The Buffalo Nickel, also known as the Indian Head Nickel, is one of the most iconic coins in American numismatic history. Minted between 1913 and 1938, it features a Native American profile on the obverse and a majestic American bison on the reverse. Among the many years of production, the 1937 Buffalo Nickel stands out as a particularly fascinating issue for collectors. Its value can range from modest to extraordinary, depending on condition, rarity, and specific varieties.
Historical Background of the Buffalo Nickel
The Buffalo Nickel was designed by sculptor James Earle Fraser, who sought to capture the spirit of the American frontier. The Native American portrait was inspired by a composite of several tribal leaders, while the reverse depicted an American bison, often believed to be modeled after “Black Diamond,” a buffalo from the Central Park Zoo. By 1937, the coin had already become a staple in circulation, but it was nearing the end of its production run, as the Jefferson Nickel would replace it in 1938.
The Significance of the 1937 Issue
The 1937 Buffalo Nickel is notable because it represents one of the final years of the series. Collectors often seek coins from the last years of production, as they symbolize the closing chapter of a beloved design. While most 1937 nickels were struck in large numbers, certain varieties and mint marks make them especially desirable.
Mint Marks and Their Importance
Buffalo Nickels were produced at three different mints in 1937: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The mint mark can be found on the reverse of the coin, beneath the words “Five Cents.”
- Philadelphia coins are the most common, with no mint mark.
- Denver coins are scarcer and often command higher prices.
- San Francisco coins are considered the rarest of the three, especially in higher grades.
The Famous 1937-D Three-Legged Variety
One of the most legendary errors in American coinage is the 1937-D “Three-Legged” Buffalo Nickel. This variety occurred when a Denver Mint die was over-polished, removing most of the buffalo’s front right leg. The result was a coin that appeared to show a three-legged buffalo. Collectors prize this error highly, and it remains one of the most sought-after nickels in existence.
Value Ranges for the 1937 Buffalo Nickel
The value of a 1937 Buffalo Nickel depends on several factors, including condition, mint mark, and whether it is a rare variety.
- Common Philadelphia issues in circulated condition may be worth between a few cents and a few dollars.
- Denver and San Francisco issues can range from several dollars to hundreds, depending on grade.
- The 1937-D Three-Legged variety can fetch hundreds or even thousands of dollars, especially in uncirculated condition.
Grading and Condition Considerations
Coin grading plays a crucial role in determining value. Collectors evaluate coins based on wear, luster, strike quality, and overall eye appeal.
- Good to Fine grades show heavy wear but retain identifiable details.
- Very Fine to Extremely Fine grades display moderate wear with sharper features.
- Mint State grades, ranging from MS60 to MS70, are uncirculated coins with varying degrees of perfection. A 1937 Buffalo Nickel in Mint State condition can be worth significantly more than its circulated counterpart.
Collecting Strategies for Buffalo Nickels
Collectors often pursue Buffalo Nickels as part of a complete set spanning 1913 to 1938. Within such a set, the 1937 issues are essential. Some collectors focus specifically on error coins, making the Three-Legged variety a centerpiece. Others seek high-grade examples with strong strikes and attractive toning.
Authentication and Avoiding Counterfeits
Because of the high value of the 1937-D Three-Legged Nickel, counterfeit versions exist. Collectors should be cautious and rely on professional grading services or trusted dealers to authenticate their coins. Genuine examples show distinctive die characteristics, such as die scratches and specific polishing marks, which experts can identify.
Market Trends and Investment Potential
The Buffalo Nickel market has remained strong for decades. Rare varieties like the 1937-D Three-Legged continue to appreciate in value, making them attractive investments. While common issues may not yield significant returns, high-grade and error coins often perform well in auctions and private sales.
The Role of Buffalo Nickels in American Culture
Beyond their monetary value, Buffalo Nickels hold cultural significance. They symbolize the American frontier, Native heritage, and the rugged spirit of the early 20th century. Collectors often appreciate them not only as investments but also as historical artifacts that tell the story of America’s past.
Tips for Beginners Entering the Hobby
For those new to coin collecting, the Buffalo Nickel offers an exciting entry point. Beginners should start by learning to identify mint marks and varieties. Acquiring circulated examples is affordable, while saving for rarer issues can be a long-term goal. Joining coin clubs, attending shows, and studying grading standards are excellent ways to build knowledge and confidence.
Preservation and Care of Buffalo Nickels
Proper storage is essential to maintain the value of Buffalo Nickels. Coins should be kept in protective holders, away from moisture and extreme temperatures. Cleaning coins is strongly discouraged, as it can damage surfaces and reduce value. Collectors should handle coins carefully, ideally with cotton gloves, to avoid fingerprints and scratches.
Auction Highlights and Record Sales
Over the years, 1937 Buffalo Nickels, particularly the Three-Legged variety, have achieved impressive auction results. High-grade examples have sold for thousands of dollars, cementing their reputation as treasures of American numismatics. These record sales inspire collectors and demonstrate the enduring appeal of the series.
Conclusion: Why the 1937 Buffalo Nickel Matters
The 1937 Buffalo Nickel is more than just a coin; it is a piece of history, a collector’s prize, and a symbol of American artistry. Whether it is a common Philadelphia issue or the legendary Three-Legged Denver variety, each coin carries a story of craftsmanship and heritage. For collectors, owning a 1937 Buffalo Nickel is both a financial investment and a connection to the past.