Key Takeaways:
- Buffalo Nickels were the official 5-cent denomination coin in the US, released from 1913 to 1938;
- These coins are some of the most recognizable and beloved coins in American coinage history;
- The design, created by James Earle Fraser, was part of the US Mint’s campaign to beautify American coinage at the time;
- The value of Buffalo Nickels varies according to their rarity and condition;
- Some key dates of Buffalo Nickels can attract prices ranging from $100,000 to $350,000!
The Buffalo Nickel, also known as the Indian Head Nickel, is a copper-nickel five-cent coin that was struck by the United States Mint from 1913 to 1938. It succeeded the Liberty Head Nickel in circulation.
This article covers various aspects of Buffalo nickels, including design, key dates, rarity, and factors influencing their value.
Keep reading to explore notable varieties of the Buffalo Nickel.
Design and Composition of the Buffalo Nickel
Buffalo nickels were part of a US Mint campaign to beautify American coinage in 1912. These coins consist of 25% nickel and 75% copper. In fact, with a few exceptions, almost all nickels are made of that alloy. But as you will read further, even if the coin is not composed of precious metals, like gold and silver, it holds great historical value.
The obverse side of the coin showcases the profile of a Native American Indian facing towards the right, which is why the coin is also known as the Indian head Nickel. Sculptor James Earle Fraser drew inspiration from the facial features of Native American Chiefs from three different tribes: the Iron Tail, the Two Moons, and the Big Tree.
The word "LIBERTY" is inscribed in small letters at the upper right edge, and the date is displayed at the lower left corner, with the mint mark placed under it. Fraser's design is one of the most beautiful representations of the Native Americans in American coinage.
On the reverse side of the coin, despite the common denomination of buffalo, it is a depiction of an American bison from the New York City Zoo named Black Diamond. The animal is standing on an elevated mound, with the inscriptions "UNITED STATES OF AMERICA" and "E PLURIBUS UNUM" positioned above it. The phrase "FIVE CENTS" is situated on a mound below the American bison.
All Buffalo nickels feature the designer's initials, a testament to their careful craftsmanship at any of the three U.S. Mint facilities where they were produced. This design and symbolism not only enhance the coin's appeal but also invite collectors to dive deeper into its history, including discovering who is currently on the nickel.
Such rich design and symbolism contribute to the coin's collecting value.
Buffalo Nickel Type I and II
As soon as it was released in 1913, it was noticeable that the reverse design had a relief of the mound that caused the inscription in that raised portion to wear off quickly in many buffalo nickels.
The US Mint then changed the coin's design to recess the denomination below the coin's rim. The buffalo standing on the mound was then standing on a line instead of a raised ground. The newly designed coins became known as Type II nickels.
The Reverse of Type 1:
In the Type 1 coins, the bison is standing on a raised mound.
The Reverse of Type II:
The raised line above the FIVE CENTS denomination protects the new nickel reverse from wearing out easily on day-to-day transactions.
Factors Affecting the Buffalo Nickel Value
Factors such as historical significance, rarity, condition, aesthetic appeal, and cultural or thematic appeal can influence collectors' demands.
Mint Marks and Historic Significance
Sometimes, mint marks also contribute to a coin's appeal. The buffalo nickel was produced by three different mints. They are: the Philadelphia Mint (no mint mark), Denver Mint (D), and San Francisco Mint (S).
Coins that are historically significant, such as those from a notable era or depicting a significant event, tend to attract the collector's interest and drive up demand. Similarly, coins with limited mintage or those that are scarce in the market tend to be more sought after.
Mint errors and poor durability can affect the condition of the coin, so it's essential to look for well-preserved pieces for your coin collection.
Coin Grading System
Coin grading is a service provided by expert companies, such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company). These companies appraise and attribute coins and other numismatic items using a grade from 1 to 70, known as the Sheldon Grading Scale.
This scale was developed in 1948 by Dr. William Sheldon. Grade 1 indicates a heavily worn coin, while 70 is attributed to flawless coins in perfect mint condition.
Grading is a crucial service in the realm of numismatics, as collectors often rely on appraisals. It ensures fairness and transparency in transactions, and better grades attract higher prices.
Rare Buffalo Nickels
Buffalo nickel values can go from a few dollars for common dates to thousands for crucial dates in uncirculated conditions.
Significant dates for Buffalo nickels are divided into two main categories:
- Regular issue key dates with a low population that is, few remaining pieces. Examples of rare dates include the 1913-D Type II, 1920-D, 1924-S, and 1926-S;
- Special error coins are caused by unplanned irregularities in the die or minting process. Examples of minting errors include the 1916 doubled die, the 1918/17-D overdate, the 1937-D three-legged buffalo, and the 1936-D with 1/2-legged buffalo variety.
See below the top 10 most valuable buffalo nickels:
10. 1924-S Regular Strike
This date is scarce in circulated, mint state and even lower, as you can imagine, in Gem condition. According to PCGS, around three dozen Gem examples are known. This, together with the charming rusted look, explains why this is one of the crucial dates of the Buffalo coin series.
The auction record for this key date was broken in 2016 when an MS66+ coin was sold for an incredible $105,750.
9. 1919-S Regular Strike
The 1919-S is scarce in circulated grades, rare in Mint State, and a great rarity in Gem conditions. Most of the oddities in the Buffalo nickel series are from the 1918 - 1927 period from San Francisco issues. They are all scarce in Gem MS65 condition, and it is almost impossible to find something better.
According to PCGS, only a few dozen 1919-S Gems are known to the public. Strikes can often be a problem, as can a need for a decent luster. In Gem condition, the 1919-S is one of the significant dates in the Buffalo series.
An MS66 exemplar was sold for $109,250 in 2006 at Heritage Auctions.
8. 1927-S Regular Strike
The 1927-S is common in lower circulated grades but rare in grades VF20 or higher. It is scarce in mint state and one of the rarest Buffalos in Gem condition.
In Gem MS65 condition, only the 1920-S, 1925-S, and 1926-S are scarcer. Regarding the coin's appearance, the design strike tends to vary from soft to sharp, and the "glow" is pretty subdued on this issue.
The record on auction for this coin was $125,350,00 in 2008.
7. 1918-S Regular Strike
The 1918-S is rare in circulated grades, rare in Mint State, and the rarest in Gem condition. In Gem condition, this coin is the hardest to find in a regular strike (non-variety) 1913 to 1919 Buffalo nickel.
Striking quality can be a concern, with numerous Mint State specimens exhibiting weak details, such as hair braids and the left horn and tail of the buffalo, due to insufficient striking pressure. Luster can be muted or frosty-like.
An MS66 coin was sold for a record value of $125,350 in 2008.
6. 1920-D Regular Strike
The 1920-D is a significant date from the Denver Mint. It is hard to find in circulated grades, rare in mint state, and very scarce in Gem condition. This coin is more irregular than all 1924 to 1938-D Mints, but not the 1927-D, which is equal to the 1920-D in rarity.
This is a challenging date to locate in Gem condition. As you can see on the Buffalo's horn, the strike on this issue ranges from fairly sharp to weak. The luster is usually of the iridescent satiny style.
In 2008, an MS67 coin was sold in an auction for $138,000.
5. 1917-S Regular Strike
The S Mints were rarer in 1913, 1915, and 1917. While the strike can be problematic for the S Mints of the 1920s, the S Mints of the 1913-1917 period, including the 1917-S, enjoy a well-struck appearance. The luster for the 1917-S often displays a beautiful frosty look.
In 2008, an MS67 was sold for $138,000 at Heritage Auctions.
4. 1913-D Type 2 Regular Strike
The 1913-D Type 2 and 1913 S Type 2 are both low-mintage key dates. The 1913-D is more common than the 1913-S but is one of the most difficult Buffalo nickels to find in circulated conditions. This issue is about equal rarity in mint state and Gem condition to most early Denver and San Francisco issues.
Most examples of the coin are well-struck.
The auction record for this coin was in 2008, when it was sold for $143,750.
3. 1916/16 Buffalo Nickel (Doubled Die Variety)
1916 Doubled Die Buffalo Nickel holds a position of exceptional rarity, making it one of the most sought-after varieties within its series.
1916 Doubled Die showcases clear and unmistakable doubling in various areas, including the date, chin, feathers on the Indian's hair, throat, and lips of the Native American chief depicted on the five cents coin.
The doubling is predominantly observed on the primary design elements, with the most prominent doubling found in the "16" numerals of the "1916" date. While collectors can easily identify the genuine doubled die, it's important to note that there are other 1916 Buffalo Nickels with less valuable forms of doubling.
Collectors seeking to add this rare buffalo nickel to their collection are advised to purchase examples that have been graded and encapsulated by PCGS. PCGS has certified approximately 200 specimens of this ultra-rare coin.
Most of these examples are in circulated grades, ranging from VG8 to XF40. Uncirculated grades are extremely scarce, with the highest rate achieved being PCGS MS64.
Prices for 1916 Doubled Die Buffalo Nickel span a wide spectrum, with even lower-end specimens graded G4 fetching around $5,000. Those in mid-circulated grades, such as VF20, easily command prices of $15,000. PCGS estimates that only ten examples exist in uncirculated grades.
For instance, a PCGS MS64 specimen fetched an impressive $281,750 bid at an auction in 2004.
See also our list of the top 20 error coins worth money!
2. 1926-S Regular Strike
This is the most important key date of the Buffalo nickel, between the low population category. This coin is the rarest non-variety Buffalo Nickel in mint-state condition. Undoubtedly, it is one of the most important rarities of 20th-century numismatics.
According to PCGS, there has never been a specimen of this coin graded above MS65+.
The auction record is as impressive as the coin itself. In 2008, an MS66 was sold for $322.000!
1. 1918/7-D Buffalo Nickel
The 1918 date was stamped over the 1917 date, and a simple mistake turned this coin into a true numismatic rarity.
According to PCGS, The 1918/7-D Five cents has been justifiably recognized as one of the most important 20th-century numismatic rarities. Advanced collectors did not discover it until 1930. This dramatic overdate is rare in circulated grades, rare in Mint State, and almost impossible to find in Gem condition.
Note that all genuine 1918/7-D nickels have a mintmark that tilts to the left.
The auction record for this one was in 2006, $350,750 for an MS65 piece.
Final Words
The primary aim of this article was to highlight the factors influencing the worth of Buffalo Nickels while furnishing a compilation of the top 10 valuable nickel dates and variants.
Our intention was to equip coin collectors and numismatists with ample resources to discern rarities and make well-informed investment choices in Buffalo Nickel cents.
FAQs
Is the Buffalo Nickel worth anything?
Buffalo nickel prices can vary according to the coin's condition, rarity, and variety. The most outstanding example of valuable nickel is the 1918/7-D nickel. The 1918 date was stamped over the 1917 date, and a simple mistake turned this coin into a true numismatic rarity. According to PCGS, a 1918/7-D Buffalo nickel MS65+ was sold for $350,750 in 2006.
What year Buffalo Nickels are worth money?
The 1913-S Type Two, 1921-S, 1924-S, and 1926-S have low mintage and high value today. The irregular or error ones are the 1916 Double Die, the 1918/17-D overdate, the 1937-D three-legged variety, and the 1936-D with 3 1/2-legged variety.
How much is a Buffalo Nickel worth with no date?
According to PCGS, a Buffalo nickel without a date or with partial dates can be worth between 15 and 25 cents each.
Why is a 1935 Buffalo Nickel worth so much?
Buffalo Nickels in 1935 were not produced in large quantities, and finding them in great condition is especially hard, mainly if they have some unique error. For example, in 2007, an error variety known as the Doubled Die Reverse MS65 was sold in an auction for $104,650.
Are Buffalo Nickels silver?
In short, no. Buffalo nickels were minted from 1913 to 1938, and their composition consisted of 75% copper and 25% nickel. Nickels only had silver in their composition during World War II (1942 to 1945).
How much is a 2005 Buffalo Nickel worth?
When the Bison reverse design was reintroduced in the Jefferson nickel series in 2005, numerous coins were discovered to feature a notable die gouge. This flaw is quite conspicuous, visibly traversing the back of the bison. In uncirculated condition, these coins range in value from $120 to $1,100. The highest grade certified by PCGS is MS66, and in 2021, a specimen of this grade fetched $2,650 at an eBay auction.
Where is the date on a buffalo nickel?
The date on buffalo nickels can be found on the obverse of the coin, on the Native American's shoulder. Since the date is placed on a raised place of the design, it tends to wear out easily in daily transactions.
How much is a 1936 Buffalo Nickel worth?
According to the NGC Price Guide, as of April 2024, a 1936 Buffalo Nickel in uncirculated condition is worth between $90,00 and $45,000. However, note that on the open market, 1936 Philadelphia Nickels graded in pristine, uncirculated condition sell for as much as $45,000.
