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Far smaller quantities of Lincoln cents were struck from 1931 to 1933 than what was typical during the Roaring ’20s.
What was going on? Demand for coins and notes fell off the cliff due to the Great Depression, and the early ’30s were among the grimmest times of the decade. That meant recently struck coins were gathering dust in vaults, which led to sharply curtailed production by the U.S. Mint.
More than 277 million Lincoln cents emerged from Philadelphia, Denver and San Francisco in 1929 as compared to a combined total of 24,742,000 (a 90.7 percent decline) in 1931. Most collectors are aware of the 1931-S cent and its puny mintage of 866,000, but just 4,480,000 1931-D Lincolns were struck, making this date attractive as well. No S-mint cents were made in 1932, 1933, and 1934, with mintages remaining low at Philadelphia and Denver.
Philadelphia struck 9,062,000 pennies in 1932 and struck 14,360,000 pennies in 1933. Denver struck 10,500,000 pennies in 1932.
