1931 Wheat Penny Value: Price Chart by Grade & Mint

In 1931 the U.S. Mint struck about 24.7 million Lincoln cents for circulation: Philadelphia 19.4 million, Denver 4.5 million, San Francisco 866,000. That is 89% fewer than 1930. Among the 117 years from 1909 to 2025, 1931 ranks number 114 by total mintage (1 = most coins made), so it is one of the lower-mintage dates of the series. The scarcest 1931 issue by mintage is San Francisco (866,000); the most common is Philadelphia (19,396,000). Within the 1930s, 1931 ranks 8 of 10 years for mintage; the decade's high was 1937 (394.1 million) and its low was 1932 (19.6 million). Mint by mint: Philadelphia fell 88% from 1930; Denver fell 89% from 1930; San Francisco fell 96% from 1930.

The mint mark, if any, sits under the date on the front of the coin. A 1931 cent with no mint mark was struck at Philadelphia and is the normal, common form for that mint. The letters you can find on 1931 circulation cents are D (Denver) and S (San Francisco).

• From 1918 onward the initials V.D.B. sit in tiny letters on the truncation of Lincoln's shoulder on the obverse. They are normal and do not add value; they are simply a way to confirm the coin's era.
• Wheat cents were struck in bronze (3.11 g) except for 1943. Genuine coins show a plain edge and a slightly lighter, more reddish colour than modern zinc cents when uncirculated; a brown, evenly worn coin is the normal state for this era and is not damage.
• True die doubling is rounded and separated; flat, shelf-like doubling is machine doubling and adds nothing. The mint marks guide has side-by-side examples.

PCGS Price Guide values for 1931 cents (updated September 24, 2026, U.S. dollars, for coins certified by PCGS):

• 1931: $1–$8 in circulated grades (G4 to XF40); $65 in MS63 RD and $200 in MS65 RD.
• 1931-D: $5–$26 in circulated grades (G4 to XF40); $265 in MS63 RD and $1,400 in MS65 RD.
• 1931-S: $70–$120 in circulated grades (G4 to XF40); $285 in MS63 RD and $675 in MS65 RD.

San Francisco is the lowest-mintage 1931 issue (866,000 struck), so it is the mint collectors check first. Guide prices assume a certified coin; an uncertified, worn 1931 cent usually sells for less than the lowest figure above, often a few cents in bulk wheat-cent lots. RD means full original red copper, RB red-brown, BN brown; the color grade can multiply the price. How grade and variety turn into a number is explained in what makes a coin valuable.