1938-D/S Buffalo Nickel Value and What Your Old Coin Could Be Worth Today
The 1938-D/S Buffalo Nickel is worth anywhere from $5 in circulated condition to well over $100 in high mint state grades, and certain error varieties can fetch even more from serious collectors. If you stumbled across one of these coins in an old jar, a drawer, or an estate collection, you’re in the right place — let’s break down exactly what you’re holding.
What Makes the 1938-D/S Buffalo Nickel So Special?
The 1938-D/S Buffalo Nickel is one of the most fascinating coins in American history, and here’s why: it’s an officially recognized overmint mark coin. That means the Denver Mint (D) struck this coin over a previously used San Francisco (S) mintmark die. If you look closely at the reverse side — the side with the buffalo — you can actually see traces of the “S” peeking through beneath the “D.”
This wasn’t an accident or a flaw in the usual sense. It happened because 1938 was the final year of the Buffalo Nickel series, and the Denver Mint reused leftover San Francisco dies to meet production needs. That little detail makes this coin genuinely unique in the entire Buffalo Nickel series, and collectors love it for exactly that reason.
If you’re not sure whether your coin has this overmintmark feature, you can use a free coin identifier app to scan and examine the details right from your phone. It’s one of the easiest ways to get a quick read on what you’ve got before taking it to a dealer.
1938-D/S Buffalo Nickel Value by Grade
Like most coins, the 1938-D/S Buffalo Nickel’s value depends heavily on its condition. Coin collectors use a grading scale from Poor (P-1) all the way up to Perfect Mint State (MS-70). Here’s a general look at how values break down:
| Grade | Condition Description | Estimated Value |
|---|---|---|
| Good (G-4) | Heavy wear, design visible | $5 – $8 |
| Fine (F-12) | Moderate wear, some detail | $10 – $15 |
| Extremely Fine (EF-40) | Light wear on high points | $20 – $35 |
| About Uncirculated (AU-55) | Slight wear, nearly full luster | $40 – $60 |
| Mint State (MS-63) | Uncirculated, minor marks | $80 – $120 |
| Mint State (MS-65) | Gem uncirculated, strong luster | $150 – $250+ |
For the most up-to-date market pricing, you can check current 1938-D/S Buffalo Nickel prices across mint state grades to see how recent auction results are trending.
How to Tell If You Have the D/S Overmintmark Variety
Not every 1938-D Buffalo Nickel is a D/S variety. The regular 1938-D is a common coin worth just a few dollars in worn condition, while the D/S overmintmark is the one collectors actually want.
To identify it, flip the coin to the reverse and look at the mintmark area just below and to the right of the words “FIVE CENTS.” On a genuine D/S, you’ll notice the “D” looks slightly off, almost like it has a shadow or a secondary mark underneath. In higher grades under magnification, the remnant “S” is clearly visible.
A loupe or magnifying glass (10x or higher) is your best friend here. If you don’t have one handy, CoinKnow offers a digital zoom and analysis feature that can help you spot these details right from a smartphone photo. It’s surprisingly accurate for identifying mint mark varieties like this one.
What Affects the 1938-D/S Buffalo Nickel Price Beyond Grade?
Condition is the biggest price driver, but it’s not the only one. A few other factors can push your coin’s value up or down significantly.
Strike quality matters a lot with Buffalo Nickels in general. This series was notoriously prone to weak strikes, especially on the buffalo’s horn and the Native American’s cheekbones. A sharply struck 1938-D/S with full horn details (sometimes called “Full Horn” coins) can command a meaningful premium over a softly struck example in the same grade.
Eye appeal is another factor dealers and collectors weigh carefully. Original skin, as collectors call it, refers to natural untouched surfaces. Coins that have been cleaned or polished lose significant value — even if they look shiny to the untrained eye. If your coin has a grayish or slightly matte look, that’s often a good sign of originality.
You can explore a complete 1938 Buffalo Nickel value guide including all mintmark varieties if you want to compare your coin against the full picture. And if you’re managing a small collection, CoinKnow lets you log each coin with photos, grade estimates, and current values — all in one place.
Should You Have It Professionally Graded?
If your 1938-D/S Buffalo Nickel looks like it’s in About Uncirculated or better condition, professional grading through PCGS or NGC is worth considering. The certification adds credibility and can significantly boost resale value, especially for gem examples.
For coins in circulated grades, the cost of grading (typically $20–$40 per coin minimum) may not be worth it unless the coin grades EF or higher. Use CoinKnow to get a rough estimate of your coin’s grade and potential value before committing to third-party grading services.
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FAQ
Q: How do I know if my 1938-D Buffalo Nickel is the D/S variety?
A: Look at the mintmark on the reverse side of the coin under magnification. On a D/S variety, you’ll see remnants of an “S” mintmark beneath the “D.” A 10x loupe works well, and coin scanning apps can also help you examine the detail digitally.
Q: Is the 1938-D/S Buffalo Nickel rare?
A: It’s not rare in the traditional sense — millions were minted — but the recognized D/S overmintmark variety is scarcer than a standard 1938-D and carries a collector premium, especially in higher grades. Gem examples are genuinely hard to find.
Q: Can I sell a 1938-D/S Buffalo Nickel easily?
A: Yes. Buffalo Nickels are consistently popular with collectors, and the D/S variety adds extra interest. You can sell through coin dealers, eBay, or dedicated coin auction platforms. Getting it authenticated first will help you get the best price, particularly for higher-grade examples.
