David Hall: The 1920-D is scarce in circulated grades, rare in mint state, and very rare in Gem condition. In Gem condition, it is a somewhat overlooked rarity but it is, in fact, rarer than all the 1913 to 1918 Denver mint issues and slightly rarer than the more highly regarded 1919. it is rarer than all the 1924 to 1938 D Mints, save the 1927-D which is about equal rarity. This is a very difficult date to locate in Gem condition and a near impossible date to locate in Superb Gem MS66 condition. Strike on this issue ranges from fairly sharp to somewhat weak...check the Buffalo's horn. Luster is usually of the iridescent satiny type.
Heritage 4/2011:5054, $8,050
Yankee Collection of Buffalo Nickels - Bowers & Merena 11/2008:1704, $138,000