Collecting Buffalo Nickels: Everything You Need to Know
Posted by Andrew Adamo on Mar 4th 2024
Collecting Buffalo Nickels
Collecting buffalo nickels can be a great way for people to ease into collecting coins. Many great collectors have started by collecting a set of buffalo nickels. Even a buffalo nickel with no date can have historical value.
For New Coin Collectors
Coins can increase in value over time, but coin collecting is also fun and interesting. You will be proud of your perfectly displayed treasures with so much history behind them. It’s a good way to learn about history and politics.
The best part about coin collecting is the treasure hunt. You can spend your time searching for that perfect fit for your collection.
If you’re a new coin collector that’s just starting with the buffalo nickel, a quick lesson on basic terminology can help you get started.
Circulation coins have been used in the market and have been “in circulation” in the general population.
Uncirculated coins, on the other hand, have never been in circulation. These coins show no signs of wear on their surface. Uncirculated coins are generally worth more than circulated coins.
Uncirculated coins could also mean a special process used to make the coin that gives it a brilliant finish and quality enhancements.
Minting is the process of manufacturing coins.
Mintage is the number of coins made using a particular design.
Proof coins were minted with a high-quality mirror finish with sharp details. These coins can be the early samples made for checking dies and archiving purposes.
Coin collectors consider proof coins as more valuable. This means you have to exert extra caution, because you could have people claiming that a coin is a proof coin by using modern methods to polish the coin.
What Is the Buffalo Nickel?
The buffalo nickel was the five-cent coin produced from 1913 to 1938. The name comes from the buffalo (or American bison) that is on the coin. James Earle Fraser, the sculptor, designed the buffalo nickel in 1912.
The U.S. Mint commissioned the design of the buffalo nickel as part of their campaign to make the American coins more beautiful. It featured a buffalo on one side and a realistic depiction of a Native American on the other side.
The buffalo nickel could be seen to represent the conflict between an affinity with wild nature on one side and freedom and self-reliance in an ordered social structure on the other side. As David Mamet of the Smithsonian Magazine puts it, “The Indian and the buffalo make one whole myth: the Left and the Right combined yet opposed, two sides of the coin held in perpetual stasis.”
The buffalo nickel pays tribute to both the Native Americans and the buffalo, which they consider to be a religious symbol.
The buffalo nickel also brings with it historical and cultural significance. It’s nostalgic to think that your ancestors could have used the 1913 buffalo nickel to pay for short films at the Nickelodeon. You could buy a sandwich or get a shoeshine with that single coin.
It’s nice to know that you have a little bit of history in your hands with the buffalo nickels. The buffalo nickels are simple and affordable making them one of the most popular coins to collect.
History of the Buffalo Nickel
The U.S. mint was founded in 1792. The first U.S. coins were one-cent coins made out of nickel. In 1865, the government made three-cent coins out of nickel.
The five-cent coin in circulation at that time was called the half-disme and was made out of silver. The half-disme was smaller in size and was easily misplaced.
Industrial Joseph Wharton petitioned Congress to make the five-cent coin bigger and heavier. He wanted the five-cent coin to be made out of nickel. He, of course, had his ulterior motives for pushing this since he owned the country’s largest nickel mine.
In any case, his petition succeeded, and in 1866, the nickel that we know came about.
In 1913, the U.S Mint asked James Earle Fraser to design the five-cent coin as part of their campaign to add more beauty to the coins. The laws at that time only allowed the five-cent and the silver dollar to be redesigned.
The question often asked is why the buffalo design. Fraser was quoted as saying “my first objective was to produce a coin which was truly American, and that could not be confused with the currency of any other country. I made sure, therefore, to use none of the attributes that other nations had used in the past. And, in my search for symbols, I found no motif within the boundaries of the United States so distinctive as the American buffalo.”
The government minted more than 150 million buffalo coins from 1913 to 1936. While the design was beautiful, certain features of the coin wore out quickly. For example, the dates on the coin and the hill where the bison stood wore out.
Finding that high-quality coin that's not worn out will make your search for the perfect uncirculated coins the perfect treasure hunt.
The U.S. Mint could only change the design of a coin once every 25 years, as per the law at that time. The U.S. Mint replaced the buffalo nickel after the required legal 25-year period.
Types of Buffalo Nickels
The U.S. Mint issued around 150 million buffalo nickels, but you can still find coins with distinctive features. The buffalo nickel was the first American coin without an eagle as the design. Some of the rare buffalo nickels can be valuable.
The buffalo nickel was produced in 3 different locations – Philadelphia, Denver, and San Francisco. While the coins in Philadelphia had no mint marks, Denver had a letter ‘D’ and San Francisco had a letter ‘S’. The location of the mint marks is under the bison right below the lettering of ‘FIVE CENTS’.
It can be difficult to identify the buffalo nickel because many of the defining features have faded with time.
Most circulated and worn buffalo nickels are valued at a premium of 10 to 15 cents over the 5-cent denomination. The clearer the details are, the more valuable the buffalo nickel would be.
Some key dates also make a difference in the value. For example, 1913 S Type 2 buffalo nickel, 1915 S buffalo nickel, or the 1918/7 D buffalo nickel. The rarest Buffalo nickel is the 1937-D three-legged buffalo nickel.
Indian Head Buffalo Nickel
The buffalo nickel is also called the “Indian Head Buffalo Nickel” because of the Native American image on the coins. These coins pay homage to the Native American heritage.
James Earle Fraser modeled the buffalo depicted on the nickel on a bison named Black Diamond. The identity of the Native American man is a topic that is much debated.
Some experts have said that the Native American man depicted in the buffalo nickel is a Sioux named Chief Iron Tail, a Cheyenne named Two Moons, or a Kiowa named Big Tree. Others claim that the image is a composite of all three individuals.
Chief Iron Tail was one of the most famous Native American celebrities. He later became a performer in Buffalo Bill’s Wild West Show and was a close friend of Buffalo Bill. Iron Tail was quiet and dignified. He was humble and always had a smile for children.
Chief Two Moons was a Cheyenne chief who fought in the Battle of the Little Bighorn. He had a pleasant personality and was able to get along with the military. He was appointed head chief of the Cheyenne Northern Reservation.
Chief Big Tree appeared in 59 movies from 1915 to 1950. While there is still debate over the third person to form the composite, Chief Big Tree claimed often that he was the third model.
1913 Buffalo Nickel
The buffalo nickel was first issued in 1913. They quickly realized that the ‘FIVE CENT’ lettering was wearing away. This resulted in two designs produced in 1913 known as ‘Type 1’ and ‘Type 2’.
The Type 1 1913 buffalo nickel has the bison standing on a raised hill. They redesigned the buffalo nickel in the Type 2 version so that the bison was standing on a flat plane or line.
The Type 1 buffalo nickel is more common than the Type 2 design. The Type 2 design is not considered as artistic as the original Type 1 design. Learn about 1913 Buffalo Nickel value here >
1916 Doubled-Die Obverse Buffalo Nickel
A 1916 Doubled-Die Obverse buffalo nickel is rare and can be worth $3,500 if it’s in a good condition. The reason these coins are worth more is because of the doubled-die, which means that the coin was struck twice. This left a double image on the coins.
This is a rare error, and that’s what causes the value to increase. If it’s an uncirculated coin, it can be worth $66,745 to $155,586.
It's more popular because you can easily see the error in the imprint of the date and the mouth of the Native American Chief. It’s estimated that about 200 to 500 of these coins are around.
Three-legged Buffalo Nickel
The three-legged buffalo nickel is one of the rarest buffalo nickels. The right front leg of the buffalo was polished off the die before the coins were struck. So, these coins show a buffalo with three legs.
A three-legged buffalo nickel is pretty valuable. In 2009, someone sold a three-legged buffalo nickel for $97,950. An estimated 10,000 of the three-legged buffalo nickels are around.
2005 Buffalo Nickel
The 2005 buffalo nickel is also one of the rarest buffalo nickels. It was a commemorative coin with Thomas Jefferson on one side, and a buffalo on the other side. It’s famous because of errors in the minting process.
Some 2005 buffalo nickels have a speared bison error. This error resulted in a line intersecting the bison image from one point to another. Another error was the detached leg where the bison’s leg is detached from its body.
These errors make the 2005 Buffalo Nickel rare and worth a lot. A 2005 buffalo nickel with a speared bison can be valued at over $1,000.
Remember that there can be a lot of counterfeit coins, so be careful when you’re collecting error coins.
Proof Buffalo Nickel
Proof coins are clearer, sharper, and have a mirror-like finish. They are also made in limited quantities which makes them more valuable.
The proof coin is a rare buffalo nickel. The U.S. Mint made some proof coins in 1913 and then again in 1936. These proof coins can be pretty valuable. For example, the 1913 proof coin can be valued at $1,350 and the 1936 proof coins are valued at $1,000.
How Much is a Buffalo Nickel Worth?
A buffalo nickel can be worth a few cents to thousands of dollars. Since the coin is not made out of silver or gold, the value is not prone to fluctuations.
To find how much a buffalo nickel is worth you need to consider four areas:
- Date
- Mint mark
- Condition
- Special marks or errors
These four areas will determine the value of your coin. Rare dates and high-quality coins are more valuable. You will also find that coins with errors have more value.
Remember the price of the coin is different from the value of the coin. The price is what you pay for the coin when you buy it from a dealer. The value of the coin is what a coin collector is willing to pay you for the coin.
Date
Depending on the date of the coin, the value can be higher or lower. Because of the design of the buffalo nickels, the date for some of them wore out quickly. Check out the next section for a discussion on the value of a buffalo nickel with no date.
There are certain key dates to keep in mind. If you do find a coin with a key date, remember to have it authenticated before spending money on it. You don’t want to fall victim to a counterfeiter’s manipulations.
Some key dates include:
- 1913 Type 2
- 1916 Doubled-Die Obverse
- 1918/7 D buffalo nickel
- 1937-D Three-legged Buffalo
These are several other key dates that can be worth more. Do your research to know where your coin stands among others.
Mint Mark
As discussed above, a mint mark was a stamp denoting which facility the coin came from. The U.S. Mint produced the buffalo nickels in three different facilities:
- Philadelphia – no mint marks
- Denver – Marked with a ‘D’
- San Francisco – Marked with an ‘S’
The location of the mint mark is right below the ‘FIVE CENT’ lettering on the coin. If you check any website that values coins, you’ll see the coins by their name with a hyphen and the mint mark. This will tell you what year the coin is from and what facility.
This matters because each of the facilities produced a different number of coins. This has led to scarcities in a certain number of key dates, which increases the value of the coin.
For example, an uncirculated coin from 1921-S and 1924-S because the San Francisco facility issues fewer coins. San Francisco only made 970,000 coins in 1926, so the 1926-S is considered scarce and is valued higher.
Grading conditions
The grading conditions set out whether the coin is worn out or not. In 1978, the “Official A.N.A. Grading Standards for United States Coins” was adopted. They grade the coin using a numbering system from 1 to 70. 70 is a higher grade because it’s worth 70 times as the 1.
MS-70 is the perfect coin with sharp details, original luster, no contact marks, no scuff marks or defects. MS-60 to MS-70 are high-quality uncirculated coins.
Grading categories set out the condition of the coin:
- FR/AG = fair or about good
- V/VG = good or very good
- F/VF = fine or very fine
- EF/AU = extremely fine or about uncirculated
These set out the condition of the coins ranging from well-worn to seeing the horn on the bison clearly.
Special Marks or Errors
Coins with special marks or errors also define the value of the coin. The three-legged buffalo speared bison and doubled-die coins are rare and are worth a lot because of these errors.
If you want to know what your buffalo nickel is worth, check out Bullion Sharks. You can learn more about your coin, its history, and mintage numbers. Written by collectors with over 100 years of combined experience, it’ll give you all the information you need about rare coins.
Value of a Buffalo Nickel With No Date
The date on the buffalo nickel started to wear out quickly, so you may end up finding buffalo coins with no date on them. While these may not be worth as much, they’re still interesting coins to add to your collection.
The location of the date is at the bottom left of the coin. Because it’s located on the edges, they can wear out over years if the coin has been in circulation.
If you have a young coin collector around you, then give them the dateless buffalo nickel. It’s a good coin to get started on collecting. A buffalo nickel without a date can be worth at least 50 cents.
Remember that there were no coins issued without dates.
You could try chemicals to reveal the date of the coin. But applying a drop of ferric chloride to the place where the date is supposed to be, you can reveal the date. Unfortunately, using chemicals will leave a blotchy spot on the coin, which will lower the value of the coin.
The date will fade over time. The more chemicals you use, the more you’ll damage the coin. Counterfeiters can manipulate the date on the coin using chemicals, so professional coin collectors don’t trust a date restored by chemicals.
If you do use chemicals, then revealing can be a fun project for yourself. If the date revealed is a key date, then your coin would still have value. But you would need to prove it's real and not counterfeit.
Tips for Collecting Buffalo Nickels
If you’re just starting, the number of coins and options can be pretty overwhelming. As a first step, you can consider starting with a small set within a limited period. You can collect coins from the most common dates between 1934 and 1938.
This will give you a smaller goal to work with. You’ll have a complete set with fewer coins. You can ensure that you’re collecting high-quality coins as opposed to more quantity.
Another goal is to collect one coin from each year that the coin was in circulation. You can choose to go for high-quality coins or those mint-marked a certain way, but it’s not necessary. This is a simple and relatively affordable way to complete your set.
Remember that buffalo nickels have more value if the date is visible, even partially. The clearer the print, the more chance that it’ll grow in value in the future. As a collector, you’ll want to look for clear design, high-quality pieces.
FAQs
1. What are Buffalo Nickels?
Buffalo Nickels, also known as Indian Head Nickels, were a series of U.S. five-cent coins produced from 1913 to 1938. They feature a Native American on the obverse and an American bison (buffalo) on the reverse, designed by sculptor James Earle Fraser. These coins are highly sought after by collectors due to their iconic American imagery and historical significance.
2. How can I identify key dates in the Buffalo Nickel series?
Key dates that collectors often seek include the 1913-S Type 2, 1913-D Type 2, 1918/7-D overdate, 1921-S, 1924-S, 1926-S, and the 1937-D 3-Legged variety. These dates are known for their lower mintages or unique errors, making them more valuable and desirable.
3. What makes the 1937-D 3-Legged Buffalo Nickel so special?
The 1937-D 3-Legged Buffalo Nickel is one of the most famous error coins in American numismatics. This error occurred when a mint employee over-polished the die, accidentally removing one of the buffalo's front legs. Its rarity and the story behind its creation make it highly valuable and a must-have for serious collectors.
4. How do I determine the condition or grade of a Buffalo Nickel?
The condition or grade of a Buffalo Nickel is determined by evaluating its wear, details, and any damage or flaws. Key areas to assess include the details on the Native American's hair and the buffalo's fur. Grades range from Good (heavy wear) to Mint State (no wear, with original luster). Professional grading by a reputable service can provide an accurate assessment.
5. What is the best way to store and preserve my Buffalo Nickel collection?
To preserve your Buffalo Nickel collection, store the coins in a cool, dry place away from direct sunlight. Use acid-free holders, such as 2x2 holders, coin flips, or albums designed for coin storage. Avoid handling the coins directly with your fingers; instead, use cotton gloves to prevent oils from your skin from causing damage.
6. Are Buffalo Nickels made of silver?
No, Buffalo Nickels are not made of silver. They were struck from a composition of 75% copper and 25% nickel. Despite not containing any precious metals, their collectible value can be significantly higher than their face value, especially for key dates, high grades, or rare varieties.
7. How can I start collecting Buffalo Nickels?
To start collecting Buffalo Nickels, begin by familiarizing yourself with the series, including key dates and varieties. You can start by acquiring common dates in lower grades to learn about the series. Visit coin shows, local coin dealers, and join numismatic clubs or online forums to gain knowledge and access to coins. Set clear goals for your collection, whether focusing on specific dates, mint marks, or striving for a complete set.
8.How does the market for Buffalo Nickels compare to other collectible U.S. coins in terms of investment potential and collector interest?
The market for Buffalo Nickels holds a unique position among collectible U.S. coins, offering both historical significance and a wide range of investment potentials. Compared to other collectible coins, such as the Morgan Silver Dollars or Lincoln Wheat Pennies, Buffalo Nickels appeal to collectors who have a keen interest in American history and indigenous culture, represented through the coin's design. The investment potential of Buffalo Nickels varies significantly with rarity, condition, and specific varieties, such as the 1937-D 3-Legged Nickel, which can fetch high prices at auction. Collector interest remains high due to the coin's iconic design and the challenge of completing a full set with well-preserved dates, making them a worthy addition to diversified collections. However, unlike gold or silver coins, their value isn't directly influenced by precious metal prices, focusing more on numismatic value.
9.What are some strategies for acquiring rare Buffalo Nickels, and how can collectors ensure they are purchasing authentic coins?
Collecting rare Buffalo Nickels requires a strategic approach, including attending coin shows, auctions, and dealing with reputable coin dealers and collectors. To ensure authenticity, collectors should seek coins that have been graded and certified by recognized grading services like PCGS or NGC. These services authenticate the coin's origin, condition, and rarity, providing a secure investment. Collectors are advised to research extensively, understand the market value of specific nickels, and learn to identify key features of genuine Buffalo Nickels to avoid counterfeit pieces. Building relationships with trusted dealers and other collectors can also provide opportunities to acquire rare coins through private sales or trades.
10. How to restore or identify the original minting year of the "no date" Buffalo Nickels?
The "no date" Buffalo Nickels have experienced significant wear, causing the date to erode over time due to its placement on a high point of the coin's design. While chemical methods like applying ferric chloride can reveal faded dates, this process can damage the coin and decrease its numismatic value. Instead, collectors often use less invasive techniques, such as digital magnification, to identify slight remnants of the date or to examine die varieties that can hint at the production year. Collectors value "no date" Buffalo Nickels for their historical significance and as artifacts of everyday use in the early 20th century, but they typically hold more value when the date can be determined or if they possess other distinguishing features. It's important for collectors to weigh the historical intrigue of these coins against the potential risk and ethical considerations of altering their appearance in pursuit of uncovering lost details.