The 1931-S Buffalo nickel has the second-lowest mintage of the series, at just 1,200,000. However, by the early 1930s many collectors were saving new coins being released by the US Mint, and many were aware of the low mintage of the 1931-S and held onto roll quantities of these coins — as had been done with the similarly scarce 1931-S Lincoln cent. It is thought that perhaps there are as many, if not more, uncirculated 1931-S Buffalo nickels in existence than there are circulated examples.

While not the most common of the Gem-grade Buffalo nickels, the 1931-S is by no means all that scarce in the better grades, with 3,000 or so specimens estimated to remain in MS65 or higher. There are hundreds certified by PCGS and NGC in the Superb Gem level of MS66 though fewer than two dozen in MS67, a grade point that is particularly attractive to Buffalo nickel enthusiasts who are building registry sets.