Imagine pulling a nickel from your change that’s worth over a million dollars. Sounds impossible? Not for some lucky collectors. The famed Buffalo Nickel, minted from 1913 to 1938, is more than just an old coin—it’s a piece of American heritage. One exceptionally rare example once sold for $1.4 million, and experts believe more may still be hiding in everyday change. In this guide, you’ll explore the fascinating history of the Buffalo Nickel, learn what makes it valuable, and discover how to identify one in your own collection.
What Is a Buffalo Nickel?
The Buffalo Nickel, often called the Indian Head Nickel, was the U.S. five-cent coin minted from 1913 to 1938. It features the image of a Native American on the front and a bison on the back. Created by sculptor James Earle Fraser, the design honors the rugged legacy of the American West.
Though these coins lack precious metals like silver or gold, their collectible value is driven by scarcity, condition, and historic charm. Some common issues may only be worth face value, but rare ones—such as the 1913-S Type 2 or the error-laden 1937-D Three-Legged Buffalo—can fetch thousands or even millions. And because many were circulated, rare pieces may still be found in old coin jars or even pocket change.
The History of the Buffalo Nickel
The Design That Captured America’s Spirit
At the start of the 20th century, the U.S. sought to redesign its coinage to better reflect its cultural identity. Sculptor James Earle Fraser responded with a bold and uniquely American look. The coin’s front displays a composite Native American portrait inspired by several tribal leaders, while the reverse features an American bison—often miscalled a buffalo.
Initially, the bison stood atop a mound, but due to wear issues, the design was soon changed to a flatter surface. The result was a striking coin that broke away from classical design and celebrated the raw beauty of the frontier.
Why It Was Minted
Debuting in 1913, the Buffalo Nickel replaced the older Liberty Head design. It was struck at Philadelphia (no mint mark), Denver (D), and San Francisco (S). Early versions faced durability issues—the raised date and denomination wore down quickly. To fix this, the Mint revised the design that same year, leading to the Type 1 and Type 2 versions of 1913.
The series ran until 1938, when the Jefferson Nickel took over. Although millions were produced, a few rare varieties from specific years and mints have become especially valuable to collectors.
Why Are Buffalo Nickels So Valuable Today?
Rarity and Key Dates
While many Buffalo Nickels are still affordable, some are rare due to limited production or historical significance. Here are standout examples:
- 1913-S Type 2: Only 1.2 million minted. High-grade versions can exceed $1,000.
- 1921-S: Scarce, with a 1.5 million mintage, valued at $1,000+ in mint condition.
- 1926-S: Just 970,000 made—extremely rare, worth up to $2,000 or more.
The ultimate find? A pristine 1913-D Buffalo Nickel, rumored to have reached $1.4 million at auction. Only a handful exist, making it one of the rarest coins in U.S. history.
Minting Errors That Drive Up Value
Minting mistakes can significantly increase a coin’s value. Here are some well-known Buffalo Nickel errors:
- 1937-D Three-Legged Buffalo: A polishing error removed one leg. These can sell for $500–$100,000+.
- 1916 Doubled Die Obverse: Doubling in the date boosts value up to $3,000.
- 1918-D 8 Over 7: An overdate error where the “7” is visible under the “8,” valued at $1,250 or more.
Such mistakes are rare because most errors were caught before leaving the Mint—but some slipped through, turning into collector favorites.
Key Date Buffalo Nickels
| Key Date | Mintage | Circulated Value | Uncirculated Value |
|---|---|---|---|
| 1913-S Type 2 | 1.2M | $50–$200 | $1,000–$10,000 |
| 1921-S | 1.5M | $75–$300 | $1,000–$5,000 |
| 1926-S | 970,000 | $100–$400 | $2,000–$10,000 |
| 1937-D Three-Legged | Unknown | $500–$2,000 | $50,000–$100,000+ |
How to Spot a Valuable Buffalo Nickel
Check the Date and Mint Mark
Look for the coin’s date just under the Native American’s neck on the obverse. Key years like 1913, 1921, and 1926 are especially valuable. Flip the coin to the reverse and check below “FIVE CENTS” for a mint mark. A “D” (Denver) or “S” (San Francisco) indicates a mint location—Philadelphia coins have no mark.
Look for Errors
Using a magnifier, examine for:
- Missing front leg on 1937-D
- Doubled numbers or letters (like 1916 or 1918-D)
- Incomplete or altered features
Be careful—some fakes exist. People have even shaved legs off buffaloes to mimic the 1937-D error. If in doubt, consult a reputable appraiser.
Evaluate Condition
Condition significantly affects a coin’s value. Coins are graded on a scale from 1 (Poor) to 70 (Mint State). A rare date in bad shape may be worth less than a common coin in perfect condition.
| Coin Grade | Description | Impact on Value |
|---|---|---|
| PO-1 | Barely identifiable | Minimal value |
| G-4 | Very worn but readable | $10–$100 for some |
| F-12 | Light wear with clear details | $50–$500 |
| MS-63+ | Unworn, crisp features | $1,000–$100,000+ |
Even coins from common years can gain value if they are in exceptional condition.
Notable Buffalo Nickel Records and Facts
- Highest Sale: A pristine 1913-D Buffalo Nickel sold for $1.4 million.
- Famous Error: The 1937-D Three-Legged Buffalo is among the most iconic U.S. error coins, fetching over $100,000 at auction.
- Modern Legacy: The design inspired the 2006 American Gold Buffalo coin.
- Lowest Mintage: The 1926-S had only 970,000 coins struck.
- Still Out There: Experts believe a few ultra-rare examples may remain in circulation today, unnoticed in collections or old jars.
These highlights make the Buffalo Nickel a fascinating blend of history, art, and mystery.
Expert Tips for Coin Collectors
- Begin with Common Coins: Start your collection with circulated Buffalo Nickels costing $1–$10 to learn the ropes.
- Use a Loupe: A 5x or 10x magnifier helps you inspect coins for rare features and errors.
- Buy Graded Coins: Stick to coins graded by PCGS or NGC for verified quality and authenticity.
- Target Key Dates: Coins like 1913-S or 1926-S can be great investments—but only if they’re in excellent condition.
- Beware of Altered Coins: Fake Three-Legged Buffalo Nickels are common; always confirm with an expert.
- Join the Community: Coin clubs and online forums offer invaluable advice and connections.
- Protect Your Coins: Use archival holders to avoid damage from moisture, air, or handling.
Trusted dealers like Littleton Coin Company and Stack’s Bowers can provide accurate appraisals and authentication services.
FAQs
Q1: Are Buffalo Nickels made of silver?
No, they are composed of copper and nickel, not silver or gold.
Q2: What’s the rarest Buffalo Nickel?
The 1913-D in pristine condition is one of the rarest and most valuable.
Q3: Where is the mint mark on a Buffalo Nickel?
It’s on the reverse, just below the words “FIVE CENTS.”
Q4: Can I still find Buffalo Nickels in circulation?
Yes, although rare, some still turn up in pocket change or old coin jars.
Patricia is a dedicated finance content writer specializing in personal finance, budgeting, investing, and financial planning. With a passion for making money matters easy to understand, she crafts well-researched, reader-friendly content that helps individuals take control of their financial future.