How Much Are Buffalo Nickels Worth Today?

Buffalo Nickels, officially known as Indian Head Nickels, represent a significant piece of American coinage, minted by the United States Mint from 1913 to 1938. This distinctive five-cent piece, designed by sculptor James Earle Fraser, captures the spirit of the American West with its iconic imagery. Its unique design has long captivated collectors, making it a popular subject in numismatics. The value of these historical coins can vary considerably, influenced by several factors beyond their face value. Understanding these elements is essential for anyone seeking to determine the current worth of a Buffalo Nickel.

Identifying Key Features

Determining the value of a Buffalo Nickel begins with accurately identifying its key features. The minting year is located on the obverse of the coin, typically found below the Native American’s portrait. Due to the coin’s design and significant circulation, this date can often be heavily worn or even completely obliterated.

Below the buffalo on the reverse of the coin, you will find the mint mark, if one is present. This small letter indicates 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 at the Philadelphia Mint. The presence or absence of a mint mark, along with the date, is a crucial detail for collectors.

The design itself confirms it is a Buffalo Nickel, featuring a composite portrait of a Native American on the obverse, believed to be based on figures like Iron Tail, Two Moons, and Big Tree. The reverse displays an American Bison, commonly known as a buffalo, standing on a mound. During its initial year, 1913, two distinct reverse types were issued: Type I shows the denomination “FIVE CENTS” on a raised mound, while Type II has the denomination recessed below the mound to reduce wear.

Assessing Coin Condition

The condition of a Buffalo Nickel is a primary determinant of its market value, often playing as significant a role as its rarity. Coins are assessed using the Sheldon 70-point grading scale, where a score of 1 indicates a heavily worn coin and 70 represents a perfect, uncirculated specimen. A higher numerical grade consistently translates to a higher value.

When evaluating a Buffalo Nickel, specific areas should be examined for signs of wear. On the obverse, inspect the Indian’s cheekbone, the details in the braid and hair, and the clarity of the “LIBERTY” inscription. On the reverse, the buffalo’s horn, the texture of its fur, and the definition of its legs are key indicators of condition. A fully visible horn, for instance, suggests less wear and a higher grade.

Coins graded as “Good” (G-4) will exhibit a readable but faint date, with the overall design heavily worn and lacking fine detail. The buffalo on the reverse will appear nearly flat. A “Fine” (F-12) coin shows moderate, even wear, but all lettering remains clear, and about three-quarters of the Indian’s hair and braid details are visible. The buffalo’s horn will be partially visible, and major details will be discernible.

“Very Fine” (VF-20) coins retain finer details despite moderate wear, with the Indian’s hair and cheek showing some flatness but still presenting clear features. The buffalo’s tail and the full point of the horn will be visible. For “Extremely Fine” (XF-40) examples, wear is slight, primarily on high points, and most original luster may remain.

“About Uncirculated” (AU-50+) coins show only minimal wear on the highest points and retain much of their original mint luster. “Uncirculated” (MS-60+) coins display no signs of circulation wear and maintain their full original luster. Cleaning a coin can drastically reduce its value by removing its original finish, creating scratches, and making it less appealing to collectors and professional graders.

Understanding Rarity and Varieties

Beyond basic identification and condition, the rarity of a Buffalo Nickel significantly impacts its worth. Rarity is primarily driven by factors such as low mintage numbers, the survival rate of coins over time, and the presence of unique minting errors. Certain dates and mint mark combinations are known as “key dates” due to their limited production.

For example, the 1913-S Type 2 Buffalo Nickel is considered scarce, with only 1,209,000 coins originally struck. Other low-mintage issues include the 1921-S and 1924-S, each with approximately 1.5 million coins produced, and the 1926-S, which had a particularly low mintage of 970,000. These lower production figures mean fewer examples exist today, increasing their desirability and value.

Minting errors and varieties also contribute substantially to a coin’s rarity and value. One of the most famous is the 1937-D “3-Legged” Buffalo Nickel, an error where a mint worker’s over-polishing of a die inadvertently removed part of the buffalo’s leg. Another highly sought-after variety is the 1916/16 Doubled Die Obverse, where the date appears distinctly doubled, often visible even on circulated coins.

Other notable error coins include the 1918-D 8 over 7, where the ‘8’ in the date was stamped over a ‘7’, and the 1914/3 Overdate, where a ‘4’ was struck over a ‘3’. The 1935 Doubled Die Reverse features noticeable doubling on the words “FIVE CENTS” and “E PLURIBUS UNUM.” These specific varieties are particularly prized by collectors due to their unique nature and scarcity.

Finding Current Market Value

Once a Buffalo Nickel’s key features, condition, and any potential rarities are identified, the next step involves determining its current market value. Reputable coin price guides are an invaluable resource for this process. The “Red Book,” or A Guide Book of United States Coins, provides retail prices, mintage statistics, and basic grading descriptions. The “Blue Book” offers wholesale values, reflecting what dealers typically pay for coins.

Many online price guides, such as those provided by Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC), offer free access to extensive databases of graded coin values. These platforms allow users to search by date, mint mark, and grade.

Online auction sites and dealer websites can also provide insights into recent sales of comparable coins. For coins suspected of being particularly valuable or rare, seeking a professional appraisal from a reputable coin dealer or certified numismatist is advisable. An expert appraisal provides an accurate assessment of authenticity and grade, which can be crucial for high-value pieces. Market values can fluctuate based on collector demand and broader economic conditions.