For coin collectors and history enthusiasts alike, few pieces capture the imagination quite like the 1928 Buffalo Nickel. This iconic coin, with its striking Native American portrait on the obverse and majestic bison on the reverse, is more than just a five-cent piece—it's a tangible link to America's past. But what is a 1928 Buffalo Nickel really worth? Let's embark on a numismatic journey to uncover the true value of these century-old coins.
The Allure of the Buffalo Nickel
Designed by James Earle Fraser and minted from 1913 to 1938, the Buffalo Nickel represents a pivotal moment in American coin design. Its bold departure from traditional motifs celebrated the rugged spirit of the American West and paid homage to Native American culture. The 1928 issue, now nearly a century old, holds particular fascination for collectors due to its age and historical context.
Factors Influencing the Value of a 1928 Buffalo Nickel
Several key elements determine the worth of a 1928 Buffalo Nickel:
- Mint mark
- Condition (grade)
- Rarity
- Collector demand
- Presence of errors or varieties
Let's delve deeper into each of these factors to understand their impact on the coin's value.
Mint Marks: A Crucial Determinant
In 1928, Buffalo Nickels were struck at three different mints:
- Philadelphia (no mint mark)
- Denver (D mint mark)
- San Francisco (S mint mark)
The mint mark, or its absence, can significantly affect a coin's value:
1928 (P) No Mint Mark
- Mintage: 23,411,000
- Most common variety
- Value range: $30 (AU50) to $16,500 (MS67+)
1928-D
- Mintage: 6,436,000
- Less common than Philadelphia issue
- Value range: $60 (AU50) to $30,000 (MS67)
1928-S
- Mintage: 6,936,000
- Rarest of the three
- Value range: $125 (AU50) to $67,500 (MS67+)
Grading: The Key to Unlocking Value
The condition of a 1928 Buffalo Nickel is paramount in determining its worth. Coins are graded on the Sheldon Scale from 1 (Poor) to 70 (Perfect Mint State). For 1928 Buffalo Nickels, here's a comprehensive breakdown:
| Grade | Description | 1928 (P) | 1928-D | 1928-S |
|---|---|---|---|---|
| G4 | Good | $2 | $2 | $2 |
| VG8 | Very Good | $3 | $4 | $5 |
| F12 | Fine | $5 | $7 | $12 |
| VF20 | Very Fine | $10 | $15 | $25 |
| XF40 | Extremely Fine | $20 | $30 | $60 |
| AU50 | About Uncirculated | $30 | $60 | $125 |
| MS60 | Mint State | $55 | $115 | $400 |
| MS65 | Gem | $550 | $975 | $2,850 |
| MS67+ | Superb Gem | $16,500 | $30,000 | $67,500 |
As evidenced by this table, even a slight difference in grade can result in a substantial change in value, especially at the higher end of the grading scale.
Rarity and Demand: The Collector's Perspective
While mintage figures provide insight into how many coins were produced, they don't tell the complete story. Survival rates, particularly in high grades, play a crucial role in determining a coin's rarity and value. For instance:
- Only four 1928 (P) Buffalo Nickels are known to exist in MS67+
- Just two 1928-S specimens have been graded MS67
These rarities drive collector demand and can push prices to extraordinary levels. In a 2009 auction, a 1928-S MS67 Buffalo Nickel sold for an astounding $46,000!
Error Coins: When Imperfections Equal Value
Errors and varieties can add significant premiums to 1928 Buffalo Nickels. Some notable examples include:
-
1928-S 2-Feathers Error (FS-401):
- Result of overzealous die re-polishing
- MS63 specimen sold for $2,040 in 2019
-
Ragged Clipped Planchet:
- MS61 example fetched over $160
-
Off-Center Strikes:
- 15% off-center VF30 realized $400
These errors are highly sought after by specialists and can command substantial premiums over normal issues.
Market Trends and Recent Sales
To gain a clearer picture of the current market for 1928 Buffalo Nickels, let's examine some recent auction results:
- 1928 (P) MS67+: $11,400 (November 2019, Heritage Auctions)
- 1928-D MS67*: $17,250 (January 2012, Heritage Auctions)
- 1928-S MS67: $46,000 (July 2009, Heritage Auctions)
These high-grade examples demonstrate the potential for significant value in top-condition coins.
Preservation and Care: Protecting Your Investment
For owners of 1928 Buffalo Nickels, proper care is essential to maintain the coin's value:
- Always handle coins by their edges
- Store in inert, non-reactive holders
- Avoid cleaning or polishing
- Consider professional conservation for valuable specimens
Where to Buy and Sell 1928 Buffalo Nickels
For those looking to acquire or sell 1928 Buffalo Nickels, several reputable options exist:
- Major auction houses (e.g., Heritage Auctions, Stack's Bowers)
- Online marketplaces (eBay, VCoins)
- Local coin shops
- Numismatic associations and clubs
Always verify the authenticity and grade of any coin before making a purchase or sale.
Beyond Monetary Value: The Historical Significance
While the financial aspect of 1928 Buffalo Nickels is intriguing, their historical value is equally important. These coins represent:
- A pivotal era in American coin design
- The artistry of sculptor James Earle Fraser
- A tribute to Native American culture and the American West
- The economic landscape of the late 1920s, just before the Great Depression
Owning a 1928 Buffalo Nickel is like holding a piece of American history in your hand.
The Buffalo Nickel in Popular Culture
The enduring appeal of the Buffalo Nickel extends beyond numismatics:
- Featured in numerous books and articles on American coinage
- Inspiration for modern commemorative coins
- Often referenced in films and television shows set in the early 20th century
- A popular subject for artists and sculptors
Investment Potential and Market Outlook
As with any collectible, the investment potential of 1928 Buffalo Nickels should be approached with caution:
- High-grade specimens have shown steady appreciation over time
- Rare varieties and errors can experience rapid value increases
- The overall market for Buffalo Nickels remains strong among collectors
- As with any investment, diversification is key
Tips for New Collectors
For those new to collecting 1928 Buffalo Nickels:
- Start with lower-grade examples to learn about the coin
- Invest in a good magnifying glass or loupe
- Study authentication techniques to avoid counterfeits
- Join a local coin club or online forum to connect with other collectors
The Future of 1928 Buffalo Nickel Collecting
As we look to the future, several factors may influence the collectibility of 1928 Buffalo Nickels:
- Increasing scarcity as coins are lost or damaged over time
- Growing interest in historical American coinage
- Potential for new discoveries of rare varieties or errors
- Technological advancements in coin grading and authentication
Conclusion: More Than Just Five Cents
So, how much is a 1928 nickel worth? The answer varies widely, from a few dollars for a well-worn example to tens of thousands for a pristine, rare specimen. But beyond the monetary value, these coins offer a tangible connection to the past and a fascinating glimpse into the art and craft of American coinage.
Whether you're a seasoned numismatist or a curious newcomer, the 1928 Buffalo Nickel holds endless fascination. Its value lies not just in its metal content or rarity, but in the stories it tells and the history it represents. As you explore the world of coin collecting, remember that each 1928 Buffalo Nickel is more than just five cents—it's a miniature masterpiece of American heritage, a window into a bygone era, and a testament to the enduring allure of numismatics.
