1938-D/S Buffalo Nickel 5C NGC MS67
First revealed in 1961, the 1938 D/S nickel was thought to be rare until collectors began searching for this variety. Only then did it become evident that thousands had survived, many in Mint State. This was due to the overall hoarding of 1938 D Buffalo Nickels that made searching for the variety so easy.
There were several reverse dies marked for San Francisco, which were overpunched with a D mintmark when it became evident that only Denver would coin Buffalo Nickels in 1938. The most obvious examples will be certified generically as D/S under regular grading tiers when requested on the submission form. Identification of specific varieties by number requires that the submitter request and pay for the VarietyPlus Service.
Like the 1938 D/D varieties, these are not rare when spread across several dies. The most desirable variety is FS-511 (photos). It is seen on the left in an early die state (EDS) with three D mintmarks punched over the S. Shown at right is the late die state (LDS) in which only the deepest D remains, due to the die erosion evidenced by heavy flow lines.
1938 D/S BUFFALO Buffalo Nickel Value
According to the NGC Price Guide, as of June 2025, a Buffalo Nickel from 1938 D/S in circulated condition is worth between $5 and $50. However, on the open market 1938 D/S BUFFALO Nickels in pristine, uncirculated condition sell for as much as $13500.
