The 1938-D/S Buffalo Nickel is worth anywhere from $30 in circulated condition to over $1,500 in high-grade mint state. As the final year of this iconic American series, the Denver Mint produced a fascinating variety where the “D” mintmark was stamped directly over an “S,” creating a treasure for modern collectors.
| Grade / Condition | Estimated Market Value |
|---|---|
| Good (G-4) to Fine (F-12) | $25 – $45 |
| Extremely Fine (EF-40) | $60 – $85 |
| About Uncirculated (AU-50) | $100 – $140 |
| Mint State (MS-63) | $180 – $250 |
| Gem Mint State (MS-66+) | $650 – $3,500+ |
Understanding the 1938-D/S Buffalo Nickel Variety
The year 1938 marked the transition from the Buffalo (Indian Head) design to the Jefferson Nickel. Because production was shifting, the Denver Mint repurposed dies that were originally intended for the San Francisco Mint. In a process known as an “overmintmark,” workers punched a “D” over the already existing “S.”
If you suspect you have found one of these gems in your old collection, using the best coin identifier app can help you zoom in on the mintmark area to confirm the variety. To the naked eye, it might just look like a blurry letter, but under magnification, the “ghost” of the S is clearly visible beneath the D.
Because 1938 was the last year of the series, many people saved these coins in high grades. However, the D/S variety is significantly rarer than the standard 1938-D issue. While a regular 1938-D nickel is very common even in pristine condition, the D/S overmintmark occupies a special place in the hearts of variety hunters.
Finding one in your pocket change is unlikely today, but many “raw” coins found in estate sales or old jars turn out to be this valuable error. Using a tool like CoinHix allows you to compare your coin against high-resolution images of known D/S strikes to ensure you aren’t looking at a simple mechanical double or a smudge.
How to Identify the D/S Mintmark
Identifying the 1938-D/S Buffalo Nickel requires a close look at the reverse side of the coin. The mintmark is located on the bottom, just below the words “FIVE CENTS” and the buffalo’s mound. There are actually several different “die stages” for this variety, meaning some show the “S” more clearly than others.
In the most famous version (OMM #1), the top curve and the bottom loop of the “S” peek out from the left and top of the “D.” This creates a distinctive, thickened look to the letter. If you see a crisp, thin “D,” it is likely the common variety. If the letter looks “fat” or has extra serifs, you have caught a winner.
Collectors often use professional grading services like PCGS or NGC to verify these varieties. For a casual hobbyist, the 1938-D/S nickel price data in Mint State shows that the investment in professional grading is almost always worth it for coins that appear uncirculated.
Grading and Condition Factors
Like all vintage currency, the physical condition of your 1938-D/S nickel dictates its final sale price. Coins are graded on a scale of 1 to 70. A coin that has been circulated through commerce will show wear on the hair of the Native American profile and the fur on the buffalo’s shoulder.
For this specific variety, “Eye Appeal” is a massive factor. Since many of these were saved in rolls, collectors look for “lustre”—that original mint frosty glow. If your coin is dark, scratched, or has been cleaned with chemicals, the value drops significantly. Never clean your coins, as it removes the original surface and reduces the numismatic value.
| Condition Label | Visual Characteristics |
|---|---|
| Average Circulated | Smooth buffalo shoulder, visible date but faint details. |
| About Uncirculated | Trace wear on high points; some mint lustre remains. |
| Mint State (Uncirculated) | No wear; sharp details; full “cartwheel” shine. |
Market Trends for the 1938-D/S Buffalo Nickel
The market for Buffalo Nickels has remained remarkably stable over the last decade. Because the design is so quintessentially American, there is always a buyer for a high-quality 1938-D/S. Recently, prices for MS-66 specimens have seen an uptick as more collectors compete for “registry sets.”
You can check current 1938 Buffalo Nickel value and auction history to see what these coins are fetching on sites like eBay or Heritage Auctions. Generally, a raw (ungraded) D/S variety in nice condition will sell for $50-$100 quite quickly.
Interestingly, the “D over S” is not just a single error but came from several different die pairs. This means there are subtle differences in where the “S” is positioned under the “D.” Some collectors try to assemble a set of all known die varieties, which helps keep the demand high. Utilizing CoinHix can help you track these small details and potentially discover a rarer sub-variety.
Where to Sell Your Rare 1938-D/S Nickel
Once you’ve identified your coin, you might wonder where the best place is to turn it into cash. For common circulated coins, a local coin shop is the fastest route, though they will typically offer 60-70% of the retail value so they can make a profit.
For high-grade examples (MS-64 or higher), selling through an auction house or a specialized online marketplace is better. These venues attract serious collectors who are willing to pay a premium for the 1938-D/S Buffalo Nickel variety.
Before selling, always make sure you have clear, high-resolution photos of the mintmark area. Buyers are skeptical of varieties unless the “S” is clearly visible. With the help of CoinHix, you can document your coin’s features and feel confident when negotiating with dealers or private collectors.
| Selling Method | Pros | Cons |
|---|---|---|
| Local Coin Shop | Instant cash; safe transaction. | Lower payout than retail. |
| Online Auctions (eBay) | Reaches most buyers; higher potential price. | Seller fees; shipping risks. |
| Major Auction Houses | Best for high-value MS-67 coins. | Long wait times; high commissions. |
FAQ
Q: Is every 1938-D nickel a D/S variety?
A: No. Most 1938-D nickels are “normal” and do not have the S underneath. While the normal 1938-D is still a collectible coin, it is only worth about $1 to $3 in average circulated condition, making the D/S variety much more valuable.
Q: How can I tell if my coin is cleaned?
A: A cleaned coin often has an unnatural, “shiny” look but lacks the rotating “cartwheel” lustre of an original coin. You might also see tiny parallel scratches (hairlines) from a cloth or brush. Cleaning a 1938-D/S Buffalo Nickel can reduce its value by 50% or more.
Q: Why did the Denver mint punch a D over an S?
A: During the Great Depression and the transition years between coin designs, the mint was very frugal. Rather than destroying perfectly good dies that had already been shipped to or prepared for the San Francisco mint, the Denver mint simply over-stamped them with their own “D” to save time and money.
Q: Is it worth getting a 1938-D/S nickel graded?
A: If the coin is in Mint State (shows no wear) or is a very clear D/S variety, yes. Graded coins sell for a significantly higher premium and provide the buyer with peace of mind regarding the coin’s authenticity. If the coin is heavily worn, the grading fees might cost more than the coin is worth.
