1920 Buffalo Nickel obverse showing Native American portrait and reverse showing American bison design

The 1920 Buffalo Nickel Value Guide

A single 1920-D Buffalo Nickel sold for $138,000 at auction — yet most 1920 nickels from Philadelphia are worth just $4 in worn condition. The difference comes down to mint mark, grade, and knowing which rare varieties to look for. This guide covers all three mints, the famous Two Feathers variety, RPM errors, and off-center strikes.

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$138K
All-time auction record (1920-D MS67, 2008)
82.2M
Total coins struck across all three mints
3 Mints
Philadelphia · Denver · San Francisco
FS-401
CONECA/PCGS catalog # for Two Feathers variety

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Step 3 — Known Errors / Varieties (check all that apply)

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Two Feathers Variety Self-Checker

The Two Feathers (FS-401) is the most famous die variety across all 1920 Buffalo Nickels. It exists on Philadelphia, Denver, and San Francisco issues. Use this checker to determine whether your coin might have it.

Side-by-side comparison of 1920 Buffalo Nickel normal three-feather headdress versus the rare Two Feathers FS-401 variety

🔵 Common — Three Feathers (Normal)

  • Three distinct feathers visible in the headdress at the back of the Native American's head
  • Innermost (third) feather is clearly defined, separated from the second feather
  • Die detail is well-defined in the headdress area without evidence of heavy polishing
  • Standard value for the mint and grade applies
— vs —

🟡 Rare — Two Feathers FS-401 (Variety)

  • Only two feathers visible in the headdress — the third, innermost feather has been polished away
  • The area where the third feather would be is smooth, flat, and rounded rather than defined
  • Caused by excessive die polishing when mint workers removed clash marks — a permanent die modification
  • Commands premiums ranging from $90 to $1,750+ depending on mint and condition

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Value Calculator Describe Your Coin Two Feathers Check Value Chart Two Feathers Variety D/D Repunched Mint Mark Off-Center Strike Error Wrong Planchet Error Mintage Data How to Grade Where to Sell FAQ

The Valuable 1920 Buffalo Nickel Errors (Complete Guide)

The 1920 Buffalo Nickel is one of the richest dates in the series for die variety collecting. The design's high relief demanded repeated strikes and rapid die wear — conditions that created a documented record of die polishing varieties, repunched mint marks, and dramatic mint errors. Below are the four most collectible varieties and errors in descending value order, each with identification details, value ranges, and key auction references.

Close-up of 1920 Buffalo Nickel Two Feathers FS-401 variety showing only two feathers in the headdress with third feather polished away
MOST FAMOUS

Two Feathers Variety (FS-401)

$90 – $1,750+

The Two Feathers variety is the signature die variety of the 1920 Buffalo Nickel series, cataloged as FS-401 by CONECA and recognized by PCGS for all three mint issues. It resulted when Philadelphia, Denver, and San Francisco Mint workers aggressively polished the working dies to remove clash marks — removing so much metal from the die that the third, innermost tail feather in the Native American's headdress was obliterated entirely.

To identify the FS-401, examine the headdress under 5–10× magnification. On a normal coin, three distinct, separated feathers curve back from the braid knot. On a Two Feathers coin, only two feathers remain — the area where the third would sit is rounded, smooth, and flat, showing the polished die surface rather than any feather definition.

Collector premiums for the FS-401 are substantial but vary by mint. The 1920-D FS-401 is designated "Very Rare" — one documented VF-35 example is listed as "POP 1" in the PCGS population report, indicating unique known graded examples at that grade level. The 1920 Philadelphia FS-401 reaches approximately $4,500 in MS-60 condition. Greysheet values for the 1920 (P) FS-401 run $90–$1,750 in Mint State grades.

How to spot it

Use a 10× loupe and examine the headdress from the braid knot rearward. Count the feathers: two visible, with the innermost position smooth and rounded — no tip, no separation line.

Mint mark

All three issues — P (Philadelphia), D (Denver), S (San Francisco). Each mint struck its own FS-401 die variety.

Notable

CONECA designation FS-401; PCGS recognizes all three mints. The 1920-D FS-401 in VF-35 carries a POP 1 PCGS population designation. 1920 (P) FS-401 MS-60 documented at ~$4,500.

Close-up of 1920-D Buffalo Nickel reverse showing the repunched D/D mint mark FS-502 variety with secondary D impression visible
RAREST IN GRADE

1920-D/D Repunched Mint Mark FS-502

$1,250 – $2,250

The 1920-D/D Repunched Mint Mark variety FS-502 is one of the most sought-after die varieties in the entire Buffalo Nickel series. It occurred at the Denver Mint when a hub workman punched the "D" mint mark into the working die, then re-punched it a second time at a slightly different position before the die entered service. The Feathers Mint variety designation FS-502 (CONECA catalog) identifies the most prominent of two distinct D/D varieties for this date.

On the FS-502, the secondary D impression is clearly visible to the south or southeast of the primary D, creating a bold shadow or doubled-letter appearance that collectors can detect under 10× magnification without difficulty. A second, less prominent variety, FS-501, also exists but commands a smaller premium. Both are found only on Denver Mint coins.

Greysheet CPG values for the 1920-D/D RPM FS-502 in Mint State examples range from $1,250 to $2,250 — a dramatic premium over the regular 1920-D strike at the same grade. Circulated examples still command $40–$200 in VF grades depending on clarity of the repunching. PCGS specifically catalogs this variety under its VarietyPlus program, and population report data reflects its extreme scarcity at gem level.

How to spot it

Under 10× loupe, examine the D mint mark on the reverse below "FIVE CENTS." A secondary D shadow offset to the south or southeast of the primary strike confirms FS-502.

Mint mark

D (Denver) only — this variety is unique to the Denver Mint issue. Philadelphia and San Francisco coins cannot show this error.

Notable

CONECA FS-502; PCGS VarietyPlus program listed. Greysheet CPG Mint State value $1,250–$2,250. A PCGS VF-35 example has documented auction activity per coins-value.com research.

1920 Buffalo Nickel off-center strike error showing design shifted with crescent blank planchet area and date still visible
MOST VALUABLE ERROR

Off-Center Strike Error

$150 – $4,000+

Off-center strikes occur when the blank planchet (the round disc of metal) fails to seat properly in the coin press collar before the dies descend. The result is a coin where the entire design is shifted to one side, creating a distinctive crescent-shaped blank area opposite the direction of misalignment. The Buffalo Nickel's high-relief design made proper planchet seating critical — any misalignment produced a dramatic visual error.

Identification is straightforward: the design is offset with one side of the coin showing normal struck detail while the opposite edge is entirely blank planchet metal. The value depends critically on two factors: the percentage of misalignment and whether the date remains legible. A 25–40% off-center error with a clear, readable 1920 date is significantly more valuable than an undated example, as date identification is essential for proper attribution.

PCGS MS-62 graded examples of 1920 off-center strikes have sold at auction in the $400–$540 range for 10–15% misalignment. More dramatic 25–40% off-center strikes in circulated condition bring $500–$1,500. A 1920 Buffalo Nickel struck approximately 40% off-center on a Lincoln cent planchet — combining two error types — graded MS64 brown by PCGS and sold for over $12,000, demonstrating the exponential premium for compound errors.

How to spot it

The struck design is visibly shifted — check naked eye for a crescent blank area along one rim edge. Measure the blank arc as a percentage of the coin's diameter to estimate off-center percentage.

Mint mark

All three mints — P, D, and S. Off-center strikes were possible at any facility. Confirmed examples from Philadelphia exist.

Notable

A 1920 compound error — 40% off-center strike on a Lincoln cent planchet — graded PCGS MS64 Brown and sold at auction for over $12,000. An NGC MS-62 Brown 25% off-center struck on cent planchet brought $11,400 at Heritage Auctions, January 2018.

1920 Buffalo Nickel struck on a Lincoln cent planchet showing smaller size, bronze color, and truncated design edges compared to a normal nickel
BEST KEPT SECRET

Wrong Planchet Error (Struck on Cent Planchet)

$4,400 – $12,000+

Perhaps the most extraordinary mint error associated with the 1920 Buffalo Nickel is the wrong planchet error — a coin struck on a Lincoln cent planchet instead of the correct nickel blank. The Lincoln cent planchet is smaller (19mm vs. 21.2mm) and composed of bronze (95% copper, 5% tin and zinc) rather than the standard cupronickel alloy (75% copper, 25% nickel). When a cent blank escaped quality control and entered the nickel press, the result was a coin with the Buffalo Nickel design, an unmistakably bronze color, and truncated design details due to the undersized planchet.

Two documented examples are known for the 1920 issue from Philadelphia. The first — a straightforward wrong-planchet strike graded PCGS MS61 — sold at auction in 2014 for $4,400. The second combines the wrong planchet with an off-center strike of approximately 40%, making it a dual mint error. This coin, graded PCGS MS64 Brown, shows only the chin, neck, and shoulder of the Native American on the obverse while the reverse retains partial design elements. It sold for over $12,000 at auction.

Beyond the two cent-planchet examples, a third "discovery coin" is documented: a 1920 Philadelphia nickel struck on a full-size copper planchet (4.96g, 89% copper) graded NGC AU-55. This represents a compositionally distinct wrong-planchet variety. Authentication requires weighing (cent planchet coins weigh approximately 3.1g vs. the normal 5.0g) and may benefit from non-destructive XRF metal composition testing available at major grading services.

How to spot it

Check metal color under natural light — genuine nickels are silver-gray; cent planchet errors are distinctly bronze or reddish-brown. Weigh the coin: ~3.1g indicates a cent planchet (normal nickel = 5.0g). Use a 10× loupe to check rim for truncation.

Mint mark

Philadelphia (P) only for the two documented cent-planchet examples. No confirmed 1920-D or 1920-S wrong planchet examples are currently cataloged.

Notable

PCGS MS61 Brown example sold 2014 for $4,400; PCGS MS64 Brown dual error (wrong planchet + 40% off-center) sold for over $12,000. NGC AU-55 full-size copper planchet "Discovery Coin" also documented. All examples are one-of-a-kind.

1920 Buffalo Nickel Mintage & Survival Data

Three 1920 Buffalo Nickels from Philadelphia, Denver, and San Francisco mints displayed side by side showing all three varieties
Mint Mint Mark Mintage Est. MS Survivors Survival Rate (MS) Rarity in Gem
Philadelphia None 63,093,000 ~8,000 0.013% Scarce
Denver D 9,418,000 ~4,500 0.048% Extremely Rare
San Francisco S 9,689,000 ~5,500 0.057% Major Rarity
Total (All Mints) — 82,200,000 ~18,000 — —
Composition specs: 75% Copper, 25% Nickel · Weight: 5.00 g · Diameter: 21.20 mm · Edge: Plain · Designer: James Earle Fraser · Series: Buffalo Five Cents (1913–1938) · No proof coins were struck in 1920 at any facility.

Strike note: The 1920-D and 1920-S are notorious for weakly struck examples caused by heavily worn dies. PCGS CoinFacts confirms the 1920-D is rarer than all Denver Mint Buffalo Nickels from 1913–1918 in Gem condition. Survival estimates are drawn from PCGS CoinFacts population data and CoinValueChecker census records.

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Describe Your 1920 Nickel for a Detailed Assessment

Describe what you see on your coin in plain language — our analyzer will match it to known varieties, grades, and values.

Mention these things if you can

  • Mint mark location (below "FIVE CENTS") and letter
  • Number of feathers in the headdress (2 or 3)
  • Buffalo horn condition — sharp tip, flat, or absent
  • Any doubling or shadow on the D mint mark
  • Metal color — silver-gray or bronze/copper-toned

Also helpful

  • Weight if you can weigh it (normal = 5.0g; cent planchet = ~3.1g)
  • Any blank crescent area indicating off-center strike
  • Surface — peeling, flaking (lamination), or raised blank blobs (cud)
  • Overall luster — frosty, satiny, or no luster
  • Any PCGS or NGC certification number if already graded

1920 Buffalo Nickel Value Chart at a Glance

This chart summarizes estimated values across all three mints and key condition tiers based on current market data. For a comprehensive step-by-step illustrated 1920 Buffalo Nickel identification walkthrough, including graded photo examples, consult the linked reference. Rows highlighted in gold represent the Two Feathers signature variety; the Denver regular row in orange-red reflects extreme condition rarity.

Variety / Mint Worn (G–VG) Circulated (F–AU) Uncirculated (MS60–63) Gem (MS64–MS67+)
1920 Philadelphia (P) $4 – $10 $10 – $33 $79 – $172 $800 – $6,300
1920 (P) Two Feathers FS-401 ⭐ ~$90 $200 – $500 $900 – $1,750 $4,500+
1920-D Denver 🔴 $5 – $15 $140 – $600 $825 – $1,500 $4,750 – $138,000
1920-D Two Feathers FS-401 ⭐ ~$100 $300 – $800+ $800 – $1,750 Very Rare — POP 1
1920-D/D RPM FS-502 $40 – $100 $100 – $200 $500 – $1,000 $1,250 – $2,250
1920-S San Francisco $6 – $11 $105 – $425 $975 – $1,850 $12,500 – $75,000
1920-S Two Feathers FS-401 ⭐ ~$90 $200 – $600 $600 – $950+ Premium over regular

⭐ = Two Feathers FS-401 signature variety  |  🔴 = extreme condition rarity  |  Values are estimated ranges based on PCGS Price Guide and Greysheet CPG data. Individual coins may sell above or below these ranges at auction.

🪙 CoinKnow lets you photograph your 1920 Buffalo Nickel and cross-check its description against graded examples instantly — a coin identifier and value app.

How to Grade Your 1920 Buffalo Nickel

1920 Buffalo Nickel grading strip showing four condition tiers from worn Good grade through Gem Mint State

Worn (G–VG, G4–VG10)

Heavy circulation has flattened the high points. The buffalo's horn is nearly gone or completely absent. Date digits are readable but may show some faintness. The Indian's braid is outlined only. Both obverse and reverse rims are mostly intact. Value: $4–$15 for Philadelphia; $5–$15 for Denver/San Francisco.

Circulated (F–AU, F12–AU58)

Fine examples show a readable, separated date and visible but worn braid detail. The horn tip appears at Very Fine. At AU, only slight friction is visible on the Indian's cheek and the buffalo's hip — some mint luster may still show in protected areas. Values rise sharply through this range, especially for Denver and San Francisco issues.

Uncirculated (MS60–MS63)

No wear, but contact marks, bag marks, and luster breaks are present. The Indian's cheek and the buffalo's back must show unbroken frosty luster with no dulling. MS60 examples often show heavy bag marks; MS63 allows only a few visible imperfections. Strike weakness — especially on D and S issues — is evaluated separately from grade.

Gem (MS64–MS67+)

Near-perfect surfaces with full, radiant luster and minimal contact marks visible only under magnification. For the 1920-D and 1920-S, a sharply struck example at MS65 is rarer than virtually all other Buffalo Nickel dates. At MS67, the 1920-D is unique — only one such example is publicly known, having sold for $138,000.

🔍 Strike Designation Tip: The 1920-D and 1920-S are notorious for "mushy" strikes caused by over-used dies. When grading these dates, focus on the buffalo's horn (last area to strike), the shoulder (check for flatness), and the hair above the braid tie on the obverse. A sharply struck 1920-D showing full horn detail and braid hair commands a dramatic premium — sometimes 10× the value of a weakly struck example at the same grade point. PCGS and NGC's narrative descriptions for each grade level account for typical strike weakness on branch-mint issues.

📱 CoinKnow can match photos of your coin's surfaces against graded reference examples to help calibrate your grade estimate — a coin identifier and value app.

Where to Sell Your Valuable 1920 Buffalo Nickel

The right venue depends on your coin's value tier. A common circulated example belongs on eBay; a gem-grade 1920-D belongs at a major auction house. Here's how to match your coin to its market.

🏛️ Heritage Auctions

Best for coins valued above $500, especially gem-grade 1920-D and 1920-S examples, Two Feathers varieties, and confirmed error coins. Heritage has achieved the $44,563 record for the 1920-S and regularly places branch-mint Buffalo Nickels in front of the deepest collector pool worldwide. Expect a seller's fee but maximum realized prices.

🛒 eBay

Ideal for circulated Philadelphia examples and mid-range coins in the $10–$500 range. Check recently sold prices for 1920 Buffalo Nickels on completed listings to set a realistic asking price based on actual buyer behavior, not just list prices. Filter by "Sold listings" for accurate comps before you list.

🏪 Local Coin Shop

Good for a fast, hassle-free sale at a fair price if you need immediate cash. Expect 30–50% below retail for common circulated examples. Dealers will offer more for certified (PCGS/NGC slabbed) coins. Bring comparable eBay sold listings to the negotiation to anchor the price discussion.

💬 Reddit & Collector Forums

r/coins and r/PMsforsale can connect you directly with Buffalo Nickel specialists who pay closer to retail. Useful for mid-range coins where auction fees would eat a large percentage of value. Post high-resolution photos and include any certification details for faster, more accurate offers from knowledgeable buyers.

💡 Get It Graded First: If your coin appears to be a Two Feathers variety, a 1920-D in uncirculated condition, or any confirmed error, invest in PCGS or NGC certification before selling. A certified 1920-D in MS64 commands a dramatically larger audience and price than a raw coin of identical quality. The grading fee (typically $30–$80 per coin) can return multiples of its cost on a premium example.

Frequently Asked Questions — 1920 Nickel Value

How much is a 1920 Buffalo Nickel worth?

A 1920 Buffalo Nickel's value ranges from about $4 for a heavily worn Philadelphia example to over $138,000 for a top-graded Denver mint coin. The Philadelphia (no mint mark) issue in circulated condition runs $4–$33; uncirculated examples reach $79–$6,300. The 1920-D and 1920-S command dramatic premiums in higher grades due to extreme conditional rarity from weak, die-worn strikes at those facilities.

What is the most valuable 1920 nickel ever sold?

The all-time record is $138,000, paid for a 1920-D Buffalo Nickel graded MS67 by NGC at a Bowers & Merena auction on November 1, 2008. The 1920-S record stands at $44,563 for an NGC MS65 at Heritage Auctions (November 6, 2007). The 1920 Philadelphia record is $12,650 for a PCGS MS67 at Heritage Auctions on January 7, 2004.

Where is the mint mark on a 1920 Buffalo Nickel?

The mint mark appears on the reverse (tail side) of the coin, directly below the words "FIVE CENTS." A "D" means it was struck at Denver; an "S" means San Francisco. If there is no letter, the coin came from Philadelphia. Do not confuse the "F" on the obverse — that is designer James Earle Fraser's initial, not a mint mark.

What is the Two Feathers variety on the 1920 nickel?

The Two Feathers variety (cataloged FS-401) exists on all three 1920 mints and was caused by excessive die polishing. When mint workers attempted to remove die clash marks, they inadvertently polished away the third, innermost tail feather in the Native American's headdress. Coins show only two feathers instead of the normal three. This scarce variety commands significant premiums across all three mint issues.

Why is the 1920-D Buffalo Nickel so valuable in high grades?

Despite a mintage of 9,418,000 coins, the 1920-D is a major rarity in Gem condition. The Denver Mint used heavily worn dies, producing coins with soft, mushy strikes — particularly weak on the buffalo's horn, hair braid, and shoulder. Finding a sharply struck 1920-D graded MS65 or higher is extraordinarily difficult. PCGS CoinFacts confirms it is rarer in Gem than all Denver Mint Buffalo Nickels from 1913–1918.

What errors exist on the 1920 Buffalo Nickel?

Notable errors include: the 1920-D/D Repunched Mint Mark (RPM FS-502), worth $1,250–$2,250 in higher circulated grades; off-center strikes (10%–40% off-center, worth $150–$4,000+); planchet lamination errors ($15–$400); struck-on-wrong-planchet errors including a 1920 nickel struck on a Lincoln cent planchet graded MS61 that sold for $4,400, and an MS64 example that sold for over $12,000.

How do I grade a 1920 Buffalo Nickel?

Focus first on the buffalo's hip and flank — any flatness or color change signals wear. In circulated coins, check that the horn tip is visible (VF) and the date digits are bold. In uncirculated examples, the Indian's cheek and the buffalo's back must show unbroken frosty luster. Strike quality dramatically affects grade: the 1920-D and 1920-S are notorious for weak strikes even in high Mint State grades.

How many 1920 Buffalo Nickels were made?

Three mints struck 1920 Buffalo Nickels: Philadelphia produced 63,093,000 (the highest); Denver produced 9,418,000; and San Francisco produced 9,689,000. The combined mintage was approximately 82,200,000 coins. However, survival rates are low — PCGS-quality estimates suggest roughly 8,000 Philadelphia, 4,500 Denver, and 5,500 San Francisco examples survive in collectible condition today.

Is the 1920-D/D Repunched Mint Mark worth collecting?

Yes — the 1920-D/D RPM FS-502 is one of the most collectible die varieties in the Buffalo Nickel series. The doubling of the "D" mint mark is readily visible under 10× magnification as a shadow D offset from the primary mark. Greysheet values for Mint State examples run $1,250–$2,250. Circulated examples in VF range from $40–$200 depending on clarity of the repunching. PCGS and CONECA both recognize this variety.

Where should I sell a valuable 1920 Buffalo Nickel?

For coins worth over $500, Heritage Auctions or Stack's Bowers provide the widest collector audience and achieve record prices. eBay is ideal for mid-range coins graded MS60–MS64. Local coin shops offer fast cash but typically 30–50% below retail. If you suspect a key error or high-grade example, get it certified by PCGS or NGC before selling — professional grading substantially increases realized prices and buyer confidence.

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