I want to say AU58 - but I think a low MS. I can't tell if it is shadown or a very slight run on the buffalo. Really does not matter - this is a nice coin.
Nice '38-D weren't the best strck , I'd say MS-64 . No luster breaks on his cheek that I can see , looks close to my '38-D PCGS MS-66 . rzage
I'm by no means an expert in the field of buffalo nickels, but I guess this on to be in the MS-64 to MS-65 range.
Technically, it should not grade above AU due to the friction, rub or compression (doesn't look like wear) on the Indian's hair just above the braid and on the Buffalo's front shoulder (the coin probably spent too much time in a plastic tube roll in-between other Nickels). However, I would give it an MS-62 for merit due to the strong strike and great details! Frank
Looks MS to me -- I see no wear -- I'd guess 64 or 65. But the lack of luster does have me confused and concerned (might just be the photo).