The Buffalo Nickel, also known as the Indian Head Nickel, is one of the most iconic coins in American numismatic history. Minted from 1913 to 1938, it features a Native American profile on the obverse and a majestic American bison on the reverse. The 1937 issue is particularly fascinating because it represents one of the final years of production before the Jefferson Nickel replaced it in 1938. Collectors treasure these coins not only for their design but also for their historical significance, as they symbolize the American frontier spirit.
Why the 1937 Buffalo Nickel Stands Out
The 1937 Buffalo Nickel is notable because it was produced in large numbers, yet certain varieties and conditions make it extremely valuable today. While millions were struck at the Philadelphia, Denver, and San Francisco mints, the coin’s worth depends heavily on its mint mark, condition, and rarity. Among these, the 1937-D “Three-Legged” variety is the most famous, often fetching thousands of dollars at auctions.
Understanding Mint Marks and Varieties
Mint marks play a crucial role in determining the value of Buffalo Nickels. The 1937 coins were minted in three locations:
- No mint mark: Philadelphia Mint
- D mint mark: Denver Mint
- S mint mark: San Francisco Mint
The Denver Mint produced the legendary “Three-Legged Buffalo” variety, caused by over-polishing of the die that erased one of the bison’s front legs. This error transformed an ordinary coin into a rarity that collectors eagerly pursue.
The Famous 1937-D Three-Legged Buffalo Nickel
The Three-Legged Buffalo Nickel is one of the most celebrated error coins in American history. On this variety, the bison appears to have only three legs, with the missing leg creating a striking and unusual appearance. This error was not intentional but resulted from die maintenance. Today, it is considered a prized possession for collectors, with values ranging from hundreds to tens of thousands of dollars depending on condition.
Grading and Condition: The Key to Value
Coin grading is essential in determining the worth of a Buffalo Nickel. Professional grading services evaluate coins based on wear, luster, strike quality, and eye appeal. The grading scale ranges from Poor (P-1) to Mint State (MS-70). For Buffalo Nickels, even small differences in grade can mean significant changes in value.
For example:
- Good (G-4): Heavy wear, but design visible
- Fine (F-12): Moderate wear, details clearer
- Extremely Fine (EF-40): Light wear, sharp details
- Mint State (MS-60+): No wear, original luster intact
Value Chart for 1937 Buffalo Nickels
Below is a general value range for the 1937 Buffalo Nickel depending on mint mark and condition:
| Mint Mark | Good (G-4) | Fine (F-12) | Extremely Fine (EF-40) | Mint State (MS-60+) |
|---|---|---|---|---|
| Philadelphia (No Mint Mark) | $1 | $2 | $5 | $25+ |
| Denver (D) | $1.50 | $3 | $10 | $40+ |
| San Francisco (S) | $2 | $4 | $12 | $50+ |
| Denver Three-Legged Variety | $500 | $1,000 | $3,500 | $10,000+ |
Values vary depending on market demand, rarity, and collector interest, but this chart provides a general guideline.
Collecting Buffalo Nickels: Tips for Enthusiasts
For collectors, Buffalo Nickels offer both historical charm and investment potential. Here are some tips for building a strong collection:
- Focus on condition: Higher-grade coins hold more value.
- Seek rare varieties: The 1937-D Three-Legged Buffalo is a must-have for serious collectors.
- Store properly: Use coin holders or albums to protect against wear and environmental damage.
- Learn grading: Understanding coin grading helps in making informed purchases.
Historical Context of the 1937 Issue
The year 1937 was part of the Great Depression era, a time when coins circulated heavily and often showed significant wear. The Buffalo Nickel had already been in circulation for over two decades, and its replacement was imminent. The Jefferson Nickel was introduced in 1938, ending the Buffalo Nickel’s run. This makes the 1937 issue one of the last opportunities to own a piece of this historic design.
Investment Potential of Rare Nickels
Rare coins like the 1937 Buffalo Nickel are not just collectibles; they can also serve as investments. Over time, the value of rare varieties has consistently appreciated. The Three-Legged Buffalo, for instance, has seen steady growth in auction prices. While coin collecting should primarily be about passion and history, the financial aspect adds another layer of appeal.
How to Identify Authentic Three-Legged Nickels
Because of their high value, Three-Legged Buffalo Nickels are often counterfeited. Collectors should be cautious and look for these identifying features:
- Missing front leg on the bison
- Distinctive die polishing marks near the bison’s belly
- Slightly weaker strike compared to regular nickels
- Certification from a reputable grading service
The Appeal of Buffalo Nickel Design
The Buffalo Nickel’s design remains one of the most admired in American coinage. Sculptor James Earle Fraser created the coin to reflect the nation’s heritage. The Native American portrait was inspired by a composite of several tribal leaders, while the bison symbolized strength and the American frontier. This artistry contributes to the coin’s enduring popularity among collectors.
Common Misconceptions About Value
Many people assume that all Buffalo Nickels are worth a fortune, but the truth is more nuanced. While rare varieties and high-grade coins can command impressive prices, most circulated 1937 nickels are worth only a few dollars. The key factors are rarity, condition, and demand.
Preserving the Value of Your Coins
Proper care is essential to maintaining the value of Buffalo Nickels. Collectors should avoid cleaning coins, as this can damage surfaces and reduce value. Instead, store coins in protective holders, keep them in a stable environment, and handle them minimally. Preservation ensures that coins retain their appeal for future generations.
Conclusion: A Small Coin with Big Worth
The 1937 Buffalo Nickel is more than just a piece of currency; it is a symbol of American history and artistry. While most examples are modestly valued, rare varieties like the Three-Legged Buffalo can be worth a fortune. Collectors cherish these coins for their design, rarity, and investment potential. Whether you are a seasoned numismatist or a beginner, the 1937 Buffalo Nickel offers a fascinating journey into the world of coin collecting, proving that even small coins can hold immense worth.