My default Nginx configuration for serving Django projects.

nginx.conf

# file: /etc/nginx/sites-available/example.com
# nginx configuration for example.com

server {
	listen 80;
	server_name example.com;
	access_log /srv/www/example.com/logs/access.log;
	error_log /srv/www/example.com/logs/error.log;
	
	# pass root to django
	location / {
		include uwsgi_params;
		uwsgi_pass unix://tmp/example.sock;
		# disallow .py, .wsgi, and .conf
	}
	
	# serve django static files
	location /static {
		root /srv/www/example.com/site;
	}
	
	# alias robots.txt to static
	location /robots.txt {
		alias /srv/www/example.com/site/static/robots.txt;
	}
	
	# alias favicon.* to static
	location ~ ^/favicon.(\w*)$ {
		alias /srv/www/example.com/site/static/favicon.$1;
	}
	
	# alias stylesheets to static
	location ~ ^/([^/]*\.css)$ {
		alias /srv/www/example.com/site/static/css/$1;
	}
	
	# serve django uploaded media
	location /media {
		root /srv/www/example.com/site;
	}
}

In order to match favicon.* (assuming you don't want to match an empty extension), the favicon location regex should be:
^/favicon\.(\w+)$