To date, the 1931-S Lincoln cent is the last regular-issue, non-variety coin in the series that is categorically considered a key-date. The 1931-S boasts the second-lowest mintage in the series, and collectors of the time knew this coin was going to be a scarce issue. Therefore, many collectors hoarded large quantities of 1931-S Lincoln cents soon after they were minted. Even into the mid-1930s, collectors could purchase 1931-S Lincoln cents from the United States Mint for face value plus postage.

These coins were hoarded by collectors in groupings often consisting of uncirculated rolls and even bags, so it was relatively uncommon to find one in circulation. Still, many of the coins did get out and numismatic experts believe fewer than 100,000 exist today, the majority in circulated grades. Thankfully, enough of these coins were retained by collectors in uncirculated condition and many are available in all color designations through at least MS65. Availability drops off significantly in MS66 and better.