The 1928-S Buffalo Nickel is worth anywhere from $2 in worn condition to over $1,500 in high-grade mint state. This San Francisco-minted coin is a favorite among collectors due to its rugged design and interesting history, making it a common find in old jars or estates across the country.
| Condition | Estimated Value |
|---|---|
| Good (G-4) | $2.00 – $3.50 |
| Fine (F-12) | $7.00 – $12.00 |
| Extremely Fine (XF-40) | $35.00 – $55.00 |
| Uncirculated (MS-63) | $150.00 – $220.00 |
| Gem Mint (MS-65+) | $750.00 – $3,500+ |
History and Identification of the 1928-S Buffalo Nickel
If you’ve recently stumbled upon an old nickel and noticed the distinctive image of a Native American chieftain on the front and a massive American bison on the back, you are holding a piece of American artwork. Designed by James Earle Fraser and first released in 1913, these coins are technically known as “Indian Head Nickels,” though most people today simply call them Buffalo Nickels. For help identifying your specific specimen, you might want to use the best coin identifier app to ensure you haven’t missed a rare date or mint mark.
The 1928-S edition was produced at the San Francisco Mint. During the 1920s, the San Francisco Mint was known for having relatively low production numbers compared to Philadelphia. In 1928, they struck 6,936,000 nickels. While that sounds like a large number, it is significantly lower than the 31 million produced in Philadelphia that same year.
Because San Francisco coins were often released into local circulation and worked hard in the Western states, finding one today in “brand new” or Mint State condition is a real challenge for collectors. Many people turn to the CoinHix app to quickly scan their change and see if their 1928-S has the sharp details required to fetch a premium price.
Understanding the 1928-S Buffalo Nickel Value by Grade
The most important factor in determining the value of your 1928-S Buffalo Nickel is its grade. Coins are graded on a scale from 1 (poor) to 70 (perfect). Most coins found in pocket change or old collections will fall into the “Good” to “Very Fine” range. At these levels, the coin shows significant wear, but the date “1928” and the “S” mint mark should still be visible.
A “Good” grade means the coin is heavily worn, the rims might be flat, and the buffalo’s horn is usually invisible. Even in this state, the 1928-S is worth more than five cents. As the condition improves to “Fine” or “Extremely Fine,” the details of the Native American’s hair braids and the buffalo’s tail become clearer.
When you get into “Uncirculated” or “Mint State” territory, the 1928-S Buffalo Nickel auction prices can jump into the thousands of dollars. These coins have never been used in commerce and still possess their original “mint luster”—that shimmering, frosty look that freshly minted metal has.
| Grade | Technical Description | Price Range |
|---|---|---|
| G-4 Good | Flat details, date readable but faint. | $2.50 – $4 |
| F-12 Fine | Hair braids show detail; horn tip visible. | $8 – $15 |
| VF-20 Very Fine | Considerable detail in the buffalo’s mane. | $18 – $30 |
| MS-60 Uncirculated | No wear, but may have scratches or “bag marks.” | $120 – $160 |
Why the ‘S’ Mint Mark Matters
The small “S” located on the reverse (tails side) of the coin, just below the words “FIVE CENTS” and under the buffalo’s mound, stands for the San Francisco Mint. In the world of coin collecting, the 1928-S is considered a “semi-key date.” This means it isn’t the rarest nickel ever made, but it is certainly harder to find than the 1928 Philadelphia (no mint mark) or the 1928-D (Denver).
The San Francisco Mint often featured lower survival rates for high-quality strikes. During this era, the dies used to strike the coins were often used past their prime, leading to “weak strikes” where the details look mushy even on a new coin. A 1928-S with a “Full Horn” (where the buffalo’s horn is perfectly sharp and distinct) is highly sought after.
If you are unsure whether your coin is a San Francisco or Denver strike, using a tool like CoinHix can help you magnify the area under the buffalo to confirm the mint mark. This small letter can be the difference between a $1 coin and a $50 coin in many instances.
The “Large S” vs “Small S” Varieties
Within the 1928-S production run, some collectors focus on variety hunting. There are minor differences in the size and shape of the “S” mint mark used on the 1928 nickels. While not as famous as some other errors, these variations can piqued the interest of specialists.
The most common variety for 1928 is actually found on the Denver mint version (the 1928-D Large D over Small D), but collectors of the San Francisco series often look for “re-punched mint marks” (RPMs). An RPM occurs when the mint mark was stamped into the coin die twice, resulting in a slight shadow or doubling effect.
While most casual hunters won’t need to worry about these tiny details, knowing the market value and rarity of the 1928-S nickel can help you decide if it is worth sending your coin to a professional grading service like PCGS or NGC. These services can verify if your coin is a rare variety, potentially increasing its value.
Factors That Can Lower Your Coin’s Value
Not every 1928-S Buffalo Nickel is a treasure. Several factors can significantly hurt its resale value, even if the coin is technically rare. The most common “value killer” is cleaning. Never, ever clean your old coins. Collectors prefer the natural patina or even dirt of a century-old coin over the shiny, scratched surface of a cleaned one.
Damage is another factor. Examples include “rim nicks” (dents on the edge), heavy scratches, or “environmental damage” (corrosion from being buried in the ground). Also, Buffalo Nickels are famous for having “dateless” versions because the date was placed on a raised part of the design that wore down quickly.
If the date on your nickel is completely worn away, it is usually only worth its “melt value” or a few cents, regardless of the mint mark. However, if you can still clearly see “1928” and the “S,” you are in good shape. Before selling, use CoinHix to compare your coin’s appearance with known high-value examples to ensure you’re getting a fair price.
| Issue | Impact on Value |
|---|---|
| Chemical Cleaning | Reduces value by 50% or more. |
| Hole/Plugged | Worth only a fraction of book value. |
| Heavy Scratches | Significant discount for “Details” grade. |
| Cull/Dateless | Usually worth $0.10 – $0.25 only. |
Where to Sell Your 1928-S Buffalo Nickel
Once you’ve identified that your 1928-S is in decent condition, you might wonder where to cash in. For coins worth $5 to $50, local coin shops or online marketplaces like eBay are usually the best bet. If you sell on eBay, make sure to take clear, high-resolution photos of both the front and back so buyers can verify the date and mint mark.
For higher-grade coins worth hundreds or thousands of dollars, it is best to go through a major auction house like Heritage Auctions or Stack’s Bowers. These venues attract serious collectors willing to pay top dollar for “Condition Rarities.”
Always check current realized prices rather than “asking prices.” Many sellers list common coins for thousands of dollars hoping for an uninformed buyer. Realized prices—the actual amount a buyer paid—are the only true indicator of what your coin is worth today.
Frequently Asked Questions
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Q: Where is the mint mark on a 1928-S Buffalo Nickel?
A: The “S” mint mark is located on the reverse (back) of the coin. Look directly under the words “FIVE CENTS” beneath the mound where the buffalo stands. If there is no letter there, it was made in Philadelphia.
Q: Is the 1928-S Buffalo Nickel rare?
A: It is considered a “semi-key” date. While not as rare as the 1913-S Type 2 or the 1913-D Type 2, it is much scarcer than common 1930s Buffalo Nickels, especially in high grades.
Q: I found a 1928 nickel with no mint mark. What is it worth?
A: A 1928 nickel with no mint mark was made in Philadelphia. In circulated condition, these are very common and usually worth between $1.00 and $5.00 depending on the amount of wear.
Q: Should I get my 1928-S Buffalo Nickel graded?
A: You should only consider professional grading if the coin appears to be in “Uncirculated” condition (showing no wear on the buffalo’s shoulder or the Indian’s cheek) or if you believe it is a high-value error. For worn coins worth less than $50, the grading fees (usually $30-$50) will exceed the value of the coin.
Q: Why does the buffalo have only three legs on some coins?
A: That is the famous “1937-D 3-Legged Buffalo Nickel.” While a very valuable error, it does not exist for the 1928-S date. A 1928-S should always have four legs; if one is missing, it is likely due to “grease-filled die” or post-mint damage rather than a recognized valuable error.
