Certified Buffalo Nickel 1938-D MS65 NGC

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  • Description:

    The 1938-D Buffalo Nickel holds an important place in American numismatics as it represents the final year of the iconic Buffalo Nickel series, which ran from 1913 through 1938. Introduced by the U.S. Mint during the presidency of William Howard Taft, this five-cent coin was intended to celebrate a distinctively American design, and over its 25-year run, it became one of the most beloved coin designs in U.S. history. The 1938-D issue was the only Buffalo Nickel minted in the final year of production and was struck exclusively at the Denver Mint. Its status as the last of the series gives it significant historical appeal to collectors, particularly in Mint State grades. This date marked the end of an era, as the U.S. Mint transitioned to the Jefferson Nickel design in late 1938, making the 1938-D Buffalo Nickel the swan song of James Earle Fraser’s classic creation.

    James Earle Fraser's design for the Buffalo Nickel was revolutionary for its time and uniquely American. The obverse of the coin features a composite Native American portrait based on three different individuals: Chief Iron Tail of the Lakota Sioux, Chief Two Moons of the Cheyenne, and a third, lesser-known figure. The word “LIBERTY” is inscribed to the right of the profile, and the date “1938” appears below the neckline. On the reverse, a powerful American bison—commonly referred to as a buffalo—dominates the scene. Fraser modeled this image after Black Diamond, a bison then living at the Central Park Zoo in New York City. The bison stands on a raised mound, and beneath it is the denomination “FIVE CENTS,” while the mint mark “D” is located under the “CENTS” to the left. The inscription “UNITED STATES OF AMERICA” and the motto “E PLURIBUS UNUM” curve along the top. The entire coin exudes rugged symbolism and captures the American frontier spirit.

    The 1938-D Buffalo Nickel was struck at the Denver Mint, the sole facility producing this denomination in that year. Denver was chosen because the Philadelphia and San Francisco Mints had already ceased Buffalo Nickel production after 1937, and the Denver Mint was tasked with the final run. The mintage totaled 7,020,000 pieces, a relatively modest figure when compared to some earlier dates in the series but sufficient to ensure a reasonable supply of surviving examples. Notably, these were intended for general circulation, but many were saved in quantity due to the awareness that this would be the last Buffalo Nickel issued. As a result, uncirculated examples, including high-grade Mint State coins, are relatively available compared to earlier Buffalo Nickels in similar condition.

    Coins from the 1938-D mintage are often noted for their high quality, and this particular example has been certified as MS65 by NGC (Numismatic Guaranty Company), indicating a superb Mint State condition. MS65, or Mint State 65, is a Gem Uncirculated grade that reflects a coin with strong luster, a sharp strike, and only minor marks or abrasions visible under magnification. On this 1938-D Buffalo Nickel, one can expect vibrant mint luster that rolls across the surfaces when tilted under light. The strike is typically well-executed on both the Native American portrait and the bison’s fur and horn—areas that are often weak on earlier dates. The coin would have minimal contact marks, generally confined to non-distracting areas of the design or fields. Eye appeal is an essential factor at this grade level, and this specimen would exhibit an attractive overall appearance, possibly with hints of toning that enhance its visual charm.

    One of the advantages of the 1938-D Buffalo Nickel, especially in MS65, is that it offers collectors an accessible yet historically meaningful piece. Unlike many earlier Buffalo Nickels that suffer from poor strikes, excessive wear, or low survivability in high grades, the 1938-D benefits from having been saved in large numbers, often in original rolls or bags. Collectors who desire a representative example of the iconic Buffalo design without venturing into the high cost territory of rarer dates find the 1938-D an excellent choice. Furthermore, because it was the final issue in the series, it carries a sense of closure and completion, adding to its desirability. This is especially true when the coin is graded and encapsulated by a respected third-party service such as NGC, which guarantees the coin’s authenticity and condition and ensures its preservation.

    Visually, the coin's surfaces in MS65 are typically satiny or frosty, with little to no discoloration and strong details in the headdress, facial features, and bison elements. Some coins might exhibit slight peripheral toning in hues of gold, blue, or rose, resulting from long-term storage in original mint packaging or albums. These subtle tones can enhance a coin's desirability among collectors who value originality and eye appeal. The coin’s design elements, such as the fine strands in the Native American’s hair and the bison’s textured hide, are rendered with clarity and depth, making the 1938-D one of the most satisfying dates in the Buffalo Nickel series to examine under magnification. The Denver Mint's high production standards in 1938 are evident in the exceptional level of craftsmanship and detail retained in surviving Mint State coins.

    Though the 1938-D is one of the more accessible Buffalo Nickels in Mint State, it still commands strong collector interest, particularly in higher grades like MS65. The market demand for these coins remains steady due to their strong design, historical significance, and consistent eye appeal. Because of the coin’s final-year-of-issue status, it is often included in type sets, short sets, and full Buffalo Nickel collections. Even casual collectors are drawn to the 1938-D because it represents the end of a legendary numismatic chapter. When encapsulated and graded MS65 by NGC, the coin not only enjoys added protection but also added liquidity and credibility in the marketplace. Its certification adds confidence to buyers and sellers alike, ensuring its status as a premium example of the type.

    In summary, the Certified 1938-D Buffalo Nickel in MS65 NGC encapsulates both the end of an era and the pinnacle of 20th-century U.S. coin design. Struck in the final year of a beloved series, this coin is emblematic of the American West and carries strong artistic and historical associations. Its design, rooted in national heritage, its high-quality Denver Mint production, and its status as the last Buffalo Nickel ever made combine to create a numismatic treasure. In MS65 condition, the coin offers strong luster, a well-executed strike, and exceptional visual appeal, all housed securely in an NGC holder. Whether part of a comprehensive Buffalo Nickel set or a standalone showpiece, this gem-quality coin stands as a lasting tribute to one of America’s most cherished coin designs.

  • Details:
    • Denomination: N/A
    • Year: 1938
    • Diameter: N/A
    • Mint Mark: N/A
    • Thickness: N/A
    • Grade: N/A

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