The Complete Guide to 1923 Nickel Value

A 1923-S Buffalo Nickel graded PCGS MS66 sold for $67,563 at Heritage Auctions in 2013 — yet the same coin worn to Good condition is worth just a few dollars. Your 1923 Buffalo Nickel's value hinges entirely on mint mark, strike quality, and whether it carries a rare variety like the prized Two Feathers FS-401. This free tool helps you find out exactly where yours stands.

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1923 Buffalo Nickel obverse and reverse showing the Native American portrait and bison design
$67,563 Top Auction Record (1923-S MS66, Heritage 2013)
41.8M Total 1923 Buffalo Nickels Minted (P+S combined)
MS68 Finest Known Grade (1923 Philadelphia, PCGS & NGC)
5+ Documented Error & Variety Types to Check

1923 Nickel Value Chart at a Glance

Before using the calculator below, scan this table to see where your coin roughly falls. Values shown are approximate market ranges based on recent auction results and dealer pricing. For a full in-depth 1923 Buffalo Nickel identification guide and grading walkthrough, the linked resource breaks down every grade tier with photographs. The SIGNATURE row highlights the Two Feathers variety; the RAREST row marks the 1923-S in gem condition.

Variety / Mint Worn (G–F) Circulated (VF–AU) Uncirculated (MS60–63) Gem (MS65+)
1923 Philadelphia (No Mark) $2 – $15 $20 – $75 $130 – $220 $500 – $1,500+
1923-S San Francisco RAREST $7 – $30 $35 – $200 $300 – $1,200 $5,000 – $67,563+
Two Feathers FS-401 SIGNATURE $20 – $80 $100 – $350 $400 – $900 $1,000 – $3,000+
DDO Doubled Die Obverse $15 – $50 $75 – $250 $300 – $700 $800 – $2,500+
1923-S Repunched Mintmark $15 – $50 $80 – $280 $250 – $600 $700 – $2,000+

📱 CoinKnow gives you a fast on-the-go estimate of your 1923 Buffalo Nickel's value — just snap a photo and let it verify your grade tier instantly — a coin identifier and value app.

What's on This Page

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📊 Value Chart ⚠️ Errors Guide 🏭 Mintage Data 🔍 How to Grade ✅ Two Feathers Check 🧮 Value Calculator 📝 Describe My Coin 💰 Where to Sell ❓ FAQ

The Valuable 1923 Nickel Errors (Complete Guide)

Several documented error varieties can transform a common 1923 Buffalo Nickel into a genuinely sought-after collectible. The varieties below represent the most significant and widely recognized errors — each with distinct diagnostic features you can check with a 5× to 10× loupe. Examine your coin under a single strong light source, and work through each card systematically before reaching any conclusions about variety attribution.

1923 Buffalo Nickel Two Feathers FS-401 variety showing only two feathers in the Native American's headdress
MOST FAMOUS $20 – $3,000+

Two Feathers FS-401 Variety

The Two Feathers variety is the single most recognized and actively collected die variety in the entire 1923 Buffalo Nickel series. It is catalogued by CONECA as FS-401 and appears on Philadelphia-mint coins. The error occurs because working dies were polished excessively during the production run, inadvertently removing the incused image of the third feather from the hub-transferred design.

On a normal 1923 Buffalo Nickel, the Native American chief wears three feathers in his headdress. On the FS-401 variety, only two feathers are clearly visible — the third, which sits below and slightly behind the second longer feather, is either completely absent or reduced to the faintest suggestion of a line. The difference is unmistakable under even modest magnification.

Collectors pay a meaningful premium for this variety because it is one of the few officially catalogued die varieties in the Buffalo Nickel series, giving it recognized identity in major grading service population reports. Higher-grade examples in VF-30 or better command the strongest premiums, and any PCGS- or NGC-attributed example in MS condition is a genuinely scarce find.

How to spot it

Examine the headdress under a 10× loupe. Count the feathers behind the Indian's head. On a normal coin, three distinct feathers appear. On the FS-401, the area below the second longer feather is smooth or nearly flat — the third feather is absent or barely present as a faint incused ghost.

Mint mark

Philadelphia (no mint mark) — the variety has been documented on P-mint coins from 1913 through the late 1920s, with 1923 being one of the more notable years.

Notable

Catalogued as FS-401 by CONECA. Listed separately in the Greysheet as a distinct variety. Over-polished die state is the accepted explanation. Population reports vary by grade — PCGS and NGC attribute and label this variety separately from the standard 1923 issue.

1923 Buffalo Nickel Doubled Die Obverse DDO error showing doubling on the date and design elements
MOST VALUABLE $15 – $2,500+

Doubled Die Obverse (DDO-001)

The 1923 Doubled Die Obverse error — catalogued by Variety Vista as DDO-001 and classified as a Class VI doubled die — occurs when the working hub was pressed into the working die twice in slightly different rotational positions. This misalignment was baked permanently into every coin struck from that die, making the doubling a die variety rather than a one-off mint error.

The doubling manifests most prominently on the date numerals and on the lettering of LIBERTY and IN GOD WE TRUST on the obverse. Under a 10× loupe, the secondary image appears as a distinct shelf or notching running alongside the primary design elements. The effect is particularly visible at the serifs of the numerals in the "1923" date.

Because doubled die obverses on Buffalo Nickels are relatively uncommon compared to more prolifically documented Lincoln cent DDOs, collectors of this series consider even a modest example a worthwhile find. Well-preserved examples in Fine or better condition are genuinely scarce, and any uncirculated example carrying a confirmed DDO attribution would be a significant discovery for a specialist collection.

How to spot it

Using a 10× loupe, examine the date "1923" closely under raking light from one side. Look for a secondary, ghost-like numeral image offset slightly from the primary digits. Also check the letters of LIBERTY for doubling along the serifs — a clear secondary impression confirms the DDO-001 attribution.

Mint mark

Philadelphia (no mint mark) — DDO-001 is a P-mint die variety documented by Variety Vista and CONECA for the 1923 issue specifically.

Notable

Catalogued as 1923 DDO-001, Class 1-O-VI by Variety Vista (James Wiles). The "VI" class designation indicates rotational hub doubling. CONECA also lists a corresponding entry. Examples in grades above VF with clear doubling visible to the naked eye are strongly preferred by specialists.

1923-S Buffalo Nickel Repunched Mintmark showing secondary S mint mark offset from primary
BEST KEPT SECRET $15 – $2,000+

1923-S Repunched Mintmark (RPM)

The Repunched Mintmark error on 1923-S Buffalo Nickels is one of the most underappreciated varieties in the series. During the early 20th century, each working die received its mintmark individually by hand from a separate punch tool. When the engraver struck the "S" into the die at a slightly different angle or position on a second blow, a secondary mintmark image was permanently embedded in the die alongside the primary one.

On a 1923-S RPM, the reverse reveals a primary "S" mintmark with a secondary "S" impression visible offset either to the north, south, east, or west of the primary punch. The offset varies by die marriage. Under a 10× loupe, you can see clearly that the "S" has a doubled appearance — one clean serif belongs to the primary punch and the ghost serif belongs to the second strike.

This variety adds a meaningful premium specifically on the already-scarce 1923-S, whose low mintage of just 6,142,000 gives RPM examples a double collectibility factor — scarce date plus die variety. Collectors specializing in Buffalo Nickel varieties actively seek out well-attributable 1923-S RPM pieces, especially in circulated grades above VF where the mintmark detail is still sharp enough to clearly show the repunch.

How to spot it

On the reverse below the buffalo, locate the "S" mintmark just above FIVE CENTS. Under a 10× loupe, look for a second, partial "S" impression offset from the primary. The serifs of the ghost "S" will point in a different direction from the main punch — north/south offset is most common on known examples.

Mint mark

S (San Francisco) only — this variety is exclusive to the 1923-S issue and cannot appear on Philadelphia examples which carry no mintmark.

Notable

Premiums of $30–$100 are commonly reported for mid-grade examples. Well-preserved AU or better 1923-S RPM pieces have traded for $250–$500 from specialist Buffalo Nickel collectors. The 1923-S already commands a premium in all grades due to its low mintage, making this compound variety doubly desirable.

1923 Buffalo Nickel off-center strike error with blank crescent visible on planchet edge
MOST DRAMATIC $50 – $1,500+

Off-Center Strike Error

An off-center strike occurs when the planchet was not properly centered between the two dies at the moment of striking. Rather than the design being perfectly centered on the blank nickel disc, the dies struck a portion of the planchet that overlapped an unprotected area, leaving a visible crescent of unstruck flat metal on one side and a compressed, often partial design on the opposite side.

On a 1923 off-center Buffalo Nickel, the characteristic crescent of blank planchet metal will be visible along one edge of the coin, while the Indian portrait and/or the buffalo design will appear shifted toward the opposite side. The degree of off-center matters enormously for value — a 5% off-center adds little premium, while a 20%+ misalignment with a fully readable date still visible commands significant collector interest.

Collector demand for off-center Buffalo Nickels is driven by visual drama combined with the historical appeal of the series. Examples showing 15% to 30% off-center with the date still completely visible are considered the sweet spot: dramatic enough to be immediately striking, yet still fully attributable as a 1923 issue. Pieces missing the date due to extreme misalignment are less desirable despite the larger blank area.

How to spot it

Examine the edge of the coin for an arc of blank, unstruck planchet metal visible as a flat crescent along one side. The design will appear compressed or shifted to the opposite side. Use the naked eye — off-center errors are immediately visible without magnification once you know what to look for.

Mint mark

Both P (Philadelphia) and S (San Francisco) — off-center strikes could occur at either facility whenever a planchet was improperly fed into the press collar.

Notable

Value scales sharply with off-center percentage: 5–10% off-center may add $20–$50; 20–30% with full visible date can add $200–$500 or more. Examples at 50%+ misalignment with readable date are genuinely rare and have traded for $1,000 or more at specialist auction sales.

1923 Buffalo Nickel lamination error showing a metal flap or delamination crack on the coin surface
RAREST TYPE $30 – $800+

Lamination Error

A lamination error is a planchet defect that originates in the strip of metal alloy before it is fed into the coin press. When impurities, gas pockets, or inconsistencies occur in the copper-nickel alloy strip during rolling, the result is a planchet with a weakly bonded surface layer. Under the pressure of striking, or even in later handling, this surface layer can crack, peel, or separate — leaving a visible flap, crater, or fracture line across the face of the finished coin.

On a 1923 Buffalo Nickel, lamination errors present as raised flaps of metal, deep peeling craters, or hairline fractures running diagonally across the Indian's portrait, the buffalo's body, or the coin's field. The famous "Scarface" example documented on USA CoinBook shows a dramatic lamination crack running across the obverse. The extent and location of the lamination significantly affects the visual impact and collectibility of the piece.

Unlike die errors that affect every coin struck from a given die, lamination errors are planchet-specific — each defective coin is unique, since the flaw originates in the metal strip before striking. This one-of-a-kind characteristic appeals to type collectors and error specialists alike, and dramatic examples covering a significant portion of the coin's face can command premiums well above standard circulated prices for the date.

How to spot it

Look for a raised flap of metal partially separated from the coin's surface, a crater where metal has peeled away, or a diagonal crack line running through the design. Lamination flaps may still be attached at one edge. The defect is clearly visible to the naked eye and feels rough under a fingertip, unlike normal die-struck surfaces.

Mint mark

Both P (Philadelphia) and S (San Francisco) — lamination defects arise from the planchet alloy strip, not from any specific mint's dies, so both facilities produced examples.

Notable

A notable "Scarface" lamination example on a 1923 Buffalo Nickel has been documented and featured on USA CoinBook. Value is strongly driven by the size, location, and visual drama of the lamination flaw — a defect crossing the Indian's face or the buffalo's head commands the strongest premiums from error collectors.

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1923 Buffalo Nickel Mintage & Survival Data

Historical view of the Philadelphia Mint circa 1923 or group of 1923 Buffalo Nickels showing various conditions

No Buffalo Nickels were produced in 1922 due to a post-WWI economic recession. When production resumed in 1923, only Philadelphia and San Francisco struck the coin — Denver did not re-enter nickel production until 1924. This makes 1923 a two-mint year, with Philadelphia's high-mintage issue being common in circulated grades and the San Francisco issue being notably scarce in gem condition.

Mint Mint Mark Mintage Survival Notes
Philadelphia None 35,715,000 Common in circulated grades; gem MS65+ examples are scarce. Finest known: MS68 (PCGS & NGC)
San Francisco S 6,142,000 Notorious for weak strikes; gem survivors extremely rare. Finest known: MS66 (PCGS). Auction record: $67,563
Denver D Not struck in 1923 — Denver resumed nickel production in 1924.
Total 1923 Production 41,857,000 Combined P + S mintage for the year
Composition75% Copper, 25% Nickel
Weight5.00 grams
Diameter21.2 mm
EdgePlain (smooth)
DesignerJames Earle Fraser
SeriesBuffalo Nickel (1913–1938)

How to Grade Your 1923 Buffalo Nickel

1923 Buffalo Nickel grading strip showing four condition tiers from worn Good through gem MS65 uncirculated

Grading Buffalo Nickels is more complex than most U.S. coin series because weak strikes can mimic wear, especially on the buffalo's horn and the Indian's braid. Focus on the buffalo's hip bone (the first area to show true wear) and the Indian's cheek below the eye when assessing condition.

Worn (G–F)

Good to Fine

Date fully readable but may be soft. Buffalo outline visible but horn and head fur mostly flat. Indian's portrait clear but lacking fine detail. Rim complete but may blend at some points.

$2 – $30
Circulated (VF–AU)

Very Fine to About Uncirculated

Moderate to light wear on buffalo's hip bone and Indian's cheek. Horn shows good detail. Letters of LIBERTY bold and separated. Some original luster may remain on AU examples.

$20 – $200
Uncirculated (MS60–63)

Mint State

No wear anywhere. Full original luster present but may have bag marks, contact abrasions, or moderate surface impairments. Buffalo's hip bone retains luster without the "mesa effect" flattening.

$130 – $1,200
Gem (MS65+)

Gem Uncirculated

Exceptional luster, virtually mark-free surfaces, and above-average eye appeal. For 1923-S: must also show a better-than-average strike with defined horn and braid detail — fully struck gems are exceptionally scarce.

$500 – $67,563+

Pro tip on strike vs. wear: Many 1923-S nickels left the San Francisco Mint looking worn due to heavily used, over-extended dies. If the buffalo's horn is weak or missing but the hip bone still has a rounded, lustrous surface without the "mesa effect," that coin may be uncirculated despite lacking full design detail. NGC's grading guide notes this specifically for early 1920s San Francisco issues.

🔎 CoinKnow lets you cross-check your condition assessment by matching your coin's surface against certified graded examples in its database — a coin identifier and value app.

Two Feathers FS-401 Self-Checker

The Two Feathers variety (FS-401) is the most sought-after die variety in the 1923 Buffalo Nickel series. Use this quick checker to assess whether your coin might carry this attribution.

Side-by-side comparison of normal 1923 Buffalo Nickel with three feathers versus Two Feathers FS-401 variety with only two feathers visible
Normal — Common

Three Feathers (Standard)

The standard 1923 Buffalo Nickel shows three distinct feathers in the Native American's headdress. The third feather is visible below and behind the second longer feather, forming a small but clearly defined incused line. This is the design as James Earle Fraser intended. These coins trade at normal market prices for the date and grade.

Rare — FS-401 Variety

Two Feathers (FS-401)

On the Two Feathers FS-401 variety, only two feathers appear in the headdress. The area where the third feather would normally show is smooth, flat, or shows only the faintest ghost of an incused line. Over-polished working dies removed the third feather's image from the hub transfer. This catalogued variety commands a meaningful premium at every grade level.

Check Your Coin — 4 Key Diagnostics

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Free 1923 Buffalo Nickel Value Calculator

Select your coin's mint mark, condition, and any known errors below. Hit Calculate Value for an instant estimate drawn from recent market data.

Step 1 — Select Mint Mark
Step 2 — Select Condition
Step 3 — Check Any Known Errors / Varieties (optional)

If you're not yet sure about your coin's mint mark or condition, there's a 1923 Buffalo Nickel Coin Value Checker with photo upload that can help you identify your coin's details before running this calculator.

Describe Your 1923 Nickel for a Detailed Assessment

Not sure where to start? Type a description of what you see on your coin — our analyzer will pick up on key details and give you targeted guidance.

Mention These Things If You Can

  • Mint mark location (below buffalo, reverse)
  • Number of feathers in the headdress
  • Condition of the buffalo's horn
  • Any doubling on the date or lettering
  • Signs of wear on buffalo's hip bone

Also Helpful

  • Surface quality (luster, toning, marks)
  • Any unusual edge irregularities (clips)
  • Cracks, lamination flaps, or surface peeling
  • Whether the coin looks cleaned or altered
  • Overall eye appeal — does it look sharp?

Where to Sell Your Valuable 1923 Buffalo Nickel

Different venues suit different coin values and seller goals. Here's a practical breakdown of your best options.

Best for High-Value

Heritage Auctions

For any 1923-S in MS64+ or a well-attributed Two Feathers example in uncirculated condition, Heritage Auctions reaches the deepest pool of serious collectors. Their numismatic auctions consistently achieve strong hammer prices for Buffalo Nickels in top grades — the $67,563 record was set at Heritage. Expect 15–20% seller's fees, but maximum realized prices more than offset this for premium coins.

Best for Quick Sales

eBay Marketplace

eBay's completed listings for 1923 Buffalo Nickels show active volume across all grade levels. Check recently sold prices for 1923 Buffalo Nickels on eBay to set a realistic price before listing. For circulated examples in the $5–$100 range, eBay's broad reach makes it ideal — just ensure accurate photos and an honest grade description to avoid disputes.

Best for Immediate Cash

Local Coin Shop

A local coin dealer offers instant cash without shipping risk, auction waiting periods, or platform fees. Expect offers at roughly 50–70% of retail for common grades — dealers need margin to resell. For a rarer piece like a Two Feathers or high-grade 1923-S, consider getting at least two dealer quotes. A shop specializing in classic 20th-century U.S. coins will offer more than a general pawnshop.

Best for Community Pricing

Reddit r/Coins4Sale

The r/Coins4Sale and r/CoinSales subreddits host an active community of collectors who buy directly from sellers at fair prices. There are no platform fees beyond PayPal's standard rate. Pricing tends to be more collector-friendly than dealer bids. Post clear, well-lit photos of both sides and include your asking price based on recent comparable sales. Best for coins in the $10–$500 range.

💡 Get It Graded First for Coins Worth $100+

For any 1923-S in circulated condition above Fine, any Two Feathers FS-401 variety, or any 1923 Philadelphia coin that looks uncirculated, professional grading by PCGS or NGC dramatically increases buyer confidence and realized prices. Slabbed coins command significant premiums over raw examples at auction, especially in the $300+ range. Grading fees typically run $30–$50 per coin for standard service.

Frequently Asked Questions — 1923 Nickel Value

How much is a 1923 Buffalo Nickel worth with no mint mark?
A 1923 Philadelphia (no mint mark) Buffalo Nickel is worth roughly $2–$10 in heavily worn Good condition, $20–$50 in Fine to Very Fine grades, and $75–$150 in circulated AU condition. Uncirculated examples start around $130–$150 at MS62 and rise sharply from there, with gem MS65 specimens selling in the $500–$700 range and MS67+ examples reaching into the thousands.
What is a 1923-S Buffalo Nickel worth?
The 1923-S is significantly scarcer than the Philadelphia issue in high grades. Worn examples in Good-4 condition start around $7–$10, while Very Fine pieces trade for $30–$60. The coin becomes truly expensive in uncirculated grades: MS63 examples sell for several hundred dollars, MS65 pieces can exceed $5,000, and the all-time auction record is $67,563 for a PCGS MS66 example sold at Heritage Auctions in 2013.
What is the Two Feathers error on a 1923 Buffalo Nickel?
The Two Feathers variety (catalogued as FS-401) refers to coins where the Native American chief on the obverse appears to have only two feathers in his headdress rather than the normal three. The third feather was inadvertently removed during excessive die polishing at the mint. It is believed to result from over-polished working dies. Well-preserved examples with this variety can command premiums of several hundred dollars above normal grades.
How do I identify a 1923-S Buffalo Nickel?
Look below the buffalo on the reverse side, just under the words FIVE CENTS. A small 'S' mint mark indicates the San Francisco Mint. Philadelphia coins have no mint mark. The 1923-S is notorious for weak strikes, particularly on the buffalo's head, horn, and the Indian's braid. A well-struck 1923-S with sharp detail on these areas is genuinely rare and commands a significant premium over weakly struck examples.
Are 1923 Buffalo Nickels rare?
In circulated grades, 1923 Philadelphia nickels are relatively common — over 35 million were minted. The 1923-S is scarcer with about 6.1 million produced, but both are affordable in worn grades. What makes 1923 nickels rare is finding them in gem uncirculated condition. High-grade MS65+ 1923-S examples are extremely rare, and even MS65 Philadelphia examples are scarce enough to command substantial premiums.
What is the highest price ever paid for a 1923 Buffalo Nickel?
The all-time auction record for the 1923-S Buffalo Nickel is $67,563, realized at Heritage Auctions on June 5, 2013, for a PCGS MS66-graded example. For the Philadelphia issue, a PCGS MS67-graded example has sold for approximately $18,400. Both records reflect the extreme scarcity of these coins in pristine gem condition, with only a handful of examples certified at these top grades by PCGS and NGC.
Does a 1923 nickel have any silver in it?
No — the 1923 Buffalo Nickel contains no silver. It is composed of 75% copper and 25% nickel, which is the standard composition used for all Buffalo Nickels from 1913 to 1938. The coin weighs 5 grams and measures 21.2 mm in diameter. Its melt value as a copper-nickel alloy coin is essentially negligible — its entire value comes from collector demand based on condition and variety.
Why was there no nickel struck in 1922?
The United States Mint did not produce any Buffalo Nickels in 1922 due to a post-World War I economic recession that reduced coin demand significantly. Existing coin inventories were sufficient to meet commerce needs, making new production unnecessary. When economic conditions improved, production resumed in 1923 at both the Philadelphia and San Francisco Mints, with Denver resuming in 1924. This gap makes the 1923 date the direct follow-up after a full year of zero nickel production.
What is a repunched mintmark on a 1923-S nickel?
A repunched mintmark (RPM) occurs when the 'S' mintmark was stamped into the working die more than once in slightly different positions. In the early 20th century, mintmarks were hand-punched individually into each working die, making misalignment a common occurrence. On a 1923-S RPM, you'll see a secondary 'S' image offset from the primary one. Under a 10× loupe, the doubling is clearly visible. This variety adds a premium of roughly $30–$100 or more over the standard 1923-S value.
How should I store and protect my 1923 Buffalo Nickel?
Store your 1923 Buffalo Nickel in an inert, archival-safe holder such as a 2x2 Mylar flip or a certified PCGS or NGC slab for valuable examples. Avoid PVC-containing plastic holders, which leach chemicals that cause green verdigris damage. Never clean your coin — even gentle cleaning removes microscopic surface metal and dramatically reduces collector value. For any example worth over $100, professional third-party grading by PCGS or NGC is strongly recommended to authenticate and preserve value.

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