1938-D/D Buffalo Nickel Value: Detailed Price & Variety Guide

The 1938-D/D Buffalo Nickel is worth anywhere from $15 in circulated grades to over $1,200 in high-end gem condition. This particular coin is a favorite among collectors because it represents a “re-punched mint mark” variety during the final year of this iconic American coin series.

History of the 1938-D/D Buffalo Nickel Variety

The year 1938 marked the end of an era for American coinage. After twenty-five years of production, the Buffalo Nickel (also known as the Indian Head Nickel) was being phased out to make room for the Jefferson Nickel. Interestingly, in 1938, only the Denver Mint produced Buffalo Nickels. Because it was the final year, many people saved these coins, meaning they are relatively common in high grades today. However, the 1938-D/D variety is a specialized treasure that everyday people can still find in old collections.

If you have stumbled upon a jar of old coins, you might be holding a small fortune without realizing it. Many beginners use a free coin identifier app to quickly sort through their change. The 1938-D/D is known as a “Repunched Mint Mark” (RPM). This happened when the workman at the mint struck the “D” letter into the coin die twice, but the second strike didn’t perfectly align with the first. This created a visible doubling effect on the mint mark located on the back of the coin.

To accurately identify this variety, you often need the help of professional tools. The CoinKnow app is an excellent resource for hobbyists who need to zoom in on mint marks to see if they are shifted or doubled. Because 1938 was the transition year, collectors are particularly hungry for these “final year” errors, driving the price up significantly compared to a standard 1938 nickel.

Identifying the D Over D Mint Mark Error

To find out if your nickel is the valuable 1938-D/D variety, you need to look at the reverse (back) of the coin. Look directly under the words “FIVE CENTS” and the mound upon which the buffalo stands. You will see a small “D” signifying the Denver mint. On a standard coin, the D is sharp and singular. On the 1938-D/D RPM, you will see part of another “D” peaking out from behind or beneath the main letter.

There are actually several different “types” of re-punched mint marks for this year. Some show the second D tilted to the side (D/D Vertical), while others show it shifted slightly to the west. Determining which specific variation you have can change the value of the coin by hundreds of dollars. Many enthusiasts use CoinKnow to compare their coin’s mint mark against high-resolution archive photos.

When examining your coin, lighting is everything. Use a 10x magnifying loupe and look for “shelf-like” doubling or extra serifs on the letter D. If you find one that looks clearly doubled, you are looking at a highly collectible 1938-D Buffalo Nickel Mint State grade specimen. These errors are not just anomalies; they are recognized by major grading services like PCGS and NGC as distinct varieties.

How Grading Affects the 1938 Buffalo Nickel Value

Like all vintage coins, the condition is the most critical factor in determining the 1938-D/D Buffalo Nickel value. Most Buffalo Nickels found in circulation are “worn flat,” meaning the details of the Native American’s hair or the buffalo’s fur are smoothed out. Because many 1938 nickels were saved by the public, “About Uncirculated” (AU) and “Mint State” (MS) examples are more common for this year than for nickels from the 1910s or 1920s.

A coin in “Good” condition might only show the outline of the buffalo, while a “Mint State” coin will have a beautiful luster and every strand of hair visible. For the RPM variety, the value jumps significantly once you reach the MS-64 and MS-65 levels. At these grades, the coin looks exactly as it did the day it left the Denver Mint, with no signs of wear from being spent in a store.

The 1938-D/D Re-punched Mint Mark vs. Standard 1938-D

It is important to distinguish between the standard 1938-D and the 1938-D/D. The standard 1938-D is a very common coin because it was the only mint producing Buffalo Nickels that year. Millions were made and many were kept as souvenirs of the ending series. Therefore, a standard 1938-D in average circulated condition might only be worth $2 to $5.

The D/D variety, however, is a “numismatic” prize. Collectors of “Cherrypickers’ Guide” varieties hunt specifically for these errors. The rarity of the error combined with the popularity of the series creates a price floor that is much higher than the common version. If you are trying to find out what your specific coin is worth, you can find comprehensive 1938 Buffalo Nickel value data that breaks down the difference between these two versions.

When using CoinKnow, you can take a clear photo of your coin and the AI will help you determine if your mint mark looks like the standard single strike or the coveted re-punched variety. This is helpful for beginners who might confuse “mechanical doubling” (a common, non-valuable minting glitch) with a true Repunched Mint Mark.

Rarity and Auction Records

While many 1938-D/D Buffalo Nickels exist, finding them in “Superb Gem” condition (MS-67 or higher) is an entirely different story. In the world of coin collecting, just a single grade point can mean a difference of thousands of dollars. For example, a 1938-D/D graded MS-66 might sell for $200-$300, but one graded MS-68 can soar into the multi-thousand dollar range at a specialized coin auction.

The most famous examples are those with “full horns.” On the reverse, the buffalo’s horn is one of the highest points of the design and usually the first thing to wear down. A 1938-D/D with a perfectly sharp, distinct horn and a visible re-punched mint mark is a “holy grail” for Buffalo Nickel enthusiasts. Auction houses like Heritage Auctions often see fierce bidding wars for these specific error coins when they are certified by professional grading companies.

If you believe you have a high-grade 1938-D/D, it is worth the investment to have it professionally graded. Grading confirms the authenticity of the error and “slabs” the coin in a plastic holder that protects its condition and value for years to come.

Tips for Selling Your 1938-D/D Buffalo Nickel

If you decide to sell your 1938-D/D Buffalo Nickel, don’t rush to the first pawn shop you see. Pawn shops usually pay a fraction of the actual value because they are looking for quick turnover. Instead, visit a local coin dealer or list the coin on a specialized platform. To get the best price, you must provide clear, high-resolution photos of the mint mark.

Before selling, use the CoinKnow app to get a baseline estimate of your coin’s grade. Knowing whether your coin is “Fine” or “Extra Fine” will prevent you from being lowballed by buyers. Most collectors are looking for the D/D variety to fill a specific slot in their album, so highlighting the doubling in your description is key.

Remember that “cleaned” coins lose significant value. If your nickel looks strangely shiny or has tiny scratches from being scrubbed, its value could drop by 50% or more. Always handle your coins by the edges and never attempt to polish them; collectors prefer original “patina” or “toning” over a cleaned surface.

FAQ

Q: Is the 1938-D/D Buffalo Nickel rare?

A: While the 1938-D nickel itself is common, the D/D re-punched mint mark variety is considered scarce, especially in high grades. It is not “rare” in the sense that only a few exist, but it is rare enough to command a significant premium over the price of a standard 1938 nickel.

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

A: The mint mark is located on the reverse (back) side of the coin. Look at the very bottom, just below the words “FIVE CENTS.” If you see a “D,” it was minted in Denver. If there is no letter, it was minted in Philadelphia (which didn’t actually produce Buffalo Nickels in 1938, only Jefferson Nickels).

Q: Why is my 1938 nickel worth more than other years?

A: 1938 was the final year of the Buffalo Nickel series. Many people saved them as they were being replaced by the Jefferson Nickel. The 1938-D/D version is worth more specifically because of the minting error (the re-punched mint mark), which makes it a “variety” coin desired by specialized collectors.

Q: How can I tell if my D/D is real or just damaged?

A: A real 1938-D/D will show clear, distinct parts of a second letter “D.” If the letter just looks blurry or smashed, it might be “post-mint damage” caused by the coin hitting other coins in circulation. Using a magnification tool or a coin identification app is the best way to be sure.