1931-S Buffalo - My thoughts
BuffaloIronTail
Posts: 7,484 ✭✭✭✭✭
Depression era coinage has a distinct allure to me. Not only were mintages lower, but it stands to reason that this particular issue probably did not even need to be coined in the first place!
I think, probably it is true to state, that the Great Depression, with its' affect on coinage, and the severe downturn in the economy, caught the US Mint in a "catch 22 situation".
The economy slowed to a crawl, and the "Roarin Twenties" boom had produced more than an adequate amount of coinage for circulation up to that point.
Seems to me that the Mint, in fear of letting too many seasoned employees go off on furlough, and the risk of never seeing them again, presented the Mint with the problem of holding on to as many people as they could.
Thus.........the "make do" coinage.
The Mint could not keep people around doing nothing. The truth was that it could be substantiated that a certain mintage of coins was needed. At the time, the real bottom of the depression was not yet being felt on the West Coast. But it was coming...........
So it was decided that a 1931-S Nickel was needed.
Dies for the nickel were prepared and shipped ONLY to the San Francisco Mint in 1931. No other Mint produced them that depressing year.
Here's where the fun begins..............
Coin collecting was starting to become "the rage" around that time. There were no orders for new Nickels coming in from banks in the area.
The San Francisco Mint coined 194.000 Buffs in January, 1931..........and quit!
As the year dragged on, the main Mint in Philadelphia took notice of the extremely low mintage.
They advised San Francisco on November 19, 1931 to produce as many Buffs as could be done without overtime until the end of the year because the mintage would result in 1931-S nickels to be a non-circulating coin sought as a "premium" by collectors of the day.
The compliance to the order resulted in 1.200.000 Buffs total mintage.........sparing us all from having to "ante up" for an extremely rare coin!
You gotta love it.........and still, ya gotta love the 1931-S Buff even today.
Pete
I think, probably it is true to state, that the Great Depression, with its' affect on coinage, and the severe downturn in the economy, caught the US Mint in a "catch 22 situation".
The economy slowed to a crawl, and the "Roarin Twenties" boom had produced more than an adequate amount of coinage for circulation up to that point.
Seems to me that the Mint, in fear of letting too many seasoned employees go off on furlough, and the risk of never seeing them again, presented the Mint with the problem of holding on to as many people as they could.
Thus.........the "make do" coinage.
The Mint could not keep people around doing nothing. The truth was that it could be substantiated that a certain mintage of coins was needed. At the time, the real bottom of the depression was not yet being felt on the West Coast. But it was coming...........
So it was decided that a 1931-S Nickel was needed.
Dies for the nickel were prepared and shipped ONLY to the San Francisco Mint in 1931. No other Mint produced them that depressing year.
Here's where the fun begins..............
Coin collecting was starting to become "the rage" around that time. There were no orders for new Nickels coming in from banks in the area.
The San Francisco Mint coined 194.000 Buffs in January, 1931..........and quit!
As the year dragged on, the main Mint in Philadelphia took notice of the extremely low mintage.
They advised San Francisco on November 19, 1931 to produce as many Buffs as could be done without overtime until the end of the year because the mintage would result in 1931-S nickels to be a non-circulating coin sought as a "premium" by collectors of the day.
The compliance to the order resulted in 1.200.000 Buffs total mintage.........sparing us all from having to "ante up" for an extremely rare coin!
You gotta love it.........and still, ya gotta love the 1931-S Buff even today.
Pete
"I tell them there's no problems.....only solutions" - John Lennon
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Comments
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<< <i>Coin collecting was starting to become "the rage" around that time. There were no orders for new Nickels coming in from banks in the area >>
Yes , i think mostly cause the invention of the coin album.
<< <i>Depression era coinage has a distinct allure to me. Not only were mintages lower, but it stands to reason that this particular issue probably did not even need to be coined in the first place! >>
Yes , i would agree with this cause the 31-S was not released until 1934-35 and subsequentially hoarded by many.
Hoot
Knew there had to be a reason the 31-S is one of my
all time favorites, the coin definately has karma..
-Ron
thanks for the info!
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
By the way, I just received a notification from Amazon.com that "The Complete Guide to Buffalo Nickels, 2nd Edition" is no longer available and they cancelled my order.
Are you aware of any sources for the book?
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
Thanks for the very interesting story and can't wait until the next one.
Maybe a re-print is in the works. There have to be other ways to get it.
I think I saw it listed for sale in an ad from Brooklyn coin and stamp.
If not, the way I got mine was to order it through my local coin dealer.
Keep looking.........you'll love the book......
Pete
lick
i just did a search on yahoo and there are a few websites that carry it
$36.95 hardbound.
i never dealt with any of them but try www.mjcoins.com
www.primasoft.com
www.coins4me.com
hope this helps
Although a long shot, I typed the name of the book on eBay and came up with several hits. Can you imagine that?
I don't know why I didn't think of that before Amazon.com!
As was mentioned in a previous post to this thread, 1931-S wasn't even released till sometime during 1934.
Collectors of the time knew the published mintage and had plenty of time to wait and pounce on them when eventually released.
It's the same tale for the 31-S Cent.
That's why most are UNCs.
Pete
<< <i>That is great information, Pete!
By the way, I just received a notification from Amazon.com that "The Complete Guide to Buffalo Nickels, 2nd Edition" is no longer available and they cancelled my order.
Are you aware of any sources for the book? >>
I got one on eBay for $4.
Jerry
AJ
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
In 1932 times were so tight that they didn't make any buffalos or dimes at all for 32 or 33. No quarters in 33, no half in 32.
The economy was so tight the mints took a break.
I too love the depression era (and WWII era) coins. All of the 1931 to 1938 era coins have at least one tougher / expensive coin to the set: 1931 has the 1931S cent, 1931S nickel, and the 1931D dime. 1932 has the D and S quarter while 1933 has the 1933S half. The 1934S half is not too easy / cheap to get in high grads. The 1935 to 38 Washington quarters have at least one tougher coin per set per year. Some of the mint marked Walkers from 1935 to 38 (especially 38) are tough to rare in Unc, and rather pricey. The 1934 and 35 Peace Dollars can get expensive above MS63.
Really the only depression year that is easy to complete in BU is the 1930, but even the 1930S nickel and the 1930S SLQ are a bit pricier for quality examples.
Depression era gold is another story all together. The 1930S $10 gold is tough, while the 1933 is a coin that few of us can ever hope to own. In the St Gaudens $20's: all of the 1929 to 1933 coins are five or more figure coins.
Let's not forget that there are some better coins from 1929, particularly the halves.
All of this, compounded by the designs of the day (Buffaloes, Mercurys, Standing Libertys, Walkers, Peace Dollars, Indian Head / St. Gaudens Gold).
Long story short: If you are attempting to complete all of the depression era coins in high grade, you better have deep pockets, and if you are looking to add all of the gold coins, you better be very very wealthy.
a.k.a "The BUFFINATOR"
<< <i>Great read. Thanks for the share. Here's a couple from my collection....
Dang! That's gorgeous! It's rare to find this date with colorful toning.
<< <i>
<< <i>Coin collecting was starting to become "the rage" around that time. There were no orders for new Nickels coming in from banks in the area >>
Yes , i think mostly cause the invention of the coin album. >>
>>
Actually, it was the coin board which was invented in 1934 that started the coin collecting rage. At $0.25 each, many people who previously had no interest in coin collecting became hooked at the idea of filling all the holes with pocket change. By about 1940 the coin board was replaced with the familiar tri-fold album which all of us are so familiar with today.
THIS IS ONE COIN THAT NEVER HAS CENTRAL DETAILS ON THE OBVERSE. APPARENTLY THE DIES WERE SET TO FAR APART AND ALL STRIKES ARE SOMEWHAT CRUMMY.
BUT WHAT A GREAT COIN STILL.
(THERE IS NO SUCH THING AS AN UGLY BUFFALO NICKEL)
BUFFNIXX
a.k.a "The BUFFINATOR"
Here is one of mine...
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay