1937 Buffalo Nickel Value: When it comes to coin collecting, few coins are as cherished and historically significant as the Buffalo Nickel. Introduced in 1913, the Buffalo Nickel quickly became one of the most iconic American coins ever minted. Among these, the 1937 Buffalo Nickel stands out for its rarity and value. While most Buffalo Nickels can be found in pocket change, some versions of the 1937 nickel are worth a small fortune. In this article, we’ll explore the history of the Buffalo Nickel, the reasons behind its value, and what makes certain 1937 nickels so special.
A Brief History of the Buffalo Nickel
The Buffalo Nickel, also known as the Indian Head Nickel, was designed by renowned sculptor James Earle Fraser. It was the first U.S. coin to feature a Native American on the obverse and a buffalo on the reverse. The coin was minted from 1913 to 1938, and during its production, it became a symbol of the American West and the Native American tribes that lived there.
The design featured a profile of a Native American chief on the front, modeled after three different tribal leaders. On the reverse, an American bison (buffalo) was depicted in a realistic and majestic pose. The Buffalo Nickel was immediately popular, although it faced some technical challenges. The coin’s design, particularly the buffalo on the reverse, was prone to wear, which made it harder to read the details over time.
The Buffalo Nickel was eventually replaced by the Jefferson Nickel in 1938. However, the coin remains highly collectible, especially certain years and mintmarks, which can be worth far more than their face value.
The 1937 Buffalo Nickel and Its Value
The 1937 Buffalo Nickel, like other coins from the series, was minted at three locations: Philadelphia, Denver, and San Francisco. Most 1937 nickels are relatively common and worth only a small premium above face value, especially if they are in circulated condition. However, there are specific variations of the 1937 Buffalo Nickel that can fetch significant amounts at auction, depending on their rarity and condition.
One of the key factors that influence the value of a 1937 Buffalo Nickel is the presence of any errors or unique features. Most notably, the 1937 nickel is famous for a particular minting error that has caused it to become one of the most sought-after coins in the series.
The Rare 1937-D Three-Legged Buffalo Nickel
One of the most famous and valuable versions of the 1937 Buffalo Nickel is the “Three-Legged Buffalo” variety. This error coin is the result of a mistake made during the minting process. The buffalo on the reverse of the coin was originally designed to have four legs, but due to a die that was damaged or altered, one of the buffalo’s legs was missing, leaving only three legs visible. This error became apparent only after the coins were released, and a few surviving examples quickly became highly sought-after by collectors.
The 1937-D Three-Legged Buffalo Nickel is the most famous of all the error varieties and is worth significantly more than a regular 1937 Buffalo Nickel. In fact, depending on the coin’s condition and level of preservation, it can fetch anywhere from several thousand dollars to over $100,000 at auction. The highest recorded sale of a 1937-D Three-Legged Buffalo Nickel was around $200,000, demonstrating just how much a rare error coin can increase in value.
Factors That Influence the Value of a 1937 Buffalo Nickel
While the Three-Legged Buffalo is certainly the most famous variety, the value of any 1937 Buffalo Nickel depends on several key factors. Collectors and numismatists use a grading system to assess the condition of the coin, and this plays a large role in determining its market value. The grading scale ranges from “Poor” (which is heavily worn) to “Mint State” (which is in perfect, uncirculated condition). The higher the grade, the more valuable the coin becomes.
Another important factor is the mintmark on the coin. The Philadelphia Mint did not use a mintmark during 1937, so all coins minted there are considered “plain” Buffalo Nickels. The Denver Mint used the “D” mintmark, while the San Francisco Mint used “S.” Buffalo Nickels from the San Francisco and Denver mints tend to be more valuable than those from Philadelphia, especially if they are in high-grade condition.
The 1937-D Three-Legged Buffalo Nickel is considered the most valuable of all the 1937 nickels, but other variations of the coin can also be worth substantial amounts. A well-preserved 1937-S Buffalo Nickel, for example, could be worth several hundred dollars, while a 1937 Philadelphia nickel in “Uncirculated” condition can command a premium above face value.
How to Spot a Valuable 1937 Buffalo Nickel
If you’re looking through your coin collection or a pile of loose change, you might be wondering how to spot a valuable 1937 Buffalo Nickel. While most 1937 nickels are not worth much more than their face value, there are certain characteristics to look for when determining whether a coin is rare or valuable.
First, check the condition of the coin. If the coin is heavily worn and the details of the buffalo and Native American chief are hard to make out, it’s unlikely to be worth much. However, if the coin is in good or excellent condition with clear, sharp details, it could be worth more than a typical nickel.
Next, examine the reverse of the coin carefully. If you find a 1937-D coin with only three visible legs on the buffalo, you’ve found one of the rarest and most valuable Buffalo Nickels. Make sure to look for any additional signs of wear or damage that could affect its value.
Finally, if you believe you’ve found a valuable 1937 Buffalo Nickel, consider having it authenticated by a professional numismatist or coin grading service. This will ensure that the coin’s authenticity and condition are properly assessed, and you’ll get a more accurate valuation.
How Much Is a 1937 Buffalo Nickel Worth?
The value of a 1937 Buffalo Nickel can vary greatly depending on its condition, mintmark, and whether it’s a rare error coin. A typical 1937 Buffalo Nickel in circulated condition may only be worth a few dollars, while a well-preserved example can fetch much more. The 1937-D Three-Legged Buffalo Nickel, as mentioned earlier, can be worth tens of thousands of dollars or more, with top-quality examples reaching six figures.
Here’s a general breakdown of the potential value of a 1937 Buffalo Nickel:
- Circulated (Low-Grade) Coin: $1 – $5
- Uncirculated (High-Grade) Coin: $10 – $50
- 1937-D Three-Legged Buffalo Nickel: $5,000 – $100,000 (depending on condition)
As with all rare coins, the value of the 1937 Buffalo Nickel can fluctuate based on market demand and the overall condition of the coin.
Conclusion
The 1937 Buffalo Nickel is a small coin with big value, especially when it comes to rare versions like the 1937-D Three-Legged Buffalo. Whether you’re an avid coin collector or simply someone who stumbles upon old coins in your spare change, understanding the value of a 1937 Buffalo Nickel can be exciting. With its rich history and rare minting errors, this iconic coin remains one of the most desirable and valuable pieces in the world of numismatics. So, keep an eye out for this small but mighty nickel—it might just be worth more than you think.