1931-S Lincoln Cent : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The Lincoln Cent is the United States’ longest-serving coin. Its 1909 debut marked the centennial of the birth of Abraham Lincoln, and its elegant sculptural design served as the vanguard of a new wave of American coin art. And while the golden era of American coin design is most associated with medallic artist and sculptor Augustus Saint-Gaudens, it is the early 20th-century work of Litvak-American sculptor Victor David Brenner that remains in circulation.

A paltry 866,000 Lincoln Cents were struck at the San Francisco Mint in 1931. That total made the 1931-S the fourth cent in the small cent era (starting in 1857) to have a mintage under one million. The other coins–the 1877 Indian Head, the 1909-S Indian, and the 1909-S VDB–brought marginally higher prices than other issues by the start of the 1930s coin boom. The Numismatist, in its standard reporting of mintages, made the collecting community aware of the 1931-S Lincoln Cent’s relative scarcity. A hunt for the coins immediately commenced.

By 1935, San Francisco-based dealer R.A. Webb was offering “strictly uncirculated” examples of the 1931-S cent for 35 cents in his ads in the back of the ANA’s monthly magazine. By then, fellow dealer Thomas Elder was selling 1877 Indian Head Cents in BU for $2.50. The 1909-S VDB Cent was going for about as much as the 1931-S, its runaway success as the series’ key not yet assured.

Half a million examples of the 1931-S were reportedly shipped to the Federal Reserve Bank in Salt Lake City. If true, this would account for more than 50% of the total mintage.

The 1931-S was hoarded in large quantities. An oft-repeated “Breenism” has Corpus Christie, Texas hoarder Maurice Scharlack putting away 200,000 of them – but Breen’s claim of a hoard of this issue and of that size is dubious as there is no evidence of its existence. Other dealers have reported hoard stories over the years as well, but nothing that rises to the scale of the supposed Scharlack hoard.

What is more certain is because of the coin’s popularity with collectors and speculators, the 1931-S didn’t circulate for long. This can be seen in the examples that survive to this day. Today, the 1931-S Lincoln Cent is typically found in XF or better condition, with Mint State examples being typical but in enough demand to command a premium. Expect to pay $100 or more for a choice example in Extra Fine or better and $300 or more for a Choice Uncirculated 1931-S Lincoln Cent.

Counterfeits and alterations of the 1931-S exist, and some fakes are deceptive. Altered dates can be identified quickly by looking at the clarity of the “1” at the end of the date and the shape of the “3”. The “3”-style used on 1931 Lincoln cents differs from other threes used in any other year of the 1930s. Cast counterfeits will have a grainy or porous appearance and lack clear details, especially in the lettering. 1931-S cents are typically struck better than average, but few would be considered completely struck up.

Many Mint State examples exhibit poor color. Many have been cleaned to remove tarnish and spotting.

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Market Data and Noteworthy Specimens

Released in quantity in 1934. According to Walter Breen, 1,000 rolls were discovered in Pittsburgh “some years ago”.

Edward E. Eron of Milwaukee, Wisconsin, offered Brilliant Uncirculated examples for $32 for 100 pieces in the October 1936 issue of The Numismatist.

C.B. Edwards, a coin dealer from Wichita, Kansas, offered B.U. rolls (50 coins) for $55 in the May 1948 Numismatist.

Top Population: PCGS MS67RD (10, 8/2024), NGC MS66+RD (5, 8/2024), and CAC MS66RD (35:1 stickered:graded, 8/2024).

• PCGS MS66+RD #49766038: Stack’s Bowers, August 15, 2024, Lot 4468 – $7,800. Medium-sized copper spot below I of AMERICA.
• PCGS MS66+RD #48988091: “The ESM Collection,” Stack’s Bowers, March 2018, Lot 2069; “The Good Karma Lane Collection,” May 2023, Lot 3597; Stack’s Bowers, March 27, 2024, Lot 5088 – $7,800.
• NGC MS66+RD #6354650-001: Stack’s Bowers, March 27, 2024, Lot 5089 – $2,880.
• PCGS MS66+RD #39253231: “The GL & SL Stonebarger Collection,” Heritage Auctions, June 18, 2021, Lot 3352 – $18,600. Scattered copper spots on the obverse and reverse. Large spot below AM of AMERICA.
• PCGS MS66+RD CAC #39493355: Heritage Auctions, August 3, 2020, Lot 3048 – $6,000. “Cognac” color… ie… red is mellowing. Scattered stains on the reverse (between NT, to the right of E).
• PCGS MS66+RD CAC #81627099: “The Dr. and Mrs. Steven Duckor Collection of Lincoln Cents,” Heritage Auctions, April 23, 2020, Lot 3127 – $5,400. Duckor on insert. Light stains on Lincoln’s jacket and beard. Spot above left wheat kernel and U of UNITED.
• PCGS MS66+RD #25651612: “The Jerald L. Martin Collection,” Heritage Auctions, January 10, 2019, Lot 4085 – $5,280. Jerald L. Martin Collection on insert.

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Design

Obverse:

Brenner’s portrait of Abraham Lincoln depicts the president from the shoulder up. Lincoln is dressed in a period suit and is wearing a bow tie. Brenner’s initials V.D.B. appear in Lincoln’s shoulder truncation.  At the top of the design wrapping around the rim is the motto IN GOD WE TRUST. The word LIBERTY appears behind Lincoln’s neck, on the left side of the coin. The date 1931 appears slightly lower, in front of Lincoln’s portrait, on the coin’s right side. Below the date is the mintmark S for San Francisco.

Reverse:

Brenner’s “Wheat Cent” reverse. Two sheaths of wheat wrap around the right and the left side of the coin. At the top of the design, the motto E · PLURIBUS · UNUM wraps around the rim. The denomination ONE CENT is inscribed in large sans serif letters, with the bottom arm of each “E” extending beyond the arm at the top (the middle arm is recessed). Beneath the denomination, in the same font but a smaller type, is the legend UNITED STATES OF AMERICA.

Edge:

The edge of the 1931-S Lincoln Cent is plain, without reeding or edge lettering.

Designer

Victor David Brenner, born in Lithuania in 1871, immigrated to New York at the age of 19. The classically trained sculptor built a group of clients, which included the future president Theodore Roosevelt. Having previously created a medallion of Lincoln, Brenner was contracted by Roosevelt in 1908 to use one of his previous images of the 16th president for a new design of the cent. At the time of his death, Brenner had carved over 125 different medals, sculptures, and coins (View Designer’s Profile).

Coin Specifications

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