The Buffalo Nickel, also known as the Indian Head Nickel, is a piece of American history that could be hiding in your pocket change. This iconic coin, minted from 1913 to 1938, is famous for its unique design and historical value. While most Buffalo Nickels are worth just a few cents, some rare versions can fetch prices as high as $601,000 at auctions. In this article, we’ll explore what makes certain Buffalo Nickels so valuable, how to spot them, and why they’re still exciting collectors today.
What Is a Buffalo Nickel?
The Buffalo Nickel is a five-cent coin produced by the United States Mint between 1913 and 1938. Designed by sculptor James Earle Fraser, it features a Native American chief on one side (the obverse) and an American bison on the other (the reverse). The coin’s bold design captures the spirit of the American West, making it a favorite among collectors.
Why Is It Called the Buffalo Nickel?
The name “Buffalo Nickel” comes from the image of a bison, often called a buffalo, on the back of the coin. The front shows a portrait of a Native American, which is why it’s also called the Indian Head Nickel. This combination of imagery makes the coin stand out as a symbol of American heritage.
Why Are Some Buffalo Nickels So Valuable?
While most Buffalo Nickels are common and worth only their face value (five cents), certain rare versions are highly sought after by collectors. Their value comes from factors like rarity, condition, and unique errors made during production. Let’s break down what makes these coins special:
Key Factors That Increase Value
- Rarity: Some Buffalo Nickels were minted in low quantities, especially in certain years or at specific mints. For example, coins from the San Francisco Mint (marked with an “S”) or the Denver Mint (marked with a “D”) in certain years are harder to find.
- Condition: Coins in excellent condition, with clear details and minimal wear, are worth more. Collectors use terms like “Mint State” (MS) to describe coins that look almost new.
- Minting Errors: Mistakes during production, like a doubled design or missing details, can make a coin unique and valuable.
- Historical Significance: Coins tied to specific years or events, like the Great Depression, often attract more interest.
Rare Buffalo Nickels to Look For
Here’s a table of some of the most valuable Buffalo Nickels and their estimated values in good condition:
| Year | Mint Mark | Special Feature | Estimated Value |
|---|---|---|---|
| 1913-S | S | Type II, low mintage | $1,000 – $10,000 |
| 1916 | None/D | Doubled Die Obverse | $50,000 – $601,000 |
| 1918/7-D | D | Overdate error (8 over 7) | $20,000 – $350,000 |
| 1937-D | D | Three-Legged Buffalo error | $5,000 – $100,000 |
| 1926-S | S | Low mintage | $500 – $5,000 |
Note: Values depend on the coin’s condition and market demand. Always consult a professional coin appraiser for an accurate estimate.
How to Identify a Valuable Buffalo Nickel
Finding a valuable Buffalo Nickel requires knowing what to look for. Here’s a simple guide to help you spot a potential treasure:
Step-by-Step Identification
- Check the Date and Mint Mark: Look at the year on the front of the coin. Then, check for a mint mark (a small letter like “D” for Denver or “S” for San Francisco) below the bison on the back. No mint mark means it was made in Philadelphia.
- Inspect the Condition: Look for clear details, especially on the Native American’s hair and the bison’s horns. Coins with sharp, unworn details are more valuable.
- Look for Errors: Examine the coin for unusual features, like a doubled date (e.g., 1916 Doubled Die) or a missing leg on the bison (e.g., 1937-D Three-Legged Buffalo).
- Use a Magnifying Glass: A magnifying glass can help you spot tiny details or errors that make a coin rare.
- Get It Appraised: If you think you’ve found a valuable coin, take it to a professional coin dealer or grading service like PCGS or NGC for an expert opinion.
Common Places to Find Buffalo Nickels
You might come across Buffalo Nickels in:
- Old coin collections
- Pocket change (rare but possible)
- Estate sales or flea markets
- Coin shops or online marketplaces
The History Behind the Buffalo Nickel
The Buffalo Nickel was introduced in 1913 to replace the Liberty Head Nickel. James Earle Fraser, a renowned sculptor, wanted to create a coin that celebrated America’s Western heritage. The Native American portrait is said to be a composite of several real chiefs, while the bison was inspired by an animal named Black Diamond from the New York Central Park Zoo.
The coin was minted during a time of great change in America, including World War I and the Great Depression. Its production stopped in 1938, when it was replaced by the Jefferson Nickel, which we still use today.
Why Collectors Love It
Collectors are drawn to the Buffalo Nickel for its:
- Unique Design: The bold imagery stands out compared to modern coins.
- Historical Value: It reflects a key period in American history.
- Rarity: Certain versions are incredibly hard to find, making them a challenge to collect.
How to Start Collecting Buffalo Nickels
If you’re interested in collecting Buffalo Nickels, here are some tips to get started:
- Learn the Basics: Study the different years, mint marks, and errors to know what’s valuable.
- Buy from Reputable Sources: Purchase coins from trusted dealers or auction houses to avoid fakes.
- Store Coins Properly: Use protective holders to keep your coins in good condition.
- Join a Community: Connect with other collectors through coin clubs or online forums to share knowledge.
Conclusion
The Buffalo Nickel is more than just a five-cent coin—it’s a piece of American history that could be worth a fortune. While most of these coins are worth only a small amount, rare versions like the 1916 Doubled Die or the 1937-D Three-Legged Buffalo can sell for hundreds of thousands of dollars. By learning how to spot these rare coins and understanding their value, you might uncover a hidden gem in your change. Start exploring, and who knows—you could be holding a $601,000 treasure in your hand!
FAQs
1. What makes a Buffalo Nickel valuable?
A Buffalo Nickel’s value depends on its rarity, condition, and any minting errors. Coins from certain years (like 1916 or 1937-D) with unique errors or low mintage can be worth thousands.
2. Where can I find Buffalo Nickels?
You might find them in old coin collections, pocket change, estate sales, or at coin shops. Online marketplaces like eBay also have Buffalo Nickels for sale.
3. How do I know if my Buffalo Nickel is rare?
Check the date, mint mark, and condition. Look for errors like a doubled date or a three-legged bison. A professional coin appraiser can confirm its value.
4. Can I still use a Buffalo Nickel as money?
Yes, Buffalo Nickels are still legal tender worth five cents, but their collectible value is usually much higher, so it’s better to keep them.
5. How do I sell a valuable Buffalo Nickel?
Take it to a reputable coin dealer or auction house. Getting it graded by a service like PCGS or NGC can increase its value and trustworthiness.
