1934 US Coins: Values & Mintages

US coinage in 1934

The Gold Reserve Act transferred gold to the Treasury and the official price of gold was raised soon after. Silver dollar production resumed briefly with Peace dollars.

The Mint in the 1930s

The Great Depression cut demand for new coins to some of the lowest levels of the century. Several issues from 1931 to 1933 have tiny mintages for the time, including the 1931-S cent and the 1932-D and 1932-S Washington quarters. Gold coins were recalled in 1933 and US gold coinage for circulation ended.

Production recovered later in the decade as the economy improved. The Washington quarter, introduced in 1932, became permanent; the Peace dollar ended in 1935; and the Jefferson nickel replaced the Buffalo nickel in 1938. Proof coins were sold to collectors again from 1936 and coin collecting grew quickly as a hobby, helped by inexpensive coin boards for filling in dates and mint marks.

How many coins were made in 1934

Counting the circulation issues on this page, US mints struck 358,022,212 coins dated 1934 across 14 issues. That is 1450% more than in 1933 (23,104,000). In 1935 the figure rose to 560,376,800.

It was the biggest year since 1929.

By mint: Philadelphia 303,203,112 (85%, up from 15,118,000), Denver 50,156,100 (14%, up from 6,200,000) and San Francisco 4,663,000 (1.3%, up from 1,786,000).

Those coins held about 16,068,602 troy ounces of pure silver.

1934 coins by denomination

Cents: 247,526,000 struck in 2 circulation issues of the Lincoln Wheat Cent, up 1104% on 1933. The scarcest is the 1934-D (28,446,000) and the most plentiful the 1934 (219,080,000).

Nickels: 27,693,003 struck in 2 circulation issues of the Buffalo Nickel. The scarcest is the 1934-D (7,480,000) and the most plentiful the 1934 (20,213,003).

Dimes: 30,852,000 struck in 2 circulation issues of the Mercury Dime. The scarcest is the 1934-D (6,772,000) and the most plentiful the 1934 (24,080,000).

Quarters: 35,439,252 struck in 2 circulation issues of the Washington Quarter. The scarcest is the 1934-D (3,527,200) and the most plentiful the 1934 (31,912,052).

Half Dollars: 12,977,400 struck in 3 circulation issues of the Walking Liberty Half Dollar, up 627% on 1933. The scarcest is the 1934-D (2,361,400) and the most plentiful the 1934 (6,964,000).

Dollar Coins: 3,534,557 struck in 3 circulation issues of the Peace Silver Dollar. The scarcest is the 1934 (954,057) and the most plentiful the 1934-D (1,569,500).

Every 1934 circulation issue at a glance

• 1934 Peace Silver Dollar: 954,057 struck, 4th lowest of 24 in the series, up from 360,649 in 1928.
• 1934-S Peace Silver Dollar: 1,011,000 struck, 6th lowest of 24 in the series, down from 1,632,000 in 1928.
• 1934-D Peace Silver Dollar: 1,569,500 struck, 8th lowest of 24 in the series, similar to 1927.
• 1934-D Walking Liberty Half Dollar: 2,361,400 struck, 23rd lowest of 65 in the series, up from 1,001,200 in 1929.
• 1934-D Washington Quarter: 3,527,200 struck, 8th lowest of 144 in the series, up from 436,800 in 1932.
• 1934-S Walking Liberty Half Dollar: 3,652,000 struck, 27th lowest of 65 in the series, up from 1,786,000 in 1933.
• 1934-D Mercury Dime: 6,772,000 struck, 19th lowest of 77 in the series, up from 1,260,000 in 1931.
• 1934 Walking Liberty Half Dollar: 6,964,000 struck, more than 66% of the series' 65 issues, up from 246,000 in 1921.
• 1934-D Buffalo Nickel: 7,480,000 struck, 26th lowest of 64 in the series, similar to 1929.
• 1934 Buffalo Nickel: 20,213,003 struck, more than 67% of the series' 64 issues, similar to 1930.
• 1934 Mercury Dime: 24,080,000 struck, more than 59% of the series' 77 issues, up from 3,150,000 in 1931.
• 1934-D Lincoln Wheat Cent: 28,446,000 struck, 39th lowest of 140 in the series, up from 6,200,000 in 1933.

The 2 more plentiful issues are listed in the tables below.

Lincoln Wheat Cent: The Depression low and the late 1930s boom

The Depression cut cent demand sharply. Production fell to 19 million in Philadelphia in 1931. San Francisco struck just 866,000, creating the 1931-S, a key date that many people saved at the time, so it is more available in uncirculated grades than its mintage suggests. Output stayed low in 1932 and 1933, with no San Francisco cents in either year. Recovery began in 1934, when Philadelphia struck 219 million.

Proof cents returned in 1936, first with a satin finish and later with a brilliant finish. The 1936 also has a doubled die obverse. Output climbed through the late 1930s and topped 887 million in Philadelphia in 1941 as the defense buildup increased spending. Because collecting albums became popular in this decade, many rolls were saved, so uncirculated red coins from 1934 onward are much easier to find than earlier dates.

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Buffalo Nickel: Depression gap, record output and the legless bison

No nickels were made in 1932 or 1933. Production resumed in 1934 and climbed to a series high of 119 million at Philadelphia in 1936. Proofs returned in 1936 and 1937, first with satin and then brilliant finishes. The 1935 has a doubled die reverse.

Two famous varieties come from Denver. In 1936 a die was polished so heavily that the bison has three and a half legs. In 1937 a similar polishing removed the front leg entirely, creating the 1937-D three-legged nickel, one of the most popular varieties. In 1938 only Denver struck Buffalo nickels before the Jefferson nickel replaced it. Some 1938-D coins show a D over S mint mark. These later dates are common and often well struck.

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Washington Quarter: A bicentennial tribute becomes permanent

The Washington quarter was introduced in 1932 for the 200th anniversary of George Washington's birth. John Flanagan's portrait is based on Jean-Antoine Houdon's bust, while the eagle reverse carries the mint mark below the wreath. Philadelphia struck 5.4 million, but Denver and San Francisco made only 436,800 and 408,000. Those two branch mint coins are the keys of the series.

No quarters were struck in 1933 during the Depression. The 1934 Philadelphia coins come with light and heavy motto styles, plus a doubled die obverse with strong doubling in IN GOD WE TRUST. Other scarce dates include the 1936-D, 1937-S and 1938-S. Denver made no quarters in 1938. Proof quarters were offered again from 1936. A 1937 doubled die obverse is another recognized variety of the period.

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Walking Liberty Half Dollar: A pause then steady Depression output

No half dollars were struck from 1930 to 1932 while the Depression cut demand for coins. San Francisco resumed with 1,786,000 in 1933. From 1934 all three mints produced halves in most years. Philadelphia passed 12 million in 1936. Denver skipped 1940 and San Francisco skipped 1938.

Proof Walking Liberty halves were offered from 1936. The 1938-D, with only 491,600 struck, is the lowest mintage of the later years and the key of this period. Coins of the 1930s are easier to find in uncirculated grades than earlier dates because roll collecting caught on during the decade. Strikes also tend to be sharper than on the coins of the 1920s, though full detail on Liberty's hand is still uncommon. Most worn examples are now valued for their silver.

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Peace Silver Dollar: The New Deal revival

No dollars were made from 1929 to 1933. New Deal silver legislation led to fresh dollar coinage in 1934 at Philadelphia, Denver and San Francisco. Coinage continued in 1935 at Philadelphia and San Francisco. Each issue was small, with mintages between about 954,000 and 1,964,000. Philadelphia's 1934 run of 954,057 was the smallest of the five.

The 1934-S, with 1,011,000 struck, is common in worn grades but scarce uncirculated, which makes it one of the condition keys of the series. The 1934-D is known with a doubled die obverse. Coins from these years were struck with more care than many 1920s dollars and often show good luster. The 1935 coins were the last Peace dollars made for circulation. Three decades passed before the next attempt.

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Mercury Dime: A pause, then recovery

With the Depression at its worst, no dimes were struck in 1932 or 1933. Coinage resumed in 1934 at Philadelphia (24,080,000) and Denver (6,772,000) and San Francisco rejoined in 1935 with 15,840,000. Output climbed quickly after that. Philadelphia made 58,830,000 in 1935 and 87,500,000 in 1936, the highest Mercury dime figure up to that time. The three mints together struck 309,587,000 dimes dated 1934 to 1937.

In 1936 the Mint began selling proof coins to collectors again. It struck 4,130 proof dimes that year and 5,756 in 1937. Those proofs have their own pages. The mid 1930s were also when collecting by date and mint mark took off, helped by inexpensive folders and boards with a hole for every coin. Collectors started setting aside new dimes by the roll, which is why uncirculated coins from 1934 onward are far easier to find than those of the 1920s.

None of the dates in this era is rare in worn condition. San Francisco skipped 1934, so there is no 1934-S Mercury dime. The 1934-D, at 6,772,000, is the lowest mintage of the group and is a little harder to find in high grades. With these dates, condition and the fasces bands decide almost everything. A coin with original luster and fully split center bands earns a collector premium, while a worn example is valued mainly for its metal.

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