1935 Nickel Value (2026 Guide): Errors List, “D”, “S” & No Mint Mark Worth

The 1935 Buffalo Nickel belongs to one of the most celebrated coin series in American history. Designed by James Earle Fraser, the Buffalo Nickel was struck from 1913 through 1938, and by 1935 the series was nearing its end — giving these late-date coins a special place in numismatic history.

Branch mint coins bearing the “D” or “S” mint mark are particularly prized by collectors, often worth roughly twice the Philadelphia nickel in higher grades.

Indeed, the 1935-D stands out most sharply: while a circulated No Mint Mark example grades at just $2.14 in Good condition, a Mint State 1935-D can reach $284.00 — more than double the $107.50 MS value of its Philadelphia counterpart.

That spread tells the real story of the 1935 Nickel — and it starts with knowing exactly what you’re holding.

 

1935 Nickel Value By Variety

The 1935 Nickel was struck at three mints, and the mint mark on your coin makes all the difference in value. 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 1935 Nickel Worth Money

The DDR (Doubled Die Reverse) dominates the top of this chart. Among all 1935 Nickel auction records, the 1935 DDR MS-65 stands alone at $104,650, a figure that dwarfs every other entry.

A doubled die is a minting mistake that can never be replicated, making each surviving specimen permanently one-of-a-kind. The higher the grade on a DDR coin, the rarer it becomes exponentially — which explains why the MS-65 commands nearly double the $57,500 fetched by a flawless standard 1935 MS-68.

The 1935-D tells its own story. Even without an error, the Denver mint issue reached $34,800 at MS-67 — a testament to how scarce well-preserved branch mint coins truly are.

 

History of the 1935 Nickel

The story of the 1935 Nickel begins not in 1935, but in 1866. When silver prices soared high enough that melted coins were worth more than their face value, the U.S. Mint introduced the cupronickel five-cent piece to stop silver hoarding.

Over the next half century, the design evolved through the Shield nickel and the Liberty Head nickel — until President Theodore Roosevelt, frustrated by what he saw as artistically inferior American coinage, pushed for a complete redesign.

Sculptor James Earle Fraser answered the call, creating the Buffalo Nickel in 1913 with a composite Native American portrait on the obverse and an American bison on the reverse.

By 1935, the Buffalo Nickel had been in circulation for over two decades, and the series was entering its final chapter — it would end just three years later in 1938 with the arrival of the Jefferson Nickel.

Yet 1935 was far from a quiet year for production. Buffalo nickel output increased significantly in 1935, with more than 80 million coins struck across all three mints. This marked a notable recovery after a near-complete halt.

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

 

Is Your 1935 Nickel Rare?

Most 1935 Nickels are common in circulated grades — but “common” is a relative term when the right mint mark or a single minting flaw can push the same coin into four-figure territory. The fastest way to know exactly where yours stands is to run it through the CoinValueChecker App, which cross-references grade, mint mark, and known varieties in real time.

 

Key Features of the 1935 Nickel

Buffalo nickels minted in 1935 look the same as other coins minted from 1913 to 1938. James Earle Fraser created both the obverse and reverse, replacing Barber’s Liberty Head nickels (V nickels minted from 1883 to 1913). Americans liked their new coin, but many experts criticized its reverse design because it was impractical to mint.

The Obverse of the 1935 Nickel

The obverse doesn’t depict a single person — it’s a composite portrait drawn from multiple Native American chiefs, including Iron Tail and Two Moons, whom Fraser sketched in person during the design process.

The result is a profile of remarkable sculptural depth: the strong brow, the defined cheekbone, and the layered feathered headdress give the portrait a monumentality unusual for a five-cent coin.

“LIBERTY” runs along the upper right field, the date sits at the lower left, and just beneath it — easy to miss on worn examples — is Fraser’s initial “F,” the designer’s quiet signature on one of American coinage’s most celebrated works.

The Reverse of the 1935 Nickel

The bison on the reverse was inspired by Black Diamond, an American bison housed at the Bronx Zoo, and Fraser rendered him with the same uncompromising realism he brought to the portrait side.

The animal faces left, standing on flat ground — a deliberate change from the original 1913 Type I design, where the bison stood atop a raised mound that caused the denomination inscription to wear away rapidly in circulation.

“FIVE CENTS” sits in a recessed area below the groundline, with “E PLURIBUS UNUM” tucked in three compressed rows above the bison’s back. The mint mark, when present, appears just below the denomination — a small letter that carries an outsized impact on value.

Other Features of the 1935 Nickel

The 1935 Nickel measures 21.2 mm in diameter, weighs exactly 5 grams, and carries a plain edge. Its composition of 75% copper and 25% nickel gives it a silvery appearance when freshly struck — though on circulated examples, that surface tends to deepen into warm grey or brownish tones as the copper content gradually asserts itself.

At 1.95 mm thick, it’s a substantial coin in hand, with enough relief in the design that high points on the cheek and bison’s shoulder show wear first — the two areas every collector examines when grading a Buffalo Nickel.

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

 

1935 Nickel Mintage & Survival Data

While Philadelphia struck nearly five times more 1935 Nickels than Denver or San Francisco, raw mintage figures alone don’t determine collector value — survival rates do.

The 1935-D had a far smaller mintage than Philadelphia, yet its survival rate of 0.124% is actually the highest of the three — nearly four times that of the No Mint Mark’s 0.0343%. This suggests that Denver coins were more deliberately preserved from the outset, likely because collectors and dealers of the era recognized branch mint issues as the scarcer, more desirable pieces worth setting aside.

The broader context matters here too. These coins entered circulation in the final years of the Great Depression, when everyday Americans spent every coin they had. Most 1935 Nickels were simply used until worn smooth and forgotten. The fact that fewer than 45,000 mint-state examples are estimated to survive across all three varieties — out of more than 80 million originally struck — is a direct reflection of that economic hardship. Scarcity wasn’t engineered by the mint; it was created by history itself.

For collectors, the survival rate is the number that truly counts. A coin produced in the millions can still be genuinely rare in high grades, and the 1935 Nickel is a textbook example of that principle.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1935 Nickel Value

Pinning down the exact value of a 1935 Nickel comes down to three things: mint mark, grade, and whether your coin carries any die varieties or errors. A worn No Mint Mark example might be worth just a few dollars, while a well-preserved 1935-D in MS-65 can command hundreds.

The difference between grades is rarely obvious to the untrained eye — which is exactly where the CoinValueChecker App earns its place, giving you instant grade detection and real-time pricing before you buy, sell, or trade.

When the margin between “Fine” and “About Uncirculated” can mean a tenfold difference in value, guessing isn’t a strategy.

 

1935 Nickel Value Guides

The 1935 Nickel comes in three distinct varieties, each struck at a different U.S. Mint facility. Where your coin was made is the single biggest factor separating a common find from a genuinely sought-after specimen.

• • 1935 No Mint Mark Nickel – Philadelphia Mint
  • 1935-D Nickel – Denver Mint
  • 1935-S Nickel – San Francisco Mint

 

1935 No Mint Mark Nickel Value

The 1935 No Mint Mark Nickel is the Philadelphia issue — and its identity begins with what it lacks: any mint mark at all.

The Philadelphia issue typically displays a strong, well-executed strike. Collectors prize examples showing full horn detail on the buffalo and sharp hair definition on the Native American portrait — two areas that wear down fastest in circulation and serve as the primary benchmarks when grading this coin. A coin that retains crisp horn detail alone can jump an entire grade point on the Sheldon scale, translating directly into a measurable premium.

The Philadelphia issue holds one of the most remarkable auction records in the entire Buffalo Nickel series. At MS68 — a grade so demanding that only 10 examples are known to exist at that level, with a single MS68+ specimen standing entirely alone — a 1935 No Mint Mark Nickel sold for $57,500 at Heritage Auctions in 2007.

The current CPG estimate for MS68 sits at $18,000, with the lone MS68+ valued at $42,500, reflecting just how brutally scarce the top of the population truly is. For a coin minted in the tens of millions, the fact that fewer than a dozen survive in this condition is a powerful reminder that high mintage and high grade are two entirely different things.

Here’s a look at how the Philadelphia issue has performed at major auction houses over the years.

The chart below tracks recent market movement for the 1935 No Mint Mark Nickel.

 

1935-D Nickel Value

The 1935-D holds a distinction that no other coin in the entire 1935–1938 Buffalo Nickel run can claim: it is the rarest issue of that period in both mint state and Gem condition.

Strike is often a problem, with weakly struck horns commonly encountered. This is a known characteristic of Denver’s production that year, meaning a fully struck, sharp-horned 1935-D in high grade is not merely scarce by survival — it’s scarce by manufacture.

A very high-quality specimen exhibits what collectors refer to as a “frost quality” to its luster — a deep, velvety surface texture that immediately separates a premium example from an average one.

Only 88 examples have been graded MS-67, with just 4 coins ever certified at MS-67+. That near-impossibility at the top of the grading scale is reflected directly in the auction record — a MS-67+ example sold at Stack’s Bowers on March 31, 2021 for $34,800, against a current estimated value of $40,000 for that grade.

These are the most notable hammer prices the Denver issue has achieved across graded submissions.

See how collector demand for the 1935-D has shifted across the current market.

 

1935-S Nickel Value

Of the three 1935 Nickel varieties, the 1935-S carries a distinction that goes beyond its position as the lowest-mintage issue of the year. In mint state and Gem condition, the 1935-S is rarer than the 1931-S, 1936-S, and 1937-S — making it scarcer at the top of the grade scale than even some of the series’ earlier, more celebrated dates.

Strike quality on the 1935-S is acceptable for a San Francisco issue, though some weakness is sometimes present, and luster runs to the grey brilliant type rather than the warmer, frostier surfaces seen on Denver examples.

This means a sharply struck, fully detailed 1935-S — one where the bison’s horn and the feathers of the Native American’s headdress are crisply defined — is genuinely difficult to locate and commands a meaningful premium over average survivors.

The auction record confirms exactly that: a 1935-S graded MS-67+ sold for $15,275 at Legend Rare Coin Auctions on March 21, 2019 — a result that reflects just how rarely this variety survives in truly superior condition.

The following records capture what buyers have paid for the finest surviving San Francisco examples.

This graph reflects where the 1935-S Nickel stands in today’s active market activity.

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

 

Rare 1935 Nickel Error List

Ninety years in circulation have a way of hiding secrets — and some 1935 Nickels carry minting mistakes that turn a five-cent coin into something worth thousands.

1. 1935 Doubled Die Reverse (DDR)

The 1935 DDR is the only major doubled die reverse in the entire Buffalo Nickel series, with probably only a few hundred examples known to exist — most in low circulated grades.

In uncirculated condition, the population may be no more than 20 examples worldwide. The error originated during die production when the hub shifted slightly between impressions, embedding the doubling permanently into every coin struck from that die.

The strongest doubling appears on the words “FIVE CENTS,” while “E PLURIBUS UNUM” shows slightly less dramatic but still visible doubling. This is not a subtle variety — under even modest magnification, the lettering separation is unmistakable.

Values range from around $120 to $30,000 depending on grade, with the auction record set at $104,650 for an MS-65 example sold at Bowers & Merena Auctions in August 2007.

2. 1935 Repunched Mintmark (RPM)

In the 1930s, mint workers hand-stamped each mintmark individually into working dies, and if the punch slipped or required additional strikes, overlapping impressions resulted.

On the 1935 Nickel, this produced RPM varieties at both the Denver and San Francisco mints. The RPM error on 1935-D nickels shows a second “D” mintmark impression slightly offset on top of the first, while the 1935-S carries its own S/S varieties. Under 10x magnification, look for thickening, a shadow impression, or a clearly offset secondary letter.

San Francisco S/S RPM varieties typically sell for $30 to $40, while Denver D/D RPM varieties command $80 to $550 depending on visibility and condition — with the most expensive D/D example reaching $999 at auction.

3. 1935 Off-Center Strike

An off-center strike occurs when the planchet sits misaligned in the press at the moment of striking, shifting the design away from center and leaving a crescent-shaped blank area on the opposite side.

The percentage of misalignment directly drives value — minor off-center strikes of 5 to 15% typically bring $50 to $150, while more dramatic examples showing 30 to 50% displacement can command $200 to $500 or more.

The most desirable off-center 1935 Nickels are those where the date and mint mark remain fully visible despite the shift — that combination of dramatic error and complete identification is what serious error collectors prize most.

 

Where to Sell Your 1935 Nickel?

After determining what your coins are worth, you’re probably wondering about convenient online selling options. I’ve researched and compiled a guide to the best platforms, outlining their services, pros, and cons.

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

 

1935 Nickel Market Trend

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

 

FAQ about the 1935 Nickel

1. How do I know if my 1935 Nickel is worth keeping?

Start by identifying the mint mark on the reverse — a “D” or “S” immediately puts your coin in a more valuable category than the Philadelphia issue. From there, examine the bison’s horn and the Native American’s cheekbone under good lighting, as these are the highest points of the design and the first to show wear.

A coin retaining sharp detail in both areas is grading at least Extremely Fine, and that’s where value begins to climb meaningfully. If you spot any doubling on the inscriptions or an offset mint mark, don’t clean it — those are potential error coins that warrant professional evaluation before anything else.

2. Where exactly is the mint mark on a 1935 Nickel?

Flip the coin to the reverse and look directly below the words “FIVE CENTS,” on the flat ground beneath the bison’s feet. A small “D” indicates Denver, “S” indicates San Francisco, and no letter means Philadelphia. On heavily worn examples the mint mark can be faint, so use magnification if you’re unsure.

It’s worth noting that the same wear patterns affecting the denomination inscription also affect the mint mark — on low-grade coins, both may show flattening — but even a partially visible mint mark is enough to confirm a coin’s origin and directly influences its valuation.

3. Why is the 1935-D considered the most valuable of the three varieties?

It comes down to a combination of factors that rarely align in one coin. The 1935-D is the rarest issue of the entire 1935–1938 Buffalo Nickel run in high grades — and that scarcity isn’t just about original mintage.

Denver’s production that year suffered from persistent strike weakness, particularly on the bison’s horn, meaning many surviving uncirculated examples were weakly struck to begin with and can’t reach gem grades regardless of their preservation.

Only 88 examples have ever been certified at MS-67, with just 4 reaching MS-67+. That near-impossibility at the summit of the population, combined with consistent collector demand, pushes top-grade 1935-D examples well above what a Philadelphia coin at the same numeric grade would bring.

4. Is a worn 1935 Nickel worth anything?

Yes, though it depends on which mint struck it. A heavily circulated Philadelphia example typically trades in the $2–$5 range — historically significant but not a financial windfall. A similarly worn 1935-D or 1935-S fetches somewhat more, often $3–$10 in Good condition, reflecting lower original mintage.

The real story begins in the Fine to Extremely Fine range, where branch mint coins start separating from the pack. The 1935-D in particular jumps sharply as condition improves — the gap between a Fine example worth $10 and a mint-state gem worth hundreds illustrates just how dramatically grade affects price on this date.

5. What does the Doubled Die Reverse look like, and how do I spot it?

The 1935 DDR is the only major doubled die reverse in the entire Buffalo Nickel series. The error was created during die production when the hub shifted between impressions, permanently embedding dual outlines into the die.

On the coin, the doubling is most visible on “FIVE CENTS,” where the lettering appears to carry a ghost impression slightly offset from the primary strike. “E PLURIBUS UNUM” also shows doubling, though less dramatically. Under 10x magnification the separation is unmistakable on a genuine example — this is not a variety where you need to squint. If you think you’ve found one, don’t clean the coin and take it to a professional grading service before drawing any conclusions about value.

6. Did the Great Depression affect how many 1935 Nickels survive today?

More than most collectors realize. By 1935, Americans were six years into the worst economic crisis in modern history, and everyday people didn’t set coins aside — they spent them. Most 1935 Nickels circulated until worn smooth or forgotten in a jar.

The selective preservation that did occur was largely limited to dealers who recognized branch mint issues as worth holding — which is precisely why the 1935-D has a higher mint-state survival rate than the Philadelphia issue despite being struck in far smaller numbers.

Out of more than 80 million 1935 Nickels originally produced across all three mints, fewer than 45,000 uncirculated examples are estimated to survive. The Depression didn’t just shape the economy — it shaped the numismatic landscape of every coin minted during it.

7. Are 1935 Nickels made of silver?

No — this is one of the most common misconceptions about Buffalo Nickels. Despite their bright silvery appearance when freshly struck, 1935 Nickels contain no silver. They are 75% copper and 25% nickel, the same cupronickel alloy the U.S. Mint adopted in 1866 to replace silver five-cent pieces.

As coins circulate and the surface wears, the higher copper content gradually asserts itself, shifting the color toward warmer brown or grey tones. The only U.S. nickels that ever contained silver were the Wartime Nickels of 1942–1945, when nickel was redirected to the war effort and replaced with a 35% silver alloy.

8. What grade should I aim for when buying a 1935-S Nickel?

It depends on your budget, but the 1935-S rewards patience at the higher end of the grading scale more than almost any other issue in the series. In circulated grades it’s accessible and affordable — a Fine or Extremely Fine example makes a solid entry point.

In mint state, however, the coin is genuinely scarcer than several earlier San Francisco dates that carry more traditional prestige. For quality-focused collectors, MS-63 and above is where the 1935-S begins to distinguish itself.

One important caveat: always prioritize strike quality over the numeric grade alone. A weakly struck MS-65 is worth less to serious buyers than a sharply defined MS-64 — the horn detail and headdress feathers are the first things an experienced collector will examine.

9. Can I identify a 1935 Nickel error without sending it to a grading service?

For the two most common errors — the Doubled Die Reverse and the Repunched Mintmark — a 10x loupe is often sufficient for an initial identification.

The DDR’s doubling on “FIVE CENTS” is visible enough that most collectors can spot it without professional equipment, and an RPM’s offset secondary impression becomes clear under modest magnification. Off-center strikes are visible to the naked eye. That said, self-identification is a first step, not a final conclusion.

Counterfeit error coins exist, altered mint marks are a known problem in this series, and distinguishing a genuine Type 1 DDR from the far less valuable Type 2 requires comparison to authenticated examples. For any coin where a significant transaction is on the table, professional certification through PCGS or NGC is the only reliable protection for both buyer and seller.

10. How does the 1935 Nickel compare to other Buffalo Nickel dates in terms of collectibility?

The 1935 Nickel sits in an interesting position within the series. In circulated grades it’s a common date, accessible enough for beginners and affordable enough for a complete date set.

Step into mint state and the picture shifts — among the 1935–1938 issues often grouped together as common late dates, the 1935 coins are actually the relatively scarcer entries, particularly the Denver issue, which outranks even the 1936 and 1937 Denver coins at the gem level.

Compared to the great rarities of the series the 1935 is firmly in common-date territory, but for collectors focused on condition rarity rather than date rarity, a gem 1935-D or 1935-S represents a genuinely challenging acquisition that can take years to find in a strike and grade combination that meets serious collector standards.