1931-S Buffalo Nickel Value — What Is It Really Worth?

The 1931-S Buffalo Nickel is worth anywhere from $8 in heavily worn condition to over $200 in pristine mint state. This San Francisco-minted coin is a favorite among collectors because it holds the title of the second-lowest mintage in the entire series, making it a “semi-key date” that often leads to a nice payday for lucky finders.

Condition / Grade	Estimated Market Value
Good (G-4)	$8.00 – $12.00
Fine (F-12)	$15.00 – $22.00
Extremely Fine (EF-40)	$35.00 – $45.00
Uncirculated (MS-60)	$75.00 – $95.00
Choice Mint State (MS-65)	$180.00 – $250.00+

Understanding the Scarcity of the 1931-S Buffalo Nickel

If you just stumbled upon a 1931 Buffalo Nickel with an “S” mark on the back, you’ve found something quite special. Most beginners use a top coin identifier and value app to quickly check their pocket change, and the 1931-S is one of those coins that consistently triggers a “hit.” While the 1913-S Type 2 is the king of the series in terms of rarity, the 1913-S comes in as a strong runner-up thanks to its production numbers.

Only 1,200,000 of these five-cent pieces were struck at the San Francisco Mint in 1931. To put that in perspective, many other years saw production numbers in the tens of millions. Because this was during the height of the Great Depression, the demand for new coinage was low, leading to a much smaller release.

Interestingly, many people at the time realized these were rare and hoarded them. This means that while they are scarce, many were saved in “Uncirculated” condition. If you aren’t sure if your coin is a common date or a treasure, the CoinKnow app can help you distinguish the subtle details between a circulating coin and a collector’s item.

Identifying the S Mint Mark and Grade

To determine the true 1931-S Buffalo Nickel value, you must first confirm the mint mark. On the reverse side (the side with the American Bison), look at the bottom near the rim, directly beneath the words “FIVE CENTS.” You should see a small “S.” If you don’t see a letter at all, it was minted in Philadelphia and is significantly less valuable.

Once the “S” is confirmed, the next step is “grading.” Grading is the process of evaluating how much wear the coin has suffered over the last 90+ years. Most everyday finds will be in “Good” or “Fine” condition, meaning the Indian’s hair details are smoothed out and the buffalo’s horn is barely visible.

If you are looking for more specific technical data, you can view the 1931-S Buffalo Nickel grade-specific pricing to see how much a jump in quality can affect the price. High-grade coins with a full horn and sharp “1931” date are the most sought after.

Feature to Check	Condition Indicator
The Date	Must be fully legible; “1931” shouldn’t be faded.
The Mint Mark	Clear “S” below Five Cents.
The Horn	Full horn = High Value; No horn = Low Value.

How the Great Depression Impacted 1931-S Value

The historical context of a coin often dictates its modern market price. In 1931, the United States was reeling from the economic crash of 1929. People were spending every cent they had just to survive, meaning very few people could afford to set aside rolls of new nickels as an investment.

However, coin collectors of the era were well aware that San Francisco was barely minting any coins that year. In fact, no nickels were minted in Denver in 1931, and Philadelphia produced relatively few as well. This “last of the series” panic led to some savvy individuals grabbing rolls of the 1931-S. For modern finders, this means that while “Fine” condition coins are common, finding a perfect specimen is a major win.

You can check current market trends and historical 1931 silver and nickel price growth to see how this specific year has outperformed other depression-era coins. Because its story is so tied to American history, it remains a staple in every serious collection.

Technical Details and Specifications

The 1931-S Buffalo Nickel, designed by James Earle Fraser, is composed of 75% copper and 25% nickel. It is not made of silver, a common misconception among people who find “old gray coins.” Despite the lack of precious metal, its numismatic (collector) value far exceeds its face value of five cents.

The design is iconic, featuring a composite portrait of three Native American chiefs on the obverse and “Black Diamond,” a famous bison from the New York Central Park Zoo, on the reverse. If your coin looks “mushy” or soft in the details, it might not just be wear; San Francisco strikes from this era are occasionally known for being a bit weak.

Using the CoinKnow app, you can zoom in on the strike quality. A “sharp” strike with a clear mane on the buffalo and distinct feathers on the Indian’s head can add a 20-30% premium to the value even within the same grade. Collectors love “eye appeal,” and a 1931-S with a nice luster is a prize.

Spec Category	Detail
Mintage Total	1,200,000
Edge Type	Plain (Smooth)
Diameter	21.2 mm
Weight	5.00 grams

Detecting Counterfeits and Altered Mint Marks

Because the 1931-S Buffalo Nickel is a key date, it is a frequent target for counterfeiters. The most common scam is “adding” an S to a 1931 Philadelphia nickel. Since the Philadelphia version is much cheaper, scammers will take a small “S” from another common coin and glue or solder it onto the 1931 nickel.

To spot a fake, look closely at the area around the mint mark. Is there a circular scratch or a change in the metal’s texture? Real mint marks are part of the coin’s original strike, not something that sits “on top” of the surface. If the “S” looks like it’s tilting or floating, it’s likely a fake.

Modern technology has made it easier for people to protect themselves. By using CoinKnow, you can compare your coin against high-resolution images of authenticated 1931-S nickels. If you think you have a high-grade version, it is always worth sending it to a professional grading service like PCGS or NGC to verify its authenticity.

Where to Sell Your 1931-S Buffalo Nickel

If you’ve confirmed that your coin is genuine and you’re ready to turn it into cash, you have several options. For a quick sale, local coin shops are great, but they usually pay “wholesale” prices (about 50-70% of the actual market value) so they can make a profit reselling it.

For the best 1931-S Buffalo Nickel value, consider online auctions or specialized coin forums. Collectors are often willing to pay the full “book price” if the coin has a nice look. Make sure to take clear, high-quality photos under natural light. Avoid cleaning the coin at all costs! Even a light scrubbing with a cloth can drop the value by 50% or more, as collectors prefer original “patina” or dirt over a shiny, scratched surface.

Before you list it, check the latest auction results. Prices for mid-range 1931-S nickels have been steady, but those in the “Mint State” category have seen a slight increase in value over the last two years as more people enter the hobby of coin collecting.

FAQ

Q: Is the 1931-S Buffalo Nickel made of silver?

A: No, the 1931-S Buffalo Nickel is made of a cupro-nickel alloy (75% copper and 25% nickel). While it lacks silver content, its rarity among collectors makes it much more valuable than its metal weight.

Q: Where is the mint mark on a 1931-S nickel?

A: The mint mark is located on the reverse (back) of the coin. Look at the bottom, just below the words “FIVE CENTS” and above the rim. A small “S” indicates it was struck in San Francisco.

Q: Why is the 1931-S more expensive than the 1931 Philadelphia nickel?

A: The 1931-S had a much lower mintage (only 1.2 million) compared to the Philadelphia version. In the world of coin collecting, lower supply almost always leads to higher demand and higher prices.

Q: Can I find a 1931-S Buffalo Nickel in my pocket change?

A: While it is extremely rare, it is not impossible. Most Buffalo Nickels were pulled from circulation by the 1960s, but “estate finds” sometimes end up back in circulation when people spend old jars of coins at the grocery store.

Q: Should I clean my 1931-S Buffalo Nickel to make it look newer?

A: Never clean your coins! Collectors value the original surface of the metal. Cleaning creates microscopic scratches that will permanently lower the grade and value of your coin, potentially turning a $100 coin into a $20 coin.