Rare 1937 Buffalo Nickel Value: Coins often tell a story, reflecting history, art, and culture. Among the most beloved of American coins is the Buffalo Nickel, also known as the Indian Head Nickel, minted from 1913 to 1938. The Buffalo Nickel is famous for its distinctive design, featuring a Native American on the obverse and a buffalo on the reverse. While most Buffalo Nickels are common and have modest value, certain years and varieties are highly sought after by collectors. One example is the 1937 Buffalo Nickel, which has captured the attention of numismatists due to its rarity and unique features. In this article, we explore the 1937 Buffalo Nickel, factors that affect its value, and what collectors should look for when determining a coin’s worth.
History of the Buffalo Nickel
The Buffalo Nickel was designed by sculptor James Earle Fraser and first minted in 1913. Fraser’s design aimed to capture the spirit of the American West, and it remains one of the most iconic coin designs in U.S. history. The obverse features a composite portrait of Native American leaders, while the reverse depicts an American bison standing on a mound.
During its production, the Buffalo Nickel underwent several design changes to address wear issues and improve striking quality. These changes created variations that are now highly valued by collectors. The 1937 Buffalo Nickel is particularly interesting because it is associated with some of the rarest varieties in the series.
Identifying the 1937 Buffalo Nickel
The 1937 Buffalo Nickel was minted at three locations: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Most 1937 nickels are common, but a few varieties, such as the 1937-D three-legged buffalo, are extremely rare and valuable.
The 1937-D three-legged Buffalo Nickel is famous because of a die error during production. The die used to strike the reverse side of the coin was shaved incorrectly, which caused the front right leg of the buffalo to disappear. This unique error makes the coin one of the most sought-after Buffalo Nickels in existence.
Collectors identify the three-legged variety by carefully examining the reverse side of the coin. The missing leg is usually apparent, even to the untrained eye, but authenticity must be verified through professional grading and authentication services.
Factors That Affect Value
The value of a 1937 Buffalo Nickel depends on several factors, including rarity, condition, variety, and demand among collectors.
- Rarity – Some 1937 Buffalo Nickels are rare due to low mintage or errors, such as the 1937-D three-legged nickel. These coins are significantly more valuable than regular 1937 nickels.
- Condition – Coins in mint condition, showing minimal wear and strong detail, are more valuable than heavily circulated coins. Professional grading services often assign a grade to a coin, which directly affects its market value.
- Variety – Unique varieties or errors, such as doubled dies, repunched mint marks, or the three-legged buffalo, increase a coin’s value. Collectors are willing to pay a premium for these unusual features.
- Demand – Collector interest also affects price. Coins that are highly desired due to their rarity or historical significance tend to sell for higher amounts at auctions and private sales.
Common Values of 1937 Buffalo Nickels
Most 1937 Buffalo Nickels without errors or unique varieties are moderately priced, ranging from a few dollars for circulated coins to several hundred dollars for uncirculated examples.
- Philadelphia Mint (1937) – Common coins from Philadelphia in circulated condition typically sell for $1 to $10. Uncirculated examples may reach $50 to $200.
- Denver Mint (1937-D) – Regular 1937-D coins are slightly more valuable, generally ranging from $1 to $15 in circulated condition. Higher-grade coins may sell for $100 to $250.
- San Francisco Mint (1937-S) – Circulated coins often sell for $2 to $15, with uncirculated examples reaching $150 to $300.
The three-legged 1937-D Buffalo Nickel is an exception, commanding extraordinary prices. Even coins in average condition can sell for tens of thousands of dollars, while high-grade examples have sold for over $100,000 at auction.
Why the 1937-D Three-Legged Buffalo Nickel Is Special
The 1937-D three-legged Buffalo Nickel is special because of its unique error, historical significance, and scarcity. Only a few thousand examples exist, and many have been lost, damaged, or melted over time. Collectors prize this coin because it represents a rare combination of an iconic design and an unusual minting mistake.
Auctions featuring the three-legged nickel often generate significant excitement, and the coin has become a symbol of the Buffalo Nickel series. It demonstrates how a small mint error can transform an ordinary coin into a highly sought-after collectible.
How to Determine the Value of Your 1937 Buffalo Nickel
If you have a 1937 Buffalo Nickel, determining its value requires careful examination. Here are some steps to follow:
- Check the Mint Mark – Identify whether the coin was minted in Philadelphia, Denver, or San Francisco. The mint mark is usually located below the words “FIVE CENTS” on the reverse.
- Examine for Errors or Varieties – Look for unique features such as the missing leg on the 1937-D three-legged nickel or doubled dies.
- Assess Condition – Coins with clear details, no scratches, and minimal wear are worth more. Professional grading services can provide an official assessment.
- Consult Market Prices – Research recent auction results and coin price guides to determine the current market value. Values fluctuate based on demand, condition, and rarity.
- Consider Professional Authentication – For rare varieties like the three-legged nickel, certification from a reputable grading service can significantly increase the coin’s value and make it easier to sell.
Conclusion
The 1937 Buffalo Nickel is a fascinating example of how history, art, and minting errors intersect to create value in coins. While most 1937 nickels are modestly priced, rare varieties like the 1937-D three-legged Buffalo Nickel can sell for tens of thousands or even over $100,000. The coin’s value depends on rarity, condition, variety, and collector demand.
For collectors, owning a rare 1937 Buffalo Nickel is not just about monetary value. It is about preserving a piece of American history and appreciating the artistry of James Earle Fraser’s iconic design. Whether you are a seasoned numismatist or a casual collector, the 1937 Buffalo Nickel offers a window into the rich world of coin collecting and the potential for extraordinary discoveries.
