Your Old Coin Could Be Valuable!
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The 1928-S Buffalo Nickel is worth anywhere from $2 in heavily worn condition to over $1,500 in high-grade mint state. Finding one of these in your pocket change or an old jar is an exciting discovery because the San Francisco mint mark often carries a premium.
| Condition | Estimated Value |
|---|---|
| Good (G-4) | $2.00 – $3.50 |
| Fine (F-12) | $8.00 – $12.00 |
| Extremely Fine (XF-40) | $45.00 – $65.00 |
| Uncirculated (MS-60+) | $250.00 – $3,500.00+ |
History of the 1928-S Buffalo Nickel
The Buffalo Nickel, also known as the Indian Head Nickel, is one of the most iconic pieces of American history. Designed by James Earle Fraser and minted from 1913 to 1938, it captures the rugged spirit of the American West. The year 1928 was a year of relative prosperity in the United States, and the San Francisco Mint struck exactly 6,936,000 of these five-cent pieces. While nearly seven million coins might sound like a lot, it is a relatively low mintage compared to the Philadelphia Mint’s production that same year.
If you have stumbled upon one of these coins, you might be wondering if you have a hidden treasure. Using a top coin identifier app can help you confirm the date and mint mark immediately. The San Francisco (“S”) mint mark is particularly significant because San Francisco issues from this era are notorious for being poorly struck, making well-defined examples extremely valuable to collectors who want to see every strand of hair on the Native American portrait.
Because these coins were workhorses of the American economy during the Great Depression, most “S” mint nickels from 1928 were circulated until the designs were almost completely rubbed smooth. Finding one with a clear date is the first step in determining its worth. If you are unsure of what you have, the CoinKnow app can provide instant recognition and help you catalog your find social-media style.
Your Old Coin Could Be Valuable!
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Identifying the S Mint Mark and Grade
The most important feature to look for on your 1928 nickel is the small “S” located on the reverse side. Turn the coin over and look directly underneath the words “FIVE CENTS” and the mound of dirt the buffalo is standing on. If you see an “S,” you have the San Francisco variant. If the space is blank, it was minted in Philadelphia. If there is a “D,” it came from Denver.
Grading is the process of determining how much wear a coin has sustained. For a 1928-S Buffalo Nickel, the grade is everything. In “Good” condition, the date will be readable but the buffalo’s horn will be missing. In “Fine” condition, the horn will be partially visible. By the time you reach “Uncirculated” grades, the coin looks like it just left the mint yesterday.
Your Old Coin Could Be Valuable!
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| Grade Designation | Visual Characteristics |
|---|---|
| Good (G-4) | Date is visible but weak; rims are worn into the lettering. |
| Very Fine (VF-20) | The buffalo’s horn is about half visible; hair details are clear. |
| About Uncirculated (AU-50) | Traces of wear on the high points; original mint luster remains. |
Market Value for Circulated 1928-S Nickels
Most Americans who find an old nickel will have a circulated example. These are coins that spent years buying newspapers, candy, or trolley rides. Even in worn condition, a 1928-S carries a premium over its face value because of its age and the “S” mint mark. Collectors who are building an “album set” often look for these affordable mid-range coins to fill their slots.
The current 1928 Buffalo nickel value for a circulated piece typically stays between $2 and $50. If the coin is so worn that you cannot see the date, it is unfortunately only worth about 10 to 20 cents as “cull” silver-less coinage. However, if the date “1928” and the letter “S” are crisp, you are looking at a solid collector item.
Your Old Coin Could Be Valuable!
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Many people use CoinKnow to track the fluctuating market prices of these nickels. Since the market for vintage coins can change based on demand, staying updated with a digital tool is a smart move for any casual hunter.
Rare 1928-S Buffalo Nickel Mint State Prices
When we talk about “Mint State” (MS), we are referring to coins that never entered public circulation. These coins were put aside by collectors or bank employees in 1928 and have been preserved for nearly a century. This is where the 1928-S Buffalo Nickel becomes a high-value asset. In MS-65 condition, the price can skyrocket into the thousands.
The reason for this spike is “eye appeal.” As mentioned earlier, San Francisco nickels from the late 20s often had “mushy” strikes. A 1928-S that is sharply struck with full details on the buffalo’s fur and the Native American’s braid is very rare. You can check the latest 1928-S Buffalo nickel mint state prices to see how much a professional grading service might value a top-tier specimen.
Your Old Coin Could Be Valuable!
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| Mint State Grade | Average Market Price |
|---|---|
| MS-63 | $275 – $350 |
| MS-65 | $1,100 – $1,650 |
| MS-66 | $3,000+ |
Common Errors and Varieties to Watch For
While the 1928-S is primarily valued for its date and mint mark, collectors also keep an eye out for errors. Minting errors occur when something goes wrong during the production process at the San Francisco Mint. While there are no major “headline” varieties for this specific year (like the famous 3-legged buffalo of 1937), there are minor things that can boost value.
Look for “Die Cracks,” which appear as raised lines of metal on the surface of the coin. Also, “Lamination Errors,” where the metal of the coin appears to be peeling or cracking, can be interesting to specialized collectors. While these don’t always add hundreds of dollars, they make the coin unique.
Before you sell your coin as a standard nickel, use the CoinKnow app to zoom in on the details. Sometimes a coin that looks normal to the naked eye reveals interesting minting quirks under high-resolution magnification.
Your Old Coin Could Be Valuable!
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Is the 1928-S Buffalo Nickel a Good Investment?
Investing in coins is different from buying stocks. The 1928-S Buffalo Nickel is considered a “semi-key” date. It isn’t as rare as the 1913-S Type 2, but it is much harder to find than a common 1936 Philadelphia nickel. For a casual collector, it is a fantastic piece of history that generally holds its value well over time.
Because the Buffalo Nickel series is one of the most popular in the world, there is always a buyer for an “S” mint mark coin. If you are holding an example in Extremely Fine or better condition, it is likely to appreciate as more people enter the hobby and the supply of high-grade raw coins diminishes.
Always remember to store your coins in a PVC-free holder. Tossing a valuable 1928-S into a plastic bag can cause chemical damage that ruins the “luster” and lowers the grade. Proper preservation is the key to ensuring your five-cent piece turns into a big payday later.
FAQ
Q: Where is the mint mark on a 1928 Buffalo Nickel?
A: The mint mark is on the reverse (back) of the coin, located at the bottom center, just below the words “FIVE CENTS.” You will see an “S” for San Francisco or a “D” for Denver. If there is no letter, it was made in Philadelphia.
Your Old Coin Could Be Valuable!
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Q: How can I tell if my 1928-S Nickel is real?
A: Authentic Buffalo Nickels have a specific weight (5 grams) and diameter (21.2mm). Counterfeits are rare for this specific year, but you should look for “added” mint marks where someone might have glued an “S” onto a Philadelphia coin. Using a high-quality coin app can help you compare your coin to known authentic examples.
Q: Why is the date so hard to read on my nickel?
A: The Buffalo Nickel design was flawed because the date was placed on a raised area of the coin. This caused the date to wear away faster than any other part of the design. Coins with “Full Dates” are significantly more valuable than those with “Partial Dates.”
Q: Is it worth getting my 1928-S Buffalo Nickel professionally graded?
A: It is generally only worth the cost (usually $30-$50) if the coin is in Mint State or very high Extremely Fine condition. If your coin is worth less than $100, professional grading might cost more than the coin is worth.