Bowers on collecting: A curious Buffalo nickel

By Q. David Bowers

In early 1962, C.G. Langworthy and Robert Kerr found a very strange 1938-D Buffalo nickel. Under magnification there clearly appeared an “S” mintmark peeking out from beneath the “D!” This was truly one-of-a-kind. They had never heard of such a coin before. Later they found a second one.

Not believing their eyes, the two gentlemen contacted Margo Russell, editor of Coin World. In those days, that weekly newspaper, which had begun in 1960, lacked extensive research files. Margo called upon me to examine and verify the nickel, as she had done with other coins before.

I, too, could not believe my eyes, at least at first. The two mintmarks were each clear. The whole story was written up in the September 14, 1962 issue of Coin World. No one knew whether the 1938-D/S over mintmark, as it came to be known, was an extreme rarity worth a small fortune, or whether others would be found.

As to why such a coin was made, the story is likely this:

In 1938 the Buffalo/Indian Head nickel design had been in use since 1913. The Mint decided to change the motif, and a nationwide competition was held to create what became the Jefferson nickel. In the meantime, only at the Denver Mint were Buffalo nickels coined that year, those with a “D” mintmark. 

On hand at the Philadelphia Mint, where all coinage dies were made — including those used at Denver and San Francisco — there were some perfectly good, unused reverses with “S” mintmarks. With the coming of the Jefferson nickel, these would be useless, so rather than waste them it was decided to over punch the “S” with a “D.” This created the 1938-D/S.

Within a short time of the publicizing of the 1938-D/S, everybody and his brother and sister looked through their 1938-D Buffalo nickels — it is an extremely common coin — to see if any were 1938-D/S.  Many thousands were found, from three reverse dies, each with very slight differences. Today, the 1938-D/S is considered common.

In slightly more than 40 years, the rarity estimate has gone from just two pieces to an estimated 5,000 to 10,000 or more. A photo panel in the Guide Book shows a close-up of this mintmark.

If you wish to contact me or send any inquiries, you may direct them to my e-mail qdbarchive@metrocast.net.

Follow us on Facebook and Twitter!

Facebook Twitter Email

BEFORE YOU COMMENT:

  1. Mint News Blog is not a retail website. If you wish to buy a coin or banknote, you should contact a reputable dealer. One of our sponsors (see ads at left and top of page) may also have what you’re looking for, so be sure to check out their websites.
  2. Per policy, we do not advise on the value, authenticity, or rarity of readers’ coins and banknotes. For this kind of assistance, you should contact a reputable dealer, preferably one who’s certified by the American Numismatic Association and/or the Professional Numismatists Guild.
  3. Vulgar and/or abusive comments will not be tolerated. Nor will trolls.
  4. Allegations of fraudulent or criminal activity against a named party, when said activity has not been proven in a court of law, will be removed.

Comments

  1. the RCB says

    AK Bob says

    APRIL 14, 2021 AT 3:48 PM

    Some people like to “beat a dead horse”. I guess it makes themselves feel better, better than others because they have a different opinion even when the opinion has been misconstrued /altered. Woke You!!

    I get your point and agree that I have beaten a dead horse, so I concede to just let comments slide off my feathers instead of letting them get ruffled in the future. However, I don’t believe I have misconstrued or altered anything.

    “…and also congrats to the lesbian lady astronaut and the black lady poet.” This is clearly a sarcastic comment showing derision, and it was further backed up with statements to effect that these people were chosen because of their sexual orientation or race, and not that they have done anything worthy of selection for a coin series on women.

    Anyway, point taken, I will stop beating the dead horse.

  2. CaliSkier says

    Here is some additional value and population information from Joshua McMorrow-Hernandez from PCGS.

    “ A typical circulated example can be bought for right around $25 in XF40, while springing just 10 bucks more can buy a nicer AU55. For about $50 one can buy a PCGS MS60 or PCGS MS61. Those who want a nicer specimen still could spend $150 for a PCGS MS65 or up the ante to $220 to obtain a PCGS MS66. The highest grade for which any regular marketplace trades occur with the PCGS MS67 specimens, numbering fewer than 300 specimens and commanding close to $500 a pop. Meanwhile, the finest-graded example is a PCGS MS68, estimated to have a value of $25,000.“

  3. CaliSkier says

    I will say however, due to my waning eyesight, I prefer the 2001 PF and Unc, Buffalo Ag $1 and PF Gold Buffalo $50 sizes and details when viewing! Thankfully I own all 3 versions, plus the RP Au Buff.

    Definitely wish I had a 2008 Unc Au Buffalo $25 or $50 in my collection.

  4. SteveW says

    I like that buffalo nickel pictured in the article. Beautiful!! I am guessing it’s MS 66.

  5. Louis says

    Dets are out on silver dollars – 175 K for each Morgan and 25 HH limit and 200K on Peace $ with same HH.
    I find those too low esp with 25 HH, but they do look AMAZING.

  6. cagcrisp says

    EACH 2021 Morgan Silver Dollar will have Mintage of 175,000 with HHL of 25

    The 2021 Peace Silver Dollar will have Mintage of 200,000 with HHL of 24

    Price for the 2021 Morgan’s and 2021 Peace will be $85.00…

  7. cagcrisp says

    In ^

    Should read:

    The 2021 Peace Silver Dollar will have Mintage of 200,000 with HHL of 25

  8. John D Moore says

    @Cag & Louis
    I like the mintage but the HHL limit scares me.
    Big boys will buy a ton and cherry pick them.

  9. Louis says

    Imagine big boys with scores of employees and family each buying 25 at a time and then offering bounties to get them from customers.

  10. cagcrisp says

    Peace 2021 Silver Dollar

    Pre-ordering window starts June 7 at noon and closes on June 21 at 3pm ET or until inventory depleted

    Product shipments will begin in October

  11. Louis says

    Just noticed each coin has a 2 week pre-order window and coins ship in October. Those windows will close within the first day probably. What they are doing would make sense if there were no mintage limits.

  12. cagcrisp says

    There is no Mintage Limit so the Mint could put out another set offering at a later date…

  13. Tom says

    It looks like the Mint is is trying to appease collectors that want the new version of the Morgan and Peace Dollars. Mintage limit open and a pre- order window should give most an opportunity to order. Secondary market is anyone’s guess. Especially longterm. Personally, I would prefer a 90% silver coin just like the originals and I hope the new coins mirror them as well. With today’s technology I don’t see why it can’t be. Nevertheless, I plan to buy. They will make nice stocking stuffers.

  14. cagcrisp says

    @ The RCB says,”Is that 175,000 for each product variation of the morgans or across the options”

    Morgan Product Limit:

    175,000 for CC
    175,000 for O
    175,000 for D
    175,000 for S
    175,000 for Philadelphia

    Peace Product Limit:

    200,000 for Philadelphia

  15. cagcrisp says

    @ Tom says,” a pre- order window should give most an opportunity to order.”

    Unless I’m missing something, the pre-order limit will have No bearing on anything.

    With a HHL of 25 these will all be gone within an hour…

  16. John D Moore says

    I am little disappointed the US mint is using privy marks for the CC & O mint.
    I was wondering how they were going to do them. I will be there at noon on each release date.

  17. Larry says

    I may buy one Peace Dollar, but that is it. I never was a Morgan dollar fan. If these were proof I would be much more interested. The picture of the Peace dollar looks much nicer than the Morgan.
    I do not understand what the deal is with “privy marks”.
    A proof Peace dollar would be stunning. So would a proof Standing Liberty quarter, which the mint had a chance to do and blew it.
    The mintage amounts seem OK, at least they won’t be an instant sell out.
    $85 for one ounce of silver is hard to swallow.

  18. Tom says

    @ cagcrisp – The mintage limit is unknown correct?
    With a pre- order window I’m going to believe the mint will produce more past their posted product limit. Why else would they ship in October?

  19. cagcrisp says

    @ Tom ,”@ cagcrisp – The mintage limit is unknown correct?”

    The product limit is either 175,000 for each Morgan or 200,000 for the Peace.

    “Why else would they ship in October”

    The Mint needs to sell these before the 2021 Type 2 American Silver Eagles and they don’t have time to get these minted before October…

  20. Tom says

    Thanks cagcrisp.
    It doesn’t make sense for the Mint to put a pre- order window on a coin they know will be in the highest demand.

  21. cagcrisp says

    @ Tom says,”It doesn’t make sense for the Mint to put a pre- order window on a coin they know will be in the highest demand.”

    Agree 100%…

  22. John Q. Coinage says

    Agree w Cag 1 hr or less they all will go buh-bye! HH @25 is a f’ing joke. More coal for Joe Collector & rhodium for the MEZAK bunch. I agree why a privy, cause they’re out striking @ CCITY? Who knows we’re going to be lucky to get some. I’d say cu in 20m……every coin tick buyer will be a shill for the big boy Ryder Group…….Peace looks great tho

  23. John Q. Coinage says

    So they can strike 400,000 Boys Town or other dogs & <200k of these……wow

  24. Jerry Diekmann says

    If the 2021 Morgan dollar is based on the 1921 Morgan dollar, note that the 1921 coin was based on the 1878 7TF Morgan dollar, which had a couple of mistakes left over from correcting the 8TF to 7TF mistake earlier in that year. The arrow shaft for the top arrow is parallel to the other arrows (corrected to slanted in 1879) and the eagle’s breast is concave (corrected to convex in 1879 also). So Morgan made three mistakes on his first venture as a Mint engraver. The Mint had destroyed the reverse hub in 1910 and Morgan had to use what was still available, and I guess it was the 1878 7TF hub Mr. Bowers or Louis could probably shed some light on this subject. But the bottom line is the 1921 Morgan is the worst struck coin in the series, with very low relief – generally an unattractive coin. I hope the Mint takes these facts into consideration – they should use any Morgan dollar from 1880 to 1904 to better show the proper relief of this coin.

  25. John Q. Coinage says

    Love it Coinasauris❗️❗️💰💰to keep us from getting the Jones over missing a restrike of less than $23 of Ag for $85….and like monkeys for dope we hit the buy button to get the dopamine shot….. MEZAK & the ticks get $$$ they’re the “street” dealers, they get a cut of the action & inside dope from the mint, like pre sale pickup & mistaken 4 am releases……🧐

  26. Foxman69 says

    There are so many mega-bullion dealers out there…..they will gobble these up in minutes and then you can expect to pay double or triple issue price for one…dealers are salivating to get these….collectors are currently paying significant premiums for a ’21 Peace dollar in any condition….just wait for companies to put together sets with various combinations of original ’21 Morgan’s and Peace dollars along with the new ones….unlimited profit potential….most collectors will end up pounding salt in the end…

  27. DaveSWFL says

    PMs getting a pretty strong bid this morning. Maybe I should have been gobbling up the SLV rather than nibbling – never got my $20 fill ….not even close🥲

  28. SteveW says

    I bet the one bid didn’t see that shipping charge. At $20k, that works out to be about $360 a puck. Seems high. Not sure how eBay works, but is shipping not taxable? Or what is the advantage to put the bulk of cost for the pucks into shipping?

  29. says

    I am going after the 2021 Morgan Silver Dollar Privy CC and the 2021 S Morgan Silver Dollar and the 2021 Peace Dollar. I bet they will go on e bay for 3 to 4 times the 85.00 issue price. Do you think they will make more since this is a Pre-Order. I think the mint should lower the limit (Silver Dollars) to10 per Household Limit. I bet it will sell out in 10 to15 minutes…

  30. cagcrisp says

    @Tom Shuman says,” Do you think they will make more since this is a Pre-Order.”

    The Mint can Not make more under the Product code.

    Since there is No Mintage Limit, they can make more coins under Another Product code…

  31. CaliSkier says

    Cag says: “ @ Tom says,”It doesn’t make sense for the Mint to put a pre- order window on a coin they know will be in the highest demand.”

    Agree 100%…”

    Keep in mind I’m one of the ones Cag mentioned, REALLY needing a course in accounting(?) or some closely related topic? I have learned a lot by trying to follow Cags comments when he speaks interest rates, finances , stock market, bullion, Mints stats, etc! Thanks Cag!

    However, I think it makes perfect sense, for the Mint to put a pre- order window on a coin they know will be in the highest demand.”

    They are and have been tightening the belt and trying to shore up profitability and a profitable program that will not linger as well as potentially garner some positive press or excitement?

    As you mention Cag, they announced “product” limits and not “mintage limits.

    Perhaps, that sales window gives them enough time to finalize plans for a special set containing 1 or more of the offerings in a different finish? Short window for sure, however perhaps that would allow them to get a better gauge on what else they may be able to throw at us Ag “crack” heads to slam dunk or knock another offering out of the park as Cag likes to put it?

    If it’s a first day sell through on all offerings, that would tell them to get busy on the special sets? If a few days go by or a week(no way) then those product limits will stick as final mintages and there will be no additional offerings or products containing these designs??? I haven’t looked at the legislation, however my instincts tell me that as long as the coins are struck in 2021, they can sell until supply is exhausted? Meaning the could do a fall release on a set and run it into 2022 if needed?

    Don’t forget that we are talking about 875,000 Morgan dollars, plus 200,000 Peace dollars coming to market! That’s a million plus coins at $85 a pop! Now consider that it’s less than an ounce of silver?

    Knowing that getting these initial offerings to the public, is in theory or should be the main priority, they probably aren’t sure whether or not, people will or can drop additional money on a set?

    $510 for just barely over 5 oz of Ag! Calculations based off of 31.103 being a Troy oz and .858 being the weight of the coins for a total of 26.686 grams. 155.517 gms to 5 Troy oz’s. If yo buy all 6 coins you’ll receive 160.116 gms of Ag. A difference of or an additional 4.599 gms of Ag.

    We have reached RCM pricing territory finally? Our mintages are huge comparatively though.

    Cha Ching for the Mint and the program “falling” into Ryders lap!

    One thing, I’ll say about Mint pricing, is if you’re willing to pay these and trending US Mint prices, your market for Ag coins has broadened significantly as no matter what country is producing the given coin, prices are more comparable than ever before.

    So dabble in some Canadian, Australian, Austrian, Chinese, UK offerings and find some other desirable designs you like! I really like the look of, however I don’t own and Libertad’s .

    Good luck on finding something different that you really like!

  32. CaliSkier says

    Foxman says: “ most collectors will end up pounding salt in the end…”

    Look at the bright side, sure beats the heck out of “pounding sand”!

    Salt in your food is one thing, sand completely different? PB & J as a child at the beach comes to mind! Damn sand!

    You are correct on the mass potential of product combos and labels, “lying in wait”?

  33. John Q. Coinage says

    Cali interesting I agree the price is getting quite sketchy for long term returns. You can get 2 bullion ASEs for the $85 & your upside is better in th elong run? Not sure, but you can get a real Morgan in PCGS 64 for about $85, Peace for less (other than a ’21- I have a few most have been cleaned & sanitized for your protection!)…. Perhaps a Tuskegee privy for those who missed out…..A facemaks privy…… A 20yr 911 privy…. A ‘privy’ privy for some of this poop…..it’s endless

  34. DaveSWFL says

    1) Program designers really dropped the ball by not including proof coins in the Morgan/Peace program .

    2) Imagine the furor of the secondary market inflated priced coin buyers if there is a set of these announced and released following the 5 minute sellout/website blockage of the original releases! If a set is a consideration, the possibility should be announced well before the initial release.

    3) Why HHL of 10? Especially with such limited product maximum and a design even these guys have to know will be wildly popular. Their disregard for the common working stiff is disheartening, though not unexpected from a governmental agency!!!

  35. solaraeagle says

    I sent an email to the US mint, asking that household limit on the Morgan and Peace dollar be lowered to 10.00, if enough of us say something, maybe they will change the limit, it never hurts to ask.

  36. John D Moore says

    I sent an email concerning the HHL of the Morgan & peace dollar today.
    Response back thank you for your communication. Please be advised your feedback regarding the current HHOL has been forwarded to upper management for your voice to be heard.

  37. rapt0r says

    @DaveSWFL

    I’m looking forward to the Morgan and Peace but would have also preferred proof.

  38. cagcrisp says

    I have posted a few times about the new legislation proposed to change Retirement Accounts in meaningful ways.

    The legislation proposed in 2020 was labeled “Secure Act 2.0”

    I have posted that it has bipartisan agreement because the Democratic chairman (Neal) and the former Republican chairman ( Brady) were in agreement on this legislation.

    Yesterday, April 14, 2021, ranking Republican member of the House Ways and Means committee, Kevin Brady-TX announced that this would be his last term in Congress.

    My Guess is that it makes it even more important and likely that some form of Secure Act 2.0 will be inacted during this Congress…

    This is a quote from NAPA (National Association of Plan Advisors):

    ““Ranking Member Brady’s announcement to not seek reelection is a loss for both the Ways & Means Committee and Congress. Our working relationship has always been predicated on doing our best for this country we both love so dearly, and I respect his commitment to the people of Texas’s 8th Congressional District,” Chairman Neal stated after hearing that Brady will not be seeking reelection.

    With Brady announcing his retirement and Sen. Rob Portman’s (R-OH) previous announcement that he would retire, that would seem to ramp up the resolve to get bipartisan retirement legislation enacted in this session of Congress”

  39. CaliSkier says

    Tom as human says: “ I am going after the 2021 Morgan Silver Dollar Privy CC and the 2021 S Morgan Silver Dollar and the 2021 Peace Dollar.”

    Not sure, if this is a financial, availability, chance or actual strategy you have?

    I do believe this strategy is sure to all but guarantee(?) your success in getting the coins you want? Depending on whether you just want one or adjust to a different quantity?

    For sure those only ordering 1 coin or 1 of each coin on launch day, stand a better chance of completing their transactions vs taking the time to enter a different quantity?

    Yes we’re only talking fractions of a second or a second or 2 tops, however there will be some who get shut out while adjusting quantities IMO?

    I also agree that at least for opening day a HHL of 10 would have been the way the Mint should have gone.

    Good luck all and get your CC accounts squared away! Credit cards not Carson City…… Just saying…

  40. CaliSkier says

    solareagle says: “ I sent an email to the US mint, asking that household limit on the Morgan and Peace dollar be lowered to 10.00, if enough of us say something, maybe they will change the limit, it never hurts to ask.”

    John D Moore also e-mailed.

    I just did the same and agree that it can’t hurt to send off an e-mail?

  41. CaliSkier says

    If anyone else want to send off an e-mail to the Mint re: the Morgan Peace doll HHL, feel free to copy and paste this message..

    I have a request regarding the upcoming US Mint 2021 Morgan and Peace dollar products/offerings.

    I’m writing to ask that you consider lowering the household limit from 25 coins to 10 coins for the first 24 hrs?

    This will give more customers a chance to purchase and “ensure all members of the public have fair and equal access to United States Mint products.”

    Thanks for your time and consideration!

    Sincerely,

  42. VA Dave says

    @CaliSkier – email sent. 25 is a bit too high for what will be a popular offering. I would like a couple of these for my collection and don’t really want to pay the big boys or ebay flippers 2 to 3+ times the price the mint is charging.

  43. Hidalgo says

    @CalSkier – I doubt that writing to anyone at the US Mint will help in lowering the household limit of 2021 Morgan and Peace dollar products/offerings. Most of the employees, including Director of the US Mint, David J. Ryder, are following guidelines handed down to them.

    You may see more action if you were to write to Mr. Ryder’s boss, Secretary of the Treasury Janet Yellin. Or to the members of Congress and notables who were involved with the bill/law. See the names below.

    =======================================

    From Coin World:

    H.R. 6192, the 1921 Silver Dollar Coin Anniversary Act, was introduced in the House March 11, 2020, by Rep. Andy Barr, R-KY. H.R. 6192 was received by the Senate Sept. 23 and referred to the Senate Committee on Banking, Housing, and Urban Affairs.

    The Senate passed the measure Dec. 17 by unanimous consent.

    A mirror bill in the Senate, S. 4326, was introduced July 27, 2020, by Sen. Mike Enzi, R-WY.

    The legislative initiative was championed by two longtime collectors, Thomas J. Uram, chairman of the Citizens Coinage Advisory Committee, and Mike Moran, another member of the CCAC.

  44. says

    SteveW says
    @longarm. Nice sets. Did you put the sets together or buy them that way?

    Those sets I bought already put together, but I go thru them replacing the coins that I have better examples.

  45. Blair J Tobler says

    Well, I guess we now know why the American Innovation Reverse Proofs were taken off the schedule. The Federal Register is listing a price for an “American Innovation $1 Coin Reverse Proof Set” at $28.00. It looks like the individuals are perhaps being replaced by this. I kind of liked the individual coins, myself.

  46. ips_stuff says

    I see that Tuskegee 5 oz P is available on backorder this morning… still
    Item 21AJ and you can put 99 in your cart

  47. CaliSkier says

    The Tuskegee Airman Olympics have begun!

    People are cancelling, returning, waffling on all the P 5 oz Tuskegee coins they bought.

    A lot of back orders are goin to be shipped early for sure. These will be available on and off for the entire summer IMO.

    Don’t pay secondary pricing and look for low prices on SP 69 & 70’s! There is a glut of coins and the market can not and will not support the overpriced, over available, secondary market ?

  48. CaliSkier says

    @ Hidalgo, never say never or I can’t, because “can’t” died!

    I suggest all readers send e-mails to this e-mail address and see what happens.

    I doesn’t take any more effort than reading through our collective posts and may actually have a positive affect/outcome???

    Info from US Department of the Treasury website:

    https://home.treasury.gov/utility/contact

    U.S MINT

    United States Mint Customer Service
    To place an order, check the status of an existing order or inquire about a shipment or lost order, please call:
    Within the 50 United States 1-800-USA-MINT (1-800-872-6468) ; TTY 1-888-321-MINT (6468)
    From Outside the 50 United States 001-202-898-MINT (6468)
    United States Mint General Information
    For general comments and all NON-product/order related inquiries, please contact:
    Telephone (202) 756-6468, Weekdays 9:00am to 4:30pm EST, except holidays.
    Fax (202) 756-6200
    Email inquiries@usmint.treas.gov

    inquiries@usmint.treas.gov

    The e-mail above is different from the one on the US Mint website, which is:

    usmint-support@usmcatalog.com

    Send to both sites if you’ve got the energy.

  49. CaliSkier says

    I highly recommend that all MNB’ers send a copy of the below email, with your name added, to this web address:

    inquiries@usmint.treas.gov

    I have a request regarding the upcoming US Mint 2021 Morgan and Peace dollar products/offerings.

    I’m writing to ask that you consider lowering the household limit from 25 coins to 10 coins for the first 24 hrs?

    This will give more customers a chance to purchase and “ensure all members of the public have fair and equal access to United States Mint products.”

    Thanks for your time and consideration!

    Sincerely,

    Longer more detailed post in moderation/lock up!

  50. CaliSkier says

    PS you can add this to the subject line or something similar?

    2021 US Mint Morgan Peace dollar Household Limits

  51. CaliSkier says

    Here is another place to send requests for HHL intervention prior to launch.

    CCAC link with e-mail to contact:

    https://www.ccac.gov/contactUS/index.html

    To whom this may concern:

    Hello, can you please relay this request on behalf of all collectors to any and all who may possibly be able to consider if this is possible before launch day?

    I have a request regarding the upcoming US Mint 2021 Morgan and Peace dollar products/offerings.
    I’m writing to ask that you consider lowering the household limit from 25 coins to 10 coins for the first 24 hrs?

    This will give more customers a chance to purchase and “ensure all members of the public have fair and equal access to United States Mint products.”

    Thanks for your time and consideration!

    Sincerely,

  52. says

    Been raining here so I’ve had time to go thru some boxes of coins and try to organize along the way, with a few pics here and there. Here’s my very first set of bullion pucks bought from Amark when they first came out.

    2010 ATBs

  53. CaliSkier says

    Thanks longarm, that pic of yours, is one of the best images of bullion ATB versions I’ve seen. That picture gives me a different impression as opposed to what I thought before seeing your picture!

    I’m pretty sure I still prefer the vapor blasted version, however the bullion versions you’ve shown look pretty awesome!

  54. says

    Yeah, I noticed after I posted that the pic didn’t come out too great, but when you take a monster box and just dump it out without arranging them, then you get what you get. Here’s another pic.

    ATBs

Leave a Reply

Your email address will not be published. Required fields are marked *