The Buffalo Nickel, officially known as the Indian Head Nickel, holds a special place in American coinage history. Originally minted between 1913 and 1938, it was once an everyday five-cent piece. Today, some rare specimens have sold for as much as $601,000, making them one of the most desirable collectibles in the numismatic world.
While millions were produced, a small number of coins stand out due to minting errors, low mintage years, and exceptional condition. In rare cases, Buffalo Nickels have even surfaced in circulation, thrilling collectors and casual finders alike.
A Brief History of the Buffalo Nickel
The Buffalo Nickel was created by sculptor James Earle Fraser, whose goal was to capture the spirit of early America. The obverse (front) of the coin features a composite portrait of three Native American chiefs, while the reverse shows a rugged American bison, commonly believed to be inspired by “Black Diamond,” a buffalo from New York’s Central Park Zoo.
This nickel replaced the Liberty Head Nickel in 1913 and was produced until 1938, when it was succeeded by the Jefferson Nickel. With its bold imagery and symbolic design, the Buffalo Nickel quickly became a favorite among collectors and history enthusiasts.
Most Valuable Buffalo Nickels: Years, Mint Marks, and Errors
While many Buffalo Nickels are common, a few have achieved legendary status for their rarity and value. Here’s a quick breakdown of the most valuable issues:
| Year | Mint Mark | Top Value (High Grade) | Notable Feature |
|---|---|---|---|
| 1918/7-D | D (Denver) | Up to $601,000 | Overdate error (8 over 7) |
| 1937-D | D (Denver) | Up to $500,000 | “Three-Legged” buffalo error |
| 1916/16 | None | Up to $100,000 | Double-die error |
| 1926-S | S (San Francisco) | Up to $50,000 | Low mintage |
| 1935-D | D (Denver) | Up to $10,000 | Scarce mintage |
Why It’s Called the Buffalo Nickel
Although its official name is the Indian Head Nickel, the coin’s most iconic feature is the American bison on the reverse. This has led to the popular nickname “Buffalo Nickel,” which has stuck with collectors and the general public ever since.
What Makes Certain Buffalo Nickels So Valuable?
Not every Buffalo Nickel is worth a fortune. The most valuable ones share a combination of key traits:
- Rarity: Some years saw limited production or included error coins, making them highly collectible.
- Mint Errors: Unique mistakes, such as the 1918/7 overdate or the 1937-D three-legged bison, boost value.
- Condition: Coins in uncirculated or mint state (MS) condition can command premium prices.
- Historical Significance: Coins tied to notable events or transitions are often more desirable.
Among the most famous examples is the 1918/7-D Overdate Nickel, where a “7” was stamped over an “8.” In perfect condition, it has sold for over $600,000.
How to Identify a Rare or Valuable Buffalo Nickel
Whether you’re going through pocket change or examining a coin jar, keep an eye out for these signs of value:
Check the Date and Mint Mark
Buffalo Nickels were minted in Philadelphia (no mint mark), Denver (D), and San Francisco (S). Look just beneath the bison’s image on the reverse to find the mint mark.
Rare dates and mints to look for include:
- 1918/7-D
- 1937-D (Three-Legged Buffalo)
- 1926-S
- 1916/16 Double Die
Look for Errors
Some Buffalo Nickels are famous for minting mistakes, such as:
- Overdates (e.g., 1918/7-D)
- Missing limbs (e.g., 1937-D Three-Legged Buffalo)
- Double-die strikes, where the numbers or design elements appear doubled
Assess the Coin’s Condition
Grading plays a major role in value. Coins are typically rated by professional services like PCGS or NGC. A coin in “Mint State” (MS-65 or higher) will be worth far more than one with wear and tear.
Why Collectors Are Drawn to Buffalo Nickels
Collectors continue to seek Buffalo Nickels for a variety of reasons:
- Symbolism: They represent America’s frontier era and indigenous heritage.
- Design: Their bold, sculptural imagery is considered among the finest in U.S. coinage.
- Challenge: Tracking down all varieties and mint marks — especially rare errors — makes for an exciting pursuit.
- Historic Value: Each coin tells a story of early 20th-century America.
Tips for Beginner Collectors
Thinking about starting a Buffalo Nickel collection? Here are a few tips to get you going:
- Start small: Begin with affordable coins to learn about grading, mint marks, and design features.
- Use a magnifying glass: Small details like errors or mint marks are easier to spot with the right tools.
- Join collector groups: Online forums and local clubs are great for sharing insights and finding deals.
- Don’t clean your coins: It may reduce their value. Always preserve coins in their original condition.
- Learn from guides: Use reference books and online resources to understand key dates and grading scales.
Other Famous Buffalo Nickel Errors and Varieties
Some Buffalo Nickels have become legendary among collectors for their unique errors:
1918/7-D Overdate
An “8” stamped over a “7”, creating a visible double-date on the coin’s obverse.
1937-D Three-Legged Buffalo
One of the most iconic mint errors, where the bison appears to have only three legs due to over-polishing of the die.
1916/16 Double Die
A rare double-date error resulting from a misalignment during the minting process.
Coins with such flaws are highly sought after and continue to sell for tens or hundreds of thousands of dollars at auction.
FAQs
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Q1: Where is the mint mark on a Buffalo Nickel?
On the reverse side, just beneath the buffalo’s tail.
Q2: What makes the 1937-D Buffalo Nickel rare?
It features a “Three-Legged Buffalo” error, caused by excessive die polishing.
Q3: Can Buffalo Nickels still be found in circulation?
Yes, although rare, they sometimes show up in coin rolls, old jars, or pocket change.
