![[Coins_Value_Logo_new]](https://www.coins-value.com/wp-content/uploads/2026/01/cropped-Coins_Value_Logo_new-removebg-preview.png){kind=link}
1938 Nickel Value Guide | Buffalo & Jefferson Prices
1938 nickels include both Buffalo ($1-$26K) and Jefferson ($0.25-$8,600) designs. Full Steps, proof cameos, and RPM varieties command major premiums. Complete price guide.
The 1938 nickel is uniquetwo different designs were produced:
- 1938-D Buffalo Nickel (final year):$0.75 to $26,400
- 1938 Jefferson Nickel (first year):$0.25 to $33,600
Buffalo values peak in gem condition. Jefferson values hinge on "Full Steps" strike designation, which can multiply value 40-fold.
What's Your 1938 Nickel Worth?
Select your coin's mint mark and condition to get a value estimate.
Focus on choosing the right sales channel to maximize your return.
Expected: ()
Understanding the 1938 Nickel Transition
The year 1938 holds a unique place in U.S. coinage history as the only year to feature two entirely different nickel designs. The iconic Buffalo Nickel, in production since 1913, saw its final issue with the 1938-D. Simultaneously, the U.S. Mint introduced the Jefferson Nickel, which remains in production today.
Values vary dramatically between these designs. The 1938-D Buffalo Nickel is a classic condition rarity, ranging from $0.75 in worn condition to over $26,000 for the finest known examples. The 1938 Jefferson Nickel, available in three mint marks plus proofs, typically ranges from $0.25 to $200 for standard strikesbut coins exhibiting "Full Steps" can command up to $33,600.
This comprehensive guide covers identification, pricing, varieties, errors, and authentication for both 1938 nickel types.
Identifying Your 1938 Nickel
Determining which 1938 nickel you have requires examining the coin's design and mint mark.
Buffalo Nickel (1938-D Only)
The Buffalo Nickel features a composite portrait of a Native American chief on the obverse and an American bison on the reverse. If your 1938 nickel shows these designs, you have a 1938-D Buffalo Nickelthe Denver Mint was the only facility to strike this design in 1938.
The mint mark "D" appears on the reverse, located in the space below the denomination "FIVE CENTS."
Jefferson Nickel (1938-P, 1938-D, 1938-S)
The Jefferson Nickel displays Thomas Jefferson's profile on the obverse, based on Jean-Antoine Houdon's 1789 bust. The reverse features Monticello, Jefferson's Virginia home, shown in a head-on view.
For 1938 Jefferson Nickels, the mint mark ("D" or "S") appears on the reverse, in the field to the right of Monticello. Philadelphia-minted coins have no mint mark. All three mints produced business strikes, and Philadelphia also struck 19,365 proof coins.
The "Full Steps" Factor
The 1938 Jefferson Nickel's value hinges critically on strike quality. The master hub used in 1938 was poorly prepared, resulting in most coins showing weak, indistinct steps at the base of Monticello. Coins displaying five (or rarely, six) fully separate, uninterrupted steps earn the "Full Steps" (FS) designation from grading servicesand this distinction can increase a coin's value more than forty-fold.
1938 Nickel Price Guide
1938 nickel values span a remarkable range, from face value to five figures, depending on design, mint mark, grade, and strike characteristics.
1938-D Buffalo Nickel (Base Strike)
The 1938-D Buffalo Nickel exemplifies a "condition rarity"readily available in circulated grades but exponentially scarce in Gem Mint State. Its mintage of 7,020,000 makes low-grade examples inexpensive, but pristine specimens command extraordinary prices.
| Grade | Value |
|---|---|
| G-4 | $0.75 - $2.50 |
| VF-20 | $5.00 - $8.00 |
| EF-40 | $10.00 - $15.00 |
| AU-50 | $18.00 - $20.00 |
| MS-60 | $25.00 |
| MS-63 | $40.00 |
| MS-65 | $75.00 - $85.00 |
| MS-66 | $75.00 - $100.00 |
| MS-67 | $210.00 - $300.00 |
| MS-68 | $4,000 - $14,500 |
| MS-68+ | $26,400 (Stack's Bowers, Nov 2023) |
1938-D/D Buffalo Nickel (Repunched Mint Mark)
This variety shows a secondary "D" punched underneath or to the left/north of the primary mint mark. While it commands a premium in circulated grades, at the highest Mint State levels the premium narrows as condition becomes the dominant rarity factor.
| Grade | Value |
|---|---|
| G-4 | $4.00 |
| VF-20 | $9.00 |
| EF-40 | $13.00 |
| AU-50 | $16.00 |
| MS-63 | $50.00 |
| MS-65 | $135.00 |
| MS-67 | $575.00 |
| MS-68 | $30,550 (Legend, Apr 2021) |
1938-D/S Buffalo Nickel (Over-Mintmark)
This dramatic variety shows a distinct "S" underneath the primary "D" mint mark. It occurred when a die originally intended for San Francisco was repunched with a "D" and sent to Denver. The variety carries significant premiums across all grades.
| Grade | Value |
|---|---|
| G-4 | $5.00 - $9.00 |
| VF-20 | $14.00 - $20.00 |
| EF-40 | $20.00 - $25.00 |
| AU-50 | $33.00 - $50.00 |
| MS-63 | $81.00 - $260.00 |
| MS-65 | $140.00 - $200.00 |
| MS-67 | $675.00 - $769.00 |
| MS-68 | $25,300 (Heritage, Aug 2004) |
1938 Jefferson Nickel (Business Strikes)
The inaugural Jefferson Nickel demonstrates a counterintuitive pricing pattern known as the "1938-D Mintage Trap." While the Denver and San Francisco issues had lower mintages (5.4M and 4.1M) compared to Philadelphia's 19.5M, they were widely hoarded in uncirculated condition. The Denver Mint also produced superior strikes, making the 1938-D the most common and least valuable in Gem gradesa complete inversion of circulated-grade pricing.
| Grade | 1938-P | 1938-D | 1938-S |
|---|---|---|---|
| G-4 | $0.25 - $2.00 | $0.90 - $2.00 | $1.00 - $3.00 |
| VF-20 | $0.50 - $2.75 | $2.00 - $3.00 | $3.00 - $3.90 |
| EF-40 | $1.00 - $3.00 | $3.00 - $3.30 | $3.00 - $4.00 |
| AU-50 | $3.00 - $5.00 | $2.00 - $4.00 | $4.00 - $5.00 |
| MS-60 | $6.00 - $8.00 | $7.00 - $8.00 | $7.00 - $9.00 |
| MS-63 | $11.00 - $16.00 | $12.00 - $15.00 | $12.00 - $15.00 |
| MS-65 | $21.00 - $28.00 | $17.00 - $25.00 | $30.00 - $32.00 |
| MS-67 | $169.00 - $200.00 | $84.00 - $100.00 | $250.00 |
| MS-68 | ~$600 | $1,850 - $2,000 | $2,000 |
1938 Jefferson Full Steps (FS) Business Strikes
The "Full Steps" designation transforms Jefferson Nickel values. A 1938-P in MS-67 without Full Steps is worth approximately $200. The same coin with Full Steps commands $1,200 to $1,850and the auction record for an MS-67 FS is $8,625. The 1938-D, despite its lower mintage, is the most common with Full Steps due to superior strike quality. The 1938-S is the scarcest Full Steps date.
| Grade | 1938-P FS | 1938-D FS | 1938-S FS |
|---|---|---|---|
| MS-63 FS | $100 - $150 | $20.00 | $30.00 |
| MS-64 FS | $200 - $260 | $45.00 | $90.00 |
| MS-65 FS | $300 - $400 | $75.00 | $160.00 |
| MS-66 FS | $450 - $550 | $100 - $130 | $650 - $800 |
| MS-67 FS | $1,200 - $1,850 | $475 - $1,150 | $1,200 - $5,000 |
| Auction Record | $8,625 (Bowers & Merena, 2006) | $33,600 (MS-68+ FS, 2022) | $5,000 (PCGS MS-67 FS valuation) |
1938 Jefferson Nickel Proofs
The 1938 Proof Jefferson Nickel was the first proof nickel offered since 1916. With a mintage of 19,365, base examples are relatively common. However, proofs exhibiting the Cameo (CAM) or Deep Cameo (DCAM) finishwith deeply mirrored fields and heavily frosted devicesare exceptionally rare. A standard PR-67 is valued around $375, while a PR-67 Cameo commands $5,000 to $8,000.
| Grade | Proof | Proof CAM |
|---|---|---|
| PR-63 | $65 - $75 | No reliable pricing |
| PR-64 | $80 - $100 | ~$900 |
| PR-65 | $100 - $125 | $1,175 |
| PR-66 | $150 - $200 | $3,150 |
| PR-67 | $375 - $500 | $5,000 - $8,000 |
| PR-68 | $4,560 (Heritage, 2022) | No reliable pricing |
Note: Deep Cameo (DCAM) 1938 proofs are virtually non-existent with no reliable public pricing available.
Grading 1938 Nickels
Accurate grading is essential for determining value, particularly for 1938 nickels where condition drives exponential price increases.
Buffalo Nickel Grading Points
The Buffalo Nickel's high-relief design makes it prone to heavy wear in circulation. Key diagnostic areas include:
- Obverse: The Native American's cheekbone and hair details show wear first. In Good (G-4) condition, the date is barely visible. In Very Fine (VF-20), hair braids are partially defined. About Uncirculated (AU-50) shows only slight friction on the highest points.
- Reverse: The buffalo's shoulder and hip lose detail quickly. The horn becomes smooth in lower grades. In Mint State, full fur texture should be visible across the buffalo's body.
Jefferson Nickel Grading: Strike vs. Wear
Grading Jefferson Nickels requires distinguishing between weak strikes and actual weara critical distinction for 1938 issues. A coin can exhibit Mint State luster yet show incomplete design elements due to insufficient striking pressure, not circulation.
- Obverse: Check Jefferson's cheekbone, hair waves, and collar for completeness. Wear appears first on the cheekbone.
- Reverse: Monticello's steps are the key indicator. However, weak strikesnot wearcause most step incompleteness on 1938 issues. A weakly struck coin can still grade Mint State if it retains full cartwheel luster and shows no friction or contact marks.
Mint State Grades: MS-60 to MS-70
Mint State grades distinguish coins by surface preservation and eye appeal:
- MS-60 to MS-63: Full mint luster, but contact marks or surface imperfections are visible to the naked eye.
- MS-64: Above-average surfaces with fewer marks. This is a key price break point.
- MS-65 to MS-67 (Gem): Minimal contact marks, strong luster, excellent eye appeal. The Buffalo Nickel becomes scarce here.
- MS-68+: Virtually flawless surfaces with exceptional strike and luster. Only a handful of 1938-D Buffalo Nickels exist at this level.
Full Steps Designation
For Jefferson Nickels, the Full Steps (FS) designation requires five (PCGS) or five to six (NGC) complete, uninterrupted horizontal lines at Monticello's base. Even minor planchet flaws, contact marks, or strike weakness in this area will disqualify a coin from the designation.
1938 Nickel Die Varieties
Several significant die varieties exist for 1938 nickels, particularly in the Buffalo D/D and D/S Over-Mintmarks and the Jefferson doubled dies.
1938-D/D and D/S Buffalo Varieties
These varieties are covered in detail in the Price Guide section. The 1938-D/D shows a repunched "D" mint mark, while the dramatic 1938-D/S displays a "S" underneath the "D"evidence of a die originally intended for San Francisco being repunched for Denver use.
1938-P Jefferson Doubled Die Obverse (FS-106)
This variety exhibits clear doubling on the motto "IN GOD WE TRUST" and on the date "1938." It is attributed as PCGS #569461. Circulated examples trade for $25-$50, while an MS-64 recently sold for $129. The PCGS auction record is $350 for an MS-65 FS example.
1938-P Jefferson Quadrupled Die Obverse (FS-105)
A more dramatic variety than the FS-106, this coin shows strong quadrupling on Jefferson's eye, the motto, and the date. Attribution is PCGS #38480. Despite being more visually dramatic, it is less valuable in Gem grades than the FS-106, possibly due to different survival rates or collector preferences.
| Grade | Value |
|---|---|
| AU-58 | $40.00 |
| MS-63 | $100.00 |
| MS-64 | $150.00 |
| MS-65 | $280.00 |
| MS-66 | $475.00 |
| MS-67 | $1,050.00 |
Other Notable Varieties
The 1938-D Jefferson Doubled Die Obverse (NGC VP-001) shows doubling on the motto and date. An uncirculated example recently sold for $350, but detailed pricing by grade is not available from major services.
A 1938-S Repunched Mint Mark (S/S) variety also exists but lacks reliable public pricing data.
1938 Nickel Mint Errors
Both 1938 Buffalo and Jefferson nickels are found with various mint errors. Values depend on error type, severity, and the coin's base grade.
Off-Center Strikes
Off-center strikes occur when the planchet is improperly seated in the collar during striking, causing the design to be impressed off-center and leaving a portion of the blank planchet visible.
Minor off-center strikes (5-15%) add little value beyond novelty. Value increases with the percentage of off-centering:
- 20-40% Off-Center: $3.00 - $5.00 for common circulated examples
- 40-90% Off-Center: $3.00 - $5.00 for common circulated examples
- Dramatic Examples: High-grade, severe off-center strikes command significant premiums. A 1938 Jefferson graded MS-64 and struck 70% off-center sold for $137.93.
Lamination Errors
Lamination errors result from flaws in the copper-nickel alloy planchet, causing surface metal to flake, peel, or crack. These errors were relatively common on nickels of this era.
- Minor Lamination: Small flaws add minimal value, typically $5-$10
- Major Lamination: Large retained laminations (where the metal flap remains attached) or significant missing pieces can be worth $20-$50
Die Breaks and Cuds
Die cracks appear as raised, jagged lines on the coin's surface. A "cud" is a more severe die break where a piece of the die face breaks away, causing a raised, unstruck blob of metal on the coin, typically connected to the rim.
- Minor Die Cracks: Very common; no added value
- Small Cuds: May add $5-$15 depending on size and location
- Large, Dramatic Cuds: Can command $50-$100 or more for visually impressive examples
Authenticating 1938 Nickels
The 1938-D Buffalo Nickel's status as a key date makes it a prime target for counterfeiters who add "D" mint marks to more common dates or fake the D/S variety. Three deceptive alteration methods exist:
Tooling or carving: The added mint mark may appear "sloppy" or "hand carved," with a shape different from genuine Denver mint marks. It may also appear artificially sharp relative to the coin's wear level.
Glue adhesion: Forgers sometimes glue a "D" from a donor coin onto the target piece. Under magnification, this leaves a faint, smooth, or discolored (often greenish) area around the mint mark where the coin's original luster and die flow lines have been disturbed.
Embossing from the edge: The most deceptive method involves drilling a tiny hole into the coin's edge, then using a specialized tool to push metal up from inside the coin to create a mint mark-shaped "pimple." The hole is then patched and concealed. Always examine the edge directly below the mint mark for signs of filling, tooling, or patching.
Improperly cleaned coins present another authentication challenge. Never clean your coinsany abrasive cleaning, buffing, or polishing introduces microscopic scratches ("hairlines") that destroy original mint luster and dramatically reduce value. Cleaned coins exhibit a network of fine, parallel hairlines visible under magnification, or they may have a "wiped," unnaturally shiny appearance with flat, dull luster missing from recessed areas.
Due to these sophisticated forgery methods, key-date and high-value Buffalo Nickels should only be purchased if authenticated and graded by PCGS or NGC. Jefferson Nickels with Full Steps designations also benefit from third-party certification, as the designation requires expert evaluation.
Preserving Your 1938 Nickels
Proper storage and handling preserve both the physical condition and the long-term value of your 1938 nickels. Handle all collectible coins by their edges, ideally while wearing soft, lint-free cotton gloves to avoid transferring oils from your skin.
Store coins in inert, PVC-free holders, flips, or capsules. Avoid old "soft" vinyl flips, which contain polyvinyl chloride that breaks down over time and deposits harmful green residue on coin surfaces. Store coins in areas with stable temperature and low humidityavoid attics, basements, or locations with extreme temperature fluctuations.
Never attempt to clean coins yourself. However, if a coin has harmful surface contaminants such as PVC residue, professional conservation services like NGC's NCS division can perform industry-accepted, non-invasive removal that may improve the coin's longevity and eye appeal. This differs from cleaning, which removes original surface metal.
For high-value specimens, particularly gem Buffalo Nickels or Full Steps Jefferson Nickels, professional grading and encapsulation by PCGS or NGC provides authentication, protects the coin in an inert sealed holder, and creates a permanent grade record.
Frequently Asked Questions
Which 1938 nickel do I haveBuffalo or Jefferson?Examine the coin's design. The Buffalo Nickel shows a Native American chief on the obverse and an American bison on the reverse. The Jefferson Nickel displays Thomas Jefferson's profile on the obverse and Monticello on the reverse. Only the Denver Mint produced Buffalo Nickels in 1938, so all Buffalo examples have a "D" mint mark.
Value depends on design, mint mark, grade, and special characteristics. Circulated Buffalo Nickels range from $0.75 to $20, while gem examples can exceed $26,000. Jefferson Nickels in circulated condition are worth $0.25 to $5, but Full Steps examples in high grades can reach $33,600. Exact value requires professional grading.
For Buffalo Nickels, the "D" mint mark appears on the reverse below "FIVE CENTS." For Jefferson Nickels, the mint mark ("D" or "S") appears on the reverse to the right of Monticello. Philadelphia-minted Jefferson Nickels have no mint mark.
Full Steps (FS) is a special designation awarded to Jefferson Nickels showing five (or rarely, six) complete, uninterrupted horizontal lines at the base of Monticello. Due to poorly prepared master hubs in 1938, most coins show weak, mushy steps. Full Steps examples can be worth 40 times more than standard strikes of the same grade.
Professional grading by PCGS or NGC is recommended for Buffalo Nickels grading AU-50 or better, Jefferson Nickels that appear to have Full Steps, any suspected die varieties, and any coin potentially worth over $100. Certification provides authentication, establishes a permanent grade record, and increases marketability.
Despite its low mintage of 5.4 million (versus 19.5 million for Philadelphia), the 1938-D Jefferson is actually the most common and least valuable mint mark in Gem Mint State grades. This occurred because collectors widely hoarded uncirculated examples, and Denver produced superior strikes that year.
They are common in circulated grades but exceptionally rare in Gem Mint State (MS-65 and above). With a mintage of 7 million, most saw heavy circulation. The condition rarity creates exponential value increasesan MS-65 is worth $75-$85, but an MS-68+ sold for $26,400.
Use a loupe or magnifying glass to examine the "D" mint mark on the reverse. If you see traces of an "S" underneath the "D," you have the D/S Over-Mintmark variety. This occurred when a San Francisco die was repunched with a "D" for Denver use.
Never clean coins. Any cleaningeven gentle polishing with a soft clothcreates microscopic scratches that destroy original mint luster and dramatically reduces value. Grading services will designate cleaned coins as "Genuine - Cleaned" or "Details," which sell for significantly less than problem-free examples.
Wear from circulation appears as friction on high points, removing luster and creating a smooth, dulled surface. A weak strike occurs during minting due to insufficient press pressure, resulting in incomplete design details despite full cartwheel luster. Many 1938 Jefferson Nickels show weak strikes on Monticello's stepsthis is a striking deficiency, not wear.
Research Methodology
Values in this guide reflect current numismatic market conditions as of November 2025, compiled from PCGS and NGC price guides, APMEX pricing data, Heritage Auctions records, and major dealer listings. Auction records represent confirmed sales with full attribution including grade, designation, auction house, and date.
Market values for coins fluctuate based on precious metal prices, collector demand, registry set competition, and overall economic conditions. The 1938 nickel market is particularly dynamic due to the Full Steps premium on Jefferson Nickels and condition rarity factors on Buffalo Nickels. Prices represent fair market value ranges for problem-free, accurately graded examples.
For current market prices and professional authentication, consult PCGS www.pcgs.com, NGC www.ngccoin.com, and Heritage Auctions coins.ha.com.
A note on images: To help illustrate coin diagnostics and rare varieties especially complex errors that are difficult to describe in text alone this guide uses AI-generated images. All written values, diagnostics, and variety attributions have been manually reviewed against the cited sources above. While our editorial team works to ensure every image is accurate and helpful, AI-generated illustrations may occasionally misrepresent fine details. If you spot any discrepancy between an image and its written description, please contact us or leave a comment below we review all feedback and correct errors promptly. Numismatic knowledge is a community effort, and your input helps us build a more accurate resource for everyone.