime: 19,171,000 struck, 37th lowest of 77 in the series, up from 9,939,000 in 1919.

The 6 more plentiful issues are listed in the tables below.

Lincoln Wheat Cent: Initials return and the 1922 plain

In 1918 Brenner's initials returned, this time tiny on the truncation of Lincoln's shoulder, where they stayed for the rest of the series. Production stayed high after the war, but a recession cut 1921 output. In 1922 only Denver struck cents. Worn and filled dies at Denver produced coins with no visible mint mark, the 1922 Plain. Only one die pair shows a strong reverse and no trace of the D. That is the variety collectors want.

Branch mint cents of the 1920s are known for soft strikes. The 1924-D, 1926-S and other San Francisco and Denver dates often show weak hair detail and mushy wheat lines. The 1926-S is notoriously hard to find with red color. Most dates from this era survive in circulated grades with brown surfaces. Fully struck, red examples from the branch mints are much harder to find than Philadelphia coins.

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Buffalo Nickel: World War I output and the 1918/7-D

Demand during and after World War I kept production high, reaching more than 60 million at Philadelphia in 1919 and 1920. Denver and San Francisco each struck around 5 to 10 million a year, far less than Philadelphia. A postwar recession cut 1921 output. San Francisco struck only 1.6 million that year, a semi-key date.

The 1918/7-D overdate is one of the most famous varieties of the 20th century. A working die received an 8 over a 7 and went into use without the error being caught. The overdate is difficult to see on worn coins, so collectors check the shape of the 8. Most survivors from these years are worn, often with weak dates. Well struck branch mint coins are scarce.

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Standing Liberty Quarter: Raised dates and soft strikes

The Type 2 design kept the date raised on a step at Liberty's feet, where it wore away in circulation. Many Standing Liberty quarters from these years now have partial or missing dates. The 1918/7-S overdate, made when a 1917 die was repunched with an 8, is the major variety of the series and shows a faint 7 inside the 8.

Mintages were large in 1918 and 1920, but amid the postwar slump the 1921 run fell to 1,916,000. No quarters were struck in 1922. San Francisco's 1923-S, with 1,360,000 made, is a key. Branch mint coins from Denver and San Francisco often show weak strikes on Liberty's head, so a Full Head example of a 1919-D, 1920-D or 1923-S is far rarer than its mintage suggests.

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Walking Liberty Half Dollar: Soft strikes and scarce postwar dates

Mintages fell after World War I, reaching only 246,000 at Philadelphia, 208,000 at Denver and 548,000 at San Francisco in 1921. These three 1921 coins are the keys of the series. The 1921-D is the rarest. The 1919 issues from all three mints are also scarce, especially in better grades. Most survivors of these dates are well worn.

No halves were struck in 1922 or from 1924 to 1926. Only San Francisco struck them in 1923, 1927 and 1928. Weinman's design was hard to strike, so coins from these years often show flat centers on Liberty's head and left hand. Fully struck examples of the 1919-D, 1920-D and 1923-S are seldom seen. The 1929-D and 1929-S close the period with mintages near one and two million.

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Indian Head Eagle: Only two dates in thirteen years

No eagles were struck from 1917 to 1919, from 1921 to 1925 or from 1927 to 1929. Only two dates exist from this long stretch: the 1920-S with 126,500 struck and the 1926 from Philadelphia with 1,014,000. Denver struck no eagles after 1914, so neither date has a Denver counterpart. Fakes of the 1920-S are known.

Most 1920-S eagles stayed in government vaults and were melted after 1933, so it is one of the rarest dates of the series. The 1926 is the opposite case. Many were exported to European banks and later returned, so it is one of the most common Indian eagles in mint state and a popular type coin. Both dates use the 48-star edge introduced in 1912.

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Saint-Gaudens Double Eagle: Postwar mintages and overseas hoards

Double eagle production stopped from 1917 through 1919. When it resumed in 1920, much of the output went into Treasury vaults or abroad as reserves. The 1920-S and 1921 are rare because most were melted in the 1930s. The 1927-D is one of the great rarities of American gold, with only a handful known from 180,000 struck.

The Philadelphia coins of 1924 to 1928 are among the most common double eagles because many were shipped to European banks and later returned in quantity. Branch mint coins of the same years tell a different story. The 1924-D, 1924-S, 1925-D, 1925-S, 1926-D and 1926-S are scarce despite mostly large mintages because most were melted. Bag marks and rim nicks are the usual flaws on the repatriated Philadelphia coins.

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Mercury Dime: War years and heavy output

With the United States drawn into the First World War, demand for small change jumped. The three mints struck 307,166,800 Mercury dimes dated 1917 to 1920, with Philadelphia alone producing 55,230,000 in 1917 and 59,030,000 in 1920. Denver and San Francisco each added between about 8.8 and 27.3 million a year. The smallest figure of the era is the 1919-S at 8,850,000, still a big number by the standards of the 1920s. The 1917-D, at 9,402,000, is a little scarcer than its neighbors in better grades.

None of these dates is scarce in worn condition, but quality is another matter. Branch mint dimes from these years are often softly struck, with flat hair above the forehead, a weak date and indistinct bands across the fasces. The 1919-D and 1919-S are famous for this. An uncirculated example with fully split center bands earns a collector premium far beyond that of an ordinary coin of the same date. Philadelphia coins of the period usually come better struck.

Most coins you'll find from this era are worn to Good or Very Good, with the date still readable but the wing feathers flattened. Read the date first, then the mint mark. A weak strike can leave a D or an S faint, so tilt the coin under a light until the letter shows its full outline. Silver dimes like these stayed in pocket change until the 1960s, so most of them saw decades of use.

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