1938 Buffalo Nickel Coin Value: Errors List & “D” Mint Mark Worth
1938 Buffalo Nickel value ranges from $0.05 face value to $30,550. That record was set by a Grade 68 example sold through Legend Rare Coin Auctions in April 2021. Upload a photo of yours below and you’ll get a quick value range based on your coin’s condition. Scroll down to check recent eBay sales and see what these are actually selling for today.
1938 Buffalo Nickel Value Checker
Identify 1938 Buffalo Nickel D Mint Mark Price
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1938 Buffalo Nickel Value By Variety
The 1938 Buffalo Nickel was struck only at the Denver Mint. That means there’s just one variety for this date — the 1938-D. No Philadelphia, no San Francisco. Variety identification doesn’t get easier than this.
If you know the grade of your coin, you can find the exact price below in the Value Guides section.
| Type | Good(G4-6) | Fine(F12-15) | AU(AU50-58) | MS(MS60-70) | PR(PR60-70) |
|---|---|---|---|---|---|
| ▶1938 D Buffalo Nickel Value | $2 | $4 | $11 - $24 | $29 - $7,820 | — |
Top 10 Most Valuable 1938 Buffalo Nickel Worth Money
Most Valuable 1938 Buffalo Nickel
2005 - Present
The king of the 1938 Buffalo Nickels is a **1938-D/D in MS-68** that hammered for **$30,550** — the highest price ever recorded for this date. Right behind it, a standard **1938-D in MS-68** brought **$26,400**, and a **1938-D/S in MS-68** reached **$25,300**. Grade alone pushed all three into five-figure territory.
Notice a pattern? The top three spots are all MS-68 coins. Drop down to MS-67 and you’re looking at roughly **$2,160 to $4,080** depending on variety. Still solid money, but a massive gap from the top tier. The overmintmark varieties show up multiple times on this list too — the **1938-D/S Overmintmark FS-511** appears at two different grade levels, which tells you collector demand for that variety is real and consistent.
History Of The 1938 Buffalo Nickel
By 1938, the Buffalo Nickel had been in production for 25 years — the minimum period before the Mint could swap a design without Congressional approval. The Mint wasted no time. A public design competition was held, and the Jefferson Nickel won the spot.
Production of the 1938-D Buffalo Nickel ran from January through the end of April. Word got out fast that a new design was coming, and collectors started hoarding these final-year coins by the roll. That’s exactly why so many survive in nice condition today.
Here’s the fun detail: 1938 is the only year where both the Buffalo Nickel and the Jefferson Nickel were produced. You’re holding the last chapter of a 25-year run when you pick up one of these.
Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)
Is Your 1938 Buffalo Nickel Rare?
1938-D Buffalo Nickel
Here’s what trips people up: a mintage of 7 million sounds like a lot, but only about 150,000 survived. That’s barely 2%. The catch is that a huge chunk of those survivors are uncirculated, thanks to all that end-of-series hoarding. So circulated examples in nice shape can actually be tougher to find than you’d expect. To get a quick read on your specific coin’s rarity, check it on the Coin Identifier and Value App.
Key Features Of The 1938 Buffalo Nickel
James Earle Fraser designed this coin, and it’s one of the most iconic in American numismatics. Two symbols of the American West — a Native American on the front, an American bison on the back. Knowing what to look for helps you spot wear, fakes, and varieties.
The Obverse Of The 1938 Buffalo Nickel
The obverse shows an oversized bust of a Native American warrior — a composite portrait Fraser based on several real individuals. LIBERTY sits from 1 to 2 o’clock, and the date is on the lower left of the bust.
When you’re grading, look at the cheekbone and hair first. Those are the high points that wear down before anything else. On well-circulated pieces, the hair braid and facial features can go almost flat.
The Reverse Of The 1938 Buffalo Nickel
Flip it over and you’ll see an American bison standing on a raised mound. UNITED STATES OF AMERICA runs along the top, with FIVE CENTS below the mound.
Check the buffalo’s shoulder and hip — those lose detail first. The horn smooths out quickly on circulated coins too. On a nice Mint State piece, you should see full fur texture across the entire body.
Other Features Of The 1938 Buffalo Nickel
The coin has a plain edge, measures 21.21 mm in diameter, and weighs 5.00 grams. Its composition is 75% copper and 25% nickel. The “D” mintmark, identifying the Denver Mint, appears on the reverse in the space below the denomination “FIVE CENTS.”
Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)
1938 Buffalo Nickel Mintage & Survival Data
1938 Buffalo Nickel Mintage & Survival Chart
Survival Distribution
| Type | Mintage | Survival | Survival Rate |
|---|---|---|---|
| D | 7,020,000 | 150,000 | 2.1368% |
Denver struck **7,020,000** Buffalo Nickels in 1938 — one of the lower mintage figures in the entire series. No other mint produced Buffalo Nickels that year.
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Of those 7 million coins, roughly **150,000** are believed to survive today. That’s a survival rate of just **2.1368%**. Think of it this way: out of a bag of 100 original coins, fewer than 3 still exist in collectible form.
But here’s the twist. Because collectors knew the series was ending, they squirreled away rolls of these things. That means a surprisingly high percentage of survivors are uncirculated. I think that’s why so many collectors underestimate how tough nice circulated examples actually are to find.
Also Read: Jefferson Nickel Value (1938-Present)
The Easy Way to Know Your 1938 Buffalo Nickel Value
Three things drive the value of your 1938 Buffalo Nickel: mint mark, condition, and variety. Get those right and you’re most of the way there. Sometimes the difference between varieties is worth hundreds of dollars.
Once you have those details in hand, the quickest way to get an accurate value is to look it up directly on the Coin Identifier and Value App.
1938 Buffalo Nickel Value Guides
- 1938-D Buffalo Nickel — The sole variety of this date, struck exclusively at the Denver Mint and the final issue of the entire Buffalo Nickel series. Widely hoarded by collectors at the time, it remains one of the most common dates to survive in Gem Mint State condition.
The 1938-D is the only variety for this date. Circulated examples are easy to find, but condition still makes or breaks the value.
Last-year-of-issue status keeps demand steady across the board. Plenty of uncirculated pieces were saved, but that collector appeal as a series finale never fades.
1938-D Buffalo Nickel Value
How common is this coin in Mint State? More common than any other Buffalo Nickel by a wide margin. All that end-of-series hoarding means rolls upon rolls were tucked away in nice condition. With a total mintage of **7,020,000**, it’s one of the lower production numbers for the 1930s — but survival in high grades is disproportionately strong.
Don’t let that fool you at the top of the grading scale, though. The highest recorded auction result for this coin is **$26,400**, achieved by an MS-68+ example sold through Stack’s Bowers in November 2023. We’re talking about a completely different kind of rare once you hit MS-68 territory.
1938-D Nickel Price/Grade Chart
Price by 1-70 Grade (Latest Auction Records Included)
The auction records below show how realized prices for the 1938-D have trended across different grade levels over time.
| Date | Platform | Price | Grade |
|---|---|---|---|
| 05/25 | SB | $125 | 66 |
| 04/25 | SB | $85 | 65 |
| 04/25 | SB | $125 | 66 |
| 04/25 | SB | $105 | 66 |
| 03/25 | SB | $85 | 66 |
| 03/25 | SB | $192 | 67 |
| 02/25 | SB | $125 | 65 |
| 02/25 | SB | $3,840 | 68 |
| 01/25 | HA | $4,920 | 68 |
| 12/24 | SB | $552 | 66 |
The market activity chart below reflects how collector demand for the 1938-D has shifted month by month over the past year.
Market activity: 1938-D Quarter
Market activity score: 86/100 as of Sep 2026 — up 23 points from Jun 2026. 12-month peak: 88 (Aug 2026).
Also Read: 22 Rare Nickel Errors List with Pictures (By Year)
Rare 1938 Buffalo Nickel Error List
The 1938-D has several die varieties worth cherrypicking. Mintmark punching was still done by hand in the 1930s, so repunched mintmarks were a regular occurrence.
What makes the 1938 varieties especially fun is that each one tells you something about what was actually happening at the Denver Mint during the final months of Buffalo Nickel production.
1. 1938-D Overmintmark
The “D” mintmark got punched into the die twice on this one — one of the last quirks before the series wrapped up. Classic hand-punching artifact.
Look for clear doubling on the mintmark. Mint State examples exist by the thousands, often in Gem condition, so you won’t have trouble finding one if you’re looking. The challenge is paying the right price.
1938-D Overmintmark Price/Grade Chart
Price by 1-70 Grade (Latest Auction Records Included)
2. 1938-D/S Overmintmark
This is the one with the great backstory. The Mint originally prepared dies for San Francisco, then pulled the plug on Buffalo Nickel production there. Instead of scrapping the dies, they punched a “D” over the existing “S” and shipped them off to Denver.
You want to look for tripling of the mintmark — a “D” clearly sitting on top of an “S.” Only examples with strong, obvious overmintmark evidence carry a real premium. Weak ones trade closer to normal 1938-D prices.
1938-D/S Overmintmark Price/Grade Chart
Price by 1-70 Grade (Latest Auction Records Included)
3. 1938-D/D RPM
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Common variety, but popular with both Buffalo Nickel collectors and RPM specialists. The mintmark shows clear doubling from a second punch. It’s a textbook example of the hand-punching process that was about to become obsolete. Good cherrypicking target if you’re going through raw coins.
1938-D/D RPM Price/Grade Chart
Price by 1-70 Grade (Latest Auction Records Included)
Where To Sell Your 1938 Buffalo Nickel?
When you’re ready to sell your 1938 Buffalo Nickel, finding the right platform makes all the difference. The Coin Identifier and Value App brings together the best online selling options in one place — so you can compare, list, and connect with buyers quickly and with confidence.
Check out now: Best Places To Sell Coins Online (Pros & Cons)
FAQ About the 1938 Buffalo Nickel
1. What is the 1938 Buffalo Nickel?
It’s the last Buffalo Nickel ever made. Struck only at the Denver Mint, it closed out a 25-year series that started in 1913. Later that same year, the Jefferson Nickel took its place — making 1938 the only year both designs were produced.
2. How much is a 1938 Buffalo Nickel worth?
Depends entirely on condition. A 1938-D in Good averages around $2.00. Fine runs about $5.83. AU grades average $17.50, and Mint State examples average roughly $53.17. High-grade or variety coins can reach well into the thousands at auction.
3. What mint mark does the 1938 Buffalo Nickel have?
Every 1938 Buffalo Nickel carries a “D” mint mark on the reverse, below “FIVE CENTS.” Denver was the only mint striking Buffalo Nickels that year. No Philadelphia, no San Francisco examples exist.
4. How many 1938 Buffalo Nickels were made?
Total mintage was 7,020,000. About 150,000 survive today — a survival rate of just 2.1368%. Fewer than 3 out of every 100 original coins are still around.
5. Why is the 1938 Buffalo Nickel commonly found in uncirculated condition?
Collectors and dealers knew the design was being retired, so they stashed rolls of these away. That hoarding is why the 1938-D shows up in uncirculated grades far more often than most other Buffalo Nickel dates.
6. What is the highest auction price for a 1938 Buffalo Nickel?
The record is $30,550 for a 1938-D/D in MS-68. A standard 1938-D graded MS-68+ brought $26,400 through Stack’s Bowers in November 2023, and a 1938-D/S in MS-68 realized $25,300. All three top results were MS-68 coins.
7. What errors and varieties exist for the 1938 Buffalo Nickel?
Three main varieties: the 1938-D Overmintmark (doubled “D”), the 1938-D/S Overmintmark (“D” punched over an “S”), and the 1938-D/D RPM (repunched mintmark). All three came from hand-punching practices still in use at the Mint.
8. How did the 1938-D/S Overmintmark variety occur?
The Mint prepared dies for San Francisco, then cancelled Buffalo Nickel production there. Rather than toss the dies, they punched a “D” over the “S” and sent them to Denver. Only coins showing strong, clear tripling of the mintmark carry a meaningful premium.
9. What parts of the 1938 Buffalo Nickel show wear first?
On the obverse, check the cheekbone and hair — those go first. On the reverse, the buffalo’s shoulder, hip, and horn lose detail earliest. A nice Mint State coin should show full fur texture across the buffalo’s body.
10. Where is the best place to sell a 1938 Buffalo Nickel?
The Coin Identifier and Value App pulls together the best online selling options in one place. You can compare platforms, find the right buyers, and get a fair return without bouncing between a dozen websites.
