1938-D/D Buffalo Nickel Value: What Is This Error Coin Worth?

The 1938-D/D Buffalo Nickel is worth anywhere from $15 in worn condition to over $1,500 in high-grade mint state. As the final year of this iconic series, the “D over D” repunched mint mark (RPM) variety is a favorite among collectors for its visibility and historical significance.

Condition / Grade	Estimated Value
Good (G-4)	$15 – $20
Fine (F-12)	$25 – $35
Extremely Fine (EF-40)	$45 – $60
Uncirculated (MS-63)	$85 – $110
Choice Uncirculated (MS-65+)	$250 – $1,500+

Understanding the 1938-D/D Buffalo Nickel Variety

If you’ve just found an old nickel in a drawer or a box of inherited items, you might be holding a piece of American history. Before the Jefferson Nickel we use today was introduced, the U.S. Mint produced the Buffalo Nickel (also known as the Indian Head Nickel). If you want to know exactly what you have, using a top coin identifier and value app can help you spot the tiny details that separate a common coin from a rare treasure.

The 1938-D/D variety is what numismatists call a “Repunched Mint Mark.” In 1938, the mint mark “D” for Denver was punched into the die manually. On some coins, the workman struck the punch twice, creating a doubled appearance.

Because 1938 was the last year of the Buffalo Nickel, many people saved these coins in pristine condition. However, the RPM variety remains rare. You can evaluate your find with CoinKnow, which allows you to zoom in on the mint mark to see if yours shows that distinct doubling. This specific error is highly sought after by collectors looking to complete their Buffalo Nickel sets.

How to Identify the D Over D Mint Mark

Locating the mint mark is the first step in determining your 1938-D/D Buffalo Nickel value. Turn the coin to the “tails” side, where the majestic American Bison stands. The mint mark is located just below the words “FIVE CENTS” and the mound of dirt the buffalo stands on.

With the 1938-D/D variety, you are looking for a clear secondary “D” or a shadow shifted to the side or top of the primary letter. Sometimes it looks like a thicker “D” with a split serif at the corners. For a more detailed look, checking the latest 1938-D/D Buffalo Nickel mint state prices can give you an idea of how much a crisp, clear error is currently trading for.

Using a magnifying glass or a 10x jeweler’s loupe is recommended. If you don’t have one, CoinKnow offers high-resolution recognition features that can help distinguish between a standard strike and the coveted D/D error. Most 1938 Buffalo Nickels from Denver were well-struck, making this error particularly sharp and easy to spot once you know what to look for.

The Importance of Coin Grading and Condition

The value of any 1938-D/D Buffalo Nickel is heavily dependent on its condition, or “grade.” Collectors use a scale from 1 to 70. A coin that has been in pockets for years might be a “Good” (G-4), while a coin that looks like it just came from the mint is “Mint State” (MS-60 and above).

Because many 1938 nickels were hoarded at the time of issue, there is a surprisingly large number of high-grade specimens available. However, the price leaps significantly as the grade increases. For instance, an MS-66 coin is significantly more valuable than an MS-64.

Grade Level	Visual Appearance	Approximate Price
Circulated (Average)	Visible wear on the braids and buffalo’s fur	$20 – $45
About Uncirculated (AU)	Slight wear on highest points only	$55 – $75
Mint State 65 (Gem)	Brilliant luster with very few marks	$150 – $220
Mint State 67 (Superb)	Near perfect under magnification	$600 – $1,200

If you are unsure of the grade, viewing 1938 Buffalo Nickel value charts and grading tips can help you narrow down the category your coin falls into. Grade is the single most important factor after identifying the error itself.

Market Rareness and Auction Records

While the standard 1938-D Buffalo Nickel had a healthy mintage of over 7 million, of which many survive, the 1938-D/D error is a much smaller subset. It is considered one of the “Must-Have” varieties for any serious 20th-century American coin collector.

Over the years, auction results for the 1938-D/D Buffalo Nickel have reached impressive heights. For example, a specimen graded by PCGS at MS-68 can sell for several thousand dollars at major auction houses like Heritage Auctions or Stack’s Bowers. Most everyday finds, however, will fall in the $30 to $150 range.

The market for these coins is very stable. Because the 1938-D/D is an established, “cataloged” variety (meaning it is listed in the “Red Book”), its value isn’t just a trend. It’s a verified piece of numismatic history. For hobbyists, CoinKnow can be a great tool to track these auction trends and see how the market is moving for error coins.

Why the 1938 Buffalo Nickel is Unique

1938 was a year of transition. The Buffalo Nickel, designed by James Earle Fraser, had been in circulation since 1913. By 1938, the U.S. Treasury was ready for a change, leading to the Jefferson Nickel. Interestingly, Buffalo Nickels were only minted in Denver in 1938.

Because collectors knew the design was ending, they saved rolls of 1938-D nickels. This is why you can still find them today with beautiful “rainbow toning”—a natural oxidation process that turns the silver-colored metal into shades of blue, purple, and gold. A toned 1938-D/D Buffalo Nickel can often command a premium over a “white” or untoned coin.

If you find a coin with vibrant colors and the D/D mint mark, do not clean it! Cleaning a coin destroys its collector value instantly. Instead, use a soft surface to handle it and consider getting it authenticated if the error is clear and the coin looks brand new.

Summary of 1938-D/D Buffalo Nickel Prices

To help you quickly summarize what your coin might be worth at a local coin shop or online, here is a breakdown of current market averages based on recent sales:

Condition	Raw (Ungraded) Value	Certified (Graded) Value
Well Worn	$15 – $25	$40+
Moderate Wear	$30 – $50	$70+
Uncirculated	$80 – $120	$150 – $2,000

Identifying the 1938-D/D Buffalo Nickel requires a keen eye and a bit of patience. Whether you use a traditional magnifying glass or the advanced scanning of CoinKnow, finding this error is a thrill. It represents the end of an era for one of America’s most beautiful coin designs and a unique mistake that turned a common nickel into a valuable collectible.

FAQ

Q: Is every 1938 nickel a Buffalo Nickel?

A: No. 1938 was the transition year. The U.S. Mint produced both the Buffalo Nickel (at the Denver Mint) and the Jefferson Nickel (at Philadelphia, Denver, and San Francisco). Only the Buffalo Nickel features the “D/D” error discussed here.

Q: How can I tell the difference between a real D/D and just a damaged coin?

A: A real D/D Repunched Mint Mark will show distinct, raised outlines of the second “D.” If the area is flattened or pushed in, it is likely “Post-Mint Damage” (PMD) or machine doubling, which does not add value.

Q: Should I get my 1938-D/D Buffalo Nickel professionally graded?

A: Only if the coin is in Mint State (uncirculated) condition. If the coin is heavily worn, the cost of grading (around $30-$50) might be more than the coin is worth. If it looks shiny and new, professional grading can significantly increase its resale value.

Q: What is the most expensive 1938-D/D Buffalo Nickel ever sold?

A: Top-tier specimens in MS-68 condition have sold for over $4,000 at auction. However, these are extremely rare and usually come from professional collections rather than pocket change scans.