Many collectors use the terms “Indian Head Nickel” or “Buffalo Nickel” when referring to this classic five-cent piece. However, both labels are slightly misleading:
- The figure on the front is a Native American, not a “Red Indian”—a term no longer appropriate in modern language.
- The animal on the reverse is actually a bison, native to North America—not a buffalo, which is found in Africa and Asia.
Despite these naming inconsistencies, the coin remains a favorite among numismatists for its detailed design and rich symbolism. Now, let’s look at the value of the 1928 Buffalo Nickel and what influences its market price.
1928 Buffalo Nickel Value Table by Grade
| Mint & Type | AU 50 | MS 60 | MS 62+ | MS 64+ | MS 66+ | MS 67+ |
|---|---|---|---|---|---|---|
| 1928 (Philadelphia – No Mint Mark) | $30 | $55 | $85 | $275 | $950 | $16,500 |
| 1928-D (Denver Mint) | $60 | $85 | $165 | $275 | $6,500 | — |
| 1928-S (San Francisco Mint) | $125 | $400 | $650 | $1,750 | $23,500 | $67,500 |
- AU = About Uncirculated
- MS = Mint State, using the Sheldon Grading Scale
History of the 1928 Buffalo Nickel
In early American history, although Spanish, French, and German explorers traveled across the continent, it was British settlers who ultimately established lasting colonies. Their influence shaped many American traditions — including our early use of foreign currency like the Spanish Silver Dollar, which was widely accepted.
When the United States began minting its own coins, the U.S. Mint hired engravers trained in Scotland and England. These craftsmen brought experience from medal making, watchmaking, and casting, and their designs prioritized functionality and efficiency. Their coins required fewer strikes, extending the lifespan of minting dies — a practical approach that would influence several generations of engravers.
Even as Americans began taking over mint positions, many had trained under British mentors. Notably, the Barber family — John, William, and Charles Barber — were a father-son lineage of engravers originally from London, and two of them served as Chief Engravers at the U.S. Mint.
Roosevelt’s Push for Artistic Coins
A turning point came in 1904, when President Theodore Roosevelt expressed dissatisfaction with the plain designs of American coins. He wanted them to resemble the high-relief, artistic coins of Ancient Greece and Rome, and enlisted his friend, sculptor Augustus Saint-Gaudens, to help lead this transformation.
Although Saint-Gaudens died before completing all the projects, his artistic legacy lived on through his students. James Earle Fraser, one of those protégés, would go on to design the Buffalo Nickel. Others included Victor David Brenner, who created the Lincoln Cent, and Adolph Weinman, who designed the Mercury Dime and Walking Liberty Half Dollar.
The first result of this artistic revival was the Lincoln Cent (1909), which was a public hit. However, Mint Director Abram Andrew reportedly disliked it and considered replacing it. Instead, attention turned to the outdated Liberty Head Nickel, which had been circulating for 25 years. Fraser was first proposed in 1911, but bureaucratic delays pushed his official hiring to 1912.
The Challenges of the Buffalo Nickel
After a year of development, the Buffalo Nickel debuted in 1913. Like the Lincoln Cent, it was popular with the public, but problematic for the Mint. The intricate design, full of high-relief curves and details, required multiple strikes per coin. This caused dies to wear out three times faster than those for previous coins.
Even after design tweaks, the high points on the coin were prone to wear during circulation. As a result, many Buffalo Nickels today are missing dates, mint marks, or the designer’s initials. The bison’s legs were also often affected by die re-polishing, further complicating coin grading.
It’s worth noting that while the coin is popularly known as the Buffalo Nickel, the animal on the reverse is actually a bison, native to North America. True buffalo are found in Africa and Asia, with different physical traits such as larger side horns and a higher head profile. Bison, by contrast, have hunched shoulders, curly fur, and smaller horns.
Features of the 1928 Buffalo Nickel
The Obverse of the 1928 Buffalo Nickel
The front side of the 1928 Buffalo Nickel features the profile of a Native American man, portrayed in striking detail. Three feathers are tied into his hair, though only two are fully visible — the third feather subtly emerges near the base of his neck, mostly obscured from view. Just below the neck, at the bottom edge of the coin, you’ll find the minting year and a small “F”, the initial of designer James Earle Fraser. Along the upper right rim, just in front of the figure’s face, the word “LIBERTY” is inscribed in capital letters.
The Reverse of the 1928 Buffalo Nickel
On the back of the 1928 Buffalo Nickel, you’ll see a majestic American bison standing proudly and facing left. Arched along the top edge of the coin is the inscription “UNITED STATES OF AMERICA”. Just above the bison’s back, tucked into the upper right corner, is the national motto “E PLURIBUS UNUM”. At the bottom of the coin, the denomination is clearly stated as “FIVE CENTS”, and just below that, you’ll find the mint mark, indicating where the coin was produced — if one is present.
Other Features of the 1928 Buffalo Nickel
The 1928 Buffalo Nickel was made from a metal blend of 75% copper and 25% nickel, a standard alloy for nickels of that era. The coin measured 21.21 millimeters in diameter (approximately 0.835 inches) and featured a smooth, plain edge — meaning it had no ridges or reeding along its border. Each coin weighed a total of 5 grams.
This iconic coin was part of a series produced between 1913 and 1938. Interestingly, in its earlier years, the design on the reverse showed the bison standing atop a mound or hill, a feature that was later flattened to improve durability and strike quality during minting.
1928 Buffalo Nickel Grading
Due to the high-relief design of the Buffalo Nickel, many of its details were prone to rapid wear during circulation. This makes it especially difficult to find 1928 Buffalo Nickels in well-preserved condition. Collectors and appraisers use the Sheldon Grading Scale, which runs from 1 to 70, to evaluate the coin’s condition.
- Grades 1 through 49 represent coins that have seen circulation, with the lowest numbers reflecting heavy wear.
- Coins graded 50 to 58 are labeled “About Uncirculated” (AU) — these show minimal signs of handling and still retain sharp design elements.
- Grades 60 through 70 are known as “Mint State” (MS) and are reserved for uncirculated coins with little to no signs of wear. These higher grades are significantly rarer, especially for Buffalo Nickels.
Here’s a simplified breakdown of the grading scale:
| Grade Number | Grade Description |
|---|---|
| 1 | Basal State-1 (Poor) |
| 2 | Fair |
| 3 | Very Fair |
| 4–6 | Good |
| 7–10 | Very Good |
| 12–15 | Fine |
| 20–30 | Very Fine |
| 40 | Extremely Fine |
| 50 | About Uncirculated |
| 60 | Mint State (MS-60) |
| 65 | Mint State (MS-65) |
| 70 | Perfect Mint State (MS-70) |
To determine the true market value of your 1928 Buffalo Nickel, knowing its precise grade is essential. Be sure to refer to professional grading guides or services to accurately evaluate your coin before buying, selling, or collecting.
1928 Buffalo Nickel Value Guides
1928 No Mint Mark Buffalo Nickel Value
In 1928, the Philadelphia Mint produced approximately 23.4 million Buffalo Nickels without any mint mark. These coins remain highly collectible, especially in top conditions.
For example, on August 14, 2004, a specimen graded MS-67 (Mint State 67) sold for $11,500. Since then, the grading service PCGS has authenticated over forty Buffalo Nickels at MS-67, and by May 2025, the market value for coins at this grade has settled around $5,000.
Notably, a few exceptional coins — only four examples — have reached the even rarer grade of MS-67+, the highest known level for this coin. PCGS currently values these extremely rare specimens at about $16,500 in 2025.
Looking back at sales data, the latest MS-67+ Buffalo Nickel sold at auction was in November 2019, fetching $11,400. Meanwhile, MS-67 coins have consistently sold for between $3,300 and $5,000 each from 2021 through 2024.
Buffalo Nickels graded MS-66 are far more common, with over two hundred examples recorded by PCGS. Their current value hovers around $950. This abundance has pushed down the price of the slightly rarer MS-66+, which only has about 55 certified examples but commands a lower price, around $1,250.
For coins in lower uncirculated grades, such as MS-60, the price is significantly less — approximately $55 in 2025.
1928-D Buffalo Nickel Value
In 1928, the Denver Mint produced about 6.4 million Buffalo Nickels, all bearing the distinctive “D” mint mark. Since this mintage is roughly one-quarter the size of Philadelphia’s production, these coins generally command a higher resale value.
For instance, on January 3, 2012, an example graded MS-67* (the asterisk indicates a special designation by NGC) sold for $17,250. This designation differs slightly from MS-67+, which is used by PCGS to indicate coins at the upper end of the grade.
Currently, PCGS has not certified any MS-67+ specimens of the 1928-D Buffalo Nickel. Their highest graded coin is an MS-67, and since they’ve only graded one at that level, they estimate its 2025 value at around $30,000.
At the MS-66 grade, nearly 70 coins have been submitted, with an estimated value near $5,000 as of 2025. The more common MS-65 coins, with close to 500 submissions, are valued around $550. Slightly rarer, MS-65+ coins have fewer than 15 submissions, but due to the abundance of MS-65 coins, their value is only somewhat higher at $950.
Lower-grade uncirculated coins, like MS-60, are currently valued around $85 in the resale market.
1928-S Buffalo Nickel Value
In 1928, the San Francisco Mint struck approximately 6.9 million Buffalo Nickels marked with the letter “S”. These coins are among the rarest in the series, especially in high grades.
For example, on July 1, 2009, a coin graded MS-67 sold for an impressive $46,000. Only two specimens at this grade are known to exist. As of May 2025, PCGS values coins at MS-67 around $46,500. Even higher, the MS-67+ grade is estimated at $67,500, although no sales for this grade have been recorded yet, despite some examples existing.
There are just two known Buffalo Nickels graded MS-66+, with a 2025 value of about $23,500 each. You’ll find slightly more MS-66 coins, as PCGS has certified around twenty, and these currently sell for about $15,000.
The MS-65+ grade, with nearly thirty known coins, is valued at roughly $4,250. This price is influenced by the larger number of MS-65 coins—close to one hundred certified—which have a value near $2,850.
At lower grades, a Mint State 60 Buffalo Nickel is worth about $400 as of May 2025, though only six specimens are known at this grade. The MS-62 grade is more common, with almost ninety coins certified by PCGS and a resale value of around $500.
Even coins in modest circulated conditions hold value. For instance, a Very Good 10 (VG-10) is worth about $10, a Very Fine 20 (VF-20) around $20, and a Very Good 30 (VG-30) approximately $30.
Rare 1928 Buffalo Nickel Errors List
1928-S Buffalo Nickel 2-Feathers Error FS-401
Como mencionamos antes, los troqueles usados para acuñar los Buffalo Nickels tenían una vida útil bastante corta. Debido al alto costo de fabricar nuevos, los empleados de la Casa de la Moneda solían pulir y re-acabar los troqueles usados para prolongar su uso. Sin embargo, este proceso a veces eliminaba accidentalmente detalles importantes del diseño, como las patas del bisonte en el reverso o la tercera pluma en el penacho del retrato en el anverso.
En el caso del error 2-Feathers, que se refiere a la ausencia de la tercera pluma en la cabeza del nativo, una moneda con esta variante en grado MS-63 fue vendida por $2,040 en 2019.
1928-S Buffalo Nickel Ragged Clipped Planchet
Coins are produced by feeding rolled metal sheets into a blanking press that punches out round discs known as planchets. The leftover metal scrap, riddled with holes from these punches, is typically melted down and recycled. Occasionally, however, a coin is accidentally struck on one of these irregular scraps instead of a proper planchet. This results in a coin with straight or curved clipped edges, often showing ragged or uneven cuts where metal was missing.
A 1928-S Buffalo Nickel exhibiting this ragged clipped planchet error graded MS-61 sold for more than $160 at auction.
1928 (P) Buffalo Nickel Struck 15% Off-Centre
During the minting process, small mechanical “feeder fingers” push each blank coin, or planchet, precisely into place between the coin dies. However, if the planchet is not perfectly aligned, part of the coin’s surface will miss the imprint. This is known as an off-centre strike error, where the misalignment is often measured as a percentage of the coin’s surface left blank.
For this particular 1928 Philadelphia Buffalo Nickel, about 15% of the design is missing — specifically on the lower right area of the obverse and the upper right section of the reverse. Despite being graded at a modest Very Fine 30 (VF-30), this off-centre error sold for $400.
Where to sell your nickel?
Now that you’re aware of your nickel’s value, you may be curious about the best places to sell it. Don’t worry: here’s a rundown of some top online marketplaces where you can conveniently sell your nickels, along with their benefits and drawbacks.
Explore the best platforms for selling nickels online (advantages and disadvantages).
FAQ about the 1928 Buffalo Nickels
1. What historical factors influence the rarity and value of a Buffalo Nickel from this year?
The value of a Buffalo Nickel can be heavily influenced by its historical context. For example, years with lower mintage due to economic downturns (like the post-WWI recession) often result in scarcer coins. Additionally, production challenges at certain mints (e.g., Denver or San Francisco) can lead to weaker strikes or smaller outputs, increasing collector demand for high-grade specimens.
2. What are the rarest and most sought-after varieties or errors for this year’s Buffalo Nickel?
Key varieties include doubled dies, repunched mint marks (RPMs), off-center strikes, and die cracks or cud breaks. Some dates, like 1926-D and 1937-D (3-legged variety), are famous for specific major errors. For the year in question, collectors should look for doubled dates, weak strikes at the bison’s horn or tail, and signs of minting anomalies on the obverse legend.
3. How do mint marks (“D”, “S”, or no mark) affect a coin’s value and availability?
Mint marks are crucial. Coins from the San Francisco (“S”) and Denver (“D”) mints were often produced in smaller quantities and under less consistent strike quality than Philadelphia (no mint mark). A 1928-S, for instance, is far rarer in high grades than a 1928 (Philadelphia), and its market value reflects that. Collectors prioritize these variants based on scarcity and strike quality.
4. How important is coin grading in determining value, especially for error coins?
Grading is essential. A Buffalo Nickel in MS65 condition can be worth hundreds—or even thousands—more than the same coin in VF20. Error coins graded by PCGS or NGC hold significantly more market value because authentication and condition are guaranteed. A certified error in AU condition may still outpace a non-error MS coin in some cases.
5. Were there any metallurgical or die design changes in this year that affect the coin’s characteristics?
While the basic composition (75% copper, 25% nickel) remained constant throughout the Buffalo Nickel series, subtle design modifications occurred. For instance, the placement of the date and its tendency to wear down prematurely led to adjustments in 1916. By the late 1920s, many coins exhibited weaker strikes, especially at branch mints, affecting the sharpness of design elements like the bison’s horn or the Indian’s hair.
6. What are the best practices for authenticating and certifying a rare or error Buffalo Nickel?
Always use a reputable third-party grading service like PCGS, NGC, or ANACS. Look for signs of tampering, altered mint marks, or tooling under magnification. Comparing your coin to certified examples online and checking weight (5.00 grams standard) and diameter (21.2 mm) are good initial steps before submission.
7. How do market trends and collector demand affect the value of Buffalo Nickels over time?
Market trends fluctuate with economic conditions and numismatic interest cycles. Coins with exceptional eye appeal, rare varieties, or strong certification often appreciate in value, especially during times of high demand for tangible assets. Online platforms and major auctions now play a larger role in driving prices.
8. What are the best storage methods to preserve a Buffalo Nickel’s condition long-term?
Store coins in acid-free holders or hard plastic capsules. Avoid PVC-based flips, as they can cause green corrosion over time. Keep them in a cool, dry environment with low humidity. Never clean the coin, as this can strip natural toning and lower its value significantly.
9. Are there official records or databases that track die varieties and mintage anomalies?
Yes, resources like the Cherrypickers’ Guide, PCGS CoinFacts, and NGC VarietyPlus are excellent for identifying and cataloging known varieties. The Numismatic Guaranty Company (NGC) and Professional Coin Grading Service (PCGS) also offer census reports showing population data by grade and variety.
10. What advice would you give advanced collectors to avoid buying counterfeit or altered Buffalo Nickels?
Always buy from trusted dealers or auction houses. Educate yourself on genuine diagnostics—such as how mint marks are supposed to look for a given year and mint. Use high-resolution reference images and a quality loupe or microscope. When in doubt, buy coins that are already certified by a top-tier grading company.
