The 1938-D/S Buffalo Nickel is worth anywhere from $15 in worn condition to over $1,500 in high-grade mint state. This fascinating coin represents one of the most famous “overmintmarks” in American history, marking the end of the Buffalo series with a unique architectural error that collectors absolutely love to hunt for.

Condition	Estimated Value (USD)
Good / Very Good	$15 – $25
Fine / Very Fine	$30 – $60
Extremely Fine (XF)	$75 – $125
Uncirculated (MS60+)	$150 – $450
Gem Mint (MS65+)	$650 – $1,800+

Understanding the 1938-D/S Buffalo Nickel Error

The 1938-D/S overmintmark is a legendary error that occurred during the final year of the Buffalo Nickel production. If you have found an old nickel in a shoe box or inherited a collection, using a top coin identifier app can help you spot this error quickly. In late 1937 and early 1938, the Denver Mint received dies that had originally been intended for the San Francisco Mint.

Instead of discarding the dies, the workers at the Denver Mint simply punched a “D” over the existing “S.” Because of this, you can see remnants of the “S” peeking out from behind or underneath the “D” on the reverse of the coin. This specific variety is highly sought after because 1938 was the year the United States transitioned from the Buffalo design to the Jefferson Nickel.

Collectors are particularly fond of the 1938-D/S because it is one of the clearest and most accessible overmintmarks in the entire series. When you use the CoinKnow app, you can zoom in on high-resolution photos to see if your coin displays this characteristic. It is a classic “transition” error that adds a layer of history to an already iconic piece of Americana featuring the Native American Chief and the American Bison.

Grading and Condition of the 1938-D/S Overmintmark

The value of your 1938-D/S Buffalo Nickel depends heavily on its condition. Because 1938 was the last year of the series, many people saved these coins as souvenirs, meaning there are more high-grade uncirculated examples available than for earlier years. However, finding the specific D/S error version in pristine condition remains a challenge for many hobbyists.

Professional grading services like PCGS or NGC use a 70-point scale. A coin that has seen heavy use in circulation might grade as “Good” or “Fine,” where the details of the feathers on the Indian head or the horn on the buffalo are worn down. In contrast, “Mint State” coins have a beautiful luster and no signs of wear. You can find detailed 1938-D/S Buffalo Nickel pricing by grade to see how much of a premium these uncirculated coins command.

To accurately grade your coin at home, look at the highest points of the design. On the obverse, check the cheekbone and the hair near the braid. On the reverse, check the buffalo’s shoulder and hip. If those areas are smooth, the coin is circulated. If the original “frosty” look remains, you may have a valuable Mint State coin. The CoinKnow app can serve as a great reference tool for comparing your coin to known graded examples.

Grade Label	Visual Description	Market Value
VF20 (Very Fine)	Moderate wear; all letters clear.	$45
EF40 (Extremely Fine)	Light wear on high points only.	$90
MS63 (Uncirculated)	Attractive luster, minor marks.	$210
MS66 (Gem BU)	High luster, nearly flawless.	$850

How to Identify the D over S Mintmark

Identifying the 1938-D/S requires a keen eye or a strong magnifying glass. There are actually four different varieties of the 1938-D/S overmintmark, labeled by experts as OMM (Over Mint Mark) #1 through #4. Each varies slightly in how the “S” protrudes from the “D.” In the most common variety, you can see the top curve and the bottom curve of the “S” inside the loops of the “D.”

The mintmark is located on the reverse (tails) side of the coin, just below the words “FIVE CENTS” and the buffalo’s mound. If you see a simple, clean “D,” it is the standard Denver issue. If the “D” looks distorted, thick, or appears to have “ghost letters” underneath it, you likely have the valuable overmintmark variety. To get a better idea of what to look for, you can check this current value report for 1938 nickels which often includes visual guides.

Novice collectors often confuse the 1938-D/S with a “re-punched mintmark” (RPM), where a ‘D’ was simply hit twice. However, the 1938-D/S is special because it involves two different mints. Because it is so distinct, even a beginner utilizing CoinKnow can often spot the difference with a 10x jeweler’s loupe. This is one of those coins where a small detail makes a massive difference in the final sale price.

Market Rareness and Collectibility

While the 1938-D Buffalo Nickel had a total mintage of over 7 million, only a small fraction of these are the D/S variety. However, because this error was discovered early on, many uncirculated rolls were set aside by collectors in the late 1930s. This means that while the coin is rare compared to the standard issue, it is not “impossible” to find in good condition.

The high demand for this coin comes from “Set Collectors.” Anyone trying to complete a full “Whittman Folder” or “Dansco Album” of Buffalo Nickels needs this specific variety to have a truly “complete” set. This constant demand from hobbyists keeps the price stable and ensures that even circulated versions sell for a significant premium over their face value.

In recent years, the market for “error coins” has exploded. Investors who aren’t traditional coin collectors are looking for tangible assets, and the 1938-D/S is a perfect entry point. It has a compelling story, it’s easy to identify, and it belongs to one of the most beautiful coin series ever designed by James Earle Fraser. If you find one, it is definitely a “keeper.”

Variety Type	Mintage (Estimated)	Rarity Scale
Standard 1938-D	7,020,000	Common
1938-D/S Variety	Unknown (Low)	Scarce
1938-D/D (Repunched)	Unknown	Uncommon

Factors That Influence Sale Price

Beyond just the grade, several other factors can influence what a buyer is willing to pay for your 1938-D/S Buffalo Nickel. One major factor is “eye appeal.” A coin with original, colorful toning—perhaps with hints of gold, blue, or violet—can sell for a significant premium over a plain white or grey coin of the same numerical grade.

Another factor is the “strike quality.” Some dies were worn out, resulting in a “mushy” strike where the details aren’t sharp even if the coin never circulated. A 1938-D/S with a “Full Horn” (meaning the buffalo’s horn is perfectly sharp and distinct) is highly prized. If you are selling your coin on an online auction, high-quality photos that highlight these details are essential for getting the best price.

Lastly, certification matters for high-value coins. While a raw coin found in a drawer is great, a coin authenticated by a service like PCGS provides the buyer with peace of mind. This is especially true for the D/S variety, as it guarantees the error is genuine and not a clever counterfeit. For the everyday person, checking the coin against a database like CoinKnow is the first step before deciding to pay for professional certification.

Where to Sell Your 1938-D/S Buffalo Nickel

If you’ve confirmed you have the 1938-D/S variety, you have several options for selling it. For the fastest cash, a local coin shop is your best bet. However, keep in mind that dealers usually pay 50% to 70% of the retail value so they can make a profit when they resell it. If you aren’t in a rush, you might get more money selling it yourself.

Online auction sites like eBay are popular for Buffalo Nickels, but you must be careful with shipping and seller fees. For high-value Mint State examples (worth $500 or more), consistent record-breaking prices are often found at major auction houses like Heritage Auctions or Stacks Bowers. These venues attract serious collectors who are willing to pay top dollar for rare varieties.

Before selling, always do your homework. Check recent “Sold” listings rather than “Active” listings to see what people are actually paying. The prices for these coins can fluctuate based on the economy and the current interest in the hobby. Armed with the right information and the CoinKnow app, you can ensure you get a fair price for your piece of American history.

FAQ

Q: How can I tell the difference between a 1938-D and a 1938-D/S?

A: You need to look closely at the mintmark on the reverse side. The standard 1938-D has a clean “D.” The 1938-D/S will show parts of an “S” inside or around the edges of the “D,” which often makes the mintmark look unusual or doubled.

Q: Is a 1938 Buffalo Nickel rare if it doesn’t have the D/S error?

A: Not particularly. 1938-D is a common date because it was the final year of the series and many were saved. A standard 1938-D in circulated condition is usually worth $2 to $5, whereas the D/S error version starts at around $15 to $20.

Q: Should I clean my 1938-D/S Buffalo Nickel to make it look better?

A: No! Never clean a collectible coin. Cleaning creates microscopic scratches that ruin the coin’s “numismatic value.” A dirty, original coin is worth significantly more than one that has been polished or scrubbed.

Q: Why did the US Mint stop making Buffalo Nickels in 1938?

A: United States law allows coin designs to be changed after 25 years. The Buffalo Nickel began in 1913, so by 1938, it had reached its 25-year limit. The Mint held a contest for a new design to honor Thomas Jefferson, which resulted in the Jefferson Nickel we still use today.