1920 Buffalo Nickel Value (2026 Guide): Errors List, “D”, “S” & No Mint Mark Worth

The 1920 Buffalo Nickel is one of the most compelling coins in all of American numismatics — a five-cent piece that carries the image of a Native American chief and an American bison, minted at the height of the Roaring Twenties.

A No Mint Mark example ranges from $3.40 in Good condition to $448.67 in Mint State, while the rarer 1920-D climbs from $20.21 all the way to $8,891.67 — a difference that separates a pocket find from a prized collectible.

Each variety carries its own scarcity and level of demand, and condition is what most dramatically moves the needle on price. That’s exactly what this guide to 1920 Buffalo Nickel Value is here to help you uncover.

 

1920 Buffalo Nickel Value By Variety

The 1920 Buffalo Nickel was struck at three different mints — Philadelphia, Denver, and San Francisco — each producing coins with distinct rarity and collector appeal. If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 60+ Most Valuable Buffalo Nickels Worth Money

 

Top 10 Most Valuable 1920 Buffalo Nickel Worth Money

The Denver Mint dominates the top of the chart without question. A single MS67-graded 1920-D example fetched $138,000 at Bowers & Merena on November 1, 2008, and its MS66 counterpart sold for $97,750 — two sale prices that represent the absolute ceiling of what collectors have paid for this date.

The 1920-D had a significantly smaller mintage than Philadelphia, and surviving high-grade specimens are extraordinarily scarce. Every point above MS65 on the grading scale represents an exponential leap in rarity, which is why the price between grades can double, triple, or more in a single step.

The San Francisco issues also command strong five-figure premiums in gem condition, reflecting their own survival challenges from a decade plagued by worn dies. A coin that grades MS67 instead of MS65 isn’t twice as rare — it could be ten times rarer, and auction rooms price it accordingly.

 

History of the 1920 Buffalo Nickel

The Buffalo nickel was born from a deliberate effort to elevate American coin design. In 1911, Taft administration officials decided to replace Charles E. Barber’s Liberty Head nickel, and sculptor James Earle Fraser was commissioned to create a replacement.

Fraser sought imagery that was unmistakably American. In a 1947 radio interview, Fraser described his vision: he wanted a coin that “could not be mistaken for any other country’s coin.” The result was a bold obverse portrait of a Native American — drawn as a composite of real individuals who posed for him, reportedly including Iron Tail of the Lakota and Two Moons of the Cheyenne — paired with an American bison on the reverse.

Though widely called a “buffalo,” the animal depicted is technically an American bison — making the popular nickname a charming misnomer. Fraser stated he modeled the bison on an animal he called “Black Diamond,” which he associated with the Bronx Zoo, though numismatic history notes that a bison by that name actually resided at the Central Park Zoo.

The Hobbs Manufacturing Company raised early objections, arguing that vending machines couldn’t distinguish the new nickel from slugs. Design adjustments were made, but the company remained unsatisfied, and Treasury Secretary Franklin MacVeagh ultimately pressed forward with production in February 1913 despite the complaints.

A significant redesign was implemented mid-1913 to address a practical problem: the date on the obverse was wearing off almost immediately in circulation. The raised ground beneath the bison was flattened into a horizontal line, and the date was recessed below it for better protection — this became the permanent “Type 2” reverse used for the rest of the series, including all 1920 issues.

By 1920, the series was at full stride. All three active U.S. mint facilities participated — Philadelphia (no mint mark), Denver (D), and San Francisco (S) — producing exclusively business strikes with no proof coins issued at any facility that year. The Buffalo nickel series would ultimately run until 1938, exactly 25 years — the minimum period required before a redesign could proceed without Congressional approval.

In 2001, Colorado Senator Ben Nighthorse Campbell successfully sponsored legislation for 500,000 commemorative silver dollars reproducing Fraser’s Buffalo Nickel design. The entire mintage sold out within weeks. In 2006, the U.S. Mint began striking American Buffalo gold bullion coins using a modification of Fraser’s original Type I design — a lasting testament to how enduring his vision has proven.

Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)

 

Is Your 1920 Buffalo Nickel Rare?

With rarity scores ranging from 58 to 89 across the three mint varieties, the 1920 Buffalo Nickel is far rarer than most collectors expect — and the CoinValueChecker App makes it simple to find out exactly where your coin stands.

 

Key Features of the 1920 Buffalo Nickel

Every detail on the 1920 Buffalo Nickel was engineered with purpose — and knowing what to look for is the first step to unlocking its true value.

The Obverse of the 1920 Buffalo Nickel

The obverse centers on a powerful bust of a Native American man, sculpted by James Earle Fraser. Rather than depicting a single individual, Fraser described the portrait as a composite “type” — drawn from multiple real figures who posed for him, including historical figures whose identities remain a subject of debate among researchers.

The layout rewards close inspection: “LIBERTY” curves along the right edge, the date sits low on the portrait’s left shoulder, and a discreet “F” just beneath it marks Fraser’s signature — not a mint mark. Do not confuse the designer’s initial “F” with a mint mark; it appears on coins from all three mints.

The Reverse of the 1920 Buffalo Nickel

The reverse presents a full portrait of the bison, with “UNITED STATES OF AMERICA” arcing across the top periphery, the motto “E PLURIBUS UNUM” inscribed just beneath it, and the denomination “FIVE CENTS” spelled out at the bottom.

The bison stands on a flat horizontal line — the defining characteristic of the Type 2 reverse introduced mid-1913, replacing the original raised mound design. All 1920 issues use this Type 2 reverse exclusively.

Mint marks for Denver (D) and San Francisco (S) appear on the reverse directly below “FIVE CENTS” — Philadelphia coins carry no mark at all. If you see no letter, you have a Philadelphia coin.

Other Features of the 1920 Buffalo Nickel

Buffalo nickels measure 21.2mm in diameter and weigh exactly 5 grams, struck in an alloy of 75% copper and 25% nickel. The plain edge and silver-toned appearance are characteristic of the series — though despite the color, there is absolutely no silver content whatsoever.

The 1920 issues were exclusively business strikes; no proof coins or Special Mint Sets were produced that year across any of the three mints. The 1920 series also predates the era of Full Steps (FS) or Full Bands (FB) designations, which apply to Jefferson and Roosevelt coins respectively — for Buffalo Nickels, the key strike quality designation is “Full Horn” (FH), discussed in detail in the value sections below.

Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)

 

1920 Buffalo Nickel Mintage & Survival Data

Philadelphia dominated production by an overwhelming margin, striking over 63 million coins — nearly seven times the output of either branch mint. Yet what truly matters to a numismatist is not how many were made, but how many survived in collectible condition.

Despite its massive production run, the Philadelphia issue carries the lowest survival rate of the three varieties at just 0.0127%. The Denver and San Francisco coins, though far fewer were struck at approximately 9.4 million and 9.7 million respectively, have proportionally outlasted their Philadelphia counterpart.

High-mintage coins entered circulation in enormous quantities, endured decades of heavy use, and were lost, melted, or worn beyond recognition at staggering rates. In 1920, the United States was transitioning out of wartime austerity into the early Roaring Twenties — coins were actively spent, not saved.

Numismatic preservation was not yet a mainstream pursuit, and the Buffalo Nickel’s notoriously high-relief design accelerated wear further. Numismatist Walter Breen documented that even design modifications made in 1913 and 1916 failed to fully solve the striking problems — the coin rarely emerged from the press with sharp, full detail across all areas.

The result is a survival landscape where even the “common” Philadelphia issue is, in absolute terms, genuinely scarce — and where the branch mint coins, with their lower mintages and slightly better survival rates, command a disproportionate premium in today’s market.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1920 Buffalo Nickel Value

The exact same coin, from a different mint, in slightly better shape, could fund a weekend trip — or a very nice vacation. That gap is where knowledge pays — literally.

Before you sell, trade, or add to your collection, run your coin through the CoinValueChecker App first. It cross-references mint mark, condition, and live auction data in seconds, giving you the kind of clarity that used to require a dealer’s appointment.

 

1920 Buffalo Nickel Value Guides

The 1920 Buffalo Nickel was struck at three mints, each producing a coin with its own distinct rarity, survival rate, and collector premium.

• 1920 No Mint Mark Nickel – Struck at Philadelphia
• 1920-D Nickel – Struck at Denver
• 1920-S Nickel – Struck at San Francisco

Same coin, same year, same design — yet a 1920-D can be worth twenty times its Philadelphia counterpart in equivalent condition. Mint mark is everything here, and understanding what separates these three varieties is the foundation of any serious valuation.

 

1920 No Mint Mark Buffalo Nickel Value

The 1920 No Mint Mark Buffalo Nickel is the Philadelphia issue — identifiable by the absence of any mint mark on the reverse below “FIVE CENTS.”

PCGS CoinFacts notes that most 1920 Philadelphia examples are fairly well struck compared to the branch mint issues, with luster that tends toward frosty rather than satiny — a characteristic that distinguishes it from the notoriously mushy Denver and San Francisco strikes of the same year.

That said, accessibility in circulated grades does not translate to abundance at the top of the grading scale. PCGS estimates around 8,000 survivors across all grades, with approximately 2,000 in MS-60 (Mint State, meaning the coin was never circulated) or better, and only 600 reaching the Gem MS-65 threshold or above.

The NGC Census confirms a total of 1,150 graded examples, with an average grade of MS-62 and a top population grade of MS-67. The PCGS auction record for this coin stands at $12,650, achieved by a PCGS MS-67 example sold at Heritage Auctions on January 7, 2004.

The key diagnostic on any Philadelphia example is the buffalo’s horn — the highest-relief point on the reverse and the first area to show weakness from a poor strike or wear. Coins displaying a complete, sharp “Full Horn” (FH) from tip to base command significant premiums above standard pricing. True Full Horn examples also show separated tail strands, sharp individual braid lines in the Native American’s hair, and well-defined cheekbone details.

Grade is where the real money moves — and the auction history of the 1920 No Mint Mark Nickel proves it dramatically.

Collector demand for this coin has proven anything but static, with market activity over the past year reflecting sustained and evolving interest.

 

1920-D Buffalo Nickel Value

The 1920-D is scarce in circulated grades, rare in Mint State, and very rare in Gem condition. Per PCGS CoinFacts, in Gem condition it is rarer than all Denver Mint Buffalo Nickels from 1913 to 1918, and slightly rarer than the more highly regarded 1919-D — making it a classic case of an overlooked rarity hiding in plain sight.

PCGS estimates only around 4,500 survivors in all grades, with approximately 800 in Mint State. The Denver Mint in 1920 used heavily worn and cracked dies, resulting in poor, mushy strikes being the norm. The luster on surviving Mint State examples is typically described as iridescent and satiny — attractive when present, but the strike quality on the horn and tail must be examined carefully.

The population data tells the story precisely: just 85 coins certified MS65, 60 at MS65+, and only 10 at MS66 — with nothing beyond that in PCGS’s registry. Each half-point on the grading scale doesn’t just represent a better coin; it represents a dramatically thinner pool of survivors.

The price guide reflects this exponentially: from $5,750 at MS65 to $45,000 at MS66 to $100,000 at MS67 — a nearly twentyfold climb across just two grade points. A single MS67 example sold for $138,000 at Bowers & Merena on November 1, 2008 — a benchmark that stands as the absolute ceiling for this date.

Few coins make auction rooms hold their breath quite like the 1920-D — and the historical results below show exactly why.

A coin’s true market pulse isn’t found in record-breakers alone — it’s in the steady rhythm of everyday transactions.

 

1920-S Buffalo Nickel Value

The 1920-S is arguably the most dramatic condition rarity of the three 1920 varieties. PCGS CoinFacts ranks it as the second rarest regular-issue Buffalo Nickel in Gem condition in the entire series — behind only the legendary 1926-S — placing it ahead of the 1925-S, 1924-S, and every other date in the series.

Numismatic scholar David Lange put it plainly: “Fully struck examples are virtually unknown. Most seen range in strike from fair all the way to awful.” This is not an exaggeration — the San Francisco Mint’s fatigued dies left a permanent mark on the historical record.

A Full Horn strike on a 1920-S can command a 3–5× premium over an average-strike coin at the same grade level — a spread that reflects how rarely sharp examples actually surface. A true Full Horn specimen also needs separated tail strands and visible individual braid lines to truly qualify as sharply struck.

The population data confirms the rarity in cold numbers: the NGC Census lists just 894 total graded coins with an average grade of AU-55 — even fewer certified examples than the 1920-D. PCGS assigns a rarity rating of R-8.9, meaning approximately 30 examples known in MS-65 or better. Across both PCGS and NGC combined, only around 50 examples have been certified MS65 or higher, with PCGS recording just one MS-66 and NGC recording five at that grade.

The finest publicly sold example — an NGC MS65 — realized $44,563 at Heritage Auctions on November 6, 2007, a price that reflects not just grade, but the near-impossibility of finding a 1920-S that clears the Gem threshold at all.

This chart tracks the highest recorded auction prices for the 1920-S Nickel across all grades, offering a clear view of where the market has set its ceiling on this condition rarity.

This chart maps the market activity of 1920-S Nickel over time, revealing how collector demand has shifted for one of the Buffalo Nickel series’ most elusive Gem-grade survivors.

Also Read: 22 Rare Nickel Errors List with Pictures (By Year)

 

Rare 1920 Buffalo Nickel Error List

Like any coin produced during the high-volume era of early 20th-century U.S. minting, the 1920 Buffalo Nickel is not without its production anomalies — and for error coin collectors, these flaws are where the real hunt begins.

1. Struck on a Cent Planchet

This error occurred when a Lincoln cent planchet (the blank disc of metal before it’s stamped) was accidentally fed into a press striking Buffalo nickels, producing a coin with the nickel design on copper-bronze metal — dramatically smaller and distinctly different in color from a standard issue.

The result is immediately striking: a warm copper tone where you’d expect silver-gray, with portions of the design clipped by the planchet’s smaller diameter. Across the entire Buffalo Nickel series, only about 75 examples of this error type are known to exist, and 1920 is the most available date.

One confirmed 1920 example — a Philadelphia issue graded MS61 by PCGS — sold at auction in 2014 for $4,400. Depending on grade, examples typically trade in the range of $1,500 to over $4,000.

2. Off-Center Strike

An off-center strike occurs when the planchet is misaligned between the dies at the moment of striking, leaving part of the coin’s surface blank. On 1920 Buffalo Nickels, these errors range from subtle 10–15% shifts to dramatic displacements exceeding 40%.

One extraordinary documented example combined a 40% off-center strike with the cent planchet error simultaneously — it was also struck on a Lincoln cent planchet — producing a coin described as one of the most spectacular major mint errors ever documented for this series. That coin, graded MS64 Brown by PCGS, sold at auction for over $12,000.

For standard off-center strikes where the date remains visible, values typically range from a few hundred dollars for minor misalignments to well over $1,000 for dramatic examples in collectible condition.

3. Die Cud Error

A die cud forms when a section of the working die breaks away near the rim, leaving a raised, unstruck blob of metal on subsequently produced coins. These are sometimes called “retained die break” errors when only part of the die has fractured.

On 1920 Buffalo Nickels, cud errors appear most commonly on the reverse. One documented 1920 example features a dramatic reverse die break so significant that the coin visually resembles a Type 1 Buffalo Nickel — an anomaly striking enough to attract dedicated variety specialists. A PCGS-graded example with this error type sold at auction in July 2025.

Cud errors on Buffalo Nickels are typically modest in value for minor breaks, though dramatic examples with strong, well-defined cuds can command premiums ranging from $70 to several hundred dollars depending on size and placement.

4. Repunched Mint Mark (RPM)

Before 1989, mint marks on U.S. coins were hand-punched individually into working dies — a manual process that inevitably introduced misalignments when the punch was applied more than once.

On the 1920-D, two distinct RPM varieties are recognized in the Cherrypickers’ Guide: the FS-501 and FS-502 varieties, both showing a second “D” punch impression visibly offset from the first. One particularly notable 1920-D RPM is considered extremely rare, with only two examples documented at the time of its original research.

Most RPM examples trade modestly in circulated grades, but a sharply struck Mint State example with a dramatic repunch can reach into the hundreds — and for the rarest confirmed varieties, significantly more.

5. Two Feathers

The Two Feathers variety (catalogued as FS-401 in the Cherrypickers’ Guide for each mint) is identified by the absence of the third, innermost feather in the Native American chief’s headdress on the obverse. This occurred when a mint worker polishing a clashed die accidentally ground away the small feather.

The polishing typically occurred after a die clash — an event in which the obverse and reverse dies strike each other with no planchet between them, leaving unwanted design impressions on each die. The 1920 issue is one of the confirmed Two Feathers dates, available across all three mints: Philadelphia (FS-401), Denver (FS-401), and San Francisco (FS-401).

PCGS currently recognizes 27 distinct Two Feathers varieties across the Buffalo Nickel series, all confined to production between 1913 and 1930, and categorizes all of them as scarce to rare.

For the 1920 Philadelphia issue, the auction record stands at $1,998 for an MS62 example sold at Heritage Auctions in 2016, while the 1920-S Two Feathers topped out at $999 in AU58. Auction records from 2022 show XF-40 Two Feathers examples selling for $3,850.

 

Where to Sell Your 1920 Buffalo Nickel?

With your 1920 nickel’s value established, finding reliable online selling venues becomes the priority. I’ve created a comprehensive overview of trusted sites, highlighting their offerings, advantages, and potential drawbacks.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

FAQ about the 1920 Buffalo Nickel Value

1. How do I know if my 1920 nickel has a mint mark?

Flip the coin to the reverse and look directly below “FIVE CENTS.” A “D” means Denver, an “S” means San Francisco. No letter means it’s a Philadelphia coin and the most common of the three. Do not confuse the “F” on the obverse — that is designer James Earle Fraser’s initial, not a mint mark.

2. Why are 1920-D and 1920-S nickels so much harder to find in good condition?

Both branch mints used heavily worn and cracked dies that year, resulting in weak, poorly defined strikes as the standard output. Most surviving examples — even uncirculated ones — show soft detail on the buffalo’s horn and the Indian’s hair braid. A sharply struck specimen with a Full Horn is genuinely rare, not just expensive.

3. Is a worn, dateless 1920 Buffalo Nickel worth anything?

Very little — typically under a dollar. Without a readable date, the coin cannot be attributed or graded, removing nearly all collector value. The date on Buffalo Nickels sits on a high-relief area of the obverse and wore off easily in circulation, making dateless examples extremely common. If you can read even a partial date like “192_,” it has more value than a completely blank date area.

4. What does “Full Horn” mean and why does it matter for 1920 Buffalo Nickels?

The buffalo’s horn is the highest-relief point on the reverse and the first area to show weakness from a poor strike or circulation wear. “Full Horn” (FH) means the horn is sharp, complete, and shows granular texture from base to tip. A Full Horn coin also typically shows separated tail strands, individually visible braid lines in the Native American’s hair, and sharp cheekbone definition. For the 1920-D and 1920-S, Full Horn examples can command 3–5× more than average-strike coins at the same grade.

5. Should I clean my 1920 nickel before selling it?

Never. Cleaning removes original surface patina and leaves microscopic scratches that graders immediately identify. A cleaned coin is worth a fraction of an original, untouched example — even if it looks shinier to the naked eye. Both PCGS and NGC label cleaned coins with a “Details” designation that dramatically reduces their market value and liquidity.

6. Is the 1920-S really rarer than the 1920-D in high grades?

Yes, in Gem condition the 1920-S is actually rarer than the 1920-D, despite having a slightly higher mintage of 9,689,000 compared to the 1920-D’s 9,418,000. PCGS CoinFacts ranks the 1920-S as the second rarest regular-issue Buffalo Nickel in Gem condition in the entire series — behind only the legendary 1926-S. The NGC Census confirms only 894 total graded examples of the 1920-S versus more examples for the 1920-D, with an average grade of just AU-55.

7. What is the highest price ever paid for a 1920 Buffalo Nickel?

The all-time auction record for any 1920 Buffalo Nickel is $138,000, paid for a 1920-D graded MS67 by NGC at a Bowers & Merena auction on November 1, 2008. That single coin remains the benchmark for this date. The 1920-S record stands at $44,563 for an NGC MS65 sold at Heritage Auctions on November 6, 2007. The 1920 Philadelphia record is $12,650, set by a PCGS MS67 at Heritage Auctions on January 7, 2004.

8. Does the 1920 Buffalo Nickel contain any silver?

No. Despite its silver-gray color, the 1920 Buffalo Nickel contains absolutely no silver. It is struck in an alloy of 75% copper and 25% nickel, weighing exactly 5 grams and measuring 21.2mm in diameter. The silver appearance comes entirely from the nickel content in the alloy. Silver nickels only exist for the wartime 1942–1945 Jefferson series, which contained 35% silver.

9. What is the Two Feathers variety and how do I spot it?

The Two Feathers variety (catalogued as FS-401) shows only two feathers in the Native American’s headdress instead of the standard three. The innermost, shortest feather was accidentally ground away when mint workers polished a clashed die to remove unwanted impressions. To spot it, examine the back of the chief’s headdress closely — if the small feather between the neck and the longest feather is missing, you may have a Two Feathers. The 1920 Two Feathers is confirmed across all three mints.

10. Is it worth getting my 1920 Buffalo Nickel professionally graded?

It depends on condition and mint mark. For a circulated 1920 Philadelphia example worth $5–$30, grading fees would outweigh the benefit. However, for any 1920-D or 1920-S in Mint State, or for any coin showing a possible error like an RPM or Two Feathers variety, professional grading by PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) is strongly recommended. A certified MS65 1920-D is worth $5,750 or more — and certification confirms authenticity, documents grade, and dramatically improves marketability at auction.