1913 Nickel Value: Liberty Head & Buffalo Types 1 & 2

1913 Nickels: A Year of Transition and Rarity

The year 1913 holds a singular place in American numismatics as the only year producing both Liberty Head and Buffalo Nickel designs—though under vastly different circumstances. While the official U.S. Mint records show zero production of Liberty Head Nickels in 1913, five specimens exist as unauthorized Proof strikes, making them among the most valuable coins in the world. Meanwhile, the new Buffalo (Indian Head) Nickel debuted in February 1913 with two distinct reverse types produced that same year.

This guide covers all three 1913 five-cent designs: the legendary Liberty Head rarities valued at $3.7 million to $4.6 million each, and the Buffalo Nickels ranging from $10 for common dates to over $100,000 for key varieties and top-grade specimens. The Buffalo Nickel's mid-year design change created the Type 1 (raised ground) and Type 2 (recessed denomination) varieties, each with different market values based on mint and condition.

The three distinct 1913 nickel designs: Liberty Head (unauthorized), Buffalo Type 1 (raised ground), and Type 2 (recessed denomination).

Whether you've inherited a 1913 nickel or are researching this pivotal year in U.S. coinage, understanding the dramatic value differences between designs, types, and mint marks is essential. This comprehensive analysis provides current market values, authentication guidance, and grading standards based on actual auction results and certified coin sales data.

Identifying Your 1913 Nickel: Design Types and Mint Marks

Before determining value, you must correctly identify which of the three 1913 nickel designs you possess. The differences are immediately apparent, but subtle diagnostic features distinguish variants within each type.

Liberty Head Nickel (1913)

The 1913 Liberty Head Nickel is extraordinarily rare—only five specimens are known to exist. The obverse features Liberty's left-facing profile wearing a coronet inscribed with "LIBERTY," surrounded by 13 stars. The reverse displays the Roman numeral V (representing five cents) encircled by a wreath. All five known examples are Proof strikes from the Philadelphia Mint and bear no mint mark.

Buffalo Nickel Type 1 (Raised Ground)

The Buffalo Nickel Type 1, introduced in February 1913, features a composite Native American portrait on the obverse (modeled after three individuals) and an American Bison standing on a raised mound on the reverse. The denomination "FIVE CENTS" is inscribed on this raised ground, which caused rapid wear in circulation—prompting the mid-year design change.

Buffalo Nickel Type 2 (Recessed Denomination)

To address the wear problem, U.S. Mint Chief Engraver Charles Barber modified the reverse design. The Type 2 design features a horizontal line cut below the bison, creating a recessed area (exergue) where "FIVE CENTS" sits protected from wear. This is the easiest way to distinguish the two types: Type 1 has the bison standing on a raised mound, while Type 2 shows a flat line with the denomination recessed below it.

Type 1 (left) has raised mound under 'FIVE CENTS' which wore quickly. Type 2 (right) has recessed denomination for protection.

Mint Mark Location

For Buffalo Nickels, the mint mark is located on the reverse, below the denomination "FIVE CENTS." A "D" indicates Denver Mint production, while an "S" denotes San Francisco. Philadelphia Mint coins bear no mint mark. Liberty Head specimens, being unauthorized Proofs, were all struck at Philadelphia and have no mint mark.

Mint mark location on Buffalo Nickels: below 'FIVE CENTS' on the reverse. 'D' for Denver, 'S' for San Francisco, no mark for Philadelphia.

Use magnification to examine the mint mark area, as added or altered mint marks are the most common method for creating counterfeit key dates (particularly the valuable 1913-S Type 2). Genuine mint marks should be sharp, properly sized, and show no signs of tooling, halos, or inconsistent metal flow.

1913 Nickel Value Guide: Current Market Prices

The market for 1913 nickels spans from pocket change to multi-million-dollar rarities. Values depend on design type, mint mark, strike type (business strike vs. proof), and condition grade. All prices reflect certified examples in problem-free, original condition as of November 2025.

1913 Liberty Head Nickel (Proof - 5 Known)

Standard price guides do not apply to the 1913 Liberty Head Nickel. Each of the five known specimens is valued individually based on its provenance (ownership history), grade, and most recent sale. Two specimens reside in permanent museum collections (Smithsonian and ANA) and are not available for purchase. The three privately held examples have sold for:

• Eliasberg Specimen (PCGS PR66):$4,560,000(Stack's Bowers, August 2018)
• Walton Specimen (PCGS PR63):$4,200,000(Private Sale, October 2022)
• Olsen Specimen (NGC PR64):$3,737,500(Heritage Auctions, January 2010)

These coins trade infrequently, and each sale establishes a new benchmark. Any specimen offered outside these three known privately held coins is a counterfeit.

1913 Buffalo Nickel Type 1 (Business Strikes)

Type 1 Buffalo Nickels are common across all three mints due to widespread public hoarding as first-year-of-issue coins. Even in Mint State grades, these are affordable coins—though gem examples command premiums. Values from PCGS and NGC price guides:

Auction Highlights: A 1913 Type 1 (P) in MS-68+ sold for $79,313 in April 2021, while a 1913-D Type 1 MS-68 brought $33,600 in May 2025.

1913 Buffalo Nickel Type 2 (Business Strikes)

The Type 2 issues present a dramatically different market profile. The Philadelphia Type 2 is common, but the 1913-D Type 2 is a semi-key date, and the 1913-S Type 2 is one of the premier key dates of the entire Buffalo Nickel series due to its low mintage (1,209,000) and lack of contemporary hoarding.

The 1913-S Type 2 is a premier key date with only 1,209,000 minted. Values range from $270 in G-4 to over $40,000 in MS-67.

Auction Highlights: A 1913-D Type 2 MS-68 realized $143,750(January 2008), while a 1913-S Type 2 MS-67+ brought $45,825(March 2019).

1913 Buffalo Nickel Matte Proofs

The Philadelphia Mint struck Matte Proof coins for collectors in 1913 for both Type 1 (mintage: 1,520) and Type 2 (mintage: 1,514). These have a fine, granular "sandblast" texture and are distinguished by sharp strikes, square rims, and distinct surfaces. Counterintuitively, the Type 1 Matte Proofs command higher prices than Type 2 in top grades because they are notoriously difficult to distinguish from well-struck business strikes—making fully identifiable high-grade Type 1 Proofs extreme condition rarities.

Auction Record: A 1913 Type 1 Matte Proof PR-68 sold for $96,938(September 2021), while a Type 2 PR-68 brought $9,200(January 2011).

Grading 1913 Buffalo Nickels: Standards and Diagnostics

Accurate grading is essential for determining value, as condition premiums can range from modest to extreme. The 1913 Buffalo Nickel presents unique grading challenges due to strike variations and the "full horn" fallacy that misleads many collectors.

Key Grade Definitions

Good (G-4): Heavy wear on all high points. The date "1913" must be fully readable, though weak. On the obverse, the hair detail is mostly gone, and the cheek shows significant flattening. On the reverse, the bison's body outline remains but with minimal interior detail. The horn may be completely worn away, and the tail is often just a line.

Very Fine (VF-20): Moderate wear but major design elements clear. On the obverse, approximately 50% of hair detail remains visible, particularly in the braid. The Indian's cheekbone shows wear but retains definition. On the reverse, the bison's hip and shoulder show moderate flatness, but the separation between body and leg remains distinct. The horn typically shows partial detail—though this varies significantly by strike quality.

Extremely Fine (EF-40): Light wear on highest points only. The obverse shows approximately 75% of original hair detail, with the braid fully defined and cheekbone sharp. On the reverse, slight flatness appears on the bison's hip and shoulder, but the horn retains most detail (strike quality permitting). The tail shows clear separation from the body.

About Uncirculated (AU-50): Only the slightest friction on highest points. Original mint luster is visible in protected areas (around letters, within design recesses). The obverse shows full hair detail with only minimal disruption on the cheekbone. The reverse exhibits sharp details throughout, though the very highest point of the bison's hip may show light friction.

Mint State (MS-60 to MS-70): No wear whatsoever. Grading distinctions are based on strike quality, luster preservation, contact marks, and eye appeal. An MS-60 coin will have numerous contact marks, possibly dull or subdued luster, and may show strike weakness. An MS-65 exhibits vibrant luster, minimal contact marks (none in focal areas), and good strike quality. MS-67+ coins show exceptional luster, virtually no marks, and are typically well-struck.

Grade progression: G-4 (heavy wear, barely visible details), VF-20 (moderate wear, bison horn partial), MS-65 (full luster, no wear).

The "Full Horn" Myth: Strike vs. Wear

A critical error in Buffalo Nickel grading is applying the "full horn" rule uniformly. Many grading references state that EF or AU coins must exhibit a complete bison horn. This is incorrect for significant portions of the Buffalo Nickel series, including many 1913 issues.

The Buffalo Nickel series is notorious for weakly struck coins, especially from the Denver and San Francisco mints. The 1913-S Type 1 is specifically noted as "quite poorly struck" in numismatic literature. Many Mint State (MS-60 to MS-65) examples of these coins will not have a full horn—not because of wear, but because of weak die pressure during striking.

Many 1913 Buffalo Nickels, especially from Denver and San Francisco, have weakly struck horns even in Mint State. Judge by luster and wear, not horn completeness.

Diagnostic Areas for Wear Detection

Obverse Critical Points:

• Indian's Cheekbone: The first area to show wear. Even light friction appears as a subtle flattening or loss of luster on the highest point of the cheek.
• Hair Above the Ear: Fine hair lines show wear quickly. Compare luster in this area to protected regions behind the neck.
• Top of the Braid: Wear flattens the rounded contours of the braid strands. Check for luster breaks.

Reverse Critical Points:

• Bison's Hip: The absolute highest point on the reverse. Any wear will appear here first as a flattening or luster break.
• Bison's Shoulder: The second-highest point. Wear creates a flat, shiny patch on the rounded muscle.
• Tail: Wear merges the tail into the body, losing the separation line. However, weak strikes can also show poor tail definition.

Use magnification (10x) and rotate the coin under a single light source to detect luster breaks that indicate wear versus strike weakness, which shows consistent luster but weak design detail.

Notable 1913 Buffalo Nickel Die Varieties

Six significant die varieties exist for 1913 Buffalo Nickels, primarily attributed using Fivaz-Stanton (FS) numbers. These command substantial premiums over regular strikes, and authentication by PCGS or NGC is recommended.

1913-P Type 1 3-1/2 Legs (FS-901)

A die-polishing variety where the lower portion of the bison's front right leg has been partially or completely removed, creating the appearance of "three and a half legs." This variety results from excessive die polishing to remove clash marks or other imperfections.

Market Values: PCGS MS-63: ~$4,230 | PCGS MS-64: $10,350 – $19,550

The 1913-P Type 1 '3-1/2 Legs' variety (FS-901) shows partial removal of the bison's front right leg from die polishing. PCGS-only variety.

1913-D Type 1 Two Feathers (FS-401)

A die-polishing variety where the third (lowest) feather in the Indian's braid has been completely effaced. Instead of the standard three feathers, only two remain visible. This variety is recognized by both PCGS and NGC.

Market Values: G-4: ~$45 | VF-20: ~$65 | AU-50: ~$160 | MS-65: ~$1,750

1913-S Type 1 Two Feathers (FS-401)

The same diagnostic as the 1913-D (removed third feather) applies to the San Francisco Type 1. This variety on the already scarcer S-mint Type 1 commands additional premium.

Market Value: MS-65: ~$2,750

The '2 Feathers' variety (FS-401) affects 1913-D and 1913-S Type 1 nickels. The lowest feather in the Indian's braid is effaced from die polishing.

1913-P Type 2 DDO (FS-1101)

A significant Doubled Die Obverse showing clear doubling on the date "1913" and the "LIBERTY" inscription. The doubling is most prominent on the digits and is visible with modest magnification (5-10x).

Market Value: MS-65: ~$1,750

1913-P Type 2 DDR (FS-1801)

A significant Doubled Die Reverse with clear doubling visible on "E PLURIBUS UNUM" and "FIVE CENTS." This is one of the more readily identifiable Buffalo Nickel varieties, as the doubling on the motto is visible even to the naked eye on higher-grade examples.

Market Values: AU-55: $105 – $170 | MS-64: $330 – $590 | MS-65: ~$750

1913-S Type 2 S/S Repunched Mint Mark (VP-001)

A repunched mint mark (RPM) where a clear, secondary "S" is visible to the east (left) of the primary "S" mint mark. This is attributed using the VarietyPlus system (VP-001). Examples are scarce, and no reliable public pricing data exists—value is determined through individual negotiation or auction results.

Authentication: Examine the area immediately to the left of the "S" mint mark under 10x magnification. The secondary punch should show as a distinct "S" outline or partial impression.

1913 Buffalo Nickel Mint Errors

Mint errors from 1913 are highly collectible, with values determined by the severity and eye appeal of the error, as well as the base coin's rarity. An error on a 1913-S Type 2 (a key date) commands significantly more than the same error on a common 1913-P Type 1.

Clipped Planchet Errors

Clipped planchet errors occur when the coin blank is improperly cut from the metal strip, resulting in a missing segment. Straight clips (from the edge of the strip) are most common, while curved clips (from overlapping punches) are more desirable. Value increases with clip size, but clips over 20% often leave the date missing, reducing value.

Value Range: 1913-P Type 1, <5% clip, AU: $40 – $75 | 1913-S Type 2, 10-15% clip, PCGS AU55: $750 – $900

Lamination Errors

Laminations occur when impurities in the metal alloy cause the surface to separate or peel. Major laminations affecting the obverse design (particularly the Indian's portrait) are most desirable. Minor edge laminations have minimal premium.

Value Range: Minor, AU: $30 – $50 | Major obverse peel, VF/XF: $125 – $200

Off-Center Strikes

Off-center strikes occur when the planchet is not properly centered in the collar during striking. The most valuable off-center errors are 40-60% displaced but retain a full date. Errors less than 10% off-center have minimal premium, while those over 75% off-center often lack dates and are less desirable to collectors.

Off-center strikes are collectible errors. Most valuable when 40-60% off-center with date still visible. Values: $75-$350 depending on severity and base coin.

Value Range: 10-15% off-center, AU: $75 – $125 | 40-60% off-center (date visible), XF: $200 – $350

Rotated Die Errors

A rotated die error occurs when the reverse die is improperly aligned, causing the reverse design to be rotated relative to the obverse. Dramatic rotations (90-180 degrees) are most valuable, while minor rotations (5-15 degrees) carry minimal premium.

Value Range: 15-30 degree rotation, AU: $30 – $75

Split Planchet Errors

A split planchet, also called a "clamshell" error, occurs when a lamination splits the planchet completely before striking, creating two thin pieces. If both pieces remain attached at one point, the result is a dramatically curved, shell-like coin. These are rare and highly sought by error collectors.

Value Range: 1913-P Type 1, PCGS G4: $200 – $250

Broadstrike Errors

A broadstrike occurs when the coin is struck without the retaining collar, allowing the metal to spread beyond normal diameter. Broadstrikes are slightly larger than normal and have no reeding (though Buffalo Nickels have plain edges anyway). These are relatively common errors.

Value Range: Uncirculated: $100 – $175

All error values assume certification by PCGS or NGC. Raw (uncertified) error coins typically trade for 30-50% less due to authentication concerns.

Authentication and Counterfeit Detection

The high values of 1913 key dates and varieties make them prime targets for counterfeiters. Several sophisticated fakes exist, and collectors should employ multiple authentication techniques before purchasing uncertified examples.

1913 Liberty Head Nickel Counterfeits: Any specimen offered that is not one of the three known privately held coins (Eliasberg, Olsen, Walton) is a counterfeit. The most common method is date alteration—typically a 1910, 1911, or 1912 Liberty Head Nickel with a manipulated "3." Under magnification, altered dates show tooling marks, uneven spacing, or inconsistent metal flow. All five genuine Liberty Head specimens were struck from the same Proof dies and exhibit identical die characteristics.

Added Mint Mark Detection: The 1913-S Type 2 is frequently counterfeited by adding an "S" mint mark to a common 1913-P Type 2. Diagnostic signs include:

• Tooling Marks: Tiny scratches or disturbances in the field around the mint mark from engraving tools
• Halo Effect: A circular disturbance in the metal surrounding the mint mark, caused by punching or adhesive
• Font Inconsistency: The added "S" may be slightly wrong in size, shape, or style compared to genuine S-mint marks
• Mushy Appearance: Added mint marks often lack the sharp, crisp punch of genuine marks

Authentication red flags: added mint marks show tooling or halos, seamed fakes show thin edge lines. Always verify weight (5.00 grams exact).

Seamed Coins: NGC has identified a deceptive counterfeit created by fusing the obverse and reverse of two separate coins—using a genuine 1913-S reverse with a 1913-P obverse. The primary diagnostic is a thin seam or tool marks visible on the edge of the coin. Always examine the edge under magnification when evaluating high-value S-mint coins.

Weight Verification: Genuine Buffalo Nickels must weigh exactly 5.00 grams. Counterfeits, particularly cast examples or seamed coins, are often underweight. An identified seamed fake weighed 4.44 grams. Use a precision scale (accurate to 0.01 grams) to verify weight.

Cleaned Coin Detection: Cleaned coins are not counterfeits but are considered "problem coins" that trade at steep discounts. Signs of cleaning include:

• Hairlines: Fine, parallel scratches visible under magnification (10x), caused by wiping with cloth or abrasive
• Unnatural Luster: Coins that are "too bright," have a glossy sheen, or exhibit uniform coloration from chemical dipping
• Dull, Etched Surfaces: A lifeless, "dead" appearance caused by harsh chemical stripping

Professional Certification: For any 1913 Buffalo Nickel valued over $500, professional authentication by PCGS or NGC is strongly recommended. Certified coins are individually examined, authenticated, graded, and encapsulated in tamper-evident holders. While certification costs $20-$100+ depending on value and service level, it provides essential assurance for investment-grade purchases.

Preservation and Storage Best Practices

The 75% copper, 25% nickel alloy of 1913 nickels is chemically stable and relatively durable compared to pure copper or silver coins. However, proper storage remains essential to preserve numismatic value and prevent environmental damage.

Storage Environment: Store coins in a climate-controlled environment with stable temperature (65-70°F ideal) and low humidity (30-40% relative humidity). Avoid basements, attics, or other areas with temperature fluctuations or moisture. High humidity can cause toning or surface spots, while extreme temperature changes can stress metal and damage holders.

Holders and Encapsulation: Professional certification by PCGS or NGC provides the best long-term storage. Their inert, archival-quality holders are sonically sealed and provide excellent protection. For uncertified coins, use archival flips (Mylar or other inert plastic—never PVC) or individual capsules. Store holders in albums or boxes designed for numismatic storage.

Handling Practices: Minimize handling. When necessary, hold coins by the edge only, never touching obverse or reverse surfaces. Even clean hands deposit oils, moisture, and contaminants that can cause spotting or toning over time. Wear cotton or nitrile gloves for extended handling sessions. Always handle coins over a soft surface (felt pad or velvet tray) to prevent damage if dropped.

Environmental Hazards: Avoid exposure to:

• PVC: Polyvinyl chloride (found in old coin flips and some plastics) releases acids that cause green, corrosive residue. Always use PVC-free storage materials.
• Sulfur: Present in some papers, cardboard, and rubber bands. Causes dark toning or spots on nickel surfaces.
• Direct Sunlight: Prolonged UV exposure can cause uneven toning and fade original luster.

Cleaning Warning: Never attempt to clean coins. Any cleaning—even gentle methods—causes hairline scratches, removes original surface, and dramatically reduces numismatic value. Coins graded as "Details - Cleaned" by certification services typically sell for 50-80% less than problem-free examples. If a coin appears dirty or has spots, consult a professional conservator before taking any action.

Recent Auction Results and Market Trends

Auction results from 2018-2025 demonstrate strong, sustained demand for premium 1913 nickels across all types. The following sales represent actual realized prices (including buyer's premium) from major numismatic auctions.

1913 Liberty Head Nickel:

• $4,560,000 - Eliasberg Specimen, PCGS PR66 (Stack's Bowers, August 2018)
• $4,200,000 - Walton Specimen, PCGS PR63 (Private Sale via GreatCollections, October 2022)

1913 Buffalo Type 1 Business Strikes:

• $79,313 - 1913-P Type 1, MS-68+ (April 2021)
• $33,600 - 1913-D Type 1, MS-68 (May 2025)
• $16,800 - 1913-S Type 1, MS-67+ (April 2021)

1913 Buffalo Type 2 Business Strikes:

• $143,750 - 1913-D Type 2, MS-68 (January 2008)
• $45,825 - 1913-S Type 2, MS-67+ (March 2019)
• $17,038 - 1913-P Type 2, MS-67+ (May 2023)

1913 Buffalo Matte Proofs:

• $96,938 - 1913 Type 1 Matte Proof, PR-68 (September 2021)
• $9,200 - 1913 Type 2 Matte Proof, PR-68 (January 2011)

Market trends show continued strong performance for condition census (top 5-10 known) examples and key dates. The 1913-S Type 2 has appreciated significantly over the past decade, with MS-65 examples rising from approximately $2,500 in 2015 to $4,250+ in 2025. Premium gem Buffalo Nickels (MS-67+) consistently achieve strong prices when offered, reflecting limited availability and sustained collector demand.

Frequently Asked Questions About 1913 Nickels

Research Methodology and Sources

The values and information in this guide are compiled from authoritative numismatic sources including PCGS CoinFacts, NGC Coin Explorer, realized auction prices from Heritage Auctions, Stack's Bowers, and GreatCollections, and published numismatic research. Historical information is sourced from the American Numismatic Association, Smithsonian Institution records, and peer-reviewed numismatic literature.

Price ranges reflect retail values for certified coins in problem-free, original condition as of November 2025. Market values fluctuate based on supply, demand, auction results, and economic conditions. Wholesale (dealer buy) prices are typically 20-40% lower than retail values for common dates, and closer to retail for rare specimens. Auction results include buyer's premium (typically 15-20%).

Melt value calculations are based on commodity prices from early November 2025: copper at approximately $0.0107 per gram and nickel at approximately $0.015 per gram, sourced from Kitco and Investing.com. For all 1913 nickels, numismatic value substantially exceeds intrinsic metal value.