The Value and History of Buffalo Nickels

Buffalo nickels, officially known as the Indian Head nickel, were minted in the United States from 1913 to 1938. Designed by James Earle Fraser, these nickels depict a Native American profile on one side and an American bison on the other. The design reflects an era of American history and captures the spirit of the Old West. But, how much is a Buffalo nickel worth today? Let’s explore the factors that influence its value.

Understanding Mint Marks and Dates

Buffalo nickels were produced at three mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The mint mark is located on the reverse side under the denomination. The date on Buffalo nickels is an essential element since some years, such as 1913 and 1937, hold more interest for collectors.

Key dates that significantly impact value include 1913, 1916, 1918/7-D, and 1937-D. The minting year, along with the mint mark, establishes the coin’s rarity and scarcity. For example, the 1918/7-D overdate is a prominent key date that raises the value of the coin to exceptional levels due to its rarity.

Condition: Grading Buffalo Nickels

Condition, assessed through grading, significantly affects a Buffalo nickel’s worth. Grading examines wear, strike, and eye appeal. Coins are graded on a scale from 1 to 70, with uncirculated coins at the top. Coins in mint state (MS) command higher prices. Grades such as Good (G-4), Very Fine (VF-20), Extremely Fine (EF-40), and Mint State (MS-65) indicate varying levels of preservation. Thus, a higher grade typically means a more valuable coin.

• Good (G-4): Heavily worn with major design details noticeable.
• Very Fine (VF-20): Moderate wear, but much of the design is distinct.
• Extremely Fine (EF-40): Light wear on high points; overall design sharpness visible.
• Mint State (MS-65): No signs of wear and attractive eye appeal.

Factors Influencing Value

Aside from date, mint mark, and condition, other factors such as demand and market trends influence the value of Buffalo nickels.

• Rarity and Demand: Coins with low mintage or errors (like the 1918/7-D) heighten collector interest, boosting value.
• Market Trends: Coin values can fluctuate with market conditions. Economic factors, metal prices, and collector interest play roles.
• Provenance: A coin with a notable historical background or from a famous collection may have an elevated status.

Errors and Variations

Error coins capture attention due to their uniqueness. The 1916 doubled die, 1935 doubled die reverse, and 1937-D three-legged buffalo are examples of valuable errors. These variants are sought after and can fetch a premium. Genuine examples, authenticated through professional grading, can command considerably higher prices than regular issues.

Buying and Selling Tips

When buying or selling Buffalo nickels, consider certification. Third-party grading services offer a reputable opinion on authenticity and condition. Look for recognized services such as PCGS or NGC. Research current market prices through coin dealers, auctions, and online platforms. Understand the value trends for specific dates and grades. Transactions often occur through coin shows, auctions, or online marketplaces.

Investment Potential

Buffalo nickels hold both historical appeal and potential as a collectible investment. While not all coins appreciate, certain key dates and high-grade examples may increase in value over time. Collectors enjoy building complete sets by date and mint mark or focusing on unique error coins. As with any investment, do diligent research to understand risks and rewards.

Preservation Advice

Proper preservation of Buffalo nickels ensures they maintain value. Store coins in inert holders to prevent damage. Avoid cleaning coins, which can diminish value by altering surfaces. Handle coins by the edges and keep them in a stable environment. Humidity, temperature fluctuations, and exposure to pollutants can harm coin surfaces.

Common vs. Rare Coins

Most Buffalo nickels in circulated condition have modest value, typically ranging from a few cents to a few dollars. However, rare dates, mint marks, and errors can be worth significantly more. Coins in higher grades or with unique characteristics offer collectors and investors a chance at acquiring a valuable piece.

Buffalo nickels offer insight into American heritage and numismatic artistry. Their design and history make them beloved among collectors. By understanding what influences their value, collectors can make informed decisions when buying, selling, and preserving these iconic coins.