1920 Buffalo Nickel Value: P, D, S Mint Guide
1920 Buffalo Nickel values range from $4 (circulated P-mint) to $138,000 (MS-67 D-mint). Discover what makes the 1920-D and 1920-S condition rarities worth thousands.
The 1920 Buffalo Nickel is worth $4 to $155,000 depending on mint and condition.
- 1920 (P) Circulated: $4 – $33
- 1920 (P) Uncirculated: $79 – $6,300
- 1920-D Circulated: $5 – $600
- 1920-D Uncirculated: $825 – $155,000
- 1920-S Circulated: $6 – $425
- 1920-S Uncirculated: $975 – $75,000
The 1920-D and 1920-S are condition rarities worth thousands in Gem grades due to notoriously weak strikes from worn dies.
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1920 Buffalo Nickel: A Conditional Rarity Story
The 1920 Buffalo Nickel, designed by James Earle Fraser, was struck at all three U.S. Mint facilities: Philadelphia (63,093,000), Denver (9,418,000), and San Francisco (9,689,000). While the Philadelphia issue is readily available and affordable in most grades, the 1920-D and 1920-S tell a dramatically different story. Despite their mintages approaching 9.5 million coins each, these branch mint issues are notorious for weak, mushy strikes from heavily worn dies. This production characteristic creates extreme conditional rarity—sharply-struck Gem examples are virtually unknown, commanding auction records of $138,000 for the 1920-D and $44,563 for the 1920-S. This guide covers values for all three mints, identifies key die varieties including the sought-after "Two Feathers" and repunched mint mark (RPM) varieties, and provides authentication guidance for collectors navigating this challenging series.
How to Identify Your 1920 Buffalo Nickel
All 1920 nickels feature the Type 2 Buffalo Nickel design, used from mid-1913 through 1938. This design modification was implemented to protect the denomination from rapid wear that plagued the short-lived Type 1 design earlier in 1913.
Design Features: The obverse displays a right-facing profile of a Native American with the date "1920" below and the designer's initial "F" (for James Earle Fraser) positioned beneath the date. The reverse features an American bison (buffalo) standing on a mound. The critical Type 2 diagnostic is that the denomination "FIVE CENTS" sits in a recessed area below the mound, not raised on the mound itself. This modification significantly improved the coin's durability in circulation.
Mint Mark Location: The mint mark is located on the reverse, beneath the denomination "FIVE CENTS". Philadelphia coins bear no mint mark, Denver coins show a "D", and San Francisco coins display an "S". A common point of confusion for beginners is the "F" on the obverse—this is the designer's initial and appears on coins from all three mints, not a mint mark.
Specifications: The coin weighs 5.00 grams, measures 21.2 millimeters in diameter, and has a plain edge. Its composition is 75% copper and 25% nickel.
1920 Buffalo Nickel Value Guide by Mint
Values are for problem-free, collectible-grade coins certified by PCGS or NGC. Market data is aggregated from PCGS and NGC Price Guides, retail dealers (APMEX, Gainesville Coins), and auction houses (Heritage Auctions) as of late 2024.
1920 (P) Philadelphia Buffalo Nickel
With a mintage of 63,093,000, the 1920 Philadelphia issue is the common date for the year. It is readily available and affordable in circulated and low-to-mid Mint State grades. PCGS estimates 8,000 survivors in all grades, with 2,000 in MS-60 or better and 600 in MS-65 or better. While common compared to the branch mints, the 1920-P is noted as being rarer in Gem condition than Philadelphia issues from 1914-1919. The NGC Census shows 1,150 total graded coins with an average grade of MS-62 and a top population grade of MS-67.
Auction Record:$12,650(MS-67)
| Grade | Value |
|---|---|
| G-4 | $4 |
| VF-20 | $10 |
| EF-40 | $20 |
| AU-50 | $33 |
| MS-60 | $79 |
| MS-63 | $172 |
| MS-65 | $800 |
| MS-67 | $6,300 |
1920-D Denver Buffalo Nickel
The 1920-D is a paramount "conditionally challenging issue" in the Buffalo Nickel series. While its mintage of 9,418,000 is not exceptionally low, the quality of most surviving examples is disappointing. The Denver Mint in 1920 used heavily worn and cracked dies, resulting in poor, mushy strikes being the norm rather than the exception. This severely limits the population of Gem-certified coins and drives their values exponentially.
The NGC Census lists only 1,026 graded examples with an average grade of AU-55, reflecting the extreme difficulty in finding high-grade, well-struck specimens. Many Mint State examples lack a Full Horn on the bison—the informal strike quality benchmark for this series. Grading services are forced to "market-grade" these coins, meaning a 1920-D may receive an MS-64 grade based on luster and lack of wear despite having a weak horn. However, a 1920-D that does have a Full Horn is an extreme rarity and commands a premium far beyond standard price guide values.
Auction Record:$138,000(MS-67)
| Grade | Value |
|---|---|
| G-4 | $5 – $15 |
| VF-20 | $140 |
| EF-40 | $250 – $335 |
| AU-50 | $510 – $600 |
| MS-60 | $825 |
| MS-63 | $1,500 |
| MS-65 | $4,750 – $5,750 |
| MS-66 | $27,995 – $45,495 |
| MS-67 | $100,000 – $155,000 |
💡 Market Variance Note
The 1920-D exhibits a significant valuation discrepancy at the MS-66 level, with retail listings showing a gap of over $17,000 (more than 30%) between PCGS- and NGC-certified examples. This market behavior reflects this date's specific conditional rarity, suggesting collectors place a higher premium on one service's designation for this notoriously difficult-to-grade issue.
1920-S San Francisco Buffalo Nickel
Like the 1920-D, the 1920-S is a paramount conditional rarity. Choice examples are very rare, and fully struck specimens are virtually unknown. The San Francisco Mint during this period heavily overused its reverse dies—lacking a date, these dies could be employed until they failed completely, resulting in blurry, indistinct coins.
The NGC Census lists only 894 graded coins (even fewer than the 1920-D) with an average grade of AU-55 and a top population grade of MS-66. PCGS assigns a rarity rating of R-8.9 (30 known) for coins in MS-65 or better condition. This extreme scarcity in high grades creates substantial value premiums for well-preserved examples.
Auction Record:$44,563(MS-65)
| Grade | Value |
|---|---|
| G-4 | $6 – $11 |
| VF-20 | $105 – $130 |
| EF-40 | $175 – $275 |
| AU-50 | $360 – $425 |
| MS-60 | $975 |
| MS-63 | $1,750 – $1,850 |
| MS-65 | $12,500 |
| MS-66 | $49,995 – $75,000 |
Grading Your 1920 Buffalo Nickel
Understanding the grading scale is essential for accurately assessing your coin's value. Buffalo Nickels are particularly challenging to grade due to the design's susceptibility to uneven wear and the prevalence of weak strikes, especially for the 1920-D and 1920-S issues.
Circulated Grades: In Good-4 (G-4) condition, the date, lettering, and major devices are readable but heavily worn. The bison's horn is typically worn flat. In Very Fine-20 (VF-20), moderate wear is evident but all design elements remain clear. The horn shows partial detail, and about half the details in the Native American's hair are visible. In Extremely Fine-40 (EF-40), light wear appears on the high points—the Native American's cheekbone and the bison's shoulder and hip. Most horn detail is present. About Face-50 (AU-50) shows only slight traces of wear on the highest points, with most of the original mint luster remaining.
Mint State Grades: Mint State coins show no wear from circulation. MS-60 exhibits full luster but may have numerous contact marks or other distractions. MS-63 has moderate contact marks but generally pleasing eye appeal. MS-65 is a Gem with only minor marks that don't distract from the coin's beauty and displays excellent luster. MS-67 is a Superb Gem with minimal imperfections, even under magnification.
The Strike Quality Challenge: A critical distinction exists between numerical grade and strike quality. The 1920-D and 1920-S are notorious for weak, mushy strikes from worn dies. Many Mint State examples lack a "Full Horn" on the bison—the informal benchmark for a sharp strike in this series. Grading services must assign grades based on wear and surface preservation, meaning a 1920-D can receive MS-64 despite having a weak horn. However, a coin with both high grade AND Full Horn commands substantial premiums. Collectors seeking top-tier examples are hunting for two characteristics: high numerical grade (MS-65+) and sharp strike (Full Horn). Finding both in one coin is exceptionally rare, which explains why the auction record for a 1920-D MS-67 reached $138,000.
⚠️ Common Misconception
The "Full Steps" (FS) designation commonly seen on Jefferson Nickels does NOT apply to Buffalo Nickels. Full Steps refers specifically to the steps on Monticello on Jefferson Nickels minted from 1938 onward. For Buffalo Nickels, collectors use the informal "Full Horn" benchmark to assess strike quality.
Key Die Varieties
Several significant die varieties exist for the 1920 Buffalo Nickel, offering opportunities for variety collectors to pursue specialized examples worth substantial premiums over standard strikes.
1920-D Repunched Mint Mark (RPM) Varieties
A Repunched Mint Mark occurs when the mint mark, which was hand-punched into the working die, is struck multiple times in slightly different positions, creating a visibly doubled "D" mint mark. Two distinct RPM varieties are recognized for the 1920-D:
FS-502 (CONECA RPM-001): Known as the "D/D South", this is the most prominent and sought-after RPM for the 1920-D. The doubling is readily visible under magnification. Greysheet values a Mint State example in the $1,250 to $2,250 range. A PCGS-graded VF-35 example of FS-502 has documented auction sales.
FS-501: A second, distinct D/D RPM variety recognized by PCGS. While less prominent than FS-502, it carries a premium over regular strikes.
"Two Feathers" Varieties (FS-401)
This scarce variety, cataloged as FS-401, exists for all three 1920 mints and is caused by excessive die polishing. When mint workers attempted to remove die clash marks by polishing the obverse die, they inadvertently ground away the third, innermost feather in the Native American's headdress. This resulted in coins showing only two visible feathers instead of the normal three.
Values for Two Feathers Varieties:
- 1920 (P) FS-401: Approximately $4,500 in MS-60 condition
- 1920-D FS-401: Designated as a "Very Rare Variety." Auction listings note a VF-35 example as "POP 1" (Population 1) at PCGS in that grade, indicating extreme scarcity. Value range: $380 to $800+ in VF-35
- 1920-S FS-401: Approximately $2,750 in MS-63 condition
1920 (P) Doubled Die Obverse (WDDO-001)
This minor doubled die variety is designated WDDO-001 by doubleddie.com. Unlike the major "Two Feathers" or RPM varieties, this is considered a very minor, non-demanded DDO with minimal doubling visible on the obverse. Retail listings for raw, circulated (VF) examples are as low as $20, indicating limited collector demand for this particular variety.
Mint Errors and Values
Error coins are unique, one-of-a-kind minting mistakes valued separately from die varieties. The 1920 Buffalo Nickel is found with several notable error types.
Lamination Errors
Lamination errors are a common planchet defect for the copper-nickel alloy used in Buffalo Nickels. These errors occur when impurities in the metal cause a portion of the coin's surface to flake or peel. Value depends entirely on severity and visual appeal. Minor lamination cracks add little value—circulated 1920-S and 1920-D examples with minor-to-moderate lamination are listed for $2 to $20. However, major, detached lamination errors can be valuable. A 1918 example with significant lamination sold for over $600, establishing the upper value potential for dramatic examples.
Off-Center Strikes
Off-center strikes occur when the planchet is not properly centered between the dies during striking. Value is determined by the percentage the coin is struck off-center and, critically, the preservation of the date and mint mark. For 1920 Philadelphia examples, documented values include:
- 15% Off-Center (MS-62): A PCGS MS-62 listed for $1,050; an NGC MS-62 sold at auction in 2017 for $540
- 20% Off-Center (MS-63): A PCGS MS-63 sold in 2017 for $423
- 25% Off-Center (XF-45): An NGC XF-45 example is documented
The value range for a Mint State 1920 (P) struck 15-20% off-center is approximately $400 to $1,100.
Wrong Planchet / Off-Metal Errors
These are extremely rare and valuable errors where a nickel is struck on the wrong type of planchet:
Struck on a Cent Planchet (1920, mint unknown): A dual error, struck 25% off-center AND on a bronze cent planchet. An MS-62 Brown (NGC) example sold at Heritage Auctions in January 2018 for $11,400.
Struck on a Full-Size Copper Planchet (1920 P): Described as a "Discovery Coin," this unique error was struck on a full-size (4.96g) planchet of the wrong composition: 89% Copper, 8% Zinc, 3% Tin. This extraordinary coin is graded NGC AU-55.
Cud Errors
A cud is a major die break where a piece of the die involving the rim breaks off, creating a raised, unstruck area on the coin. A 1920 (P) with a "Major Reverse Cud" (designated BNC-20-1R) in G-6 was sold by Heritage Auctions in 2004, confirming the existence and collectibility of cud errors for this date.
Authentication and Problem Coins
The substantial value difference between the common 1920 Philadelphia issue and the scarce 1920-D and 1920-S creates a strong financial incentive for counterfeiters to add fake mint marks. A 1920-P in VF-20 is worth only $10, but adding a "D" or "S" mint mark would create a coin worth $140 or $105 respectively—more than a 10x value increase.
Detection Methods for Added Mint Marks: Counterfeiters use two primary methods. The first is a simple added mint mark, where a "D" or "S" is glued or sculpted onto the coin's surface. Careful magnification may reveal an unnatural seam, tooling marks, or a difference in patina and luster between the mint mark and the surrounding field. The second, more deceptive method is an embossed mint mark, where a counterfeiter drills a tiny hole into the coin's edge and uses a tool to "push up" a fake mint mark from the inside.
An authentic mint mark is an integral part of the die strike and will sit naturally IN the field, not ON it or pushed UP from beneath it. Examine the texture inside the mint mark and the flatness of the field around it. Genuine mint marks show the same surface characteristics as the surrounding field because they were struck simultaneously. Third-party authentication from PCGS or NGC is essential when purchasing any high-value 1920-D or 1920-S coin.
Cleaned Coins: Improper cleaning is another major issue that destroys numismatic value. Warning signs include fine, parallel hairline scratches from wiping, "whizzing" (using a high-speed tool to polish the surface, creating an unnatural cartwheel luster that differs from original mint luster), or pitting and discoloration from acid or chemical dips. A cleaned or damaged coin cannot receive a straight numerical grade. Instead, grading services return it in a "Details" holder with a notation such as "AU Details, Cleaned." A Details coin has lost the majority of its numismatic value and is illiquid in the collector market. All values in this guide apply only to problem-free, straight-graded coins.
Strike Quality vs. Damage: It's important to distinguish between a weak strike (a production characteristic) and post-mint damage or wear. The 1920-D and 1920-S commonly show weak strikes with mushy details, particularly on the bison's horn. This is NOT damage—it's how the coin was made. True damage includes scratches, dents, rim dings, environmental damage (corrosion, PVC residue), or artificial surface alterations (cleaning, polishing). When examining a coin, ask whether the surface characteristics are original to how it was made and used, or whether they result from improper handling after leaving the mint.
Preservation and Storage
Proper storage and handling are essential to maintaining your 1920 Buffalo Nickel's condition and value. The copper-nickel composition is durable but not immune to environmental damage, and even minor mishandling can cause permanent value loss.
Storage: Coins should be stored in inert, archival-safe holders specifically designed for numismatic storage. Avoid any holders containing PVC (polyvinyl chloride), commonly found in older soft plastic "flips." PVC can leach acids over time, causing green, sticky residue that permanently damages the coin's surface and destroys numismatic value. Modern, safe options include non-PVC flips, hard plastic holders, or certified slabs from PCGS or NGC.
Never Clean Coins: This cannot be emphasized enough—do not clean your coins under any circumstances. Any abrasive process (rubbing, polishing) or chemical treatment (dipping, vinegar, household cleaners) will permanently damage the coin's surface, destroy the original patina that develops naturally over time, and eliminate its numismatic value. A cleaned coin will be rejected for straight grading by certification services and may become essentially worthless to collectors. If your coin appears dirty or toned, leave it as-is. What collectors value is originality—the coin's natural surface state—not artificial brightness.
Handling: When handling coins, hold them by the edges only. Never touch the obverse or reverse surfaces with bare fingers, as oils and acids from skin contact can cause permanent spotting or discoloration over time. For valuable specimens, consider using cotton gloves. Always handle coins over a soft surface to prevent damage if dropped.
Environmental Factors: Store coins in a stable environment away from extreme temperatures, high humidity, and direct sunlight. Avoid storing coins in areas with chemical fumes (near cleaning supplies, in garages, etc.). For long-term storage of valuable coins, consider a bank safe deposit box or home safe with controlled humidity.
Recent Auction Results
Major auction sales provide insight into the market for top-tier examples of 1920 Buffalo Nickels. These results demonstrate the extreme premiums that condition rarity commands for the branch mint issues.
1920 (P) MS-67:$12,650(PCGS CoinFacts). This represents the auction record for the Philadelphia issue, reflecting the scarcity of Superb Gems even for the common date.
1920-D MS-67:$138,000(PCGS Auction Prices). This extraordinary price establishes the 1920-D as one of the most valuable Buffalo Nickels in Gem condition. The coin undoubtedly possesses both exceptional grade and Full Horn strike quality—the combination that makes this date so challenging.
1920-S MS-65:$44,563(PCGS Auction Prices). This record demonstrates the extreme premium for Gem examples of the San Francisco issue, which are even scarcer than the 1920-D according to NGC Census data.
1920 Wrong Planchet Error:$11,400(Heritage Auctions, January 2018). This MS-62 Brown (NGC) example was struck 25% off-center on a bronze cent planchet, representing a dual error that commands strong demand from error collectors.
These auction results highlight how condition rarity drives value in this series. The differential between the Philadelphia record ($12,650) and the Denver record ($138,000)—more than 10x—reflects the extreme difficulty in finding sharply-struck Gem examples of the 1920-D. Collectors should note that these are exceptional results for the finest known examples; most 1920-D and 1920-S coins trade at significantly lower levels due to weak strikes and/or lower grades.
Frequently Asked Questions
How much is my 1920 Buffalo Nickel worth?
Value depends on mint mark and condition. A 1920 Philadelphia nickel ranges from $4 (G-4) to $6,300 (MS-67). The 1920-D ranges from $5 (G-4) to $155,000 (MS-67) due to extreme condition rarity. The 1920-S ranges from $6 (G-4) to $75,000 (MS-66). Check the reverse beneath "FIVE CENTS" for a mint mark: no mark = Philadelphia, "D" = Denver, "S" = San Francisco.
How do I identify the mint mark on my 1920 Buffalo Nickel?
The mint mark is located on the reverse, beneath the denomination "FIVE CENTS". Philadelphia coins have no mint mark, Denver coins show a "D", and San Francisco coins display an "S". Do not confuse the "F" on the obverse below the date—this is designer James Earle Fraser's initial and appears on all 1920 nickels regardless of mint.
Why are 1920-D and 1920-S Buffalo Nickels so valuable?
These are condition rarities caused by production issues. Both the Denver and San Francisco mints in 1920 used heavily worn dies, resulting in notoriously poor, mushy strikes. While their mintages were around 9.5 million each, sharply-struck Gem examples are virtually unknown. The combination of high grade AND Full Horn strike quality is exceptionally rare, commanding six-figure prices for the finest examples.
What is the "Full Horn" designation for Buffalo Nickels?
"Full Horn" is an informal benchmark used by collectors to assess strike quality on Buffalo Nickels. It refers to complete, well-defined horn detail on the bison. Note that "Full Steps" (FS) is a formal designation used only for Jefferson Nickels (1938-present) and does NOT apply to Buffalo Nickels. For 1920-D and 1920-S issues, most Mint State examples lack a Full Horn due to weak strikes, making sharp examples highly valuable.
Should I get my 1920 Buffalo Nickel professionally graded?
For 1920-D and 1920-S coins in high grades (AU or better) or with significant strike quality, professional grading by PCGS or NGC is highly recommended. Certification protects against counterfeits, confirms authenticity, and is essential for resale. For common 1920 Philadelphia coins in circulated grades, grading costs may exceed the coin's value unless it's in exceptional condition. Generally, consider grading if the coin's potential value exceeds $100.
How can I tell if my 1920 Buffalo Nickel has an added mint mark?
Examine the mint mark under magnification. Genuine mint marks are struck into the die and integrated seamlessly with the coin's surface. Added mint marks may show tooling marks, an unnatural seam, different patina, or a raised appearance "on" the field rather than "in" it. For valuable purchases, always buy PCGS or NGC certified coins to guarantee authenticity.
What are the "Two Feathers" varieties?
The "Two Feathers" varieties (FS-401) exist for all three 1920 mints and are caused by excessive die polishing. The third, innermost feather in the Native American's headdress is missing because mint workers inadvertently ground it away while polishing the die to remove clash marks. These scarce varieties command significant premiums, ranging from $380 for a 1920-D in VF-35 to $4,500 for a 1920-P in MS-60.
Can I clean my 1920 Buffalo Nickel to improve its appearance?
Never clean your coin. Any cleaning—whether abrasive (rubbing, polishing) or chemical (dipping, acid)—will permanently damage the surface, destroy original patina, and eliminate numismatic value. Grading services will designate cleaned coins as "Details" grades with drastically reduced value. Collectors prize originality, not artificial brightness. If your coin appears dirty or toned, leave it as-is.
What is the difference between a weak strike and a worn coin?
A weak strike is a production characteristic where details are indistinct because of worn dies or insufficient striking pressure—the coin left the mint this way. Wear is post-mint damage from circulation. Many 1920-D and 1920-S nickels have weak strikes with mushy details on the horn, but if they show full mint luster, they grade as Mint State despite the weak strike. Grading services assign numerical grades based on wear and surface preservation, not original strike quality.
What is the melt value of a 1920 Buffalo Nickel?
The intrinsic metal value is approximately $0.06 based on the composition (75% copper, 25% nickel) and spot metal prices. This is negligible compared to numismatic value—even a worn 1920 Philadelphia nickel in G-4 is worth $4, nearly 70 times its melt value. These coins have no bullion value and should never be melted.
Methodology and Sources
This guide aggregates data from professional grading services (PCGS CoinFacts, NGC Coin Explorer), established retail dealers (APMEX, Gainesville Coins, SD Bullion), auction records (Heritage Auctions, GreatCollections), variety attribution sources (Variety Vista, CONECA), and numismatic publications. Price ranges reflect retail values for problem-free, certified coins as of late 2024. Market conditions fluctuate—use this guide as a reference point for current values, not absolute guarantees. Actual realized prices depend on specific coin characteristics (strike quality, eye appeal, surfaces), market timing, and venue. For valuable coins, always consult with professional dealers or grading services for up-to-date market assessments.
Key sources consulted include: PCGS CoinFacts, NGC Coin Explorer, APMEX Buffalo Nickel Values, Gainesville Coins Buffalo Nickel Library, Variety Vista Buffalo Nickels, PCGS Auction Prices, and Heritage Auctions.
