The 1931-S Buffalo Nickel, minted in San Francisco, is considered one of the most valuable coins in the American numismatic world. With a mintage of just 1.2 million coins, this coin is recognized for its rarity and historical significance.
While many coins from this era are sought after by collectors, the 1931-S Buffalo Nickel holds a special place due to its limited mintage and intricate design. In this guide, we will explore the details of this coin, its market data, and why it continues to attract high premiums at auctions.
Historical Background of the 1931-S Buffalo Nickel
The 1931-S Buffalo Nickel, designed by James Earle Fraser, was struck during the Great Depression, a time when the U.S. Mint was producing fewer coins due to economic constraints.
The San Francisco Mint produced just 1.2 million Buffalo Nickels in 1931, which is considered one of the lowest mintage figures for this series. Despite being a regular coin issue, its scarcity and the production halt in later months make it a coveted item among collectors.
In the early months of 1931, only 194,000 Buffalo Nickels were produced. This low mintage was so concerning that the Mint Director ordered additional coins to be minted, bringing the total production to 1.2 million.
The 1931-S Buffalo Nickel, despite its relatively low mintage, is often not considered a “semi-key” coin by experts but still commands a significant premium in high grades.
Key Features of the 1931-S Buffalo Nickel
| Feature | Details |
|---|---|
| Coin Type | Buffalo Nickel |
| Year of Issue | 1931 |
| Mintmark | S (San Francisco) |
| Mintage | 1,200,000 |
| Alloy | 75% Copper, 25% Nickel |
| Weight | 5.0 g |
| Diameter | 21.2 mm |
| Edge | Plain |
| Designers | James Earle Fraser |
| Market Value | $5,000 – $38,000 (depending on grade) |
| Top Population | PCGS MS67, NGC MS67 |
Design of the 1931-S Buffalo Nickel
The 1931-S Buffalo Nickel features an iconic Native American design on the obverse. The bust of a Native American warrior was crafted using a composite of three different men: Chief Iron Tail of the Sioux, Big Tree of the Kiowa, and Two Moons of the Cheyenne. This design is significant for its tribute to Native American heritage, created by artist James Earle Fraser.
The reverse of the coin depicts a buffalo standing on a patch of land. The buffalo was modeled after “Black Diamond,” a famous animal from the Central Park Zoo in New York.
The reverse design does not include the national motto “In God We Trust” due to a decision by Mint Director George Roberts, which makes it unique among U.S. coins.
Market Data and Noteworthy Specimens
The 1931-S Buffalo Nickel has seen strong demand over the years, especially for higher-grade examples. As of 2024, coins in mint state (MS67) have fetched impressive prices at auction.
Notably, examples with strong toning and those with the “CAC” sticker, indicating quality certification, have achieved higher premiums.
- PCGS MS67 Example: $28,200 at auction (2015)
- NGC MS67 Example: $12,500 (2022)
- PCGS MS67 CAC: $38,187.50 (2013)
High-quality examples continue to be sought after by collectors and investors alike. While the coin is not considered a semi-key issue by most experts, its scarcity and the premium prices it commands at auction suggest that it is a valuable addition to any collection.
Why Is the 1931-S Buffalo Nickel So Valuable?
- Low Mintage: With a total of only 1.2 million pieces produced, this coin is much rarer than many other Buffalo Nickels from the same era.
- Historical Significance: The 1931-S was struck during the Great Depression, making it a piece of U.S. history.
- High Demand: Due to its rarity and design, collectors highly value the 1931-S Buffalo Nickel, particularly in higher grades.
- Condition: The coin’s value increases significantly with higher-grade examples, especially those graded MS67 or higher.
Conclusion
The 1931-S Buffalo Nickel is one of the most valuable and sought-after coins in American numismatics. Its rarity, historical context, and the strong demand for high-grade specimens ensure that it remains a prized item among collectors.
Whether you’re looking to add it to your collection or just interested in its value, understanding the significance of this coin is crucial. With its low mintage and exceptional design, the 1931-S Buffalo Nickel will continue to be a key player in the world of coin collecting for years to come.
FAQs
1. What is the value of a 1931-S Buffalo Nickel?
The value can range from $5,000 for lower-grade examples to as much as $38,000 for those in MS67 grade.
2. Why is the 1931-S Buffalo Nickel so rare?
The coin’s rarity stems from its low mintage, with only 1.2 million coins struck, making it one of the scarcest Buffalo Nickels.
3. How is the 1931-S Buffalo Nickel different from other Buffalo Nickels?
It is unique due to its low mintage and the lack of the national motto “In God We Trust” on the reverse.
4. What is the historical significance of the 1931-S Buffalo Nickel?
The coin was struck during the Great Depression, a time when the U.S. Mint had to drastically reduce its production of coins.
5. How can I determine the grade of my 1931-S Buffalo Nickel?
The grade can be determined by professional grading services such as PCGS or NGC, which assess the coin’s condition, wear, and quality.
