The 1931-S Buffalo Nickel
Featuring one of the most cherished designs in coinage history, Buffalo nickels are in great demand among collectors. With little demand for coinage in the depression year of 1931, no quarters or half dollars were struck at all, and those coins minted in 1931 were produced in much smaller quantities than usual. A mere $60,000 worth of Buffalo nickels were struck at the San Francisco Mint in 1931, yielding the second lowest mintage in the series.
The Great Depression and the U.S. Mint
Due to the Great Depression, minting numbers decreased in the early 1930s. The second lowest mintage for the Buffalo nickel series came with the 1931-S coin. The 1931-S was minted in a quantity of 194,000 early in the year. There was no need for more to be struck, but Acting Mint Director Mary Margaret O'Reilly asked the San Francisco Mint to strike more so that the pieces would not be hoarded. Using materials on hand, including the melting down of worn-out nickels, San Francisco found enough metal to strike 1,000,000 more pieces. Large quantities were saved in the hope they would become valuable, and the coin is not particularly rare today despite the low mintage.
1931-S Buffalo Nickel Values
The 1931-S nickel is a very important piece of minting history, as the only Buffalo nickel minted this year - and in low numbers. An average 1931-S Buffalo nickel is valued at around fifteen dollars. Like many older coins, the value is tied to the condition of the coin. Collectors should look for clear edges on the design, and a clear engraving of the date, mint mark, and cent-value. Understandably, coins that have been preserved over the years, or are in mint condition, will sell for a higher price than coins that show a lot of wear. An uncirculated coin is worth almost seventy dollars.
Type of coin: Nickel
Year: 1931
Mint Mark: San Francisco
Total mintage: 1,200,000
Metal content: 75% Copper, 25% Nickel
Face value: Five Cents
Weight: 5 grams
Edge: Plain
Designer: James Earle Fraser
Diameter: 21.2 millimeters