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The 1931-S Cent - Scarce, Hoarded, and FakedThe 1931-S cent, one of the key coins of the Lincoln Cent series, first caught the attention of coin collector-speculators early in 1932.Each year the total number of coins of each denomination produced during the preceding year at each mint was published in the coin trade press of the day. The number of cents produced in 1931 at the San Francisco mint was unusually low – less than 1 million pieces – 866,000 to be precise.
The Scharlack HoardThough most of these coins were somewhat less than fully struck in appearance when compared to other years, the S penny for 1931 was a hot ticket.One gentleman in particular, Maurice Scharlack, obtained a stunning 200,000 of the new pennies through banking channels. Though he got them at face value, imagine being able to spend $2000 on bags and rolls of shiny new pennies during the dog days of the Great Depression! (No word on the reaction of Mrs. Scharlack…) Because of the Scharlack Hoard – nearly one quarter of the entire mintage of the 1931-S one cent coin – this piece is actually more abundant in the higher grades than would normally be the case. So... lots of gorgeous 31 S pennies! Well, not exactly. Although many mint state coins were saved by the speculators, their state of preservation was not ideal (canvas sacks, paper rolls). In consequence, many appear mottled… and, as a consequence of that, a number of these have been “dipped” in chemical solutions for the removal of “ugly” toning – to the detriment of the overall grade. Gem specimens are truly scarce. FakesThe 1931-S penny is also a coin that has sometimes been faked on occasion. Typically the last digit of the date on 1936 or 1937 San Francisco cents is altered to simulate a “1”.A less common, and I would think, more tedious method, was to surgically remove the “S” mint mark from a one cent coin of another year. This would then be attached to the smooth open field of a 1931 Philadelphia cent – just below the date. I can personally attest to the latter scenario, having briefly owned such a coin. Many years ago, as a fourteen year old collector, I purchased what I thought was a 1931-S penny at a local antique auction. Several weeks later I was sitting at my desk, admiring my acquisition, when to my complete and utter dismay… the crucial “S” just fell off! My story ends well however. A well respected dealer in our region had placed the coin unknowingly into the auction (yes, even dealers can be fooled). The auction company sent me and my coin over to the dealer, who with great embarrassment refunded my money. He then said, “Take the coin to the Secret Service - here’s the address…” The Secret Service?!Absolutely. The United States Secret Service is required by the Treasury Department to confiscate “contraband” coinage. My erstwhile 31-S was strongly in that category, so off I went.The office was right out of a Bogart movie – old wooden government desks and chairs with a slowly turning ceiling fan. I handed over the coin and received a green paper Receipt for Contraband in exchange. So, although I never really had a genuine 1931 S cent, I did end up with a nifty story and a very cool receipt from the Secret Service!
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