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The Buffalo Nickel 1938-D over S in Almost Uncirculated condition represents a fascinating and important conclusion to one of the most beloved coin series in United States history. As the final year of Buffalo nickel production, 1938 was already a significant milestone, but the discovery of the D over S mintmark variety gave this last issue added intrigue. This variety was created when a die initially prepared with a San Francisco “S” mintmark was repurposed for use at the Denver Mint, resulting in a distinctive overpunched mintmark. Though a relatively recent discovery in the realm of numismatics, the 1938-D over S has become a sought-after variety, especially in well-preserved grades like Almost Uncirculated, where much of the original design detail remains visible.
The Buffalo nickel, also known as the Indian Head nickel, was introduced in 1913 and designed by renowned sculptor James Earle Fraser. Fraser sought to depart from the traditional Greco-Roman motifs of earlier American coinage and instead capture imagery rooted in the American experience. The obverse features a striking profile of a Native American, derived from a composite of three real-life tribal chiefs, while the reverse showcases a powerful American bison standing atop a plain. This design, bold and distinctly American, reflected the nation’s frontier past and was praised for its realism and cultural homage. Fraser’s creation has since become one of the most iconic and enduring coin designs in U.S. history.
The obverse of the 1938-D over S Buffalo nickel depicts the familiar right-facing Native American portrait. His braided hair and feathered headdress flow behind a strong jawline and a pronounced brow, with the word “LIBERTY” inscribed along the upper right rim. The date “1938” appears just below the neckline at the lower left of the field. In Almost Uncirculated condition, this obverse retains excellent sharpness, with fine detail visible in the hair, feathers, and facial features. Only the highest points, such as the cheekbone and brow ridge, may show faint signs of wear. The eye and nose remain well defined, and the date is bold and fully legible, giving the coin a crisp and lifelike appearance.
The reverse displays an American bison standing on level ground, with its head lowered and body portrayed in full profile. The inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” curve above the bison, while “FIVE CENTS” is struck below, with the mintmark beneath the denomination. The key detail of this variety—the “D” over “S” mintmark—can be seen directly beneath “FIVE CENTS,” where the Denver “D” was punched over an existing San Francisco “S.” In Almost Uncirculated condition, the reverse retains excellent fur detail on the bison’s shoulder, back, and legs. The horn, tail, and hooves show light friction, but the animal’s muscular structure is fully discernible. The overmintmark itself, while subtle to the naked eye, is clearly visible under magnification, showing remnants of the underlying “S” beneath the more prominent “D.”
The 1938 Buffalo nickel was produced only at the Denver Mint, with a total mintage of 7,020,000 pieces. Though this mintage is moderate by Buffalo nickel standards, most of these coins were regular issues without the overmintmark. The D over S variety emerged from the repurposing of at least one die that had originally been intended for San Francisco production. Rather than waste the die, the Mint simply punched a “D” over the already present “S” and put the die into service. This economical and practical solution by Mint officials ultimately created a noteworthy variety that collectors would come to treasure. The total number of D over S coins is unknown but is significantly fewer than the total mintage, making it a scarce and valuable find.
Buffalo nickels, including the 1938-D over S, are widely known for striking inconsistencies, often appearing weak in the bison’s head, tail, and horn, or in the details of the Native American’s hair and headdress. However, by 1938, minting techniques had improved significantly, and Denver was producing sharper strikes than in earlier years. The 1938-D over S, when found in Almost Uncirculated condition, often displays better-than-average detail retention across both obverse and reverse. The overmintmark is the diagnostic feature that sets this variety apart, and identifying it properly requires the aid of magnification. When visible and unaltered, it adds considerable value and numismatic importance to the coin.
In Almost Uncirculated (AU) condition, the 1938-D over S Buffalo nickel shows minimal wear, limited to the highest relief areas. Most of the coin’s original detail remains, including the texture of the bison’s fur and the fine lines of the Native American’s hair and feathers. The fields are typically clean and lightly toned, with strong rims and well-defined lettering. Traces of the original mint luster may still be visible, especially in protected areas around the devices. Surface contact marks are minor and typical for the grade, but there should be no serious scratches, corrosion, or signs of cleaning. The overall appearance is one of quality and eye appeal, making AU examples ideal for collectors who appreciate near-Mint detail without the premium associated with fully uncirculated coins.
The coloration of an AU 1938-D over S Buffalo nickel is often a pleasing blend of soft gray, light tan, or golden-brown hues, with occasional hints of original satin luster in the recessed areas. These natural tones are a hallmark of authenticity and are favored over artificially brightened or cleaned examples. Collectors value coins that exhibit originality and even wear, as they best reflect the coin’s true history in commerce. The presence of an intact overmintmark, free of tampering or damage, adds to the appeal, ensuring the coin’s legitimacy and enhancing its desirability among specialists in the series.
The 1938-D over S Buffalo nickel holds added significance because it represents both the end of an era and a fascinating minting error. As the Buffalo nickel gave way to the Jefferson nickel later that same year, this coin serves as a final nod to Fraser’s rugged, uniquely American design. The overmintmark adds an element of human imperfection and economy, a reminder of the practical decisions made within the Mint during times of transition. It also contributes to the educational value of the coin, offering collectors insight into minting practices and the physical realities of die production during the early 20th century.
The Buffalo Nickel 1938-D over S Almost Uncirculated is a remarkable and desirable specimen, offering strong detail, light wear, and the allure of a recognized and respected variety. It combines historical relevance, design excellence, and minting rarity in a single coin, making it a centerpiece in any collection of Buffalo nickels or 20th-century U.S. coinage. For both seasoned numismatists and those beginning to explore the world of die varieties, the 1938-D/S in AU condition offers a tangible connection to American heritage and the evolution of minting technology. Its graceful aging and subtle overmintmark secure its place as one of the more engaging and collectible issues in the Buffalo nickel series.