1938-D/S Buffalo Nickel Value: Rare Mint Mark Worth Money

The 1938-D/S Buffalo Nickel is worth anywhere from $15 in worn condition to over $1,200 in high-grade mint state. This fascinating coin represents the very last year of the Buffalo series and features a unique “overmintmark” that makes it a top prize for everyday treasure hunters and serious collectors alike.

Condition / Grade	Estimated Value
Good to Fine (Circulated)	$15 – $35
Extremely Fine (XF 40)	$40 – $65
Uncirculated (MS 60-63)	$75 – $150
Choice Mint State (MS 65+)	$250 – $1,200+

Understanding the 1938-D/S Buffalo Nickel Variety

The 1938-D/S Buffalo Nickel is what numismatists call an “overmintmark” variety. During the late 1930s, the Denver and San Francisco mints were preparing to transition from the Buffalo design to the new Jefferson Nickel. In a move to save resources, the mint took dies originally intended for San Francisco (marked with an ‘S’) and punched a ‘D’ over them for use in Denver. For many Americans, using a top coin identifier app is the fastest way to spot this faint secondary mint mark beneath the primary one.

This specific variety occurred because 1938 was a year of transition. While the Buffalo Nickel was being phased out, only the Denver mint produced them that year. Because they repurposed these dies, sharp-eyed collectors can see the remnants of the ‘S’ peaking out from behind the ‘D’. If you find one of these in your piggy bank or an old collection, you aren’t just looking at five cents; you’re looking at a piece of minting history.

To identify this coin, you will need a magnifying glass or a high-quality smartphone camera. While some coins are very obvious, others require a bit of patience. The CoinKnow app can be a massive help here, as it uses advanced image recognition to help distinguish between a standard mint mark and the more valuable D over S variety.

What Makes the 1938-D Over S Nickel So Valuable?

Value in the coin world is driven by two things: rarity and demand. The 1938-D/S Buffalo Nickel has both in spades. Because 1938 was the final year of production, many people saved these coins, meaning there are quite a few “uncirculated” examples left. However, the specific overmintmark variety is much rarer than the standard 1938-D.

The demand for this coin comes from “set builders.” Collectors who want a complete set of Buffalo Nickels must have the 1938-D/S to consider their collection finished. This constant demand keeps prices high, even for coins that show some wear and tear. When checking your change, check the current 1938-D/S Nickel auction prices to see how much the market is currently paying for high-grade specimens.

If you are unsure if your coin qualifies, CoinKnow provides a database of similar sales records. This is vital because a standard 1938-D nickel might only be worth a few dollars in average condition, whereas the D/S variety immediately jumps into the double or triple digits.

Variety Type	Average Circulated Value	Average Uncirculated Value
Standard 1938-D	$1.50 – $5.00	$30.00+
1938-D over S (Variety 1)	$25.00+	$100.00+
1938-D over S (Variety 2)	$35.00+	$150.00+

How to Grade Your 1938 Buffalo Nickel at Home

Grading is the process of determining how much wear a coin has. For the 1938-D/S Buffalo Nickel, the grade is everything. Because so many were saved in “mint state,” a tiny scratch or a bit of dullness can mean the difference between a $50 coin and a $500 coin. Most casual collectors will find coins in “Fine” or “Very Fine” condition.

In “Fine” condition, the Native American’s hair braid will show some detail, but the lines will be smoothed out. The buffalo on the back will have a visible horn, though it might be worn down. In “Mint State” (uncirculated), the coin should look like it just came from the bank yesterday, with a bright luster and no flat spots on the high points of the design.

For a detailed breakdown of how condition affects the price, you can view this 1938 Buffalo Nickel price and grading guide. It is important to never clean your coins, even if they look dirty. Cleaning a rare nickel can actually reduce its value by 50% or more because collectors prefer the original “patina” or surface of the metal.

Key Features to Spot on a 1938-D/S Nickel

To find the D/S variety, look at the reverse (the back) of the coin. Below the words “FIVE CENTS,” you will see the ‘D’ mint mark. Using a loupe, look closely at the ‘D’. You are looking for the curves of an ‘S’ inside the loop of the ‘D’ or perhaps the top serif of the ‘S’ poking out from the top of the ‘D’. There are actually several different “dies” used, so the ‘S’ might appear in slightly different spots.

The most famous version shows the ‘S’ clearly visible inside the ‘D’. Another version shows the ‘S’ shifted slightly to the left. These are often referred to by collectors as OMM (Over Mint Mark) #1, #2, or #3. Each has a slightly different market value, but all are significantly more valuable than the common 1938-D.

Using the CoinKnow app can help you compare your coin against high-resolution photos of known OMM varieties. This takes the guesswork out of the equation. If you see something that doesn’t look like a standard ‘D’, there is a high chance you have found a coin worth a significant premium.

Feature	What to Look For
The Mint Mark	Located on the reverse under “Five Cents”. Look for a ‘D’.
The “S” Remnant	Should be visible inside or behind the ‘D’ under 10x magnification.
Surface Luster	1938 nickels are known for being very shiny/lustrous.
Buffalo Tail	High-grade coins will have a very sharp, detailed tail.

The Investment Potential of 1938-D/S Nickels

Is the 1938-D/S Buffalo Nickel a good investment? Generally, yes. Rare varieties like this tend to hold their value well because they are a finite resource. The US Mint isn’t making any more 1938 nickels, and as more collectors enter the hobby, the number of available D/S varieties stays the same or decreases as coins are lost or damaged.

If you are looking to buy one as an investment, aim for a coin that has been “certified” by a professional service like PCGS or NGC. A certified MS66 or MS67 1938-D/S is a centerpiece of any collection and has shown steady price growth over the last decade. Even for the average American who finds one in a drawer, it’s a wonderful “gateway” coin into the world of professional collecting.

The thrill of the hunt is what makes the 1938-D/S so special. While you might not find one in your grocery store change today (since Buffalo Nickels rarely circulate anymore), they are very common in “unsearched” estate bags or old jars of coins passed down from grandparents. Always keep an eye out for that “D” on the back—it might be hiding a valuable secret!

FAQ

Q: How can I tell the difference between a real 1938-D/S and a regular 1938-D?

A: You will need magnification, typically at least 10x. Look for the “S” mint mark’s curves inside the opening of the “D” or parts of the “S” protruding from the top or bottom of the “D” letter.

Q: Why did the mint punch a D over an S?

A: It was an efficiency measure. 1938 was the final year of the Buffalo Nickel. The San Francisco mint had already prepared dies, but then decided not to strike Buffalo Nickels. The Denver mint took those unused dies and punched their “D” over them to avoid wasting the steel dies.

Q: Is a 1938-D/S nickel worth more than a 1937 3-legged buffalo?

A: Generally, no. The 1937-D 3-Legged Buffalo Nickel is much rarer and more famous, often selling for $500 to $2,000 even in lower grades. However, the 1938-D/S is still one of the most valuable “modern” Buffalo Nickel varieties.

Q: Can I find a 1938-D/S Buffalo Nickel in pocket change?

A: It is very unlikely today, as Buffalo Nickels were replaced by Jefferson Nickels starting in 1938. However, they are frequently found in “dealer junk bins” or old family coin collections where the variety wasn’t previously noticed.

Q: Should I clean my 1938 nickel to see the mint mark better?

A: Never clean your coins! Cleaning creates microscopic scratches that collectors hate. Instead, use a stronger light source and a better magnifying glass to see the mint mark. Cleaning will significantly decrease the coin’s resale value.