The jingle of coins in your pocket might be worth more than you think. Among the most intriguing pieces of American currency is the 1937 Buffalo nickel, a coin that carries both historical significance and potential monetary value. As a seasoned coin collector and numismatic expert, I'm excited to delve into the fascinating world of this particular nickel and explore what makes it a coveted item for collectors and investors alike.
A Brief History of the Buffalo Nickel
Before we dive into the specifics of the 1937 issue, let's take a moment to appreciate the Buffalo nickel's place in American coinage history.
- Designed by James Earle Fraser in 1913
- Minted from 1913 to 1938
- Features a Native American portrait on the obverse
- Reverse depicts an American bison (often referred to as a buffalo)
The Buffalo nickel, also known as the Indian Head nickel, was part of a wave of coin redesigns initiated by President Theodore Roosevelt to beautify American coinage. Its distinctive design captured the spirit of the American West and became an instant classic.
The 1937 Buffalo Nickel: A Year of Significance
1937 marked one of the final years of Buffalo nickel production, making coins from this year particularly interesting to collectors. Here's why:
- Near the end of the series, increasing its historical value
- High mintage numbers, ensuring availability for collectors
- Several notable varieties and errors
Determining the Value of Your 1937 Buffalo Nickel
As with all coins, the value of a 1937 Buffalo nickel can vary widely based on several factors. Let's break these down:
1. Mint Marks
In 1937, Buffalo nickels were struck at three different mints:
- Philadelphia (no mint mark)
- Denver (D mint mark)
- San Francisco (S mint mark)
The mint mark can be found on the reverse of the coin, below the words "FIVE CENTS."
2. Condition (Grade)
The condition of a coin is crucial in determining its value. Professional grading services use a scale from 1 to 70, with 70 being a perfect, uncirculated specimen. Here's a more detailed breakdown:
| Grade | Description | Typical Value Range (2023) |
|---|---|---|
| G-4 (Good) | Heavy wear, but major features visible | $1 – $2 |
| VG-8 (Very Good) | Moderate wear, all lettering clear | $1.50 – $3 |
| F-12 (Fine) | All major features clear, some detail visible | $2 – $4 |
| VF-20 (Very Fine) | Most details sharp, moderate wear on high points | $3 – $6 |
| EF-40 (Extremely Fine) | Light wear, all details sharp | $6 – $12 |
| AU-50 (About Uncirculated) | Slight wear on highest points, full luster | $15 – $25 |
| MS-60 (Mint State) | No wear, may have many marks or weak strike | $25 – $40 |
| MS-65 (Gem) | No wear, few marks, strong strike | $75 – $150 |
| MS-67 (Superb Gem) | No wear, virtually flawless | $500 – $2,000+ |
Note: These values are approximate and can fluctuate based on market conditions.
3. Mintage Numbers
Understanding the rarity of each mint's production can help explain value differences:
- Philadelphia: 79,485,769
- Denver: 17,826,000
- San Francisco: 5,635,000
As you can see, the San Francisco mint produced significantly fewer coins, making them generally more valuable in higher grades.
Valuable Varieties and Errors
The Three-Legged Buffalo
The most famous and valuable error for 1937 Buffalo nickels is the "Three-Legged Buffalo" variety from the Denver mint. This error occurred when a die was over-polished, removing most of the bison's front leg.
Here's a more detailed value chart for the Three-Legged Buffalo:
| Grade | Estimated Value (2023) |
|---|---|
| G-4 | $450 – $550 |
| VG-8 | $550 – $650 |
| F-12 | $650 – $750 |
| VF-20 | $900 – $1,100 |
| EF-40 | $1,500 – $1,800 |
| AU-50 | $2,500 – $3,000 |
| MS-60 | $4,000 – $5,000 |
| MS-65 | $50,000 – $60,000 |
Source: "A Guide Book of Buffalo and Jefferson Nickels" by Q. David Bowers
Repunched Mint Marks
Some 1937-D and 1937-S nickels show evidence of repunched mint marks. While not as valuable as the Three-Legged Buffalo, these varieties do command a premium:
- 1937-D/D (Repunched Mintmark): 10-20% premium over regular issues
- 1937-S/S (Repunched Mintmark): 15-25% premium over regular issues
Proof Issues
The Philadelphia Mint produced a small number of proof Buffalo nickels in 1937. These were specially made for collectors and have a distinctive, mirror-like finish. Only 5,769 were minted, making them quite scarce.
| Grade | Estimated Value (2023) |
|---|---|
| PR-60 | $750 – $850 |
| PR-63 | $900 – $1,000 |
| PR-65 | $1,300 – $1,500 |
| PR-67 | $2,500 – $3,000 |
| PR-69 | $90,000 – $100,000 |
Source: "The Official Red Book: A Guide Book of United States Coins" by R.S. Yeoman
Collecting Strategies for 1937 Buffalo Nickels
As a collector, there are several approaches you can take to building a collection of 1937 Buffalo nickels:
- Complete Date Set: Acquire one example from each mint (P, D, S).
- Condition Set: Collect different grades of the same mint.
- Error and Variety Hunt: Focus on finding repunched mint marks and the Three-Legged Buffalo.
- Full Step Collection: Look for coins with full steps visible on the buffalo's leg on the reverse.
Tips for Authentication and Preservation
- Use a loupe or magnifying glass: This is essential for examining mint marks and detecting subtle varieties.
- Invest in proper storage: Use non-PVC holders or albums to prevent damage.
- Handle coins carefully: Always hold coins by their edges to avoid damaging the surfaces.
- Be cautious of cleaned coins: Cleaning can significantly reduce a coin's value.
- Consider professional grading: For valuable specimens, third-party grading can provide authentication and protection.
Market Trends and Future Outlook
The market for 1937 Buffalo nickels has remained relatively stable over the past decade, with gradual appreciation for high-grade specimens. Factors influencing future values include:
- Overall economic conditions
- Precious metal prices (although nickels are not silver)
- Collector demographics and interests
- Discovery of new varieties or errors
As we approach the 100th anniversary of the Buffalo nickel's introduction, we may see increased interest and potential value appreciation, especially for key dates and high-grade examples.
Conclusion: The Enduring Appeal of the 1937 Buffalo Nickel
The 1937 Buffalo nickel is more than just a piece of currency; it's a tangible connection to American history. From its iconic design capturing the spirit of the West to its various mintages and intriguing errors, this coin offers something for collectors of all levels.
Whether you're a seasoned numismatist or just someone who's found an interesting old nickel, take a moment to appreciate the artistry and history in your hands. The 1937 Buffalo nickel may be worth a few dollars or several thousand, but its true value lies in the stories it carries and the passion it inspires in collectors.
Remember, coin collecting is as much about the thrill of the hunt and the joy of discovery as it is about monetary value. So, the next time you hear the jingle of change in your pocket, take a closer look – you might just be carrying a little piece of numismatic treasure.
