Buffalo nickels are beloved icons of American numismatics, cherished for their distinctive design and historical significance. While many of these coins have modest value, some rare specimens can command jaw-dropping prices. As a seasoned US coin collecting expert, I'm excited to take you on a journey through the fascinating world of valuable Buffalo nickels and help you uncover potential treasures in your own collection.
The Rich History of the Buffalo Nickel
Origins and Design
The Buffalo nickel, minted from 1913 to 1938, emerged as part of President Theodore Roosevelt's initiative to beautify American coinage. Designed by sculptor James Earle Fraser, the coin features:
- Obverse: A composite portrait of three Native American chiefs
- Reverse: An American bison (commonly, though incorrectly, called a buffalo)
Fraser drew inspiration from real-life figures for his design:
- Chief Iron Tail (Sioux)
- Chief Two Moons (Cheyenne)
- Chief John Big Tree (Seneca)
The bison model was reportedly Black Diamond, a resident of New York's Central Park Zoo.
Minting History
Buffalo nickels were produced at three mints:
- Philadelphia (no mint mark)
- Denver (D)
- San Francisco (S)
Over its 25-year run, approximately 1.2 billion Buffalo nickels were struck, with annual mintages ranging from as low as 970,000 (1926-S) to over 63 million (1935).
Factors Determining Buffalo Nickel Value
Several key elements influence a Buffalo nickel's worth:
- Date and Mint Mark: Certain years and mints produced fewer coins, making them rarer and more valuable.
- Condition (Grade): Well-preserved specimens command higher prices. The Sheldon Scale, ranging from Poor (P-1) to Perfect Mint State (MS-70), is used for grading.
- Rarity: Some issues are scarce due to low mintage or high attrition rates.
- Errors and Varieties: Mistakes in the minting process can create valuable oddities.
Top 10 Most Valuable Buffalo Nickels
Let's explore the cream of the crop in the Buffalo nickel series:
1. 1937-D Three-Legged Buffalo Nickel
- Value: Up to $150,000 in MS-65 condition
- Rarity: Approximately 20,000-30,000 minted
- Story: A mint employee over-polished a die, accidentally removing one of the buffalo's legs.
2. 1916 Doubled Die Obverse Buffalo Nickel
- Value: $281,750 (MS-64 grade, 2004 sale)
- Rarity: Fewer than 200 known
- Identifying Feature: Dramatic doubling on date and "LIBERTY"
3. 1926-S Buffalo Nickel
- Value: $322,000 (MS-66 grade, 2008 sale)
- Mintage: 970,000
- Rarity Factor: Extremely scarce in high grades due to poor striking and rapid wear
4. 1918/7-D Overdate Buffalo Nickel
- Value: $350,750 (MS-65 grade, 2006 sale)
- Rarity: Approximately 100-200 known
- Identifying Feature: Clear overdate where 1918 was stamped over 1917
5. 1935 Doubled Die Reverse Buffalo Nickel
- Value: $104,650 (MS-65 grade, 2007 sale)
- Rarity: Fewer than 100 known in Mint State
- Identifying Feature: Doubling on "FIVE CENTS" and "E PLURIBUS UNUM"
6. 1924-S Buffalo Nickel
- Value: $105,750 (MS-66+ grade, 2016 sale)
- Mintage: 1,437,000
- Rarity Factor: Scarce in high grades due to heavy circulation
7. 1919-S Buffalo Nickel
- Value: $109,250 (MS-66 grade, 2006 sale)
- Mintage: 7,521,000
- Rarity Factor: Extremely scarce in gem condition
8. 1920-D Buffalo Nickel
- Value: $138,000 (MS-67 grade, 2008 sale)
- Mintage: 9,418,000
- Rarity Factor: Very rare in gem condition due to weak strikes
9. 1926-D Buffalo Nickel
- Value: $70,500 (MS-67 grade, 2020 sale)
- Mintage: 2,348,000
- Rarity Factor: Only a handful known in MS-67 or better
10. 1913 Type 1 Buffalo Nickel
- Value: Up to $27,500 in MS-67 condition
- Mintage: 30,993,520
- Significance: First year of issue, highly sought after in top grades
Other Valuable Buffalo Nickel Varieties and Errors
Beyond the top 10, several other Buffalo nickel varieties command impressive prices:
- 1914/3 Overdate: Up to $75,000 in MS-65
- 1916 Doubled Die Reverse: Up to $50,000 in MS-65
- 1938-D/S Over Mintmark: Up to $20,000 in MS-65
- 1936-D "3-1/2 Legged" Buffalo: Up to $15,000 in MS-65
How to Identify Valuable Buffalo Nickels
To spot potentially valuable Buffalo nickels in your collection:
- Check the date and mint mark carefully
- Look for signs of errors or unusual features using a 10x magnifying glass
- Assess the overall condition, paying attention to:
- Horn detail on the buffalo
- Cheekbone definition on the Native American
- Sharpness of lettering
- Compare your coin to known valuable varieties using reputable numismatic resources
- Consider using a digital coin microscope for detailed examination
Grading Buffalo Nickels
Understanding the grading scale is crucial for assessing value. Here's a simplified guide:
| Grade | Description | Key Features |
|---|---|---|
| MS-65+ | Gem Uncirculated | Full luster, no significant marks |
| MS-60 to MS-64 | Uncirculated | Full luster, may have some contact marks |
| AU-50 to AU-58 | About Uncirculated | Slight wear on high points, most luster intact |
| XF-40 to XF-45 | Extremely Fine | Light wear on high points, some luster remaining |
| VF-20 to VF-35 | Very Fine | Moderate wear, major features clear |
| F-12 to F-15 | Fine | Considerable wear, all major features visible |
| VG-8 to VG-10 | Very Good | Heavy wear, outline of design visible |
| G-4 to G-6 | Good | Very heavy wear, major features worn nearly smooth |
Preserving and Protecting Your Valuable Buffalo Nickels
To maintain the value of your rare Buffalo nickels:
- Handle coins by their edges using cotton gloves
- Store in non-PVC, archival-quality holders
- Keep coins in a cool, dry environment (ideally 50-70°F with 40-50% relative humidity)
- Consider professional grading and encapsulation for valuable specimens
- Insure significant coins as part of your home insurance policy
The Market for Rare Buffalo Nickels
The Buffalo nickel market remains robust, driven by several factors:
- Nostalgia for classic American designs
- Scarcity of high-grade examples
- Growing interest in numismatics as an alternative investment
Recent auction data shows steady growth in prices for rare specimens:
| Coin | 2010 Price (MS-65) | 2020 Price (MS-65) | 10-Year Growth |
|---|---|---|---|
| 1937-D Three-Legged | $75,000 | $120,000 | 60% |
| 1926-S | $180,000 | $250,000 | 39% |
| 1916 Doubled Die Obverse | $160,000 | $220,000 | 37.5% |
Tips for Buffalo Nickel Collectors
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Focus on Quality: In the rare coin market, condition is paramount. A high-grade common date can often be worth more than a low-grade rarity.
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Study Authentication: Familiarize yourself with the diagnostics of key dates and varieties to avoid counterfeits.
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Build a Type Set: Start with a basic date set before diving into more expensive varieties.
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Join a Numismatic Organization: Groups like the American Numismatic Association offer valuable resources and networking opportunities.
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Attend Coin Shows: These events provide opportunities to view rare specimens and meet expert dealers.
Conclusion: The Enduring Allure of Buffalo Nickels
Buffalo nickels hold a special place in American numismatics. Their distinctive design, historical significance, and the challenge of finding well-preserved examples make them a perennial favorite among collectors. Whether you're a seasoned numismatist or a curious beginner, the hunt for valuable Buffalo nickels offers excitement, historical insight, and the potential for significant financial reward.
As you sift through your change or explore flea markets and coin shops, keep an eye out for these elusive treasures. Remember, while the chances of finding a six-figure rarity are slim, even more common Buffalo nickels in good condition can be worth far more than their face value. The thrill of the hunt and the connection to American history make Buffalo nickel collecting a rewarding pursuit for numismatists of all levels.
Happy hunting, and may your searches be fruitful!
