A single MS67 example sold for $63,250 at Bowers & Merena — yet heavily worn pieces still start at around $12. The 1931 nickel was the only Buffalo Nickel struck that year, and only at San Francisco. With a mintage of just 1,200,000 — the second lowest in the series — every 1931 nickel is worth a careful look.
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The Doubled Die Reverse FS-801 is the most sought-after 1931-S variety. Use this quick checker to see if your coin might have it.
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Run the Value Calculator →The 1931-S was struck under tight conditions at a San Francisco Mint operating well below normal volume — the result was a predictable suite of die fatigue and production errors. Four major varieties and error types are actively sought by collectors today, ranging from catalogued die varieties to striking defects from worn or improperly prepared planchets. Each adds a measurable premium above the base value of a standard 1931-S.
The FS-801 is the primary Doubled Die Reverse variety recognized on the 1931-S, catalogued in PCGS CoinFacts under reference number 569453. It originated during die production when the working die received a second hub impression with a slight rotational misalignment, permanently embedding a doubled image that reproduced on every coin subsequently struck from that die.
Visually, the doubling is concentrated on the reverse lettering — most prominently on "FIVE CENTS" and, to a lesser degree, on "E PLURIBUS UNUM." Under a 10× loupe, the secondary impression appears as a raised, distinct layer offset from the primary letters. This is true hub doubling, not mechanical doubling: the secondary image has the same depth and clarity as the primary, rather than the flat, shelf-like appearance of ejection or machine doubling.
Collector demand for this variety is driven by both its CONECA listing and the ease of verification using standard magnification. Values depend heavily on grade — circulated examples in Fine through Very Fine sell for $50–$150, while About Uncirculated pieces reach $200–$400. The PCGS auction record stands at $700 for an MS65, sold on eBay in January 2019.
The FS-802 is the second documented Doubled Die Reverse variety for the 1931-S, listed alongside FS-801 in PCGS CoinFacts under the same hub-doubling category. Like its sibling, this variety arose from a misaligned secondary hub impression during die production at the San Francisco Mint — but the offset angle and affected design elements differ from FS-801, making it a distinct catalogued die state.
The doubling pattern on FS-802 is generally considered less prominent than the FS-801 but is still identifiable under magnification on the reverse lettering. Collectors and numismatists use the specific doubling orientation and affected letter positions to distinguish between the two varieties. A reference to the CONECA RPM Master List or the PCGS CoinFacts comparison tool is recommended for definitive attribution.
Because FS-802 is less visually dramatic than FS-801, it trades at a modest premium over standard 1931-S strikes. However, certified examples confirmed by PCGS or NGC still command attention from variety specialists building complete die variety sets of the Buffalo nickel series. Values for circulated examples run from around $40 to $200, with MS-grade pieces pushing above $500 in strong markets.
Lamination errors occur when impurities, gas pockets, or internal voids within the planchet alloy cause layers of metal to separate and peel, either before, during, or after the striking process. For the 1931-S, these defects trace back to the metallurgical quality controls of Depression-era planchet production — small quantities of coinage were being rushed through under austere operating budgets at the San Francisco Mint.
On the coin's surface, a lamination appears as a thin flap or crack of metal separating from the field or design — sometimes still attached along one edge (a "retained lamination"), sometimes partially or fully missing (a "missing lamination" or "lamination peel"). Affected areas may show a rough, layered texture distinct from the smooth fields of an undamaged coin. Common locations include the obverse field near the Indian's cheek or the flat field areas of the reverse.
Value depends on the size and dramatic visibility of the defect. Minor hairline laminations add a small premium; large, retained flaps that cover a significant portion of a major design element can fetch multiples of the base coin value, particularly in higher circulated or lower Mint State grades where the coin's other details remain sharp and appealing. Collectors of error coins prize dramatic examples from scarce dates like the 1931-S.
A die clash occurs when the obverse and reverse dies strike each other without a planchet between them. The collision transfers a "ghost" impression of each die face onto the opposing die surface — an incuse negative of the obverse design gets embedded in the reverse die, and vice versa. Any coins subsequently struck from the clashed dies carry these ghost images in their fields, visible as faint raised or incuse outlines overlaid on the normal design.
On 1931-S Buffalo nickels, die clashes most commonly manifest as faint outlines of the Indian's portrait appearing in the reverse field near the buffalo, or elements of the buffalo's outline appearing on the obverse field behind the Indian's neck. The severity varies by die state — early post-clash strikes show the ghost image most prominently, while later die states may show only traces as the dies continued in service and the clash marks wore down.
Die clashes are among the most visually compelling and conceptually interesting mint errors for casual and advanced collectors alike. Because they can only be confirmed with good lighting and magnification, many circulate undetected, meaning sharp-eyed collectors can still find them in ordinary lots. The 1931-S's scarcity elevates any die clash specimen above equivalent examples from more common dates in the series.
The 1931-S was the only Buffalo nickel struck that year — Philadelphia and Denver produced no nickels in 1931. The initial run of 194,000 pieces in January was deemed sufficient for commerce needs, but acting Mint Director Mary O'Reilly ordered additional striking in November and December to prevent hoarding of the low-mintage issue, bringing the final total to 1,200,000.
| Mint | Mint Mark | Mintage | Notes |
|---|---|---|---|
| San Francisco | S | 1,200,000 | 2nd lowest mintage in the Buffalo nickel series; 194,000 struck initially in January, remainder struck Nov–Dec |
| Philadelphia | (none) | 0 | No Buffalo nickels struck at Philadelphia in 1931 |
| Denver | D | 0 | No Buffalo nickels struck at Denver in 1931 |
| Total | — | 1,200,000 | All examples are 1931-S; no Philadelphia or Denver specimens exist |
Despite the low mintage, survival in Mint State is relatively strong because many collectors and dealers saved rolls when the coin was issued, anticipating its eventual premium. PCGS estimates approximately 3,000 specimens survive in MS65 or higher. Fewer than two dozen are known at MS67, making that grade the true condition rarity — the dramatic jump from MS66 (~$1,500–$3,500) to MS67 (~$18,600–$63,250) reflects this scarcity at the top of the population.
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The table below summarizes current market value ranges for all major 1931-S Buffalo Nickel varieties across four condition tiers. For a complete illustrated breakdown of how each grade looks in hand, see this step-by-step 1931 nickel identification walkthrough and reference guide. Values reflect recent auction records and dealer price guides — actual realized prices vary by strike quality, eye appeal, and current market demand.
| Variety | Worn (G–F) | Circulated (VF–EF) | Uncirculated (MS60–64) | Gem (MS65+) | Rarity |
|---|---|---|---|---|---|
| 1931-S Standard | $12 – $20 | $25 – $75 | $80 – $250 | $300 – $3,500+ | Modest |
| 1931-S DDR FS-801 | $50 – $150 | $150 – $400 | $200 – $500 | $500 – $700+ | Valuable |
| 1931-S DDR FS-802 | $40 – $100 | $100 – $250 | $150 – $350 | $350 – $500+ | Valuable |
| 1931-S MS67 (Top Pop) | — | — | — | $18,600 – $63,250 | Extremely Rare |
★ Gold row = DDR FS-801 signature variety. Red row = Top population MS67 condition rarity. Values are ranges based on recent auction data; individual coins may vary.
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Grading is the single biggest factor in the 1931 nickel value equation — a coin that grades MS65 instead of MS64 can be worth three times as much. Here's how to assess the four main condition tiers.
The date "1931" is legible but flat. "LIBERTY" merges with the rim in spots. The buffalo's horn is mostly or completely worn away — only the base may remain. Major design outlines (Indian head, buffalo body) are still visible but fine detail is gone. Values: $12–$20.
Date and legends are sharp and fully readable. The buffalo's horn is mostly complete — about three-quarters visible in VF, fully complete in EF. The Indian's hair braid shows most detail; cheek is slightly flat. Mint luster is absent, replaced by a smooth, even patina from circulation. Values: $25–$75.
No wear on any surface. Mint luster (frosty sheen) is intact but may show bag marks, contact marks, or a few hairlines. Check the Indian's cheek and the buffalo's shoulder — any dull spot indicates a circulated coin. Lower MS grades (60–62) show noticeable marks; MS63–64 are cleaner. Values: $80–$250.
Full original luster with minimal surface marks. At MS65, contact marks are minor and don't distract. MS66 has nearly no marks and excellent eye appeal. MS67 — fewer than 20 known to PCGS — shows exceptional surfaces and typically a bold, full strike. A Full Horn designation adds significant value at any Gem grade. Values: $300 – $63,250+.
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The right sales venue depends on your coin's grade and value tier. A heavily worn coin worth $15 needs a different strategy than a Gem MS65 worth $350.
Best for MS65 and above, or confirmed DDR FS-801 examples. Heritage reaches the most competitive bidders for high-grade 1931-S Buffalo nickels and typically achieves strong realized prices. Requires PCGS or NGC certification. Seller fees apply, but net results generally exceed other venues for top-grade material.
A strong option for circulated to mid-grade Mint State examples worth $20–$300. Browse recently sold 1931-S Buffalo nickel prices and completed listings to set a competitive price. Stick to PCGS- or NGC-certified coins to maximize buyer confidence and avoid disputes. Choose sellers with 99%+ positive feedback when buying.
Ideal for immediate payment on any grade. Local dealers will typically offer 50–70% of retail value — less than auction but with zero fees and instant liquidity. Good option if you want cash quickly or have multiple coins to sell. Always get quotes from at least two dealers for scarce dates like the 1931-S.
A growing community of collectors who buy directly from sellers at fair prices. Works best for mid-grade coins with clear photos. Reddit buyers are often knowledgeable about Buffalo nickels and appreciate honest descriptions. Requires clear macro photos and an honest grade assessment. Zero platform fees, but payments typically via PayPal Goods & Services.
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