The 1920 Buffalo nickel, a century-old coin with a rich history, continues to captivate collectors and numismatists alike. But what determines its true worth in today's market? Let's embark on a journey through time to explore the fascinating world of this iconic American coin and uncover its hidden value.
A Brief History of the Buffalo Nickel
Before we delve into the specifics of the 1920 issue, it's crucial to understand the coin's origins. Designed by James Earle Fraser, the Buffalo nickel was first minted in 1913 as part of a wave of artistic redesigns of American coinage. The obverse features a composite portrait of three Native American chiefs, while the reverse showcases an American bison, believed to be modeled after "Black Diamond," a resident of New York City's Central Park Zoo.
The 1920 Mintage: A Year in Focus
1920 marked a significant year for the Buffalo nickel, with substantial production across three mints:
- Philadelphia: 63,093,000 (no mint mark)
- Denver: 9,418,000 (D mint mark)
- San Francisco: 9,689,000 (S mint mark)
These numbers, while impressive, don't tell the whole story. Many of these coins were lost to time, wear, and the melting pot, making well-preserved specimens increasingly valuable.
Factors Influencing the Value of a 1920 Buffalo Nickel
1. Mint Mark
The mint mark plays a crucial role in determining a coin's value. Here's a more detailed breakdown of approximate values for each mint in various conditions:
| Mint Mark | G4 | VG8 | F12 | VF20 | XF40 | AU50 | MS60 | MS65 |
|---|---|---|---|---|---|---|---|---|
| No Mark | $2 | $3 | $4 | $8 | $20 | $45 | $85 | $650 |
| D | $4 | $9 | $30 | $100 | $225 | $400 | $900 | $5,750 |
| S | $3 | $7 | $25 | $75 | $175 | $375 | $975 | $12,500 |
Note: These values are approximate and can fluctuate based on market conditions.
2. Condition
The condition of a coin is paramount in determining its value. The Sheldon Scale, ranging from 1 (Poor) to 70 (Perfect Uncirculated), is used to grade coins. For 1920 Buffalo nickels, even a small improvement in grade can result in a substantial increase in value.
3. Rarity
While millions were minted, far fewer have survived in collectible condition. According to PCGS population reports:
- Philadelphia: ~80,000 graded, with only about 2,000 in Mint State
- Denver: ~25,000 graded, with fewer than 1,000 in Mint State
- San Francisco: ~30,000 graded, with only about 500 in Mint State
These numbers highlight the scarcity of high-grade specimens, particularly from Denver and San Francisco.
4. Strike Quality
The quality of the strike can significantly impact a coin's value. Well-struck coins with full horn details on the bison are highly sought after.
Notable Varieties and Errors
Errors and varieties can add substantial premiums to a 1920 Buffalo nickel. Some noteworthy examples include:
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1920 Doubled Die Obverse: This variety shows doubling on the date and "LIBERTY". In MS63, it can fetch over $2,000.
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1920-S Weak D: Some San Francisco issues show a weakly struck mint mark, often mistaken for a 1920 with no mint mark. These can sell for a premium if authenticated.
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Off-Center Strikes: Coins struck off-center by 5% or more can command significant premiums, with severely off-center strikes (50% or more) potentially worth thousands.
The Elusive "Full Horn" Designation
For Buffalo nickels, the "Full Horn" designation is highly prized. This refers to a coin where the bison's horn on the reverse is fully detailed. For a 1920 nickel:
- A Philadelphia Full Horn MS65 can be worth $2,000+
- A Denver Full Horn MS65 can exceed $25,000
- A San Francisco Full Horn MS65 could potentially reach $50,000 or more
Market Trends and Investment Potential
The market for 1920 Buffalo nickels has shown steady growth over the past decades. According to data from major auction houses:
- High-grade 1920-D and 1920-S nickels have seen an average annual appreciation of 5-7% over the last 20 years.
- Even circulated examples in Fine or better condition have maintained strong demand, with prices doubling for many grades since 2000.
Tips for Collectors
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Authentication: Given the value difference between mint marks, always verify the authenticity of the mint mark, especially for Denver and San Francisco issues.
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Preservation: Store your coins in non-PVC holders in a cool, dry place. For valuable specimens, consider professional conservation and grading.
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Education: Invest in reference materials like "The Complete Guide to Buffalo Nickels" by David W. Lange to deepen your understanding.
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Patience: Building a high-quality set of 1920 Buffalo nickels can take time. Don't rush to fill holes with inferior specimens.
The Future of 1920 Buffalo Nickel Collecting
As we move further into the 21st century, the appeal of these century-old coins continues to grow. Factors contributing to their enduring popularity include:
- Historical significance as artifacts of post-World War I America
- Artistic merit of Fraser's design
- Increasing scarcity, especially in higher grades
- Growing interest in early 20th-century U.S. coinage among international collectors
Conclusion: More Than Just a Nickel
The 1920 Buffalo nickel is more than just a five-cent piece; it's a tangible piece of American history. Whether you're a seasoned numismatist or a curious newcomer, these coins offer a unique window into the past and the potential for significant value appreciation.
Remember, while the rarest and highest-grade coins command eye-watering prices, every 1920 Buffalo nickel tells a story. From the well-worn piece found in a grandparent's collection to the gem-quality specimen in a museum showcase, each coin is a testament to the enduring legacy of one of America's most beloved coin designs.
As you embark on your journey of discovery with the 1920 Buffalo nickel, remember that knowledge is your most valuable tool. Whether you're assessing a single coin or building a complete set, understanding the nuances of mint marks, grading, and varieties will serve you well in appreciating these numismatic treasures.
