1931 Wheat Penny
The 1931 Wheat Penny had a total mintage of over 19 million from the Philadelphia Mint. This is a rather small mintage for Philadelphia compared to previous years, and although it is smaller, prices for this coin are still relatively affordable. The 1931 Wheat Penny can be found in colors ranging from brown to brown-red to red, and the price rises as the coin gets closer to the red coloration. Continue reading to learn about 1931 wheat penny value.
Image source: PCGS
AUCTION RECORD: $204 • MS65
History of the 1931 Wheat Penny
The 1931 Wheat Penny was a smaller mintage for Philadelphia, but still an accessible and affordable coin in circulated and some uncirculated Mint State grades. Philadelphia coins were typically well-struck with excellent craftsmanship, making this a great coin to fill out a Wheat Penny series collection. The Wheat Penny was designed by Victor David Brenner. President Theodore Roosevelt wanted to prepare new coin designs that had more artistic merit. He chose Brenner based on a plaque he created with Lincoln’s profile. The Wheat Penny depicts a bust and profile of Abraham Lincoln on the obverse. The reverse features two stalks of durum wheat.
1931 Wheat Penny Worth
The 1931 Wheat Penny value ranges from around $200 to $12,000 for Mint State uncirculated coins. This is very affordable compared to some of the other coins in the series, as well as other types of American coins. The Wheat Penny series is great for those looking to build a coin collection without breaking the bank.
Type of coin: Penny
Year: 1931 Wheat Penny
Wheat Penny Mint Mark: Philadelphia
Total mintage: 19,396,000
Metal content: 95% Copper, 5% Tin and Zinc
Face value: 1 cent
Weight: 3.11 grams
Edge: Plain
Designer: Victor David Brenner
Diameter: 19.00 millimeters
1931 Wheat Penny Value
The value of a 1925 Wheat Penny varies based on its condition and mint mark. The 1931 Wheat Penny is notable for its rarity and higher values, particularly in higher grades. Here are some notable auction results for the 1931 Wheat Penny:
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1931 (Philadelphia) MS65 Red: These coins can fetch around $1,000 to $1,500 at auction due to their rarity in high grades.
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1931-D (Denver) MS65 Red: Coins in this grade have been known to sell for approximately $1,500 to $2,000, reflecting their scarcity and collector demand.
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1931-S (San Francisco) MS65 Red: These coins are particularly rare and can command prices upwards of $2,000 to $3,000 in MS65 Red condition.
FAQ
What is the value of a 1931 Wheat Penny?
The value of a 1931 Wheat Penny varies based on its condition and mint mark. In circulated condition, it typically ranges from $1 to $10. Uncirculated coins can range from $50 to over $1,000, with higher values for coins in top grades and the "Red" (RD) designation.
How many 1931 Wheat Pennies were minted?
In 1931, the Philadelphia Mint produced approximately 9,062,000 pennies, the Denver Mint produced about 4,026,000 pennies, and the San Francisco Mint produced around 866,000 pennies.
What are the mint marks for the 1931 Wheat Penny?
The 1931 Wheat Penny was minted in three locations: Philadelphia (no mint mark), Denver (D mint mark), and San Francisco (S mint mark).
Why is the 1931 Wheat Penny rare?
The 1931 Wheat Penny is considered rare, especially in high grades, due to low mintage numbers and economic hardships during the Great Depression. Surviving examples in uncirculated condition are relatively scarce, driving up their value among collectors.
What is the highest grade for a 1931 Wheat Penny?
The highest grade for a 1931 Wheat Penny is typically MS66 or MS67, with the "Red" (RD) designation being the most valuable. Coins in these grades can fetch high prices at auctions due to their rarity and condition.
Are there any error varieties of the 1931 Wheat Penny?
Yes, there are some error varieties such as double dies, repunched mint marks (RPM), and off-center strikes. These error coins can be worth significantly more than regular issues depending on the type and severity of the error.
What makes a 1931 Wheat Penny valuable?
Factors that make a 1931 Wheat Penny valuable include its condition (grade), mint mark, rarity of any error varieties, and whether it has the "Red" (RD) designation. Coins with sharp details and original mint luster are more desirable.
Where can I sell a 1931 Wheat Penny?
You can sell a 1931 Wheat Penny through coin dealers, auction houses, and coin shows. It's recommended to have the coin graded by a professional service to determine its value accurately.
How do I preserve the condition of my 1931 Wheat Penny?
To preserve the condition of your 1931 Wheat Penny, store it in a cool, dry place, ideally in a coin holder or capsule to protect it from handling, moisture, and environmental factors. Avoid cleaning the coin, as this can reduce its value.
What are the key characteristics to look for in a high-grade 1931 Wheat Penny?
In a high-grade 1931 Wheat Penny, look for sharp details in Lincoln’s portrait, clear and distinct lines on the wheat stalks, and minimal wear or contact marks. The "Red" (RD) designation indicates that the coin has retained much of its original copper color, which adds to its value.
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