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<p>[QUOTE=&quot;KBBPLL, post: 26053644, member: 104064&quot;]Production of the Jefferson nickel didn&#039;t begin until October 3, 1938. Regarding the 1938-D Buffalo, NGC says &quot;The nation slipped back into recession during 1937-38 on its way to full recovery a few years later. This terminated the demand for new nickels from the Philadelphia and San Francisco Mints, and only Denver struck Buffalo Nickels in this last year of issue. These, too, were evidently not needed at the time, as collectors beseeched the Treasury to obtain specimens, while banks continued to dispense fresh rolls of 1936- and 1937- dated nickels. When the 1938 D Buffalo Nickels did finally begin to be distributed, thousands of rolls were immediately put away by speculators, as it was by then known that this coin was the last of its line.&quot;</p><p><br /></p><p>I think your explanation is mostly in those two factors - nobody needed nickels except Denver, and the new design wasn&#039;t ready until very late in the year. Keep in mind also that the first master hub was poor, so in 1939 there are the &quot;reverse of 1938&quot; and &quot;reverse of 1940.&quot; That&#039;s another possible factor but I&#039;m not sure how that would explain mintage for 1938-D. Maybe 5.4 million is just all they could produce in less than three months. Fewer 1938-S Jeffersons were struck - 4.1 million. Also maybe all they could produce in under three months. It depends on what the demands for other coinage were too - you&#039;d have to look at monthly coinage records for all the denominations and see. The mints were often told &quot;stop making this, make more of that.&quot;[/QUOTE]</p><p><br /></p>

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