1931 US Coins: Values & Mintages

US coinage in 1931

Coin production fell to some of the lowest levels of the century as the Depression deepened, creating key dates such as the 1931-S cent.

The Mint in the 1930s

The Great Depression cut demand for new coins to some of the lowest levels of the century. Several issues from 1931 to 1933 have tiny mintages for the time, including the 1931-S cent and the 1932-D and 1932-S Washington quarters. Gold coins were recalled in 1933 and US gold coinage for circulation ended.

Production recovered later in the decade as the economy improved. The Washington quarter, introduced in 1932, became permanent; the Peace dollar ended in 1935; and the Jefferson nickel replaced the Buffalo nickel in 1938. Proof coins were sold to collectors again from 1936 and coin collecting grew quickly as a hobby, helped by inexpensive coin boards for filling in dates and mint marks.

How many coins were made in 1931

Counting the circulation issues on this page, US mints struck 35,196,750 coins dated 1931 across 9 issues. That is 87% fewer than in 1930 (266,056,000). In 1932 the figure fell to 31,375,550.

It was the smallest year since 1878.

By mint: Philadelphia 25,484,250 (72%, down from 192,666,000), Denver 5,846,500 (17%, down from 40,100,000) and San Francisco 3,866,000 (11%, down from 33,290,000).

Those coins held about 449,226 troy ounces of pure silver and 2,945,775 troy ounces of gold.

1931 coins by denomination

Cents: 24,742,000 struck in 3 circulation issues of the Lincoln Wheat Cent, down 89% on 1930. The scarcest is the 1931-S (866,000) and the most plentiful the 1931 (19,396,000).

Nickels: 1,200,000 struck in 1 circulation issue of the Buffalo Nickel, down 96% on 1930.

Dimes: 6,210,000 struck in 3 circulation issues of the Mercury Dime, down 28% on 1930. The scarcest is the 1931-D (1,260,000) and the most plentiful the 1931 (3,150,000).

Gold Coins: 3,044,750 struck in 2 circulation issues of the Saint-Gaudens Double Eagle, up 1691% on 1930. The scarcest is the 1931-D (106,500) and the most plentiful the 1931 (2,938,250).

Every 1931 circulation issue at a glance

• 1931-D Saint-Gaudens Double Eagle: 106,500 struck, 7th lowest of 52 in the series, down from 180,000 in 1927.
• 1931-S Lincoln Wheat Cent: 866,000 struck, 2nd lowest of 140 in the series, down from 24,286,000 in 1930, a famous date.
• 1931-S Buffalo Nickel: 1,200,000 struck, 2nd lowest of 64 in the series, down from 5,435,000 in 1930.
• 1931-D Mercury Dime: 1,260,000 struck, 4th lowest of 77 in the series, down from 5,034,000 in 1929.
• 1931-S Mercury Dime: 1,800,000 struck, 6th lowest of 77 in the series, similar to 1930.
• 1931 Saint-Gaudens Double Eagle: 2,938,250 struck, more than 84% of the series' 52 issues, up from 1,779,750 in 1929.
• 1931 Mercury Dime: 3,150,000 struck, 8th lowest of 77 in the series, down from 6,770,000 in 1930.
• 1931-D Lincoln Wheat Cent: 4,480,000 struck, 9th lowest of 140 in the series, down from 40,100,000 in 1930.
• 1931 Lincoln Wheat Cent: 19,396,000 struck, 29th lowest of 140 in the series, down from 157,415,000 in 1930.

Lincoln Wheat Cent: The Depression low and the late 1930s boom

The Depression cut cent demand sharply. Production fell to 19 million in Philadelphia in 1931. San Francisco struck just 866,000, creating the 1931-S, a key date that many people saved at the time, so it is more available in uncirculated grades than its mintage suggests. Output stayed low in 1932 and 1933, with no San Francisco cents in either year. Recovery began in 1934, when Philadelphia struck 219 million.

Proof cents returned in 1936, first with a satin finish and later with a brilliant finish. The 1936 also has a doubled die obverse. Output climbed through the late 1930s and topped 887 million in Philadelphia in 1941 as the defense buildup increased spending. Because collecting albums became popular in this decade, many rolls were saved, so uncirculated red coins from 1934 onward are much easier to find than earlier dates.

See every Lincoln Wheat Cent →

Buffalo Nickel: Branch mint keys and soft strikes

No nickels were struck in 1922. Production resumed in 1923. San Francisco struck small numbers in several years, creating the 1923-S, 1924-S and 1926-S semi-keys. The 1926-S, at 970,000, is the lowest mintage regular issue of the series. Denver and San Francisco coins from these years are known for weak strikes, especially on the bison's head and the date.

The Depression cut demand in 1930 and 1931. In 1931 only San Francisco struck nickels, 1.2 million pieces. The coin was saved by many people at the time. Survivors from the 1920s are usually found with worn or missing dates. Coins with full horn detail carry a premium. Dateless Buffalo nickels from this era are often treated with acid to reveal the date.

See every Buffalo Nickel →

Saint-Gaudens Double Eagle: Late dates and the 1933 double eagle

Double eagles from 1929 to 1932 were struck in good numbers but few were ever released. The 1929, 1930-S, 1931, 1931-D and 1932 are all rare because nearly every coin was melted after the gold recall. Survivors are mostly uncirculated and well struck, since they never saw use in commerce. The 1931-D had a mintage of just 106,500. Counterfeits of these late dates exist, so buy them only certified.

The 1933, with 445,500 struck, was never issued. A few left the Mint unofficially and the government pursued them for decades. Only one example, once owned by King Farouk of Egypt, has been legally cleared for private ownership. The rest of the mintage was melted. The series ended with these coins because gold coinage for circulation stopped in 1933.

See every Saint-Gaudens Double Eagle →

Mercury Dime: The late 1920s and the Depression

Philadelphia struck between 19,480,000 and 32,160,000 dimes a year from 1926 to 1929, while Denver and San Francisco usually made between about 4.2 and 7.4 million each. The exception is the 1926-S. San Francisco produced only 1,520,000 that year, the smallest mintage of the decade after the 1921 issues. Most survivors are worn and softly struck. It is a semi-key and scarce in any grade above Fine.

The Depression then cut demand sharply. Philadelphia's output fell to 6,770,000 in 1930 and 3,150,000 in 1931. San Francisco struck 1,843,000 and 1,800,000. Denver skipped 1930 entirely before making 1,260,000 in 1931, the third lowest Denver figure of the series after the 1916-D and 1921-D. The 1931-D is counted among the semi-keys. As with 1923, there is no genuine 1930-D dime; any coin with that date and mint mark is a fake.

Dimes from these years usually turn up in Good to Fine. Their low mintages make the 1930-S, 1931-D and 1931-S more desirable than the Philadelphia dates in every grade. For the common dates of 1926 to 1929, condition and strike decide the premium. Look at the center bands of the fasces and the hair above Liberty's forehead. Then make sure the mint mark at the lower left of the fasces is crisp and properly placed. Every dime of these years is 90% silver, so even the most worn common date is worth more than face value.

See every Mercury Dime →