In 1936, Satin Finish Proof Buffalo nickels were produced prior to the Brilliant Finish variety. While the former variety probably had a slightly higher original delivery, fewer examples were preserved for the benefit of today's collectors. These are the first Proof Buffalo nickels produced since 1916. Rarer than the only other Proof Buffalo nickel of its era -- the 1937 -- the 1936 has an original mintage of 4,420 pieces. Nearly two-thirds of the coins struck feature a satin finish, although survivors are rarer than their brilliant counterparts that comprise the remaining one-third or so of the original mintage. Difficult to distinguish from well produced circulation strikes to the untrained eye, many of the satin pieces were likely spent or otherwise mishandled by earlier generations of collectors.

The example to the left was sold by Stack's Bowers Galleries in the May 2016 Rarities Auction, where it realized $14,100.