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What Buffalo Nickels Are Worth Money?

The Buffalo Nickel, officially known as the Indian Head Nickel, boasts a captivating design and a relatively short lifespan (1913-1938), making certain dates and varieties highly sought after by collectors. Buffalo Nickels worth significant money are generally those with key dates, mint errors, or exceptionally well-preserved conditions. In essence, a common-date Buffalo Nickel in circulated condition is often worth only its metal value (primarily copper and nickel), but rare dates, significant errors (like the “three-legged” Buffalo), and coins graded as Mint State (MS) 65 or higher can command hundreds, thousands, or even tens of thousands of dollars.

Delving Deeper: Key Factors Influencing Buffalo Nickel Value

The value of a Buffalo Nickel hinges on several interconnected elements. Understanding these factors is crucial for anyone looking to assess their Buffalo Nickel collection or considering investing in these pieces of American history.

Date and Mint Mark Rarity

Certain years and mint marks are scarcer than others. The 1937-D “three-legged” Buffalo Nickel is perhaps the most famous error coin. Other key dates include:

1913-S Type 2: The 1913 Type 2 coins are the first year the Buffalo Nickel was made and the “S” mint mark makes it a more valuable coin.
1914-D: With a lower mintage than other years, the 1914-D Buffalo Nickel is a highly coveted example.
1915-D: Although not as rare as the 1914-D, the 1915-D Buffalo Nickel is still a sought-after coin.
1921-S: This coin saw a low mintage in San Fransisco making it a valuable coin.
1924-S: Another coin that saw a low mintage in San Fransisco.
1926-S: One of the lowest mintages in the Buffalo Nickel series.
1927-S: This coin saw a low mintage in San Fransisco making it a valuable coin.

The location of the mint mark (D for Denver, S for San Francisco, or absence of a mint mark for Philadelphia) dramatically impacts the coin’s rarity and, consequently, its worth. Coins from the San Francisco Mint (“S”) generally hold higher values due to lower mintage figures.

Condition (Grade)

As with any collectible coin, condition is king. Coin grading is a sophisticated process, typically undertaken by professional services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation). The Sheldon Scale, ranging from 1 (Barely Recognizable) to 70 (Perfect Mint State), is used to assign a numerical grade.

Circulated Coins: These coins show signs of wear and tear. Examples graded from AG (About Good) to VF (Very Fine) are usually of lower value, unless they are key dates or errors.
Uncirculated Coins: Coins in Mint State (MS), particularly those graded MS65 or higher (“Gem Uncirculated”), are in pristine condition and command the highest prices. The sharpness of details, luster, and overall eye appeal are crucial in determining the grade.

Errors and Varieties

Minting errors are like snowflakes – no two are exactly alike. They occur due to malfunctions or anomalies during the coin production process, making them unique and desirable to collectors. Besides the famous 1937-D “three-legged” Buffalo Nickel caused by over polishing a die, other errors include:

Doubled Die: Occurs when the die is struck more than once, resulting in a doubled image.
Off-Center Strikes: The coin is not struck perfectly in the center of the die.
Broad Strikes: The coin is struck without the retaining collar, resulting in a flattened appearance.

Full Horn Buffalo Nickels

A “Full Horn” Buffalo Nickel refers to a coin where the horn on the bison design is completely visible and distinct. On many circulated Buffalo Nickels, the horn is worn down, making it less valuable. Collectors particularly seek out coins with a “Full Horn” as it indicates less wear and better preservation of the original design. The designation of a “Full Horn” often adds a premium to the coin’s value, especially for key dates or in higher grades.

Frequently Asked Questions (FAQs) About Buffalo Nickels

1. Where can I find the mint mark on a Buffalo Nickel?

The mint mark is located on the reverse (buffalo side) of the coin, below the denomination “FIVE CENTS”. Look for a “D” (Denver) or “S” (San Francisco). If there is no mint mark, the coin was minted in Philadelphia. Note that the 1913 Type 1 coin doesn’t have the denomination under the buffalo.

2. How can I tell if my Buffalo Nickel is a “three-legged” variety?

Examine the reverse of the coin, specifically the buffalo’s front right leg. If the entire leg is missing, it’s likely the 1937-D “three-legged” variety. Be cautious, as wear can sometimes mimic the appearance of a missing leg.

3. What is the difference between a Type 1 and Type 2 Buffalo Nickel?

The Type 1 Buffalo Nickel (1913) has the denomination “FIVE CENTS” raised on a mound, while the Type 2 (1913-1938) has the denomination recessed into the mound. The Type 2 design was introduced to address wear issues on the Type 1 coins.

4. How do I clean a Buffalo Nickel without damaging it?

Generally, it’s best not to clean coins. Cleaning can remove the natural luster and potentially damage the surface, lowering the value. If you feel you must clean it, use a very soft brush and distilled water. Never use abrasive cleaners.

5. What is the metal composition of a Buffalo Nickel?

Buffalo Nickels are composed of 75% copper and 25% nickel.

6. What does “Full Steps” mean for a Buffalo Nickel?

“Full Steps” refers to the presence of all five steps clearly visible on the Jefferson Monticello design on the reverse of a Jefferson Nickel, not a Buffalo Nickel. This term is relevant to Jefferson Nickels and indicates a sharp strike and minimal wear. The Buffalo Nickel does not have a stepped design.

7. Where can I get my Buffalo Nickels appraised?

Reputable coin dealers and professional grading services like PCGS and NGC can provide appraisals. Look for dealers who are members of professional organizations like the American Numismatic Association (ANA).

8. What is the difference between “MS” and “AU” when describing a coin’s grade?

“MS” stands for Mint State, indicating an uncirculated coin. “AU” stands for About Uncirculated, meaning the coin has very slight traces of wear.

9. Are Buffalo Nickels still being found in circulation?

Finding Buffalo Nickels in general circulation is extremely rare today. However, they might still be found in old collections or occasionally at estate sales.

10. What resources are available to learn more about Buffalo Nickels?

Books such as “A Guide Book of Buffalo Nickels” by David Lange are excellent resources. Websites like the PCGS CoinFacts and NGC websites also offer valuable information.

11. How does the “Full Horn” designation impact the value of a Buffalo Nickel?

A “Full Horn” designation indicates a higher level of detail and less wear, generally increasing the coin’s value. Collectors are willing to pay a premium for coins with a fully visible horn.

12. What is the best way to store my Buffalo Nickel collection?

Store your Buffalo Nickels in acid-free coin holders, albums, or slabs to protect them from damage and environmental factors. Avoid storing them in PVC-containing materials, which can cause discoloration.