The thrill of finding a valuable coin in your pocket change is a dream for many. Among the most coveted treasures in the world of numismatics is the rare Buffalo Nickel, a coin that could fetch up to $801,000 at auction. Known for its iconic design and historical significance, this small piece of currency has captured the imagination of collectors and casual enthusiasts alike. In this article, we’ll dive into the history of the Buffalo Nickel, explore what makes certain versions so valuable, and provide tips on how to identify one in your change.
The History of the Buffalo Nickel
The Buffalo Nickel, officially known as the Indian Head Nickel, was minted by the United States Mint from 1913 to 1938. Designed by sculptor James Earle Fraser, the coin is celebrated for its distinctly American imagery. The obverse features a profile of a Native American, believed to be a composite of several tribal leaders, while the reverse showcases a buffalo, modeled after Black Diamond, a bison housed at the Central Park Zoo.
Fraser’s design was a departure from earlier coinage, aiming to capture the spirit of the American West. However, the coin faced practical challenges. The original design wore down quickly in circulation, leading to modifications in 1913 and beyond. Despite these issues, the Buffalo Nickel remains a beloved piece of American numismatic history.
Why Are Some Buffalo Nickels So Valuable?
Not all Buffalo Nickels are worth a fortune. Most circulated examples are valued at a few dollars or less. However, certain rare varieties, errors, and high-grade specimens can command staggering prices. Here’s what makes some Buffalo Nickels so valuable:
1. Rarity and Low Mintage
Some Buffalo Nickels were produced in extremely limited quantities. For example, the 1913-S Type 2 Buffalo Nickel, minted in San Francisco, has a low mintage of just 1,209,000. Even fewer survive in pristine condition, driving their value sky-high.
2. Die Varieties and Errors
Die varieties and minting errors significantly boost a coin’s worth. One famous example is the 1937-D “Three-Legged” Buffalo Nickel, caused by an over-polished die that removed one of the buffalo’s legs. This error coin is highly sought after, with top-grade specimens selling for tens of thousands of dollars.
Another notable variety is the 1918/7-D overdate, where a 1918 coin was struck over a 1917 die, creating a distinct “8 over 7” appearance. This rarity has sold for as much as $801,000 in auctions, making it one of the most valuable Buffalo Nickels.
3. Condition and Grading
The condition of a coin plays a critical role in its value. Coins are graded on a scale from 1 to 70 by professional services like PCGS or NGC. A Buffalo Nickel in Mint State (MS) condition, especially MS-65 or higher, can be worth exponentially more than a worn example. For instance, a 1918/7-D in MS-65 condition is a numismatic holy grail.
4. Provenance and Auction Records
Coins with a documented history or those sold at high-profile auctions often carry a premium. The $801,000 price tag associated with the 1918/7-D Buffalo Nickel stems from a record-breaking sale, cementing its status as a trophy coin.
The Star of the Show: The 1918/7-D Buffalo Nickel
The 1918/7-D Buffalo Nickel is the crown jewel of the series. This overdate error occurred during World War I, when the Denver Mint was under pressure to produce coins quickly. A die from 1917 was reused, and the “8” was stamped over the “7,” creating a visible doubling effect.
Identifying an authentic 1918/7-D requires careful examination. The overdate is most noticeable in the “8” digit, where traces of the underlying “7” are visible under magnification. Due to its rarity, counterfeits exist, so professional authentication is essential. In top condition, this coin can fetch $801,000 or more, as seen in a 2006 auction where an MS-65 example set a record.
Other Valuable Buffalo Nickels to Watch For
While the 1918/7-D is the most famous, other Buffalo Nickels are also highly valuable:
-
1937-D Three-Legged Buffalo Nickel: This error coin, with its missing leg, can sell for $50,000 or more in high grades.
-
1916/16 Doubled Die Obverse: A rare doubled die variety, with noticeable doubling in the date, can fetch $100,000+ in top condition.
-
1926-S: With a mintage of just 970,000, this San Francisco issue is scarce in high grades, valued at $10,000+ in MS-65.
-
1935 Doubled Die Reverse: This error features doubling on the buffalo and text, with values reaching $5,000 in MS-65.
How to Identify a Rare Buffalo Nickel
Finding a valuable Buffalo Nickel in your change is unlikely but not impossible. Here’s how to check:
-
Examine the Date and Mint Mark: Look for key dates like 1918/7-D, 1937-D, or 1916/16. The mint mark (D for Denver, S for San Francisco, or none for Philadelphia) is located below the buffalo on the reverse.
-
Check for Errors: Use a magnifying glass to spot overdates, missing legs, or doubled die features.
-
Assess Condition: Coins with sharp details, minimal wear, and original luster are more valuable.
-
Authenticate with Experts: If you suspect a rare coin, consult a professional grading service like PCGS or NGC.
Tips for Collectors and Hobbyists
If you’re inspired to start collecting Buffalo Nickels, here are some tips:
-
Start with Common Dates: Build your collection with affordable, circulated examples before chasing rarities.
-
Learn Grading Standards: Understanding coin grading will help you make informed purchases.
-
Buy Certified Coins: For high-value coins, stick to those graded by PCGS or NGC to avoid counterfeits.
-
Join Numismatic Communities: Engage with local coin clubs or online forums to learn from experienced collectors.
-
Store Coins Properly: Use acid-free holders or albums to protect your coins from damage.
The Market for Buffalo Nickels Today
The market for Buffalo Nickels remains strong, driven by their historical appeal and scarcity. Auction houses like Heritage Auctions and Stack’s Bowers regularly feature rare examples, with prices ranging from a few hundred dollars for common dates in high grades to hundreds of thousands for key rarities. Online platforms like eBay also offer opportunities to buy, but caution is advised to avoid overpaying or purchasing fakes.
Recent trends show growing interest in error coins and high-grade specimens. The $801,000 sale of the 1918/7-D has sparked renewed excitement, encouraging collectors to scour their change and old collections for hidden gems.
Could You Have a Fortune in Your Pocket?
While the odds of finding an $801,000 Buffalo Nickel in your change are slim, the possibility adds excitement to everyday transactions. The next time you receive a nickel, take a moment to check the date and mint mark. You might not find an 1918/7-D, but even a common Buffalo Nickel in good condition could be worth more than five cents.
If you’re new to coin collecting, the Buffalo Nickel is an excellent starting point. Its rich history, iconic design, and potential for high-value discoveries make it a favorite among hobbyists. Whether you’re hunting for a rare error coin or simply appreciating Fraser’s artistry, the Buffalo Nickel offers a tangible connection to America’s past.
Looking Ahead
The Buffalo Nickel is more than just a coin—it’s a piece of history that could be worth a fortune. From the legendary 1918/7-D overdate to the quirky Three-Legged variety, these nickels have captivated collectors for decades. By learning to identify key dates, errors, and high-grade examples, you can join the hunt for these numismatic treasures. So, check your change, dig through old jars, and keep an eye out for that elusive Buffalo Nickel that could change your life.