1920-S Bison Nickel - Weak Strike Or Worn Die?

I don't think the strike is weak. There is nearly a complete rachis and calamus on the second feather and the date and lower ribbon are bold. The horn is sharp, along with the buffalo's beard, neck, and legs.

Your coin's die bears several similarities to what became the 1920-S FS-401 2-Feather. I wonder if it could be an earlier die state of the same die pair. There are three very light die cracks that seem to be on both coins (beneath the buffalo's head at the rim, curving between the buffalo's left rear and left front legs, and between the buffalo's head and the "U" of UNITED). The extensive die polishing that removed the third feather on FS-401 is a box-shaped polishing, in the same general shape and location as the polishing on your coin. Both coins have the top of the mint mark abraded in similar fashion. Both have LIBERTY heavily abraded toward the rim in similar fashion. On the 2-Feather variety, additional die polishing covered parts of the small die cracks and finally removed the third feather, which has been weakened on your coin by polishing, but is still mostly visible. IF this is an earlier die state, the heavier die polishing on the 2-Feather would have been a later polishing, which is why your coin doesn't show that level of die polishing. That could also explain the relative strength of the "19" in your coin's date versus the general weakness in the "19" on the complete 2-Feather.

On your coin, I'm assuming that the parallel marks near the buffalo's rear legs and tail are raised, rather than incuse, and reflect a fairly strong die clash polishing shortly before your coin was struck. Multiple rounds of die polishing are common, especially at the branch mints.

Regardless of whether your coin is an earlier strike from the die pair that eventually became the 2-Feather, my read is that your coin is late die state, with extensive die clash polishing. On your coin, the buffalo's head, "F" of FIVE, and "S" of CENTS are just beginning to merge with the rim. Part of that is the die state, but most is circulation wear. The tail has merged. For most of us (but not PCGS), that places it in the VF range. There is more wear on the buffalo's head and upper back than I would like to see. I would personally net this out as VF-25.

The reverse is showing die flow lines from Die Deterioration. Other that that, I have nothing else to add.

Very nice looking coin. I would have said 35 but I think I have been overruled by the real experts on this site.

If the marks are incuse, then it would suggest post-strike damage, which could also explain some of the areas of design flatness. That in turn could suggest a higher underlying grade, but certainly with a details designation.

With proper die alignment, the buffalo's rear legs clash with LIBERTY, and damage there would explain some of the weakness in LIBERTY. The second feather clashes with the buffalo's head toward the "U" of UNITED. And the date and neck clashes with the buffalo's upper back and hump, which. This could suggest that the damage in the feather area caused some of the weakness in the hair on the buffalo's back. These clash areas (plus the chin/EPU clash) are the most common areas for excessive die clash polishing. Your coin is interesting, because I don't see as much evidence of polishing in some of the most common areas. At least some of that could also be explained by post-strike damage in those areas.

The TPGs struggle with mid-grade Buffalos. In fairness, spotting the clash polishing, strike weakness, and die state is easier on the EF and higher coins. It's not unusual to see coins slabbed as F-12 and more commonly F-15 that properly should be graded VF-20 to VF-30. A frustration with PCGS is with the VF-35 and EF-40 grades. PCGS seems to allow coins into EF-40 with circulation wear merging the buffalo's head, buffalo's tail, "F" of FIVE and "S" of CENTS with the rim. Absent clash polishing in those areas, EF-40 coins should have some separation of all four of those design elements from the rim. That's a key reason why I believe a VF-38 grade should be created.

On your coin, the horn was one of the key elements that made me believe the strike was fairly strong. Again, if post-strike damage could explain some of the areas of unexpected weakness, the technical grade would be higher, but the coin would be detailed. (NS's VF-35 certainly would be a beginning point for discussion in that scenario.)

Interesting coin!

This one has a weaker date, braid, and tie, but a much stronger LIBERTY, top ribbon, and rachis for that matter, but a weaker horn, but overall stronger reverse, including the mint mark.

So much variability!

Thanks, panzaldi.

Maybe we need to consider the possiblity the buffalo had held it in as long as he could, and nature finally called.....