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What Buffalo Nickel Is Worth Money? Your Guide to Lucrative Coin Hunting

The Buffalo Nickel, officially known as the Indian Head Nickel, is a fascinating piece of American history, and some of them are worth far more than their five-cent face value. Several factors contribute to a Buffalo Nickel’s potential worth, including its mint year, mint mark, condition (or grade), and any errors or varieties it might possess. The 1937-D “Three-Legged Buffalo” Nickel is famously valuable, but other dates like the 1916 doubled die obverse and some 1918/7-D overdates also command impressive prices. Furthermore, well-preserved examples of earlier dates, particularly those with a full horn on the buffalo, are highly sought after by collectors.

Key Factors Determining Buffalo Nickel Value

Understanding what elevates a Buffalo Nickel from pocket change to a valuable collectible requires a deeper dive into the nuances of numismatics.

Mint Year and Mint Mark

The year a Buffalo Nickel was minted is a crucial starting point for assessing its value. Certain years had lower mintages than others, instantly making them rarer. For example, nickels struck during World War I often command a premium.

The mint mark, indicating where the coin was produced, also plays a significant role. Located on the reverse of the coin, near the buffalo’s leg, the mint mark will be one of the following:

D: Denver Mint
S: San Francisco Mint
No Mint Mark: Philadelphia Mint

Coins from the Denver and San Francisco mints generally have higher values compared to Philadelphia, especially if the mintage numbers were low.

Condition (Grade)

The condition of a Buffalo Nickel, or its grade, is paramount in determining its worth. Numismatists use a grading scale ranging from Poor (heavily worn) to Mint State (uncirculated). A coin in Mint State (MS) 65 or higher can be significantly more valuable than a worn example of the same date and mint mark. Key features to examine include the sharpness of the details on the Indian’s face and the buffalo’s horn. A full horn is a desirable attribute that drastically increases value, especially for older dates.

Errors and Varieties

Error coins and die varieties are highly prized by collectors. These are coins that deviate from the norm due to a mistake during the minting process. A famous example, as mentioned earlier, is the 1937-D “Three-Legged Buffalo” Nickel. This error occurred when a die used to strike the coins was over-polished, removing the front leg of the buffalo. This instantly recognizable error is very collectible, with prices ranging from hundreds to thousands of dollars, depending on the condition.

Another notable example is the 1916 doubled die obverse, where the details of the date and other features on the front of the coin are doubled due to a misalignment of the die. Similarly, overdates such as the 1918/7-D, where the “8” in the date is stamped over a “7,” are highly sought-after.

Notable Buffalo Nickels and Their Values

While market prices fluctuate, knowing the “heavy hitters” can provide valuable insight. Keep in mind, the prices below are estimates and can vary significantly based on the coin’s condition and the specific market.

1916 Doubled Die Obverse: An example in well-circulated condition might fetch several hundred dollars, while a high-grade specimen could be worth thousands.
1918/7-D Overdate: Like the 1916, circulated examples are valuable, and uncirculated examples are extremely rare and expensive.
1937-D “Three-Legged” Buffalo: Even well-worn examples are worth a decent premium, but a high-grade coin can command a significant sum.
Early Dates (1913-1920): Any well-preserved early date Buffalo Nickel with a full horn is generally more valuable than later dates, especially those from the Denver and San Francisco mints.

Where to Find Valuable Buffalo Nickels

The thrill of the hunt is part of the fun. While finding a key date Buffalo Nickel in circulation is becoming increasingly rare, there are still avenues to explore:

Coin Roll Hunting: Searching through rolls of nickels from banks can occasionally yield a surprise.
Estate Sales and Auctions: These can be a goldmine for finding older coins that have been tucked away for decades.
Coin Shops: Local coin shops are staffed by experts who can help you identify and value your coins. They also often have a selection of Buffalo Nickels for sale.
Online Marketplaces: Platforms like eBay and specialized numismatic websites offer a wide range of Buffalo Nickels, but it’s crucial to buy from reputable sellers.

FAQs About Buffalo Nickels

Here are some frequently asked questions to further your understanding of Buffalo Nickels:

1. What makes a Buffalo Nickel rare?

Rarity is primarily determined by low mintage numbers, errors or varieties, and survival rate. A combination of these factors makes a Buffalo Nickel particularly scarce and thus valuable.

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

Carefully examine the buffalo’s right front leg. On a “Three-Legged” Nickel, the leg will be noticeably missing or very faint.

3. What is the best way to clean a Buffalo Nickel?

Never clean a coin. Cleaning can damage the surface and significantly reduce its value. Leave the coin in its current condition and consult a professional numismatist if you have concerns about its preservation.

4. What does “full horn” mean on a Buffalo Nickel?

“Full horn” refers to the sharpness and completeness of the buffalo’s horn. Wear and damage often erode the horn, so a coin with a well-defined horn is considered more desirable.

5. How can I determine the grade of my Buffalo Nickel?

Grading is a subjective process, but you can use online resources and grading guides to get a general idea. For an accurate assessment, consider submitting your coin to a professional grading service like PCGS or NGC.

6. Are all Buffalo Nickels with a “D” mint mark valuable?

Not all “D” mint mark Buffalo Nickels are valuable, but those with low mintages or errors, like the 1937-D “Three-Legged,” command a higher premium.

7. Where is the mint mark located on a Buffalo Nickel?

The mint mark is located on the reverse, underneath the words “FIVE CENTS”, near the buffalo’s rear leg.

8. What years were Buffalo Nickels minted?

Buffalo Nickels were minted from 1913 to 1938.

9. What metal is a Buffalo Nickel made of?

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

10. How much is a common date Buffalo Nickel worth?

A common date, worn Buffalo Nickel is typically worth between $0.25 and $1.00. However, even common dates in high grade can be worth significantly more.

11. Is it worth getting my Buffalo Nickel graded?

If you believe your Buffalo Nickel is a key date, error variety, or in exceptional condition, it might be worth getting it graded by a reputable grading service like PCGS or NGC. Grading provides authentication and assigns a numerical grade that can significantly impact the coin’s value.

12. What is the difference between an error and a variety on a Buffalo Nickel?

An error occurs during the minting process, such as a die crack or planchet defect. A variety is a minor variation in the design caused by a modification or alteration to the die. Both errors and varieties can increase a coin’s value.