David Hall: In circulated grades, the 1916-S is the least rare of the 1913 to 1919 San Francisco Mint Buffalo nickels, and though it has a slightly lower mintage, it is not quite as scarce as the 1916-D. In mint state condition, it is also a little easier to find than the other S Mints of the era, but in Gem MS65 or better the 1916-S is quite rare. It is rarer in gem condition than the 1913-S Type 2, 1914-S, and 1915-S. The 1916-S can be found well struck, but they are some less than fully struck survivors. Luster is typically somewhat frosty and is usually excellent on higher grade mint state specimens.