[The following excerpt is published courtesy of DLRC Press and its author, David W. Lange. This information was originally published in 2006 in The Complete Guide to Buffalo Nickels.]

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MINTAGE: 6,436,000 (Ranking 23/64)

POPULAR VARIETIES: A doubled obverse die is reported, but this variety doesn’t seem to have impressed collectors. It may turn out to be merely an example of strike doubling, a common phenomenon with Buffalo Nickels, particularly on their obverses.

RARITY: This date is very common in mint state. Although gems are elusive, choice pieces are always available. VF-AU coins are less often seen, but their value is held in check by the abundance of uncirculated nickels. The latter may still exist in roll quantities, due to the unique nature of their distribution as described below.

COMMENTS:

The strike on most 1928-D nickels is typically mediocre, and full strikes form a minority of the many mint state coins available.

Whatever deficiencies this issue displays in strike are partially offset by their superior luster. Most 1928-D nickels are quite bright and pleasing.

This seems to be among the first dates affected by the nationwide economic slowdown of the late 1920s, a condition that ultimately led to the Great Depression. It’s known that dates such as 1930-S and 1931-S were held back from release until 1934-35, as no demand existed for additional nickel coinage at the time of their striking. The fact that so many mint state specimens of a fairly low mintage date are available suggests that 1928-D nickels were not released in quantity during that year. Indeed, this date was considered scarce until the late 1930s, at which time it seemed that nearly every dealer in the Midwest had one or more rolls for sale. The recovering economy probably drew down the existing stocks of coins until the bottom of the vaults were reached, at which time this and other issues from previous years were finally freed. Within a few years these hoards were mostly dispersed, but 1928-D nickels are still occasionally seen in quantity even today.