Are Buffalo Nickels Valuable? Which Ones to Look For

The Buffalo Nickel, also known as the Indian Head Nickel, holds a distinctive place in American coinage history. Sculptor James Earle Fraser designed this five-cent piece, which was minted by the United States Mint from 1913 to 1938. The coin features a stoic Native American profile on its obverse and a majestic American bison on its reverse. While many Buffalo Nickels circulated widely and are common today, certain characteristics can significantly elevate their market value.

Factors Influencing Value

Several elements contribute to a Buffalo Nickel’s overall worth, moving beyond its face value. The year of mintage plays a significant role, as some years had lower production numbers, making those coins inherently rarer. A specific date can indicate a coin’s scarcity, directly impacting its desirability among collectors.

Mint marks also provide important clues about a coin’s origin and rarity. These small letters, found on the reverse side below the “FIVE CENTS” denomination, indicate where the coin was produced. A “D” signifies the Denver Mint, an “S” denotes the San Francisco Mint, and the absence of a mint mark means the coin was struck in Philadelphia. Coins from certain mints, particularly San Francisco, often have lower mintages and are thus more sought after.

The physical condition of a Buffalo Nickel is another primary factor in determining its value. While detailed grading will be discussed later, it is important to understand that the less wear a coin exhibits, the more it is generally worth. Original luster and sharp details are highly prized by collectors.

Errors and varieties represent unique deviations from standard coin production, making them particularly valuable. These can include overdates, where one date is struck over another, or doubled dies, which show a clear doubling of design elements. Repunched mint marks, where the mint mark was struck multiple times in slightly different positions, also fall into this category. Such anomalies occurred during the manufacturing process and are often quite rare, driving up collector demand.

Notable Valuable Buffalo Nickels

Certain Buffalo Nickels are renowned for their scarcity and high value due to specific errors or low mintage figures. One of the most famous examples is the 1937-D “3-legged” Buffalo Nickel, which resulted from an over-polished die at the Denver Mint that inadvertently removed one of the bison’s legs. This striking error makes it easily identifiable and highly collectible, commanding significant prices even in lower grades.

The 1913-S Type 2 is another highly sought-after coin, representing a design modification to protect the “FIVE CENTS” inscription from wear. This San Francisco minted coin had a relatively low mintage, making well-preserved examples particularly valuable. The 1916 Doubled Die Obverse is also a notable error, displaying clear doubling on the date, which can be visible even without magnification on higher-grade specimens.

Other key dates recognized for their low mintage figures and resulting rarity include the 1914-D, 1921-S, 1924-S, and 1926-S Buffalo Nickels. The San Francisco Mint, in particular, often produced fewer coins, contributing to the scarcity of its issues from these years. These coins frequently exhibit weak strikes, adding to their unique characteristics but making high-grade examples especially rare and valuable.

Understanding Coin Condition

Assessing a Buffalo Nickel’s condition, or grade, is a crucial step in determining its value. The level of wear, presence of original luster, and overall surface preservation are primary considerations. A coin’s grade is typically expressed using a scale that ranges from Poor to Mint State.

Common grading terms include Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (XF), About Uncirculated (AU), and Uncirculated (UNC or MS for Mint State). A “Good” coin shows heavy wear with only the main features outlined, while an “Uncirculated” coin retains its original mint luster and sharp details, showing no signs of wear from circulation.

When examining a Buffalo Nickel for wear, specific points to observe include the buffalo’s horn, the Indian’s braid and cheekbone, and the date itself. These raised areas are often the first to show signs of abrasion. The leg of the buffalo on the reverse is another area where wear is readily apparent.

Caring for and Valuing Your Nickels

Proper handling and storage are paramount to preserving the value of any collectible coin, including Buffalo Nickels. Always hold coins by their edges to prevent the transfer of oils and contaminants from your skin, which can cause damage over time. Wearing soft cotton gloves provides additional protection when examining coins.

Store your Buffalo Nickels in inert, non-PVC holders, such as Mylar flips or hard plastic capsules, to protect them from environmental damage. Avoid acidic paper envelopes or soft plastic holders containing polyvinyl chloride (PVC), as these materials can degrade and harm the coin’s surface. A stable environment, free from extreme temperature fluctuations or high humidity, is ideal for long-term preservation.

It is crucial to understand that cleaning a coin, even if it appears dirty, can drastically diminish its market value. Numismatists and collectors prefer coins in their original state, valuing the natural patina and toning that develop over time. Cleaning can remove these desirable characteristics and inflict irreversible damage, such as scratches or an unnatural sheen, making the coin less appealing to serious buyers.

For accurate valuation, especially for potentially valuable Buffalo Nickels, seeking a professional appraisal is recommended. Reputable coin dealers, numismatists, or professional grading services like the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC) can provide expert authentication and grading. These services encapsulate coins in secure, tamper-evident holders, offering a reliable assessment of condition and authenticity.

When considering selling a valuable coin, be aware of potential tax implications. Profits realized from the sale of collectibles, including coins, may be subject to capital gains tax. Keeping meticulous records of acquisition costs and sale prices is important for accurate tax reporting.