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The 1938-D/D Buffalo Nickel in uncirculated condition is one of the final treasures in a beloved and historically rich American coin series. Struck during the last year of production for the Buffalo Nickel, the 1938-D over D variety represents both the end of an era and a fascinating anomaly that continues to capture the attention of collectors. The coin features a prominent repunched mintmark, a result of hand-punching the Denver “D” mintmark into the working die more than once. As a result, the 1938-D/D is not only the last year of issue but also a desirable variety that combines historical significance with numismatic intrigue.
The Buffalo Nickel, also known as the Indian Head Nickel, was introduced in 1913 and remained in circulation until 1938. Designed by renowned sculptor James Earle Fraser, the coin was intended to embody the rugged American frontier spirit. Fraser’s vision brought powerful national imagery to U.S. coinage, celebrating both the heritage of the Native American people and the symbolic might of the American bison. The series faced challenges in production due to design complexity and die wear, but its distinctive appearance made it one of the most iconic coin designs of the 20th century. The 1938-D/D variant stands as a compelling capstone to a series filled with artistry and symbolism.
The obverse of the 1938-D/D Buffalo Nickel features the portrait of a Native American warrior, composed from a composite of several individuals from various Plains tribes, including Iron Tail, Two Moons, and possibly John Big Tree. The sharply defined features—braided hair, feathered headdress, and stoic expression—convey dignity and strength. The word “LIBERTY” appears along the upper right rim, while the date “1938” is clearly visible on the shoulder area. The portrait’s realism and ruggedness reflect the national romanticism of the early 20th century, when the United States sought to celebrate its frontier past while advancing into a new industrial age.
The reverse of the coin presents a powerful depiction of an American bison standing atop a raised mound. The design, inspired by the bison “Black Diamond” from the Bronx Zoo, showcases the animal in profile facing left. The inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” are arched along the top, while the denomination “FIVE CENTS” is set below the mound. The Denver mintmark appears beneath the “FIVE CENTS” inscription, and in the case of the D/D variety, a close inspection reveals the remnants of the first D beneath or around the second. The raised mound on which the bison stands was flattened in 1913 to improve striking quality, and by 1938, the design had been finely tuned to achieve consistent results.
The Denver Mint was the only facility to strike Buffalo Nickels in 1938, producing a total mintage of 7,020,000 coins. While not a low number by the standards of the series, it is still modest compared to other U.S. coin issues of the era. Among those, the D/D repunched mintmark variety is a recognized anomaly, caused when the initial mintmark was mistakenly placed and subsequently corrected by hand-punching another D in a slightly offset position. This error created doubling visible to the naked eye on higher-grade specimens and under magnification in less prominent examples. The 1938-D/D has been cataloged in multiple reference works and is recognized by major grading services as a distinct and collectible variety.
The 1938-D/D Buffalo Nickel in uncirculated condition is a highly sought-after piece due to its historical context and technical quality. Uncirculated specimens, especially those graded MS63 or higher, show full mint luster with strong strikes and minimal contact marks. Coins with this grade retain their original cartwheel brilliance, indicating that they were never used in commerce and were likely stored properly since the time of mintage. Collectors pay close attention to the strength and clarity of the repunched mintmark, as this feature defines the variety. On high-grade examples, the doubling is particularly bold, with clear outlines of the earlier D protruding from the final mintmark’s edges.
The coin’s condition is a central factor in its numismatic value. In uncirculated grade, the details of the Native American’s hair, braids, and facial features are sharply rendered, while the bison on the reverse exhibits full definition in the shoulder, horn, and tail areas. Many 1938-D/D coins suffer from soft strikes in the horn and back leg, but superior examples display all the key design elements with crisp clarity. Original mint luster may appear in subtle hues, ranging from silvery brilliance to soft gold, depending on the coin’s preservation and storage environment. Well-struck uncirculated examples are not only scarce but often command premiums among advanced Buffalo Nickel specialists.
The presence of a strong D/D repunched mintmark offers further appeal, especially for variety collectors and registry set participants. Certification services like PCGS and NGC attribute this variety on holders, and top-pop specimens in Mint State 65 and above are especially prized. While some rolls of 1938-D Buffalo Nickels may contain a few D/D examples, finding them in uncirculated condition with sharply defined doubling is increasingly difficult. As with all coins from the series, collector interest is driven by strike quality, surface preservation, and visual eye appeal, all of which are well represented in premium uncirculated 1938-D/D examples.
The historical significance of the 1938-D/D is also enhanced by its position as the final Buffalo Nickel ever issued. That same year, the Jefferson Nickel, designed by Felix Schlag, was introduced to commemorate the nation’s third president and to modernize the design of the five-cent piece. The transition marked a shift in American coinage aesthetics—from romanticized depictions of the frontier to neoclassical portrayals of political figures and their legacies. For this reason, the 1938-D/D Buffalo Nickel represents the closing chapter of an iconic American narrative, merging artistry, symbolism, and minting curiosity in a single collectible coin.
A 1938-D/D Buffalo Nickel in uncirculated condition offers a rich blend of American heritage and numismatic allure. As a variety coin, it stands apart from the standard issue by telling a more detailed story of the minting process, where human intervention and mechanical limitations combined to produce a recognizable and collectible error. As the last of its kind, it embodies the conclusion of one of the most admired coin series in U.S. history. For collectors, acquiring an uncirculated example of the 1938-D/D is both a tribute to the legacy of the American West and a testament to the artistry and craftsmanship of the early 20th-century U.S. Mint.