1931 Dropped One Penny

Yeah 4 sides of the diamond in the crown are visible so you might
get away with a weak obverse strike VF

I've sold a few of these on ebay in about the same grade this year
and would say that yours would sell for between $15 and $25

Id say aVF. The centre diamond is almost full and the reverse isn't too bad. $15-20 would be reasonable as a price estimate.

The dropped 1 adds little value to the 1931 really. If you had an indian obverse... then youd be doing a dance.

Hi Rastis,

An opinion.

I'd agree with enworb on grade - somewhere between 'good Fine', and 'about Very Fine', all though I recognise that 'good Fine' may be seen as a bit conservative. (a little difficult to see the detail around the robes, ear, etc., and the reverse looks a little flat, etc, but that may be more to do with the images than the coin). If I were buying from those images, I would base my pricing on 'good Fine', knowing it could be a touch better, but also may not be.

As for the dropped 1 variation adding value - yes it does, but only for those specifically looking for a dropped 1 variety. I would pay more for a 'dropped 1, London obverse' variety, than a 'normal 1, London obverse'. I would pay a lot more for an 'Indian obverse' variety (wink).

For instance, to auction this coin on an online marketplace, most looking at it would simply be interested in the fact that it was a 1931, and looking at BV for 1931. A variety collector may be interested in the fact that it a 'dropped 1' variety, and may pay a bit more for it because of the variety. This would also be the case with a dealer, or someone looking to resell - the variation is scarcer, after all. How much more? - well, that is certainly a can of worms waiting to be opened, so I'll leave it well enough alone.

So, in my opinion, it is worth a bit more because of the variety if you are willing to take the time to find a buyer interested in the variety, rather than putting it to auction where it is likely to be treated as just a 1931 penny.

Just my opinion.


Regards,

Tim Bowden
TDK APDC

I'm sure I read somewhere that the normal 1931 is actually slightly rarer than the dropped one 1931.

Here is where I gleaned that information I think.

http://www.aussie-coins.com/1931Coppers.pdf

Two paragraphs from this site :

"In 1964 John Dean2 listed the
value of the 1A variety at about 20%
above the value of the 1B variety,
implying that it was slightly scarcer.
Robert Clarke3 listed the two as equivalent
in value and said "The author
has found the misaligned 1 variety to
be slightly more plentiful than the
normal date."

"It seems safe to say that the 1931
pennies with the London reverse, i.e.
the "dropped 1" variety, are common
and comprise somewhere between
30% and 55% of the total mintage.
When you see an ebay listing or a
dealer advertising a "1931 penny -
scarce dropped 1 variety" be careful
that you don't pay a premium."

Hi Tim I have bought and sold a fair number of 1931's [mostly lower grades] on ebay and elesewhere and the normal is definitely cheaper to buy and the dropped one fetchs significantly more, without a shadow of doubt. However whether this is due to a common misconception or to being more informed I don't know.
I confess to being greatly surprised at the number that present for sale considering the very low mintage. With only 494,400 total minted they appear [to me] to show up many times more often than say the 1915 or 1923 threepence which have 800,000 and 815,283 respectively. Almost double. Or the 1918 sixpence with 915,000.
To be honest I believe the number of dropped 1931's around is extremely suspicious in fact.
Anyone know of a reason why this is so?