1938 Buffalo Nickel

About This Coin

The 1938 Buffalo Nickel is a United States nickel from the Buffalo Nickels 1913-1938 series — the final year of the series. In 1938, coins were struck at the Denver Mint with a combined mintage of 7.0 million. This represents the second-lowest annual mintage in the series, below the series median of 48.7 million. The obverse features a Native American portrait that James Earle Fraser described as a composite of several chiefs, including Iron Tail (Lakota) and Two Moons (Cheyenne), and the reverse displays an American bison, traditionally identified as Black Diamond of New York's Central Park menagerie, standing on flat ground. Struck during the Great Depression, when mintages dropped sharply and the United States abandoned the gold standard in 1933. Struck in 75% copper, 25% nickel, weighing 5 grams, 21.2 mm in diameter, with a plain edge. Collectors have cataloged 20 known die varieties for this date across 3 categories, including doubled die reverse, over mint mark, repunched mint mark. Produced 7 years after the celebrated 1931 key date. Across its variants, estimated values range from $4 to $31K depending on mint mark, grade, and strike type. A notable auction result reached $31K in MS68 grade at Legend Rare Coin Auctions. Designed by James Earle Fraser.