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The 1931-S Buffalo Nickel is worth anywhere from $8 in worn condition to over $250 in high-grade mint state. This San Francisco-minted coin is a semi-key date, making it a prized find for casual collectors and serious numismatists alike who appreciate its historic James Earle Fraser design.
| Condition / Grade | Estimated Market Value |
|---|---|
| Good (G-4) | $8 – $12 |
| Fine (F-12) | $15 – $20 |
| Extremely Fine (EF-40) | $35 – $50 |
| Uncirculated (MS-63) | $110 – $140 |
| Choice Mint State (MS-65+) | $250 – $1,500+ |
History and Rarity of the 1931-S Buffalo Nickel
The 1931-S Buffalo Nickel holds a special place in American history, as it was produced during the height of the Great Depression. Because economic activity was so low, the demand for new coinage was minimal. This resulted in a very low mintage at the San Francisco Mint of only 1,200,000 coins. If you are trying to identify this coin at home, using a top coin identifier app can help you confirm the mint mark and date accurately.
Interestingly, despite the low mintage, many of these coins were saved in high grades because collectors at the time realized they were rare. However, finding one in your pocket change today is extremely unlikely. The CoinKnow app is an excellent tool for modern hunters to verify if they have a genuine 1931-S or a more common date. During the 1930s, the “S” mint mark was placed just below the “FIVE CENTS” inscription on the reverse side of the coin.
Understanding the historical context is vital for value. While over a million were minted, many were lost to circulation or melting over the decades. Today, the scarcity of this date makes it a “semi-key” date in the Buffalo Nickel series, meaning it is harder to find than most years but not as impossible as the legendary 1913-S Variety 2. When you check the 1931 nickel value data, you will see a clear jump in price compared to the 1930 or 1931 Philadelphia issues.
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How Grading Affects 1931-S Buffalo Nickel Prices
The value of your 1931-S Buffalo Nickel is determined almost entirely by its “grade” or state of preservation. Coins that have been passed from hand to hand for years will show significant wear on the Native American’s cheekbones and the Buffalo’s fur. These are considered “Good” or “Fine” grades. While still valuable, they don’t command the premium prices of “Mint State” examples.
Your Old Coin Could Be Valuable!
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For those looking for precise market valuations, checking the latest 1931-S Buffalo Nickel MS prices is the best way to see what high-end collectors are currently paying. A coin in MS-65 condition (showing no wear and original luster) can be worth ten times more than a circulated version. CoinKnow allows you to compare your coin photos against high-resolution grading samples to estimate where your coin falls on the scale.
Professional grading by services like PCGS or NGC is often recommended for 1931-S nickels that appear to be in Uncirculated condition. A difference of just one grade point can mean hundreds of dollars in profit. For everyday Americans, the main goal is usually to determine if the coin is “slick” (worn flat) or “sharp” (retaining detail).
Your Old Coin Could Be Valuable!
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| Grade Detail | Visual Characteristics |
|---|---|
| Good (G-4) | Date is readable but faint; rims are worn into letters. |
| Very Fine (VF-20) | Full horn on the buffalo; cheekbone shows distinct wear. |
| About Uncirculated (AU-50) | Most original luster remains; very light wear on high points. |
Where to Find the “S” Mint Mark on Your Nickel
For beginners, identifying where the coin was minted is the first step to unlocking its value. The 1931-S was minted in San Francisco. If your 1931 nickel has no mint mark, it was minted in Philadelphia and is generally worth less money. The San Francisco “S” is small and located on the reverse (the “tails” side) of the coin.
Look at the bottom of the coin, specifically under the words “FIVE CENTS.” If you see a tiny “S,” you have the valuable version. Using a magnifying glass or the CoinKnow app’s zoom feature can help clarify if the mark is an “S” or just a scratch. Over the years, dirt and grime can cover the mint mark, so a gentle inspection is necessary—but never clean your coins, as this destroys their numismatic value!
Your Old Coin Could Be Valuable!
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The presence of the mint mark is the difference between a $1 coin and an $8+ coin in basic condition. High-quality 1931-S nickels are a staple of the “S-Mint” collection craze that captivated many hobbyists in the mid-20th century. This historic interest helps keep the secondary market demand high even today.
Common Errors and Varieties for the 1931 Buffalo Nickel
While the 1931-S is famous primarily for its low mintage, collectors also look for specific mint errors that can drive the price into the thousands. Common errors include “Clipped Planchets,” where the coin blank was improperly cut, or “Die Cracks,” which appear as thin raised lines on the coin’s surface.
Another interesting aspect is the “Double Die” possibilities. While not as famous as the 1916 Doubled Die, some 1931-S nickels show slight doubling in the lettering or the date. If you suspect your coin has a strange anomaly, it is worth having it looked at by a professional or using a specialized app to compare it against known error catalogs.
| Error Type | Potential Value Addition |
|---|---|
| Lamination Error | +$10 – $30 |
| Off-Center Strike | +$50 – $200+ |
| Repunched Mint Mark | +$20 – $100 |
Tips for Selling Your 1931-S Buffalo Nickel
If you’ve identified that you have a 1931-S and you’re ready to sell, the first rule is: do not go to a pawn shop. Pawn shops typically offer a fraction of a coin’s actual value because they need to flip it for a quick profit. Instead, consider visiting a dedicated local coin shop or using an online auction platform where collectors gather.
Your Old Coin Could Be Valuable!
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Before selling, ensure you have documented the coin’s condition accurately. Taking high-quality photos in natural light is essential. If the coin is in Mint State (uncirculated), it might be worth the investment to have it professionally graded first. This provides a “guarantee” of authenticity and grade that buyers are willing to pay a premium for.
Lastly, keep an eye on market trends. The value of Buffalo Nickels can fluctuate based on the price of silver (though these are nickel and copper) and the general interest in the hobby. Currently, “key dates” like the 1931-S remain stable investments that tend to appreciate over long periods.
FAQ
Q: Why is the 1931-S Buffalo Nickel so rare?
A: It is rare because of its low mintage. Only 1.2 million were produced due to the economic slowdown of the Great Depression, compared to tens of millions in other years.
Your Old Coin Could Be Valuable!
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Q: Should I clean my 1931 Buffalo Nickel to make it look better?
A: No! Never clean your coins. Cleaning causes microscopic scratches that collectors can easily detect, and it can reduce the coin’s value by 50% or more.
Q: How can I tell if my nickel is a 1931-D or 1931-S?
A: The mint mark is below the “FIVE CENTS” on the reverse. A “D” stands for Denver, and an “S” stands for San Francisco. If there is no letter, it’s from Philadelphia.
Q: Is the 1931-S Buffalo Nickel made of silver?
A: No, Buffalo Nickels are made of 75% copper and 25% nickel. Their value comes from their rarity and historical significance, not their metal content.