Are Buffalo Nickels Worth Anything?

Many individuals wonder if their old Buffalo Nickels hold significant monetary value. While some may only be worth face value, certain distinguishing characteristics can considerably elevate their worth for collectors. Understanding these attributes is essential for assessing a Buffalo Nickel’s potential value. This guide clarifies the factors contributing to a Buffalo Nickel’s worth, providing a framework for identifying valuable specimens.

Key Characteristics of Buffalo Nickels

The Buffalo Nickel, officially known as the Indian Head Nickel, was minted by the United States between 1913 and 1938. This iconic coin features a striking design by sculptor James Earle Fraser. The obverse displays a detailed profile of a Native American chief, while the reverse depicts an American bison, commonly referred to as a buffalo.

The coin’s design includes key identifying marks crucial for determining its value. The date of mintage is located on the obverse side, positioned directly below the Native American’s braided hair. Below the buffalo on the reverse side, one can find the mint mark, if present. A “D” signifies production at the Denver Mint, an “S” indicates the San Francisco Mint, and the absence of a mint mark means the coin was produced at the Philadelphia Mint.

Primary Factors Determining Value

A Buffalo Nickel’s value is primarily influenced by its condition (grade), rarity based on date and mint mark, and the presence of any unique varieties or errors. The better the coin’s condition, the higher its market value will be. Terms like “Good,” “Fine,” “Extremely Fine,” and “Uncirculated” describe the coin’s wear, with uncirculated coins showing no signs of wear and retaining their original mint luster. Details such as a full horn on the buffalo, clear definition of the Native American’s braid, and a fully legible date significantly impact a coin’s grade and worth.

Rarity plays a significant role, as certain years and mint mark combinations had lower mintage figures or fewer surviving examples. Coins from years with limited production runs or those that were heavily circulated and subsequently lost often command higher prices due to their scarcity. This scarcity creates increased demand among collectors, driving up the potential value of these particular issues.

Beyond standard issues, certain Buffalo Nickels are highly prized due to varieties or errors that occurred during the minting process. Varieties refer to intentional design changes or slight anomalies, while errors are unintentional mistakes made during production. Noteworthy examples include the 1937-D “3-Legged” Buffalo, the 1916 “Doubled Die Obverse,” and the 1918/7-D Overdate. These unique characteristics make such coins exceptionally rare and highly sought after by collectors, contributing substantially to their financial value.

Identifying Valuable Buffalo Nickels

To assess a Buffalo Nickel, carefully examine the coin’s date and mint mark. The date is found on the obverse, beneath the Native American’s chin, and the mint mark, if any, is on the reverse below the buffalo. Using a magnifying glass, such as a jeweler’s loupe, can help discern these details, especially on coins with significant wear where the date might be faint. Some collectors attempt to reveal worn dates using chemical treatments, but this practice can damage the coin and diminish its value.

Certain dates and mint marks are widely recognized as being more valuable due to their lower original mintage or higher demand among collectors. Key dates include the 1913-S Type 2, which is distinct due to the buffalo standing on a mound rather than a flat line, and the 1914-D. Other significant issues include the 1915-S, 1921-S, 1924-S, 1926-S, and the 1931-S. These coins command a premium because fewer were originally produced or fewer have survived in collectible condition.

Beyond standard issues, specific varieties and errors can dramatically increase a coin’s value, requiring close inspection.

1937-D “3-Legged” Buffalo Nickel

This coin is identifiable by the absence of the buffalo’s right front leg and part of its left rear leg, appearing as if it only has three legs.

1916 “Doubled Die Obverse”

Look for a clear, distinct doubling of the word “LIBERTY” and the date on the obverse side, which is often visible to the naked eye or with slight magnification.

1918/7-D Overdate

This error is characterized by the faint outline of a “7” beneath the “8” in the date, indicating that the die was originally punched with a 1917 date before being overpunched with 1918.

A preliminary assessment of a Buffalo Nickel’s condition involves examining the level of detail remaining on key design elements. A coin retaining full details on the Native American’s braid, the buffalo’s horn, and a clear, sharp date will generally be in a higher grade. Conversely, coins with significant wear, where these features are smooth or indistinct, will fall into lower grades. This initial visual inspection helps in understanding the coin’s general state before seeking professional evaluation.

Professional Valuation and Selling

If a Buffalo Nickel appears to be a key date, a rare mint mark, or one of the known error varieties, obtaining a professional appraisal is a prudent next step. Professional numismatists possess the experience and specialized knowledge to accurately grade the coin and authenticate any rare features.

Reputable sources for appraisals include local coin dealers, members of established numismatic associations, and professional grading services. Many major coin shows also offer opportunities for expert evaluations. An appraisal typically involves a detailed examination of the coin’s condition, authenticity, and rarity, culminating in an estimated market value.

When considering selling a potentially valuable Buffalo Nickel, it is advisable to seek offers from multiple reputable buyers. Understanding the current market value for similar coins is also helpful, which can be researched through recent auction results or price guides. Selling through established coin dealers or reputable online platforms specializing in numismatics can help ensure a fair transaction and broad exposure to interested collectors.