1928 Nickel Value Guide: The Buffalo Nickel, also known as the Indian Head Nickel, was designed by James Earle Fraser and first issued in 1913. By 1928, the coin had already become a symbol of American artistry and culture. Featuring a Native American profile on the obverse and a buffalo on the reverse, the design captured the spirit of the nation. The 1928 issue is especially important to collectors because of its scarcity in higher grades and the variations across different mint locations.
Mint Locations and Production
In 1928, Buffalo Nickels were struck at three different mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S).
- Philadelphia produced over 23 million coins, making them the most common of the year.
- Denver struck around 6.4 million coins, which are scarcer than Philadelphia issues.
- San Francisco produced just under 7 million coins, but weak strikes and poor preservation make the 1928-S a standout rarity.
The mint mark can be found on the reverse of the coin, beneath the words “FIVE CENTS.”
Value of the 1928 Buffalo Nickel
The value of a 1928 Buffalo Nickel depends heavily on condition and mint mark.
- Philadelphia (no mint mark): Circulated examples start around $1 and can reach $325 in Mint State grades. Exceptional specimens have sold for thousands.
- Denver (D): Worn examples are worth $2 to $5. In Mint State grades, they can reach hundreds, with top-quality coins valued in the tens of thousands.
- San Francisco (S): The rarest of the year, circulated examples start around $10 to $20. In Mint State grades, they can command several thousand dollars, with pristine coins valued even higher.
Special varieties such as the 1928-S “Two Feathers” variety are also highly prized, with values ranging from hundreds to thousands depending on grade.
Error Varieties and Special Finds
Collectors also prize error varieties from 1928. These include:
- Off-center strikes: Coins struck off-center can be worth significantly more.
- Die cracks or cuds: These minting flaws add uniqueness and value.
- Weak strikes: Particularly common in San Francisco issues, weak strikes make high-grade coins extremely rare and valuable.
Such errors are less common but can elevate the value of a coin far beyond its standard price.
Why Collectors Dream of the 1928 Nickel
The 1928 Buffalo Nickel is a collector’s dream because it combines artistry, history, and rarity. The San Francisco issue in particular is highly sought after, and even ordinary Philadelphia strikes can be valuable in pristine condition. For many collectors, the challenge lies in finding well-preserved examples, since Buffalo Nickels were prone to heavy wear in circulation.
Tips for Collectors
- Check the mint mark beneath “FIVE CENTS” to identify the mint.
- Examine condition carefully, since sharp details and minimal wear greatly increase value.
- Consider professional grading, as certified coins often sell for higher prices.
- Look for errors, since unique minting flaws can add significant value.
- Store coins properly to protect them from scratches and environmental damage.
The Legacy of the 1928 Buffalo Nickel
Today, the 1928 Buffalo Nickel remains a symbol of American coinage at its finest. Its design continues to inspire modern commemorative issues, and its rarity ensures that collectors will always treasure it. Whether found in a family collection or purchased at auction, the 1928 Nickel represents both financial value and a tangible piece of history.