The 1934 Buffalo Nickel, a quintessential piece of American coinage, continues to captivate collectors and investors alike. As we delve into the intricacies of this historic coin, we'll uncover its true value, both in terms of monetary worth and historical significance.
Historical Context: The Buffalo Nickel Series
The Buffalo Nickel, designed by James Earle Fraser, was minted from 1913 to 1938. It was part of President Theodore Roosevelt's initiative to beautify American coinage. The 1934 issue holds a special place in this series, coming at a time when the United States was in the midst of the Great Depression.
Key Features of the 1934 Buffalo Nickel:
- Obverse: Profile of a Native American
- Reverse: American bison (incorrectly called a buffalo)
- Composition: 75% copper, 25% nickel
- Weight: 5 grams
- Diameter: 21.2 mm
1934 Buffalo Nickel Production Data
In 1934, two U.S. Mint facilities produced Buffalo Nickels:
| Mint Location | Mintage | Mint Mark |
|---|---|---|
| Philadelphia | 20,213,003 | None |
| Denver | 7,480,000 | D |
Total production for 1934 was 27,693,003 nickels.
Factors Influencing the Value of 1934 Buffalo Nickels
Several key factors determine the worth of a 1934 Buffalo Nickel:
- Mint Mark: Denver (D) or no mint mark (Philadelphia)
- Condition: Ranging from heavily circulated to pristine
- Strike Quality: Sharpness of design details
- Luster: Presence of original mint shine
- Toning: Natural color changes over time
- Rarity: Including errors and varieties
Detailed Value Guide for 1934 Buffalo Nickels
1934 (Philadelphia)
| Grade | Value Range |
|---|---|
| Good (G-4) to Very Fine (VF-20) | $2 – $10 |
| Extra Fine (XF-40) | $12 – $18 |
| About Uncirculated (AU-50 to AU-58) | $25 – $40 |
| Mint State (MS-60 to MS-62) | $50 – $80 |
| Choice Uncirculated (MS-63 to MS-64) | $90 – $150 |
| Gem Uncirculated (MS-65 to MS-66) | $200 – $700 |
| Superb Gem Uncirculated (MS-67+) | $3,500 – $12,000 |
1934-D (Denver)
| Grade | Value Range |
|---|---|
| Good (G-4) to Very Fine (VF-20) | $2 – $25 |
| Extra Fine (XF-40) | $25 – $35 |
| About Uncirculated (AU-50 to AU-58) | $45 – $65 |
| Mint State (MS-60 to MS-62) | $80 – $150 |
| Choice Uncirculated (MS-63 to MS-64) | $175 – $350 |
| Gem Uncirculated (MS-65 to MS-66) | $450 – $2,500 |
| Superb Gem Uncirculated (MS-67+) | $15,000 – $25,000 |
Note: These values are based on recent auction data and price guides as of 2023. The numismatic market can fluctuate.
Grading 1934 Buffalo Nickels: A Crucial Skill
Accurate grading is essential for determining a coin's true value. The Sheldon Scale, ranging from 1 (poor) to 70 (perfect), is the standard used by professional grading services like PCGS and NGC.
Key Grading Points for Buffalo Nickels:
- Cheek: Smoothness on the Indian's cheek
- Horn: Sharpness of the buffalo's horn
- Feathers: Detail in the headdress
- Leg: Clarity of the buffalo's front leg
For example, a 1934 Buffalo Nickel graded MS-65 should have:
- Full luster with minimal bag marks
- Sharp strike with clear details on the Indian's hair and the buffalo's fur
- No signs of wear on high points
Notable 1934 Buffalo Nickel Varieties and Errors
While not as error-prone as some years, 1934 Buffalo Nickels do have interesting varieties:
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Three-Legged Buffalo: Found on some 1934-D coins due to die polishing removing part of the buffalo's front leg. These can fetch $1,000 in Good condition and over $50,000 in Mint State.
-
Off-Center Strikes: 1934 Philadelphia coins struck 10% off-center can be worth $550-$600.
-
Wrong Planchet Errors: 1934 nickels struck on penny planchets are extremely rare. An MS-62 example sold for $4,600 in a 2019 auction.
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Double Die Obverse: Some 1934 nickels show doubling in the date and LIBERTY. These can command a 20-30% premium over regular issues.
Collecting Strategies for 1934 Buffalo Nickels
For both novice and experienced collectors, 1934 Buffalo Nickels offer various collecting strategies:
- Date and Mint Set: Acquire both Philadelphia and Denver issues.
- Condition Set: Collect various grades from Good to Mint State.
- Error and Variety Hunting: Focus on finding the rare errors mentioned above.
- Toning Specialization: Seek out coins with attractive natural toning.
Investment Potential of 1934 Buffalo Nickels
From an investment perspective, 1934 Buffalo Nickels have shown steady appreciation over the years:
- In 2000, an MS-65 1934 nickel was valued at around $100.
- By 2010, the same grade coin was worth about $180.
- As of 2023, MS-65 specimens regularly sell for $250-$300.
This represents a compound annual growth rate of approximately 5%, outpacing inflation over the same period.
Preservation Tips for 1934 Buffalo Nickels
To maintain the value and condition of your 1934 Buffalo Nickels:
- Store in non-PVC, archival-quality holders
- Keep in a climate-controlled environment
- Handle coins by the edges using cotton gloves
- Avoid cleaning, as improper cleaning can significantly reduce value
The Cultural and Historical Significance of 1934 Buffalo Nickels
The 1934 Buffalo Nickel is more than just a coin; it's a tangible piece of American history. Minted during the Great Depression, these nickels circulated during a time of immense economic hardship and social change.
The Native American portrait and buffalo design reflect the romanticized view of the American West that was prevalent in the early 20th century. While this perspective has been critically reexamined in recent years, the coin remains an important artifact of its time.
Conclusion: The Enduring Appeal of the 1934 Buffalo Nickel
Whether you're a seasoned numismatist or a curious newcomer, the 1934 Buffalo Nickel offers a compelling blend of history, artistry, and potential value. Its accessibility makes it an excellent entry point for new collectors, while its varieties and high-grade rarities provide excitement for experienced enthusiasts.
As we approach the 90th anniversary of the 1934 issue, interest in these coins is likely to increase. Their historical significance, coupled with their relative affordability in lower grades, ensures that 1934 Buffalo Nickels will continue to be a cornerstone of many American coin collections.
Remember, while the monetary value of these coins can be significant, their true worth often lies in the stories they tell and the connection they provide to America's past. Whether you're building a collection or considering an investment, the 1934 Buffalo Nickel remains a numismatic treasure worth exploring.
