1938 Buffalo Nickel Errors, Varieties and Value

The Buffalo nickel’s twenty-six-year run came to a close in 1938, and by then only one mint was still striking the design — a quiet ending for a coin that began with the elaborate two-type story told on our 1913 page. GetCoinHunt helps you search inventory from multiple coin dealers in one place, compare available examples, and create a wishlist alert when the right coin is not currently listed.

Design and history

Denver was the only mint to strike Buffalo nickels in the final year, using James Earle Fraser’s Type 2 reverse that had been standard since midway through 1913: a composite Native American portrait on the obverse and a bison on a flatter, recessed reverse ground. The coin is struck in 75% copper and 25% nickel, weighs 5.00 grams, measures 21.21mm, and has a plain edge, with the D mintmark appearing beneath FIVE CENTS. The Jefferson nickel also began production in 1938 at Philadelphia, meaning both designs briefly circulated together as part of an authorized design transition — not an error of any kind.

Errors and varieties to know

The standard 1938-D is widely saved in Mint State, since collectors and the public alike recognized at the time that the series was ending and set coins aside accordingly. It is not rare merely because it closed out the series — it’s actually one of the more available late-date Buffalo nickels in higher grades.

Two popular mintmark families are recognized for this date. The 1938-D/D shows a repunched D, where the mintmark was punched into the die more than once in a slightly different position. The 1938-D/S over-mintmark varieties show a D punched over remnants of an earlier S, evidence that a working die originally prepared for San Francisco was repurposed for Denver use. PCGS catalogs multiple specific over-mintmark attributions under different FS numbers, so collectors should cite the specific FS number rather than describe every irregular-looking D as a D/S. A genuine underlying S must appear in the documented positions inside and around the D.

How to examine a 1938-D Buffalo nickel

• For a claimed 1938-D/D or 1938-D/S, examine the mintmark closely under magnification and raking light, comparing the secondary punch’s shape and position against certified reference photos for the specific documented FS number.
• Don’t assume every D that looks slightly doubled or irregular is a D/S — many such coins are simply the result of normal die wear or a shifted, ordinary D punch, not a genuine repunched or over-mintmark die.
• Genuine doubled dies and repunched mintmarks show raised, rounded secondary features in a fixed, repeatable position; flat or shelf-like doubling is mechanical and not the same thing.
• Raised lines across the field are typically die cracks; incuse marks usually indicate scratches or handling damage.

As with other dates in this series, worn or damaged dates are sometimes chemically treated or re-engraved — a practice covered in our guide to documented counterfeit U.S. coins. Avoid cleaning any candidate coin before it’s been evaluated.

Buying considerations

Certified versus raw coins

A raw ordinary 1938-D nickel from a reputable dealer is a reasonable purchase, even in Mint State, given how widely the date was saved. For a claimed 1938-D/D or 1938-D/S, certification from PCGS or NGC with the specific FS number attributed is worth seeking, since confirming the precise mintmark match can be difficult without expert review.

Understanding grades and condition

Because so many 1938-D nickels were saved as the last of the series, Mint State examples are comparatively plentiful and affordable relative to most other Buffalo nickel dates. Wear on circulated examples follows the usual pattern — the portrait’s cheekbone and hair braid first, then the bison’s shoulder and horn.

Problem coins

Cleaning, spotting, and environmental damage still turn up on this date despite its relative abundance in Mint State. A details-graded example is rarely necessary given how affordable clean examples typically are, but it remains a reasonable option for a tight budget.

Suggested search terms and filters

Start broad: “1938-D Buffalo nickel,” “1938-D/D repunched mintmark,” or “1938-D/S over mintmark.”

Then narrow by:

• Issue: regular strike, 1938-D/D, or 1938-D/S (specify FS number where known)
• Grade: circulated grades through Mint State
• Certification: PCGS, NGC, or raw

Availability and pricing notes

Ordinary 1938-D nickels, including in Mint State, are common and affordably priced given how heavily the date was saved. Certified 1938-D/D and 1938-D/S examples trade at a premium tied to the specific FS attribution and grade. Compare recent completed sales before assuming a listing’s asking price reflects the market.

GetCoinHunt does not guarantee that every listing is authentic, accurately graded, or fairly priced. Authentication, grading, pricing, return policies, and fulfillment remain the responsibility of the dealer or marketplace offering the coin.

How the GetCoinHunt wishlist alert works

1. Search for the coin. Enter “1938-D Buffalo Nickel” to search participating dealer inventory.
2. Review the available matches. Compare listings by variety attribution, grade, and certification.
3. Add the search to your wishlist. If the right example isn’t available, save “1938-D Buffalo Nickel” as a wishlist item with variety or grade preferences where available.
4. Get notified about new matches. GetCoinHunt sends an alert when new dealer inventory matches your wishlist.
5. Evaluate the coin before buying. Verify certification and photographs, read the full listing, and review the seller’s terms.

Frequently asked questions

Why did only Denver strike Buffalo nickels in 1938?

By the final year of the series, the Mint was already transitioning to the new Jefferson nickel design, which began production at Philadelphia the same year as an authorized design change.

Is the 1938-D rare because it’s the last year of the series?

No. It was widely recognized as historically significant at the time and saved in quantity, so it’s actually one of the more available late-date Buffalo nickels in Mint State.

What’s the difference between 1938-D/D and 1938-D/S?

The D/D shows a D mintmark repunched into the die in a slightly different position. The D/S shows a D punched over remnants of an earlier S, evidence a die originally meant for San Francisco was repurposed for Denver.

Should I assume any irregular-looking D is a D/S variety?

No. Many irregular D mintmarks are the result of ordinary die wear or a shifted punch rather than a genuine, documented over-mintmark. Always compare against the specific certified FS attribution.

What if no suitable coin is currently available?

Add “1938-D Buffalo Nickel” to your wishlist below. You’ll be notified when newly detected dealer inventory matches your search.

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