1915-S 5C VF30 Certification #28137022, PCGS #3929

Charles Morgan

The 1915-S Buffalo Nickel

With a mintage of 1,505,000 pieces, the 1915-S Buffalo Nickel (#3929) holds the fifth-lowest production figure in the series. Scarcity was further compounded by historical timing: coin collecting was not yet a mainstream hobby in 1915, as popular commercial coin folders would not appear until the 1930s. Consequently, nearly the entire mintage entered heavy, long-term circulation. Because the raised date on the Buffalo Nickel design wore down rapidly, surviving pieces are scarce in all conditions, with the vast majority found heavily worn in grades of Very Good or lower. Mint State examples are elusive through Choice grades and rare in Gem condition.

Strike quality is also a critical factor for this issue. Even Gem-graded specimens display a wide range of sharpness, from slightly weakly struck to well-detailed, and collectors routinely pay strong premiums for well-struck coins. Uncirculated examples generally feature a satiny luster, often accompanied by brownish or rose-red toning that is rarely vibrant or attractive. Late numismatist David Lange noted this lack of eye appeal in his landmark 2006 reference, The Complete Guide to Buffalo Nickels—an observation that remains true today.

Despite the low nickel output, the San Francisco Mint operated at peak capacity in 1915. Between April and November, the facility absorbed over $50 million in foreign gold coin and bullion — a tenfold increase over 1914 — driven by massive exports from Australia, Japan, and China. That same year, the facility struck the Panama-Pacific Exposition commemorative coins, requiring the Philadelphia Mint to ship a massive medal press west to strike the landmark octagonal and round $50 gold pieces to honor the Panama-Pacific International Exposition.

Vintage Market Snippet

In the April 1976 issue of The Numismatist, New York coin dealer Joel D. Coen advertised a "Brilliant Uncirculated" 1915-S Buffalo Nickel for $205. Today, such a specimen would fetch thousands of dollars.

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David Hall

The 1915-S is a low mintage issue that is quite scarce in circulated grades and one of the most expensive Buffalo nickels in low grade. Uncirculated specimens are not quite as rare relative to the other Branch Mint nickels of this era. In other words, the 1915-S is rarer than its contemporaries in circulated condition but about equal to them in uncirculated and even Gem condition. Strike is only occasionally a problem as this is one of the better struck S Mint Buffalos. Luster can be either subdued or somewhat frosty.