1928 Nickel Coin Value: Errors List, “D”, “S” & No Mint Mark Worth

1928 Nickel value ranges from $0.05 face value to $46,000. That record sale was a Grade 67 example sold through Heritage Auctions in July 2009. Got one you’d like to check? Upload a photo of yours below for a quick value range, then scroll down to see what recent eBay sales say about what collectors are paying right now.

 

1928 Nickel Value By Variety

Here’s a breakdown of 1928 Nickel values by mint mark and condition. If you know your coin’s grade, scroll down to the Value Guides section for exact pricing.

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

 

Top 10 Most Valuable 1928 Nickel Worth Money

The 1928-S owns this list. A single MS-67 example sold for $46,000 at Heritage Auctions on July 1, 2009 — still the all-time record for any 1928 nickel. PCGS currently prices that same grade at $46,500 as of 2025, and pegs a hypothetical MS-67+ at $67,500, though none have hit the auction block yet.

Denver and Philadelphia pieces reach serious money at the top, too. The 1928-D MS-67 brought $17,250 at Heritage Auctions in January 2012, and a 1928 No Mint Mark MS-67+ set a fresh record of $17,400 at Heritage Auctions on May 4, 2025. The 1928-S 2 Feathers FS-401 variety also shows up here, with sales of $2,040 in MS-63 and $816 in MS-55. Even at mid-range grades, that variety holds its own thanks to clear visual appeal and genuine scarcity.

 

History of the 1928 Nickel

Stock prices climbed 39% in 1928. The Federal Reserve bumped its discount rate from 3.5% to 5%, trying to cool speculation before the crash everyone sensed was coming. That’s the backdrop for this coin.

The Buffalo Nickel series had been running since 1913, when sculptor James Earle Fraser’s design replaced Charles Barber’s Liberty Head. Fraser grew up on the frontier and wanted something unmistakably American. In a 1947 radio interview, he said he wanted a coin that “could not be mistaken for any other country’s coin.”

His Native American portrait was a composite of three real people: Chief Two Moons of the Cheyenne, John Big Tree of the Seneca, and Chief Iron Tail of the Oglala Lakota. The bison on the reverse? Modeled after Black Diamond, a famous resident of the Central Park Zoo in New York.

Chief Engraver Charles Barber flagged problems almost immediately in 1913. The high-relief design chewed through dies at three times the rate of the Liberty Head nickel. The Mint recessed the denomination area early on, but strike quality and die life never really got fixed. That’s exactly why well-preserved examples from the late 1920s are so tough to track down today.

The 1928 nickel sits right at the last moment of calm before the Great Depression hit in October 1929. A quiet but meaningful spot in American monetary history.

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

 

Is Your 1928 Nickel Rare?

Wondering if your 1928 Nickel is one of the rare ones? Check it instantly with the Coin Identifier and Value App — just enter your coin’s details and get a quick rarity rating in seconds.

 

Key Features of the 1928 Nickel

The 1928 Buffalo Nickel belongs to the series that ran from 1913 to 1938. It replaced Barber’s Liberty Head with a boldly American theme that still hooks collectors almost a century later.

The Obverse of the 1928 Nickel

The obverse shows a Native American facing right — a composite portrait drawn from Chief Two Moons of the Cheyenne, John Big Tree of the Seneca, and Chief Iron Tail of the Oglala Lakota. Fraser sketched each of them in person, and it shows. The result has an authenticity you don’t see on many coins.

The date sits on the raised shoulder, with “LIBERTY” curving along the upper right edge. On well-preserved pieces, the cheekbones, hair texture, and feathers look strikingly lifelike.

Look just below the date for the designer’s initial “F” — James Earle Fraser’s mark on every coin in the series.

The Reverse of the 1928 Nickel

Flip it over and you’ll see a bison standing on flat ground, modeled after Black Diamond from the Central Park Zoo in New York. It’s bold, naturalistic, and still one of the most admired reverse designs in all of U.S. coinage.

“United States of America” runs along the top rim. “E Pluribus Unum” — “Out of Many, One” — appears above the bison’s back. “FIVE CENTS” sits at the bottom in a recessed area, a change made early in the series to slow wear on what had been the highest-relief point of the coin.

Other Features of the 1928 Nickel

The edge is plain — no reeding. Simple, and it keeps your eye on the design.

It weighs 5 grams, measures 21.2mm across, and is struck in 75% copper and 25% nickel. That alloy gives it a matte, warm-toned look that’s different from later nickel compositions.

Check the reverse just below “FIVE CENTS” for the mint mark. A small “D” or “S” there can dramatically change what your 1928 Nickel is worth.

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

 

1928 Nickel Mintage & Survival Data

Philadelphia dominated production with 23,411,000 pieces. Denver struck 6,436,000 and San Francisco contributed 6,936,000. Not even close.

Here’s what’s wild: despite Philadelphia’s huge head start, only about 12,500 examples survive today — roughly the same number as Denver, which started with a fraction of the output. San Francisco fares worst, with approximately 7,000 survivors from its 6,936,000 mintage. That’s a survival rate of just 0.10%. Denver actually leads at around 0.19%.

Why? PCGS notes the 1928-D is the most abundant mint state Buffalo nickel of the entire 1913–1930 era, aside from the very common 1913 Type 1. Somebody saved original uncirculated rolls from Denver at the time of issue. That’s an unusual stroke of luck that makes slabbed MS-grade 1928-D coins more available than you’d guess from the mintage alone.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1928 Nickel Value

Two things matter most: mint mark and condition. Flip the coin over — if you see a “D” or “S” below “FIVE CENTS,” that’s your mint. No letter means Philadelphia.

Now look at the bison’s horn. This is the tell. If the horn is sharp and fully visible from base to tip, you’ve got a well-preserved coin. If it’s worn flat, you’re in circulated territory. A bold horn can mean the difference between a $5 coin and a $500 coin.

Condition is graded on the Sheldon Scale from 1 to 70. Uncirculated coins fall between MS-60 and MS-70 (MS = Mint State), with higher numbers meaning sharper details and fewer bag marks.

For a faster answer, use the Coin Identifier and Value App to check your coin’s grade and get an instant value estimate in seconds.

 

1928 Nickel Value Guides

Here is a quick look at the three varieties:

• 1928 No Mint Mark Nickel Value (Philadelphia) — the most widely produced issue of the three, with frosty luster and generally well-struck examples; PCGS notes most Philadelphia specimens are above-average in strike quality
• 1928-D Nickel Value (Denver) — lower original mintage than Philadelphia, but paradoxically the most common 1928 date in Mint State due to original roll survival; weak strikes are common, so cherrypicking for Full Horn quality matters
• 1928-S Nickel Value (San Francisco) — PCGS describes this coin as fairly common in lower circulated grades but rare in Gem MS-65 and extremely rare in Superb Gem MS-66; luster tends toward a “grey-brilliant” appearance rather than frosty

This is a coin where small details carry big consequences. One grade point — or a full, bold horn on the bison — can separate a $5 coin from one worth thousands.

 

1928 No Mint Mark Nickel Value

Most collectors start here. Philadelphia struck the most 1928 nickels by far, and the Mint didn’t use a mint mark on its coins at the time. That makes this the easiest variety to find — but don’t let that fool you at the top grades.

PCGS CoinFacts notes that 1928 Philadelphia strikes are generally well struck with frosty luster, a nice contrast to the strike softness you often see on Denver and San Francisco pieces. Look for a bison horn that’s fully defined from base to tip. That detail wore away fast in pocket change.

The latest headline sale? A 1928 No Mint Mark MS-67+ brought $17,400 at Heritage Auctions on May 4, 2025 — a new auction record. PCGS estimates MS-67+ at $16,500 in their current price guide. Over 40 submissions sit at MS-67, where values run around $5,000.

A closer look at the price records below shows how grade has historically influenced what buyers are willing to pay for this coin at auction.

Understanding how actively this coin trades in today’s market.

Market activity score: 82/100 as of Sep 2026 — up 19 points from Jun 2026. Currently at its 12-month peak.

 

1928-D Nickel Value

Here’s a question that trips people up: how can a coin with one-fourth the mintage of Philadelphia be the most common in Mint State? The answer is roll hoards. PCGS notes the 1928-D is the most abundant Mint State Buffalo Nickel of the entire 1913–1930 era aside from the 1913 Type 1. Somebody tucked away original uncirculated rolls from Denver, and those rolls survived.

Don’t assume that means nice ones are easy to find, though. Weak strikes plague Denver-mint pieces from this era. The bison’s horn and the hair details on the Native American are often mushy. Cherrypicking for a sharp Full Horn example takes real patience. PCGS has just one coin at the top grade of MS-67, valued at $30,000. At MS-66, with nearly 70 submissions, you’re looking at around $5,000.

The all-time auction record is $17,250, set by an NGC MS-67 (labeled MS-67* in NGC’s notation) at Heritage Auctions on January 3, 2012. I think that result still serves as the benchmark for serious Buffalo Nickel collectors evaluating this date.

The auction records below show how the 1928-D has performed at sale over the years.

Beyond individual sales, the coin’s market activity gives you a sense of where collector demand stands right now.

Market activity score: 81/100 as of Sep 2026 — up 23 points from Jun 2026. Currently at its 12-month peak.

 

1928-S Nickel Value

$400 at MS-60. $46,000 at MS-67. That price curve tells you everything about the 1928-S.

PCGS calls it fairly common in lower circulated grades but rare in Gem MS-65 and extremely rare in Superb Gem MS-66. About 20 coins have been graded MS-66, currently valued at $15,000 each. Only two are known at MS-67, valued at $46,500 apiece.

The luster is different on these. PCGS describes it as “grey-brilliant” rather than frosty — a result of polished planchets used at the San Francisco Mint that year. Experienced collectors spot the difference immediately. Strike quality is another issue. Most 1928-S examples show softness in the date, the mint mark, and the bison’s forehead. Fully struck pieces are genuinely prized.

Here’s why so few survive in high grade: the entire 1928-S mintage appears to have gone straight into circulation. No original rolls from San Francisco were saved. Not one. We think that single fact explains the survival data better than anything else. At MS-62, you’re already at approximately $750. From MS-64 up, the curve gets steep fast. The all-time auction record remains $46,000, set at Heritage Auctions on July 1, 2009.

The auction records below give you a closer look at how individual sales have played out.

Beyond those results, the market activity section gives a broader view.

Market activity score: 58/100 as of Sep 2026 — up 3 points from Jun 2026. 12-month peak: 67 (Nov 2025).

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

 

Rare 1928 Nickel Error List

Beyond the standard mint mark varieties, there’s one recognized error that collectors actively hunt — plus a few other minting oddities worth knowing about.

 1. 1928-S 2 Feathers FS-401

This one’s fun to cherrypick. The Two Feathers error (catalogued as FS-401) happened when aggressive die polishing ground away the third feather in the Native American’s headdress. Mint workers were likely trying to fix a die flaw or remove clash marks, and they overdid it. Accident, not design.

In 1928, this variety shows up only on San Francisco coins, which adds scarcity on top of an already lower-mintage issue. Grab a loupe and count the feathers — a normal coin shows three distinct feathers, while the error shows a clear gap where the third one should be.

Auction records show the 1928-S 2 Feathers FS-401 selling for $2,040 in MS-63 and $816 in MS-55. For comparison, a 1927-S Two Feathers example reached $2,280 at a 2021 auction, so the 1928-S prices track with the broader market for this error type.

2. Other 1928 Nickel Errors to Watch For

Off-center strikes show up occasionally. If the design is shifted but the date is still readable, you could be looking at $100 to $500 depending on how dramatic the misalignment is.

Die clash errors — where the dies struck each other without a planchet between them, leaving ghost impressions — do surface on Buffalo Nickels from this era. Clipped planchet errors (a small chunk missing from an incomplete punch) have been reported too, typically adding $30 to $200 in premium depending on severity.

Buffalo Nickels ate through dies fast, so any coin showing unusual surface marks or partial design elements is worth a close look under magnification before you write it off as normal wear.

 

Where to Sell Your 1928 Nickel?

Knowing where to sell is just as important as knowing what your coin is worth. A reputable platform like eBay, Heritage Auctions, or a local coin dealer can help you get a fair price — especially if your coin is in higher grades.

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

 

1928 Nickel Market Trend

Market interest: 6,300 collectors tracking this coin as of Sep 2026 — up 900 from Mar 2026. 12-month peak: 6,730 (Feb 2026).

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1928 Nickel Value

1. What is the most valuable 1928 Buffalo Nickel?

The 1928-S in MS-67. Only two are certified at that grade by PCGS. The all-time auction record is $46,000, set at Heritage Auctions on July 1, 2009, and PCGS currently estimates those two coins at $46,500 each.

No MS-67+ examples have sold yet, but PCGS pegs their hypothetical value at $67,500. That’s what top-pop rarity does to prices.

2. What does “Full Horn” mean on a Buffalo Nickel?

It means the bison’s horn is complete and visible from base to a sharp, pointed tip. The horn sits at one of the highest-relief points on the coin, so it wore down first in circulation.

Coins with a fully intact horn command real premiums. This is especially true on Denver and San Francisco issues, where weak strikes make Full Horn examples harder to find even in uncirculated grades.

3. Are there any errors on the 1928 Buffalo Nickel worth looking for?

The big one is the Two Feathers FS-401, exclusive to the 1928-S. Aggressive die polishing removed the third feather from the headdress. It’s sold for up to $2,040 in MS-63.

You’ll also find off-center strikes ($100–$500), clipped planchet errors ($30–$200), and die clash impressions. Anything with unusual surfaces or partial design elements is worth examining under magnification and possibly submitting to PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company).

4. How can I tell which mint made my 1928 Nickel?

Flip it over. Look directly below “FIVE CENTS.” A small “D” means Denver, a small “S” means San Francisco, and no letter means Philadelphia.

That one detail can change the value dramatically. An MS-65 1928-S is currently worth around $2,850, while an MS-65 1928 Philadelphia of comparable quality sits around $950.

5. Why is the 1928-D so common in Mint State compared to its low mintage?

Roll hoards. Despite having about one-fourth the mintage of Philadelphia, PCGS describes the 1928-D as the most abundant Mint State Buffalo Nickel of the entire 1913–1930 era (except for the 1913 Type 1).

Original uncirculated rolls from the Denver Mint were set aside and preserved at the time of issue. That keeps MS-64 and MS-65 prices relatively accessible compared to the 1928-S, where no rolls survived.

6. How should I store and care for my 1928 Buffalo Nickel?

Handle it by the edges only. Skin oils cause long-term damage. Store it in an acid-free holder or flip, somewhere cool and dry, away from humidity and direct sunlight.

If your coin is worth more than $100, get it slabbed. Professional grading and encapsulation by PCGS or NGC protects the surfaces and gives you a verifiable record of grade and authenticity — both of which matter when it’s time to sell.

7. What happened to the Buffalo Nickel series after 1928?

Production continued through 1938. The persistent die life problems and weak strikes finally caught up with Fraser’s design, and the Mint announced an open competition for a replacement in January 1938. Felix Schlag won in April. The last Buffalo Nickels were struck in Denver that same month, and Jefferson Nickels entered circulation on November 15, 1938.

8. Is the 1928 Buffalo Nickel a key date in the series?

No. The 1928 is a common date. Key dates include the 1913-S Type 2, 1921-S, 1924-S, 1926-S (the lowest mintage in the entire series at 970,000), and the famous 1937-D 3-Legged error.

But the 1928-S is a condition rarity in Gem grades. Any 1928 coin in MS-65 or better is genuinely scarce because of the wear-prone high-relief design. Condition rarity is a completely different kind of rare than key date rarity, but it still drives serious premiums.

9. How do I grade a 1928 Buffalo Nickel at home before getting it certified?

Start with the date. Can you read it clearly? You’re at least Good-4. Next, check the bison’s horn — partially visible puts you in the Very Fine range (VF-20 to VF-35). Complete and sharp? Possibly Extremely Fine (EF-40 to EF-45) or better.

For Mint State, examine the bison’s head and the Native American’s cheekbone under good light. Any flat friction or wear on those high points means the coin circulated. A true Mint State piece shows full original luster with no signs of handling.

10. What is the current auction record for the 1928 No Mint Mark Nickel?

$17,400, set at Heritage Auctions on May 4, 2025. The coin was graded MS-67+ by PCGS — the highest designation currently known for this issue.

Before that, the record was $11,500 for an MS-67 sold at a Bowers & Merena auction on August 14, 2004. That jump from MS-67 to MS-67+ — just half a grade point in the PCGS system — shows you how dramatically top-grade rarity moves prices.