Are Your Buffalo Nickels Worth Anything?

The Buffalo Nickel, also known as the Indian Head Nickel, represents a distinct period in United States coinage history. Minted from 1913 to 1938, this five-cent piece features a prominent Native American portrait on its obverse and an American bison on its reverse, designed by sculptor James Earle Fraser. Its creation was part of an early 20th-century initiative to enhance the artistic appeal of U.S. currency.

While millions of these coins were produced, circulating widely for decades, some Buffalo Nickels possess considerable value beyond their face worth. The design was admired upon its release, though its raised features often led to rapid wear, particularly obscuring the date. Understanding the specific characteristics that distinguish a common Buffalo Nickel from a valuable collectible requires attention to several key numismatic factors.

Key Factors Influencing Value

The rarity of a Buffalo Nickel is tied to its date of mintage and the mint where it was produced. Coins were struck at three facilities: Philadelphia (no mint mark), Denver (D), and San Francisco (S). San Francisco mintages were generally lower, often making “S” mint marked coins scarcer. Specific dates, such as the 1913-S Type 2, are particularly sought after due to their low production numbers.

The condition, or grade, of a Buffalo Nickel impacts its value. Coins are assessed based on wear, original luster, and preservation. A coin in “Good” condition shows significant wear, potentially obscuring details, while an “Uncirculated” coin retains its original luster and sharp design elements. Visual cues, such as the clarity of the Indian’s braids and the definition of the buffalo’s leg and hip, determine a coin’s grade.

Unusual minting varieties and errors can increase a Buffalo Nickel’s value. The 1937-D “3-Legged” variety is a well-known example, identifiable by the absence of the buffalo’s front leg. This error occurred when a mint worker excessively polished a die, inadvertently eliminating the leg. The 1916 Doubled Die Obverse exhibits clear doubling of the date and other features. Repunched Mint Marks (RPMs), where the mint mark was struck multiple times in different positions, also create valuable variations, such as certain 1938-D/S examples.

Assessing Your Buffalo Nickel’s Value

Identifying the date and mint mark is the first step. The date is on the obverse, beneath the Indian, while the mint mark (D or S) is on the reverse, below “FIVE CENTS”. Due to the coin’s design, the date often wore away quickly, making legible dates valuable. A magnifying glass can assist with faint details, though extreme wear may render the date unreadable.

After identifying the date and mint mark, a basic condition assessment can be performed by examining its visual characteristics. Look for clarity in the Indian’s facial features, the braids, and the word “LIBERTY” on the obverse. On the reverse, check for the full definition of the buffalo’s horn, back, all four legs, and the “FIVE CENTS” lettering. Coins with more visible detail and less wear generally command higher values.

Consult reputable numismatic resources for current market values. Online price guides from professional grading services such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) offer extensive databases of coin values based on date, mint mark, and condition. Cross-referencing several sources, including printed numismatic catalogs, provides a more comprehensive valuation.

For definitive authentication and grading, especially for valuable Buffalo Nickels, professional coin grading services are available. PCGS and NGC employ expert numismatists who evaluate coins according to standardized grading scales, then encapsulate them in secure holders. While there is a fee for these services, typically ranging from $20 to over $100 depending on the coin’s value, professional grading provides a widely accepted and objective assessment of a coin’s condition and authenticity.

Selling and Appraising Your Coin

Once you have an estimated value, several avenues exist for selling or obtaining a formal appraisal. Local coin dealers can provide immediate offers and have expertise in U.S. coinage. Seeking offers from multiple reputable dealers allows for comparison and a fair price. Dealers may offer a percentage of the coin’s retail value, typically ranging from 60% to 80%, depending on inventory needs and liquidity.

For higher-value or rare Buffalo Nickels, consignment through an auction house is an option. Auction houses specialize in numismatic sales and reach a broad network of collectors. They typically charge a commission or seller’s fee, which can range from 10% to 20% of the hammer price. The process involves submitting your coin for evaluation, agreeing on a reserve price, and waiting for the auction to conclude.

Selling coins on online platforms offers another option, from general marketplaces like eBay to specialized numismatic websites. General platforms provide a wide audience but may have higher selling fees, typically 10% to 15% of the final sale price, and require clear photography and secure shipping. Specialized numismatic sites or online coin buyers often cater to collectors, offering better prices for specific rarities and secure transaction processes.

For formal documentation of a coin’s value, such as for insurance or estate purposes, a professional appraisal is warranted. While professional grading services like PCGS and NGC provide a certified grade, an appraisal offers a written valuation. These services are typically for coins worth hundreds or thousands of dollars, as appraisal costs, which vary, might be a factor for lower-value pieces.