Are you a coin collector on the hunt for a valuable buffalo nickel to add to your collection? Or perhaps you‘ve come across an old buffalo nickel and you‘re curious about its worth. As one of the most popular and iconic coins in U.S. history, buffalo nickels can range in value from a few cents to hundreds of thousands of dollars depending on key factors like the year it was minted, its condition, and whether it contains any errors.
In this comprehensive guide, we‘ll explore the fascinating background of buffalo nickels, highlight some of the rarest and most valuable examples, and provide expert tips for evaluating and caring for these prized coins. By the end, you‘ll have a clear sense of what makes certain buffalo nickels so desirable and how to determine if you‘ve got a treasure on your hands.
A Brief History of the Buffalo Nickel
First minted in 1913, the buffalo nickel gets its name from the American bison prominently featured on the coin‘s reverse side. Its predecessor was the Liberty Head nickel, which had been in production since 1883. The U.S. Mint decided it was time for a new design to symbolize the spirit of the American West.
Sculptor James Earle Fraser was tapped to create the new nickel. His obverse design depicts a Native American portrait believed to be a composite of three different chiefs, while the reverse showcases an American bison, aka buffalo. Over the course of its 25-year run ending in 1938, the buffalo nickel underwent a few minor design tweaks, including changes to the lettering and ground surface beneath the bison.
While the buffalo nickel was always intended for regular circulation, its artistry and place in American culture has made it immensely popular among collectors today. High quality examples routinely sell for substantial premiums.
What Makes a Buffalo Nickel Valuable?
As with any collectible coin, not all buffalo nickels are created equal in terms of their desirability and market value. Here are the main factors that can determine what a particular buffalo nickel is worth:
1. Date and mint mark – Buffalo nickels were struck at three different mints: Philadelphia (no mint mark), San Francisco (S), and Denver (D). In general, nickels with an S or D mint mark will be more valuable than Philadelphia examples from the same year, as they had lower mintage numbers. Certain years also saw significantly lower production overall, making them scarcer.
2. Condition – A buffalo nickel‘s condition is arguably the #1 driver of its value. Coins are graded on a 70-point scale based on their amount of wear, luster, sharpness of details, and any imperfections. A coin that looks freshly minted with zero wear can grade as high as MS 70 (mint state), while one that has been heavily circulated may get a grade of Poor 1. The higher the grade, the more a buffalo nickel will be worth.
3. Errors and varieties – Over the course of the series, a number of notable buffalo nickel errors emerged, including the famous 1937-D 3-legged buffalo. Other intriguing varieties include doubled dies and overdate coins like the 1914/3. These mistakes and variations can make a buffalo nickel exceptionally rare and valuable to error collectors.
Now that we‘ve covered the key attributes that influence buffalo nickel values, let‘s look at some of the most impressive sales and valuable dates.
Record-Setting Buffalo Nickel Sales
When it comes to the cream of the crop, a few buffalo nickels stand head and shoulders above the rest in terms of rarity and the prices they‘ve achieved at auction. Here are some highlights:
-
In 2008, a 1926-S buffalo nickel graded MS 66 sold for an astonishing $322,000, setting a new record for the series. It remains one of the most valuable buffalo nickels of all time.
-
A 1937-D 3-legged buffalo nickel graded MS 67 brought $99,875 in a 2006 sale. The 3-legged version resulted from a damaged die that removed part of the bison‘s leg.
-
One of just five known 1916 doubled die buffalo nickels graded MS 65 commanded a price of $69,000 in 2003.
-
The finest known 1913-S Type 2 buffalo nickel, graded MS 68, sold for $40,250 in 2001.
Of course, these are just a few exceptional examples. Many other buffalo nickels have sold for impressive five- and six-figure sums over the years, underlining the high demand for pristine, rare examples among top collectors.
Other Valuable Buffalo Nickel Dates
Let‘s take a closer look at some of the most desirable dates and varieties in the buffalo nickel series. Keep in mind that values can vary significantly based on condition.
1913 Type 1 – As the first year of issue, all 1913 buffalo nickels are popular with collectors. But the Type 1 design, used very briefly before some modifications were made to create the Type 2, is much scarcer. A 1913 Type 1 graded MS 67 sold for $28,200 in 2019.
1914/3 Overdate – This dramatic error resulted from a 1913-dated die being repunched with the number 4. Values for this variety start at around $200 in lower circulated grades and can exceed $20,000 in uncirculated condition.
1918/7-D Overdate – Another impressive overdate, the 1918/7-D is considerably rarer than its Philadelphia mint counterpart. Even low-end circulated examples are worth north of $1,000, while gem uncirculated pieces can easily sell for six figures.
1921-S – As one of the series keys, the 1921-S had a mintage of just 1.5 million pieces. Heavily worn examples start around $50, but an MS 67 stunner amazingly brought $86,250 in 2006.
1926-S – With a scant mintage of 970,000, this is the lowest production S-mint buffalo nickel. Prices for well-worn examples regularly exceed $100, while mint state coins can reach astronomical heights, as evidenced by the aforementioned record $322,000 sale.
1937-D 3-Legged – Perhaps the most famous buffalo nickel error, the 3-legged variety was caused by an overpolished die that eliminated one of the buffalo‘s legs. Circulated examples are worth hundreds, while pristine gems routinely bring five figures.
1938-D – The final year of the series and the only coin dated 1938, this issue is popular as a one-year type coin. Well-preserved, lustrous examples are the most desirable, with values of $50 and up.
Tips for Collecting Buffalo Nickels
Assembling a nice set of buffalo nickels can be fun and rewarding. Here are some tips to help you get the most enjoyment and value out of your collection:
- Decide on a goal for your collection – you may want to pursue a complete date and mint mark set, or focus on a particular year or type.
- Always buy the best condition you can afford, as higher grade coins will be worth more and have better appreciation potential over time.
- Look for problem-free coins that haven‘t been cleaned or damaged. Natural coloration and original surfaces are ideal.
- Consider working with a reputable coin dealer who can help you locate top quality buffalo nickels for your collection. They can also provide guidance on grading and valuation.
- Store your buffalo nickels properly to preserve their condition. Use protective holders or albums and keep them away from moisture and extreme temperatures. Never clean your coins as this can permanently impair their appearance and value.
- If you think you have a particularly rare or valuable buffalo nickel, consider having it professionally authenticated and graded by a third-party service like PCGS or NGC. For very high end coins, this can provide assurance to future buyers.
- Take your time and enjoy the process of tracking down new additions for your collection. Appreciate the artistry and history behind each buffalo nickel.
Whether you‘re drawn to the buffalo nickel for its beautiful design, its place in U.S. coinage history, or its exciting range of varieties and errors, this series offers something for every collector. By arming yourself with knowledge and exercising patience and care as you build your set, you can derive years of satisfaction from these classic American coins. And who knows, maybe you‘ll even come across an elusive 1926-S or 1937-D 3-legged buffalo of your own!
