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The 1938-D Buffalo Nickel is worth anywhere from $30 in average circulated condition to over $15,000 in rare high-grade varieties. This coin is especially significant among collectors because it represents the final year of the beloved Buffalo design, and the Denver Mint (“D”) was the only facility to produce them that year.
| Condition | Estimated Market Value |
|---|---|
| Good (G-4) | $30 – $45 |
| Fine (F-12) | $55 – $70 |
| Extremely Fine (EF-40) | $90 – $110 |
| Choice Uncirculated (MS-65) | $150 – $225 |
| Variety: D Over S (MS-65) | $400 – $650 |
Historical Significance of the 1938-D Buffalo Nickel
The 1938-D Buffalo Nickel holds a unique place in American numismatic history. By 1938, the United States Mint was ready to replace the James Earle Fraser design with the new Jefferson Nickel. However, the Philadelphia and San Francisco mints had already moved on, leaving the Denver Mint as the sole producer of Buffalo nickels in 1938. Because it was the “last of its kind,” many collectors and citizens at the time recognized its future value and saved them in large quantities.
If you have found one of these in a jar of old pocket change, you might be holding a piece of history. To correctly identify the grade and authenticity of your find, many casual collectors use a top coin identifier app to get an instant appraisal. While the mintage of 7,020,000 coins is relatively low compared to previous years, the high survival rate of “Mint State” coins makes this a very popular entry-level coin for serious collectors.
Using an app like CoinKnow can help you distinguish between the 1938-D and other Buffalo years that might be worth significantly less. Because the date is one of the first features to wear off on these coins, being able to verify the “1938” and the “D” mint mark is the first step in determining wealth.
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Grading and Determining 1938 Buffalo Nickel Worth
When determining the value of your nickel, “Condition is King.” Most 1938-D nickels found today are in better shape than nickels from the early 1920s because people knew they were the last year of the series. To get a handle on the current market, check the 1938-D Buffalo Nickel Mint State price guide to see how much of a premium uncirculated coins carry over those found in the wild.
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A “Good” grade means the coin has significant wear, but the date and mint mark are still readable. A “Fine” grade shows some detail in the buffalo’s fur and the Native American’s hair. “Mint State” (MS) coins look like they just came from the mint, with a full “luster” or shine. If you aren’t sure where your coin falls, the CoinKnow app can analyze the surface of the coin through your camera to suggest a grade.
The following table breaks down the specific technical grades used by professionals:
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| Technical Grade | Visual Description | Price Range |
|---|---|---|
| VG-8 (Very Good) | Heavy wear; rims are flat but design is clear. | $40 – $50 |
| VF-20 (Very Fine) | Some hair detail visible; buffalo’s horn is partial. | $65 – $80 |
| AU-50 (About Uncirculated) | Traces of wear on high points; most luster remains. | $120 – $145 |
| MS-60 (Uncirculated) | No wear; may have scratches or bag marks. | $155 – $185 |
The Rare 1938-D/S Overmintmark Variety
The most exciting part of searching through 1938-D Buffalo Nickels is looking for the “D over S” variety. During production, mint workers occasionally re-punched the mint marks. In this case, a “D” (Denver) was punched over an “S” (San Francisco). This happened because the San Francisco mint had already prepared dies but stopped production, so the Denver mint reused them.
Finding an “OMM” (Over-Mintmark) can drastically increase the 1938 Buffalo Nickel market price relative to a standard Denver issue. You will need a magnifying glass or a high-quality smartphone camera to see it. Look closely at the “D” on the back of the coin, located just under the words “Five Cents.” If you see the curved tail of an “S” peeking out from behind the “D,” you have hit the jackpot.
Even in lower grades, these varieties are highly sought after. Because many people don’t know to look for this error, it is still possible to find them in old collections or inherited bags of coins. CoinKnow features a high-resolution zoom tool that can help you identify these tiny mint mark variations without needing expensive lab equipment.
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Key Factors Influencing Price and Demand
Supply and demand dictate the price of any vintage coin. For the 1938-D Buffalo Nickel, the supply is relatively stable, but the demand comes from two different groups: type set collectors and Buffalo Nickel specialists. Type set collectors only need one Buffalo Nickel for their collection, and they often choose the 1938-D because it is the most affordable way to get a high-quality “short-lived” design.
Eye appeal is another critical factor. Sometimes, these nickels develop a beautiful rainbow oxidation called “toning.” A 1938-D with vibrant blues and golds can sell for hundreds of dollars more than a “blast white” coin of the same technical grade. If your coin looks “dirty,” do not clean it! Cleaning a coin with chemicals or clothes will destroy its value and lower its grade significantly.
Market trends also play a role. Recently, there has been a surge in interest for coins from the late Great Depression era. As more people enter the hobby, the prices for “Key Date” or final-year coins tend to rise. The 1938-D is considered a “semi-key” date, meaning it isn’t as rare as the 1913-S, but it is far more valuable than a common 1936 or 1937 nickel.
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| Sales Channel | Pros | Cons |
|---|---|---|
| Local Coin Shop | Instant cash payment. | Likely to pay 20-30% below retail. |
| Online Auction (eBay) | Access to many buyers. | High fees and shipping risks. |
| Coin Shows | Competitive bidding between dealers. | Requires travel and time. |
Where to Sell Your 1938-D Buffalo Nickel
If you’ve determined that your nickel is a high-grade specimen or a D/S variety, your next step is deciding how to sell it. For coins worth $50 or less, a local coin shop is the most convenient option. However, if your coin is in pristine condition or features a rare error, you may want to have it professionally “slabbed” or graded by a service like PCGS or NGC.
Before selling, always do your homework. Using CoinKnow to track recent auction results can give you leverage when negotiating with a dealer. Remember that dealers need to make a profit, so they won’t pay the full “book value.” If a guide says your coin is worth $100, expect an offer between $60 and $75.
Finally, keep your 1938-D Buffalo Nickel in a protective flip or a PVC-free plastic holder. Even fingerprint oils can degrade the surface over time, turning a high-value Mint State coin into a lower-value “About Uncirculated” coin. By preserving the luster, you ensure that your piece of American history maintains its value for decades to come.
FAQ
Q: Where is the mint mark on a 1938 Buffalo Nickel?
A: The mint mark is located on the reverse (back) of the coin. Look at the bottom, just below the “Five Cents” text and above the rim. You should see a small “D” for Denver. If there is no letter, it is likely a different year, as only Denver produced Buffalo nickels in 1938.
Your Old Coin Could Be Valuable!
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Q: Is the 1938-D Buffalo Nickel made of silver?
A: No, Buffalo Nickels are not made of silver. They are composed of 75% copper and 25% nickel. While they do not have precious metal “melt value,” their worth comes entirely from their rarity and collector demand.
Q: How can I tell if my 1938-D nickel is the “D over S” variety?
A: You will need a 10x magnification loupe. Look at the “D” mint mark. If it is the variety, you will see a small serif or a curved line inside or behind the “D” that doesn’t belong there—this is the remnant of the original “S” mint mark.
Q: Why is the 1938-D Buffalo Nickel so valuable compared to 1937?
A: The 1937 nickel was produced in massive quantities across three mints. In 1938, the U.S. Mint switched to the Jefferson Nickel design, so only the Denver mint produced a limited run of Buffalo nickels, making them naturally scarcer.