1931 Lincoln penny explained - and what makes it worth up to $215

PENNIES featuring 16th President Abraham Lincoln can be quite valuable, including pieces minted in 1931.

The Lincoln penny first entered circulation in 1909, when it replaced the Indian head cent.

During the Lincoln cent’s more than a century-long run, there have been quite a few rare coins in the series including the VDB, 1992, and 1914 pennies.

Some of the designs of the Lincoln cent series include the memorial cent, union shield, and wheat ears.

When it comes to the value of coins, this is normally determined by low mintage, an error, or another unique element.

We explain what makes the 1931 Lincoln penny so valuable.

What is the 1932 Lincoln cent?

In 1932, Lincoln pennies were minted in three different locations: Denver (D), San Francisco (S), and Philadelphia (no mint mark).

All three were designed by Victor David Brenner. 

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But the most valuable one with the 1932 date is the “S” coin, which only has a mintage of 866,000.

Not only will you not find many Lincoln cents with mintages under 1million – but the S coin is said to have the second-lowest mintage in the entire Lincoln penny series – only behind the 1909 S VDB cent.

“Consequently, since the early 1930's the coins became very scarce in circulation,” Professional Coin Grading Service’s Jamie Hernandez wrote in a description of the 1931 S penny.  

“In fact, during that time some collectors reported finding a 1909-S V.D.B. Lincoln cent in circulation, but they never found a 1931-S.”

If you happen to have a 1931 Lincoln coin in your possession, you’ll want to look under the “1931” on the obverse of the coin for a letter mark. 

This will help you spot the difference and let you know if you have something that’s quite valuable.

How much is the 1932 Lincoln cent worth?

As always, the value of coins, in general, could vary by grade and condition. 

For example, USA Coin Book pegs the value of the S coin at $102 in average condition and up to $215 if in an “uncirculated (MS-63)” grade.

Also, one recently sold online for $201.

If you happen to find one with a “D” mark, it’s worth only $6.64 in average condition and up to $79 in a higher grade. 

How to find rare coins

An easy way to find rare coins is by checking places in your home or any places you might store change.

You would be surprised what you might be able to find, as you’ll not only want to look for pennies but nickels, dimes, quarters, half dollars as well.

Some other things you can try are using a metal detector in known areas for buried treasure and by stopping by your local bank branch and asking for a wrapper of pennies.

You can also try to get a good deal on one online through USA Coin Book or eBay.

But make sure you research the coin first and know what it’s worth before buying.

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In other rare coin news, another Lincoln penny sold for $455.

Also, a counterfeit Jefferson nickel sold for more than $400.

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