The 1938-D/D Buffalo Nickel is worth anywhere from $25 in circulated condition to over $1,500 in high-grade mint state. Finding one of these in your pocket change or an old jar is like finding a small treasure, as it represents one of the most famous “re-punched mint mark” varieties in American numismatics.

Understanding the Rare 1938-D/D Buffalo Nickel Variety

If you have recently discovered an old Buffalo Nickel dated 1938 with a “D” mint mark, you might be holding something special. While millions of these coins were produced, a specific subset features a “Repunched Mint Mark” (RPM). This happened when the mint worker struck the “D” letter into the coin die twice, resulting in a visible shadow or doubling of the letter. If you aren’t sure if your coin has this feature, using a top coin identifier app can help you zoom in on the details.

Most 1938 nickels are actually Jefferson Nickels, as the design changed halfway through the year. However, the Denver Mint produced a final run of the beloved Buffalo design. Because this was the last year of the series, many people saved them, meaning they are easier to find in good condition than nickels from the 1920s. To get an accurate reading on your specific coin, you can check the CoinKnow app to compare your find with high-resolution auction photos. Professionals look for a clear “D” over another “D” on the reverse side, just below the words “Five Cents.”

The value of these coins is driven by the fact that they are the “sunset” of an era. Collectors love the 1938-D because it is often found with a sharp strike and beautiful luster. When you add the D/D error into the mix, the price jumps significantly compared to a standard 1938-D nickel. Even for a beginner, identifying this variety is a great way to start a serious collection.

How to Identify the D over D Mint Mark

Identifying the 1938-D/D Buffalo Nickel requires a magnifying glass or a high-quality smartphone camera. Look at the reverse of the coin, specifically the area below the buffalo’s rear leg. You will see the “D” mint mark signifying the Denver Mint. In the D/D variety, you will typically see a secondary “D” shifted slightly to the north, south, or west of the main letter. There are actually several different “types” of repunched marks for this year, such as the D/D North or D/D West.

Because these errors are small, many people overlook them. This is why it is essential to check every 1938 Buffalo Nickel you come across. If the mint mark looks “thick” or “blurred,” there is a high chance it is the valuable repunched variety. Using tools like CoinKnow allows you to see what a “normal” mint mark looks like versus the error version.

Don’t worry if the buffalo’s horn or tail is slightly worn. While condition matters, the “variety” itself carries a premium. Collectors of “Cherrypicker” varieties—people who look for rare errors in common coin bins—live for finding these. Once you confirm the doubling, you can research the current 1938-D/D Buffalo Nickel auction prices to see what similar specimens have sold for recently.

Market Value Chart for 1938-D/D Buffalo Nickels

The value of your 1938-D/D Buffalo Nickel depends almost entirely on its condition, also known as its “grade.” High-grade coins that look like they just left the mint fetch the highest prices. Below is a breakdown of what you can expect to receive for these coins based on standard professional grading scales.

Condition / Grade	Estimated Market Value
Fine (Circulated/Worn)	$20 – $35
Extremely Fine (Minimal Wear)	$45 – $75
MS-63 (Choice Uncirculated)	$100 – $180
MS-65 (Gem Uncirculated)	$250 – $450
MS-67 (Superb Gem)	$800 – $1,600+

Factors That Affect the Price of Your Nickel

When determining the 1938 Buffalo Nickel total appraisal value, several factors come into play beyond just the mint mark. The first is “Luster.” Luster is that original mint frost that makes a coin look shiny and new. Because 1938 was the final year, and many people saved these coins in rolls, collectors are very picky about luster. A coin with “bag marks” (tiny scratches from hitting other coins) will be worth less than one with a clean surface.

Strike quality is another major factor. The Denver Mint was known for producing very sharp strikes in 1938. This means the details on the Buffalo’s fur and the Native American’s hair should be very crisp. If your coin looks “mushy” or flat, it may have been struck from an exhausted die, which generally lowers the value unless it is a recognized error.

Finally, “eye appeal” is a subjective but important metric. If a coin has beautiful rainbow toning—colors that develop naturally over time due to oxidation—it can sell for double or triple its book value. Conversely, if a coin has been cleaned with chemicals, it loses most of its numismatic value. Never clean your coins! A dirty, original coin is always more valuable than a shiny, scrubbed one. Use CoinKnow to view examples of original vs. cleaned surfaces so you know what to look for.

Is Your 1938 Nickel Worth Getting Graded?

One of the most common questions for casual finders is whether they should send their coin to a professional grading service like PCGS or NGC. Because the 1938-D/D Buffalo Nickel is a recognized and valuable variety, grading can be a smart move, but only if the coin is in Mint State (uncirculated) condition.

If your coin is heavily worn from being spent in stores, the cost of grading (usually $30-$50 plus shipping) might be more than the coin is worth. However, if the coin looks absolutely brand new, a high grade from a professional service can be the difference between a $100 coin and a $1,000 coin. High-grade specimens are frequently trade in major auctions, and having that plastic “slab” proves the coin’s authenticity and variety.

For most people, the best first step is to visit a local coin shop or use an online community to get a “raw” opinion. If three different people tell you the coin looks like a Gem Uncirculated piece, then the investment in professional grading is likely to pay off. Always remember that the market for rare varieties is very active, and the 1938-D/D remains a favorite among American collectors.

Frequently Asked Questions About the 1938-D/D Nickel

Q: Where is the mint mark located on a 1938 Buffalo Nickel?

A: The mint mark is located on the back (reverse) of the coin, right underneath the words “FIVE CENTS” and just above the “rim” at the bottom. If there is no letter there, it was minted in Philadelphia.

Q: Is every 1938-D Buffalo Nickel a D/D error?

A: No. Millions of standard 1938-D nickels were made. Only a small percentage of those dies had the repunched “D” over “D” error. You must look closely at the mint mark to see if there is a secondary “D” or shadow visible.

Q: Why is 1938 such a popular year for Buffalo Nickels?

A: 1938 was the transition year between the Buffalo Nickel and the Jefferson Nickel. Because it was the final year, many people realized the design was going away and saved the coins, making 1938 one of the most common years to find in high-grade condition.

Q: Can I find a 1938-D/D Buffalo Nickel in my change today?

A: While extremely rare, it is technically possible. Most Buffalo Nickels were pulled from circulation by the 1960s, but occasionally old collections are spent by people who don’t know their value. It is more common to find them at estate sales or in older “wheat penny” jars.