The Buffalo Nickel Value, History, Design & Rarity

The iconic “Buffalo Nickel” (1913-1938) is one of the most beloved and widely collected American coin series. Its design, created by renowned 20th-century sculptor James Earle Frasier, features a composite portrait of Native Americans from three separate tribes on the obverse and a majestic American bison/”buffalo” on the reverse. This beautiful coin’s themes uniquely represent and honor America.

Brief History of The Buffalo Nickel

A renaissance in American coin design began in the early 20th Century, initially at the urging of President Theodore Roosevelt. Four coinage designs submitted by world-famous sculptor Augustus St. Gaudens were accepted.

A. A. Weinman’s neoclassically designed Walking Liberty Half Dollar and “Mercury” Dime followed Frasier’s Buffalo Nickel, which featured a composite portrait of Native Americans from three separate tribes on the obverse, and a majestic American bison/”buffalo” on the reverse. This beautiful coin’s themes uniquely represent and honor America.

Buffalo Nickel Composition

Composed of 25% nickel and 75% copper, the Buffalo Nickel underwent several modifications during its twenty-five-year lifespan due to excessive die wear and softly struck coins, resulting both from Frasier’s design and the hardness of the metal nickel.

Historical Significance of the buffalo nickel

The Buffalo Nickel’s significance lies in its obverse and reverse themes, artistically and clearly representing America’s unique heritage. As well the Buffalo Nickel became a popular collecting favorite due to its inexpensive low denomination and its artistic design themes.

Related: The 1913 Liberty Head Nickel – The Most Sought-After Coin in American Numismatic

The Buffalo Nickel Value

The value of Buffalo Nickels varies depending on their condition. Poor-condition nickels (AG-3 to G-4) can range from a few dollars to $10 or $20, while nickels in very fine condition (VF-20 to VF-30) can be valued between $100 and $200 or higher.

Extremely rare and well-preserved uncirculated nickels (MS-60 to MS-70) can command prices ranging from a few hundred dollars to several thousand dollars, depending on their specific grade and condition.

The 1926-S and 1920-D Buffalo Nickels are particularly noteworthy, with the former reaching up to around $82,000 in MS65 condition and the latter valued at approximately $138,000 in MS67 condition.

The Buffalo nickel value range based on grading and condition:

1. Poor Condition (AG-3 to G-4): Buffalo nickels in poor condition, with heavily worn surfaces and barely legible details, generally have a lower value. They can range from a few dollars up to around $10 or $20.
2. Good Condition (G-6 to VG-8): Buffalo nickels with visible but worn details can be valued slightly higher in good condition. Their value typically ranges from $15 to $30 or more.
3. Very Good Condition (VG-10 to VG-12): Buffalo nickels in very good condition, with clearer details and moderate wear, are more desirable. They can be valued between $30 and $50 or more.
4. Fine Condition (F-12 to F-15): Buffalo nickels in fine condition, with well-defined features and moderate wear, hold a higher value. Their worth can range from $50 to $100 or more.
5. Very Fine Condition (VF-20 to VF-30): Buffalo nickels in very fine condition, with sharp details and minimal wear, are highly sought after. Their value generally falls within the range of $100 to $200 or higher.
6. Extremely Fine Condition (EF-40 to EF-45): Buffalo nickels in extremely fine condition, with crisp details and minimal wear, command a premium. Their value can range from $200 to $500 or more.
7. About Uncirculated Condition (AU-50 to AU-58): Buffalo nickels in about uncirculated condition, with slight traces of wear, are considered highly collectible. Their value typically falls within the range of $500 to $1,000 or more.
8. Uncirculated Condition (MS-60 to MS-70): Buffalo nickels in uncirculated condition, with no wear and original mint luster, are rare and highly valued by collectors. Their worth can vary significantly, starting from a few hundred dollars and going up to several thousand dollars, depending on the specific grade and condition.

Factors affecting the value of Buffalo Nickels

As is the case for most collectible coins, common-date, well-worn examples have minimal value in either wholesale or retail transactions. High-grade examples of “key dates” certified by one of the major third-party grading services (PCGS, NGC, and ANACS) can have substantial value. 

Over 1.2  billion Buffalo Nickels were minted between 1913 and 1938, with most dates and mints readily available today at modest price levels in uncleaned, “problem-free,” “readable-date” circulated grades. Many such coins wholesale at around $.45 and retail at around $.70.

Well-struck, low-mintage, high-grade uncirculated dates certified and graded by PCGS, NGC, or ANACS can range into five figures in both wholesale and retail. Most of these coins are scarce overdates/varieties (1914/3; 1916/16; 1918-D 8 over 7; 1925-D 3 ½ Legs; 1935 Double-Die Reverse; 1936-D 3 ½ Legs; 1937-D 3 Legs). The original mintages of these coins are unknown but must have been quite small given their limited supply known today. 

The lowest mintage “regular” coin in the Buffalo Nickel series is the 1926-S at 970,000 coins. Like many Buffalo Nickels from Denver and San Francisco in the 1920s, many of these 1926-S coins are weakly struck, which limits their value. In lower circulated grades, uncleaned “no problem,” readable date 1926-S Buffalo Nickels will wholesale at around $18 and retail at around $25.

1926-S uncirculated strongly struck coins certified and graded at MS65 by PCGS, NGC, or ANACS can wholesale at around $68,000 and retail at around $82,000. As can be inferred from these prices, such coins do not turn up every day. PCGS, NGC, and ANACS have graded 6,901 1926-S Buffalo Nickels in total, with only 34 of them (.5%) grading MS65 or higher.

Let’s take a brief look at how the Sheldon 70 Point Grading Scale evaluates Buffalo Nickels in several of the accepted grade levels used by coin collectors and investors:

• Mint State 65–No trace of wear/full Mint luster…a few barely noticeable nicks or marks may be present
• Mint State 63–Full, attractive Mint luster but [with] noticeably detracting contact marks
• Almost Uncirculated 50–Traces of wear on the Native American’s hair above and to the left of his forehead and on the buffalo’s hip, tail, and hair around the horn
• Very Fine 20–The Native American’s hair and cheek show considerable flatness, as does the buffalo’s hair. The Buffalo’s horn may be partially visible.
• Good 4–Design is heavily worn. Liberty is weak, and the date is only partially visible. Buffalo is nearly flat from wear.

Most Valuable Buffalo Nickel

The 1920-D Buffalo Nickel graded at MS67 by PCGS, NGC, or ANACS could wholesale for around $115,000 and retail for around $138,000. The three third-party grading services have certified and graded a total of 2,937 1920-D Buffalo Nickels, with only one (.03%) at MS67.

1937 Buffalo Nickel Value, History, Design, And Rarity

The 1937 Buffalo Nickel featuring James Earle Frasier’s iconic Native American obverse and his buffalo reverse is one of the more common coins in the 1913-38 Buffalo Series. Representative wholesale/retail prices for the 1937 Buffalo Nickel are:

• VF20–$1/$1.50
• AU50–$6/$7
• MS63 (certified and graded by PCGS, NGC, or ANACS)–$22/$30
• MS65 (certified and graded by PCGS, NGC, or ANACS)–$38/$51

Design and rarity of the 1937 Buffalo Nickel

The design of the 1937 Buffalo Nickel featured the same composite Native American obverse portrait, which James Earle Frasier derived from Iron Tail (Lakota), Two Moons (Cheyenne), and Big Tree (Kiowa). The Variety Two reverse (buffalo standing upon a flat rather than a raised plain) almost certainly came from the buffalo leader of the herd held at the Bronx Zoo, where Frasier spent hours sketching that bull buffalo leader “Bronx.”

A buffalo never held at the Bronx Zoo, “Black Diamond,” is often erroneously credited as Frasier’s model, but “Black Diamond’s” head has been preserved, and its horns are markedly different from those shown on the buffalo shown on the reverse of Frasier’s Buffalo Nickel.

79,480,000 1937 Buffalo Nickels were minted. Many have survived, especially in circulated grades, making the 1937 Buffalo Nickel a common coin today.

Value of the 1937 Buffalo Nickel 

The 1937 Buffalo Nickel featuring James Earle Frasier’s iconic Native American obverse and his buffalo reverse is one of the more common coins in the 1913-38 Buffalo Series. Representative wholesale/retail prices for the 1937 Buffalo Nickel are:

• VF20–$1/$1.50
• AU50–$6/$7
• MS63 (certified and graded by PCGS, NGC, or ANACS)–$22/$30
• MS65 (certified and graded by PCGS, NGC, or ANACS)–$38/$51

1936 Buffalo Nickel Value, History, Design, And Rarity

The 1936 Buffalo Nickel, like the 1937 Buffalo Nickel, is one of the more common coins in the 1913-38 Buffalo Nickel series. Its design and history are the same as those of the 1937 Buffalo Nickel. Representative wholesale/retail prices for the 1936 Buffalo Nickel are:

• VF20–$1/$1.50
• AU50–$6/$7
• MS63 (certified and graded by PCGS, NGC, or ANACS)–$34/$46
• MS65 (certified and graded by PCGS, NGC, or ANACS)–$55/$74

Design and rarity of the 1936 Buffalo Nickel

The design of the 1936 Buffalo Nickel featured the same composite Native American obverse portrait, which James Earle Frasier derived from Iron Tail (Lakota), Two Moons (Cheyenne), and Big Tree (Kiowa).

118,997,000 1936 Buffalo Nickels were minted. Many have survived, especially in circulated grades, making the 1936 Buffalo Nickel a common coin today.

Value of the 1936 Buffalo Nickel 

The 1936 Buffalo Nickel, like the 1937 Buffalo Nickel, is one of the more common coins in the 1913-38 Buffalo Nickel series. Its design and history are the same as those of the 1937 Buffalo Nickel. Representative wholesale/retail prices for the 1936 Buffalo Nickel are:

• VF20–$1/$1.50
• AU50–$6/$7
• MS63 (certified and graded by PCGS, NGC, or ANACS)–$34/$46
• MS65 (certified and graded by PCGS, NGC, or ANACS)–$55/$74

1935 Buffalo Nickel Value, History, Design, And Rarity

Design and rarity of the 1935 Buffalo Nickel

The design of the 1935 Buffalo Nickel featured the same composite Native American obverse portrait, which James Earle Frasier derived from Iron Tail (Lakota), Two Moons (Cheyenne), and Big Tree (Kiowa).

58,264,000 1935 Buffalo Nickels were minted. Many have survived, especially in circulated grades, making the 1935 Buffalo Nickel a common coin today.

Value of the 1935 Buffalo Nickel 

The 1935 Buffalo Nickel, like the 1936 and 1937 Buffalo Nickels, is one of the more common coins in the 1913-38 Buffalo Nickel series. Its design and history are the same as those of the 1936 and 1937 Buffalo Nickel. Representative wholesale/retail prices for the 1935 Buffalo Nickel are:

• VF20–$1/$1.50
• AU50–$6/$7
• MS63 (certified and graded by PCGS, NGC, or ANACS)–$28/$38
• MS65 (certified and graded by PCGS, NGC, or ANACS)–$85/$115

2005 Buffalo Nickel Value, History, Design, And Rarity

History of the 2005 Buffalo Nickel

This coin was created as one of the four-coin “Westward Journey” nickels commemorating the bicentennial of the Louisiana Purchase and Lewis and Clark’s expedition to explore this vast territory.

Design and rarity of the 2005 Buffalo Nickel

The design of the 2005 Buffalo Nickel has Thomas Jefferson on the obverse rather than Frasier’s Native American and a buffalo on the reverse facing to the right rather than Frasier’s buffalo, which faced to the left. 

448,320,000 were minted in Philadelphia and 487,680,000 in Denver, for a total mintage of 936,000,000. This will never be a rare coin due to its prodigious mintage and the huge number which have been saved, often in uncirculated condition.

Value of the 2005 Buffalo Nickel 

Wholesale, retail, or as pocket change, the 2005 Buffalo Nickel is essentially worth $.05.

There are several over-hyped, heavily promoted 2005 Buffalo Nickels on various Internet sites that are supposedly “rare” and “valuable” due to die gouge effects, etc. such as the “Speared Buffalo,” etc.

Not one of these allegedly “rare”/”valuable” varieties of the 2005 Buffalo Nickel has yet been recognized by “The Red Book,” “The Greysheet,” or “The CPG Coin and Currency Market Review.” Until such time as these authoritative sources recognize any of the 2005 Buffalo Nickel varieties, it is likely that one would have no trouble finding sellers of these varieties at high prices. Finding buyers for them in the absence of official recognition of these assorted varieties might prove to be much more challenging.

Buffalo Nickel with no date Value, History, Design, And Rarity

History of the Buffalo Nickel with no date

Due to heavy circulation between 1913-38, and to a design that protected the date from circulation wear only moderately, dateless Buffalo Nickels are readily available. Such coins are often used as decoration in belt buckles, inexpensive jewelry, etc.

Design and rarity of the Buffalo Nickel with no date

Dateless Buffalo Nickels are usually grouped together in wholesale and retail sales unless they possess greater damage/problems/wear to the design than such nickels typically demonstrate. They are not considered to be rare coins.

Value of the Buffalo Nickel with no date

Whether in wholesale or retail transactions, dateless Buffalo Nickels typically cost less than, or close to, $1.00.

Discontinuation of the Buffalo Nickel

The Congressional Act of September 26, 1890, provided the conditions under which the design of a U. S. coin could be changed after it had been in service for twenty-five years. Since the Buffalo Nickel was minted from 1913-38, it was eligible for replacement in 1938 and was replaced in that year by the Jefferson Nickel.

Collecting Buffalo Nickels

Buffalo Nickels is a popular coin-collecting series. The “Old West” design is attractive and a reminder of the history of a pre-industrial United States. As with any coin series, Buffalo Nickels are collected as an entire series, as a “type coin” collection divided by decade of minting, by variety type, etc., at the collector’s discretion and his/her budget.

Rarity and value of Buffalo Nickels

The current wholesale “Bid” for a complete date/Mint collection (with none of the expensive varieties included) is $2,694.25 in VF20; $10,097 in AU50; $36,552 in certified MS63; and $178,913 in certified MS65.

The corresponding current retail prices for a complete date/Mint collection (with none of the expensive varieties included) are:

• VF20–$3,370

• AU50–$12,100

• MS63–$43,900

• MS65–$214,900

One can see from both wholesale and retail prices for a complete date/Mint collection (with none of the expensive varieties included) that circulated sets are substantially less expensive than certified Mint State sets. 

The grading system for Buffalo Nickels

Full grading details/criteria may be fully and readily obtained from The Official American Numismatic Association Grading Standards for U. S. Coins or Coin World’s Making The Grade: Comprehensive Grading Guide to U. S. Coins by Beth Deisher and William Gibbs.

Here is a brief synopsis of several popularly collected Buffalo Nickel grades:

• Mint State 65: No trace of wear/full Mint luster…a few barely noticeable nicks or marks may be present
• Mint State 63: Full, attractive Mint luster but [with] noticeably detracting contact marks
• Almost Uncirculated 50: Traces of wear on the Native American’s hair above and to the left of his forehead and on the buffalo’s hip, tail, and hair around the horn
• Very Fine 20: The Native American’s hair and cheek show considerable flatness, as does the buffalo’s hair. The Buffalo’s horn may be partially visible.
• Good 4: Design is heavily worn. Liberty is weak, and the date is only partially visible. Buffalo is nearly flat from wear.

Where to find Buffalo Nickels

The chances of finding Buffalo Nickels in circulation today are virtually nil. Coin dealers, auctions, Internet sources, estate sales, and the like offer possibilities to a would-be collector of Buffalo Nickels. IMPORTANT!

Buffalo Nickels, which are rare dates/valuable varieties, are currently being counterfeited in huge quantities, mostly in China. DO NOT buy such Buffalo Nickels that have not been authenticated and graded by PCGS, NGC, or ANACS!!

Tips for collecting Buffalo Nickels Errors and Variety

Varieties and Errors of Buffalo Nickels

Perhaps the most popular Buffalo Nickel variety/error is the 1937-D “Three Leg.”  This variety came about when a Denver Mint employee overzealously polished the reverse die he was using, eliminating the buffalo’s right front leg.

Varieties of the Buffalo Nickel

The principal varieties of Buffalo Nickels are Variety 1 (1913–FIVE CENTS on Raised Ground below the Buffalo) and Variety 2 (1913-38–FIVE CENTS in Recess below the Buffalo).

Buffalo Nickel Error List

There are a number of recognized mint die varieties in the Buffalo Nickel series, based upon overdates (where Mint employees re-used a previous year’s die by engraving over the previous date with the newer date); degrees of inadvertent removal of all or part of the Buffalo’s leg through a Mint employee over-zealously polishing the reverse die; or a “doubled die” juxtaposition of design elements. 

We will present an illustration of each of these three types of die variety “errors,” and a full list of the major die variety “errors.” We will add that all of these Buffalo Nickel die variety “errors” are

• Very scarce
• Often counterfeited
• Thus, MUST be authenticated and graded by PCGS, NGC, or ANACS.

1. An overdate Buffalo Nickel

2. A “Partially Removed Leg” Buffalo Nickel

3. A “doubled die” Buffalo Nickel (Note the date in particular)

The major recognized “error”/die variety Buffalo Nickels are:

• 1914/3
• 1916/16
• 1916-D 3 ½ Legs
• 1917-D 3 ½ Legs
• 1918/7-D
• 1926-D 3 ½ Legs
• 1935 Doubled Die Reverse
• 1936-D 3 ½ Legs
• 1937-D 3 Legs
• 1938-D/D
• 1938-D/S

Preservation and Care of Buffalo Nickels

Preserving/Caring for Buffalo Nickels includes:

• Storage in a low-humidity environment with minimal temperature variation in a non-sulfur-containing coin album
• Avoiding storage in any coin flips or other material containing polyvinyl chloride and its residue (which can become acidic and etch coins)
• Handling coins only by the rim and/or while wearing cotton gloves to avoid skin acid being deposited on coins
• Authenticating and grading valuable coins with PCGS, NGC, or ANACS. The “slabs” (while not airtight) will help protect the coins from being dropped or touched
• Using “Kointains” or “Saflips” made from archival material to eliminate holder/”coin flip” contamination.

Proper handling of Buffalo Nickels

As mentioned, holding coins by the rim and/or wearing cotton gloves reduces the possibility of skin oil contamination.

Storage of Buffalo Nickels

Storage in a low humidity environment with minimal temperature variation in a non-sulfur-containing coin album.

Cleaning Buffalo Nickels

DO NOT CLEAN VALUABLE BUFFALO NICKELS OR OTHER VALUABLE COINS AT ANY TIME, WITH ANYTHING! Many valuable coins have had their values cut in half–or worse–by cleaning! There are very rare occasions where professionals have successfully chemically  “conserved” e. g. shipwreck coins, but most amateur cleaning attempts have led to disaster for their coins and their coins’ values!

Conclusion Final Thoughts

The Buffalo Nickel (1913-38) is one of the most collected American coin series. Depending upon desired grade(s), the cost of putting together either a complete set or a selected “Type” collection is within the financial reach of many collectors. Minted at the Philadelphia, Denver, and San Francisco Mints, usually by the millions, enough Buffalo Nickel coins have survived to the present day to provide abundant collecting opportunities. Higher grade and rare date examples are best authenticated and graded by PCGS, NGC, or ANACS. 

Importance of the Buffalo Nickel

Many collectors view James Earle Frasier’s iconic Native American obverse portrait and his majestic American Bison/”Buffalo” as constituting the most uniquely American coin yet designed. Put into circulation in 1913, as America’s rural frontier was clearly giving way to an urbanized industrial society, the Buffalo Nickel marks a historic turning point for America.

America’s coin collectors have recognized the Buffalo Nickel’s importance and eagerly sought examples that will further both their collecting interests and their understanding of America’s history through Frasier’s magnificent Buffalo Nickel design.

References

• “The Coin Dealer Newsletter,” A. K. A. as “The Greysheet,” March. 2023.
• “The CPG Coin & Currency Market Review,” April, May, June, 2023.
• A Guide Book of United States Coins, 2023, A. K. A. “The Red Book”
• Heritage Auctions
• NGC
• The Official American Numismatic Association Grading Standards for United States Coins, Sixth Edition
• PCGS
• USA Coin Book