Buffalo Nickel Value Guide (1913–1938)

Complete Buffalo Nickel values 1913-1938. Find your coin's worth by year, mint mark, and condition. Key dates like 1926-S, 1918/7-D overdate, 1937-D 3-Legged variety, and grading tips.

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Quick Answer

Buffalo Nickel values range from $0.20 (dateless culls) to over $350,000 for the rarest varieties.

Dateless coins: $0.20–$0.50 (extremely common due to raised design)
Common dates (readable): $1–$150 depending on condition
Key dates: 1926-S ($30–$15,000+), 1921-S ($90–$4,500), 1924-S ($35–$5,500+)
Major varieties: 1918/7-D ($1,100–$350,000+), 1937-D 3-Legged ($600–$35,000+), 1916 DDO ($3,000–$280,000+)

Value depends heavily on strike quality and the visibility of the buffalo's horn. The 1913 series includes two distinct types (Type 1 raised ground vs. Type 2 recessed ground).

Buffalo Nickel Value Tool

Answer a few quick questions to estimate your coin's value

Values are estimates based on recent market data as of 2026-01.

Actual value depends on precise grade, strike quality, eye appeal, and current market conditions.

Buffalo Nickel values are heavily influenced by strike quality – weak strikes trade at significant discounts.

Chemically restored dates ('Nic-A-Date') reduce value to 10–20% of graded coin values.

Professional grading by PCGS or NGC is recommended for coins valued over $100.

The Buffalo Nickel stands as one of American numismatics' most iconic and challenging series. Designed by sculptor James Earle Fraser and minted from 1913 through 1938, these coins feature a distinctly American narrative: a composite portrait of three Native American chiefs on the obverse and an American bison (Black Diamond, a resident of the New York Zoological Gardens) on the reverse.

Fraser's artistry came with a critical design flaw—the date was placed on a raised area that wore rapidly through circulation. This fundamental weakness means that millions of Buffalo Nickels survive today without readable dates, trading as "dateless" culls worth mere cents. For collectors, this creates a unique market dynamic where condition and strike quality determine value far more than mintage figures alone.

This comprehensive guide covers all regular issues from the experimental 1913 Type 1 through the final 1938-D, plus the series' most significant varieties including the legendary 1918/7-D overdate and the famous 1937-D 3-Legged Buffalo. Whether you're identifying a coin from an inherited collection or building a complete date-and-mint set, understanding the "Full Horn" grading standard and strike quality variations is essential to accurate valuation.

Buffalo Nickel Identification Guide

Identifying your Buffalo Nickel begins with three critical diagnostic points: date visibility, mint mark location, and type determination (for 1913 coins only).

Reading the Date

The date appears on the obverse (front) below the Native American's chin. Due to the raised design, this area wore quickly—often becoming completely illegible within months of circulation. If you cannot read any digits, you have a "dateless" coin worth $0.20–$0.50. Chemical restoration products ("Nic-A-Date") can reveal worn dates but leave an etched, damaged surface that reduces numismatic value to 10–20% of a naturally graded coin.

💡 Date Visibility Matters

A readable date is the single most important factor for Buffalo Nickel value. Even low-grade coins (G4) with clear dates are worth $2–$15 for common issues, while dateless examples are essentially bullion-weight copper-nickel.

Locating the Mint Mark

Mint marks appear on the reverse (back) below "FIVE CENTS," between the denomination and the ground line. Three mint marks exist:

No mint mark = Philadelphia Mint
D = Denver Mint
S = San Francisco Mint

The mint mark area also wears heavily. On heavily circulated coins, you may need magnification to distinguish a worn "D" or "S" from no mint mark at all.

Buffalo Nickel reverse showing mint mark location below "FIVE CENTS"

Composition & Physical Characteristics

All Buffalo Nickels share the same composition:

Composition: 75% Copper, 25% Nickel
Weight: 5.00 grams
Diameter: 21.2mm
Edge: Plain (no reeding)

Buffalo Nickels contain no precious metal and have no significant melt value above face value.

1913 Buffalo Nickel: Type 1 vs Type 2 Explained

The Buffalo Nickel series launched in 1913 with a design that was immediately recognized as flawed. The U.S. Mint produced two distinct types in the inaugural year, making 1913 the only year requiring collectors to specify "Type 1" or "Type 2" when describing their coins.

Type 1 (Raised Ground) — Early 1913

The original design featured the buffalo standing on a raised mound with "FIVE CENTS" positioned high on the reverse. This elevated surface exposed the denomination to rapid wear, causing the value to become illegible within weeks of circulation.

Diagnostic: Buffalo stands on a distinct raised mound; "FIVE CENTS" appears prominently above a curved ground line
Production: January–March 1913
Mintages: 30.9M (Philadelphia), 5.3M (Denver), 2.1M (San Francisco)
Collecting Note: Type 1 coins are relatively common in high grades due to public hoarding of the "new design"

Type 2 (Recessed Ground) — Late 1913 Through 1938

In response to rapid wear complaints, the Mint redesigned the reverse in mid-1913. The ground line was flattened and "FIVE CENTS" was recessed into a depression below the buffalo, providing better protection from wear.

Diagnostic: Buffalo stands on a straight, flat line; "FIVE CENTS" appears in a recessed area below the buffalo
Production: April 1913 onwards (all subsequent years are Type 2)
Mintages: 29.8M (Philadelphia), 4.1M (Denver), 1.2M (San Francisco)
Collecting Note: The 1913-S Type 2 (1.2 million mintage) is the rarest regular 1913 issue and a major key date worth $340–$4,000+

Side-by-side comparison: 1913 Type 1 (left) with raised mound vs. 1913 Type 2 (right) with recessed ground and denomination

⚠️ Attribution Critical for 1913-S

The difference between a 1913-S Type 1 (worth $50–$650) and a 1913-S Type 2 (worth $340–$4,000+) is substantial. If you have a 1913-S coin, accurate type attribution is essential for proper valuation. Consult this detailed type guide or submit the coin for professional grading.

For more information on the design modification and its impact on the series, see CoinWeek's Type 2 Buffalo Nickel guide.

Buffalo Nickel Value Chart (1913-1938)

This comprehensive price guide shows values for all Buffalo Nickel issues from 1913 to 1938. Prices reflect certified (PCGS/NGC) examples and represent average strike quality for each grade. Well-struck examples can command premiums of 300-500% above listed values, particularly for 1920s Denver and San Francisco issues. Key dates are highlighted in amber.

💰 Understanding the Value Ranges

Circulated (G4-AU58): Represents the market spread from Good (G4, date readable but horn worn flat) to About Uncirculated (AU58, full horn with light wear and luster).
Uncirculated (MS60-MS65): Basal Mint State to Gem quality.
Proof: Matte finish (1913–1916) or Brilliant/Satin finish (1936–1937).

Year	Mint	Type/Variety	Mintage	Circulated (G4-AU58)	Uncirculated (MS60-MS65)	Proof (PR60-65)	Notes
1913	P	Type 1 (Raised Ground)	30.9M	$12–$35	$45–$120	$1,300–$3,500	First year type; widely saved
1913	D	Type 1 (Raised Ground)	5.3M	$18–$65	$90–$350	—	Popular type coin
1913	S	Type 1 (Raised Ground)	2.1M	$50–$160	$250–$650	—	First S-mint; semi-key
1913	P	Type 2 (Recessed)	29.8M	$10–$30	$40–$100	$1,000–$3,000	Redesigned to protect value
1913	D	Type 2 (Recessed)	4.1M	$120–$350	$550–$1,400	—	KEY DATE — Low survival in high grade
1913	S	Type 2 (Recessed)	1.2M	$340–$950	$1,200–$4,000	—	KEY DATE — Rarest regular 1913
1914	P	Standard	20.6M	$20–$45	$90–$250	$800–$2,500
1914	D	Standard	3.9M	$90–$250	$500–$1,200	—	Semi-key
1914	S	Standard	3.4M	$26–$85	$350–$900	—	Good strikes rare
1915	P	Standard	20.9M	$6–$25	$85–$220	$900–$2,800
1915	D	Standard	7.5M	$20–$80	$300–$850	—
1915	S	Standard	1.5M	$60–$250	$600–$1,800	—	SEMI-KEY
1916	P	Standard	63.4M	$6–$20	$50–$150	$1,200–$3,500	High mintage (see Varieties for DDO)
1916	D	Standard	13.3M	$15–$50	$150–$450	—
1916	S	Standard	11.8M	$12–$45	$150–$500	—
1917	P	Standard	51.7M	$6–$18	$50–$140	—
1917	D	Standard	9.9M	$18–$65	$250–$800	—
1917	S	Standard	4.1M	$22–$90	$400–$1,200	—	Scarce in VF+
1918	P	Standard	32.0M	$6–$20	$80–$250	—
1918	D	Standard	8.3M	$22–$85	$350–$1,100	—	See Varieties for 1918/7-D
1918	S	Standard	4.8M	$15–$75	$600–$2,500	—	CONDITION RARITY in MS
1919	P	Standard	60.8M	$3–$15	$40–$120	—	Common date
1919	D	Standard	8.0M	$15–$80	$350–$1,300	—
1919	S	Standard	7.5M	$10–$60	$450–$2,200	—	Weak strikes common
1920	P	Standard	63.0M	$2–$12	$40–$130	—
1920	D	Standard	9.6M	$12–$70	$350–$1,600	—	Often weak strike
1920	S	Standard	9.6M	$8–$50	$500–$2,800	—	STRIKE RARITY — Rare in Gem
1921	P	Standard	10.6M	$4–$25	$90–$300	—	Lower mintage for Philly
1921	S	Standard	1.5M	$90–$450	$1,800–$4,500	—	KEY DATE — Rare in all grades
1922 — No coins minted this year
1923	P	Standard	35.7M	$3–$15	$50–$150	—
1923	S	Standard	6.1M	$8–$45	$350–$1,200	—
1924	P	Standard	21.6M	$2–$12	$50–$180	—
1924	D	Standard	5.2M	$10–$60	$350–$1,100	—
1924	S	Standard	1.4M	$35–$450	$2,500–$5,500	—	KEY DATE — Very rare in MS
1925	P	Standard	35.5M	$3–$12	$45–$140	—
1925	D	Standard	4.4M	$12–$65	$300–$1,000	—
1925	S	Standard	6.2M	$8–$50	$500–$3,000	—
1926	P	Standard	44.6M	$2–$10	$40–$120	—
1926	D	Standard	5.6M	$12–$55	$250–$900	—
1926	S	Standard	970K	$30–$450	$5,000–$15,000+	—	KEY DATE — Lowest mintage
1927	P	Standard	37.9M	$2–$10	$40–$110	—
1927	D	Standard	5.7M	$4–$35	$180–$650	—
1927	S	Standard	3.4M	$3–$25	$150–$800	—
1928	P	Standard	23.4M	$2–$8	$35–$100	—
1928	D	Standard	6.4M	$3–$20	$90–$300	—
1928	S	Standard	6.9M	$2–$15	$60–$250	—
1929	P	Standard	36.4M	$2–$8	$30–$90	—	Stock market crash year
1929	D	Standard	8.3M	$3–$20	$80–$250	—
1929	S	Standard	7.7M	$2–$15	$50–$200	—
1930	P	Standard	22.8M	$2–$8	$30–$90	—
1930	S	Standard	5.4M	$3–$20	$60–$220	—	No Denver mint this year
1931	S	Standard	1.2M	$12–$40	$60–$180	—	SEMI-KEY — Low mintage but hoarded
1932 — No coins minted this year (economic depression)
1933 — No coins minted this year (economic depression)
1934	P	Standard	20.2M	$2–$8	$30–$80	—
1934	D	Standard	7.4M	$3–$15	$55–$160	—
1935	P	Standard	58.2M	$1–$5	$25–$60	—	See Varieties for DDR
1935	D	Standard	12.0M	$2–$8	$35–$100	—
1935	S	Standard	10.3M	$2–$6	$30–$90	—
1936	P	Standard	119.0M	$1–$4	$20–$50	$900–$1,800	Satin & Brilliant Proofs exist
1936	D	Standard	24.8M	$2–$5	$25–$70	—	See Varieties for 3½ Legs
1936	S	Standard	14.9M	$2–$5	$25–$80	—
1937	P	Standard	79.4M	$1–$4	$20–$50	$900–$1,800	Last year of Proofs
1937	D	Standard	17.8M	$2–$6	$25–$70	—	See Varieties for 3-Legged
1937	S	Standard	5.6M	$2–$8	$30–$90	—
1938	D	Standard	7.0M	$3–$10	$30–$80	—	Only D-mint produced in '38

Prices reflect average strike quality. Well-struck examples with Full Horn detail and sharp braid lines command 2-5× premiums, particularly for 1917-1926 Denver and San Francisco issues. For current spot prices and real-time market data, consult PCGS Price Guide or NGC Price Guide.

Dateless Buffalo Nickels: Why Dates Wear Off

One of the most common questions in Buffalo Nickel collecting is: "Why is my coin's date completely worn off?" The answer lies in Fraser's raised-relief design—a visually stunning but functionally flawed approach to denomination placement.

The Design Flaw

On the Buffalo Nickel, the date sits on the front (obverse) directly below the Native American's chin, positioned on a raised area of the planchet. This elevated position meant the date was the first feature to contact other surfaces during circulation—pockets, cash registers, other coins. Within months of entering commerce, moderate wear could render the date illegible.

The 1913 Type 2 redesign attempted to address this by recessing "FIVE CENTS" on the reverse, but the date remained vulnerable. By some estimates, over 100 million dateless Buffalo Nickels exist today—more dateless examples than any other U.S. coin series.

Comparison of readable date vs. completely worn date area on Buffalo Nickels

Market Value of Dateless Coins

Without a date, a Buffalo Nickel loses virtually all numismatic value:

Typical value: $0.20–$0.50
Composition value: Negligible (75% copper, 25% nickel has minimal scrap value)
Collectibility: Used as jewelry material, craft projects, or as "space fillers" in low-budget albums

Chemical Date Restoration ("Nic-A-Date")

Several commercial products (most famously "Nic-A-Date") use ferric chloride or similar acids to chemically reveal worn dates. The process works by differentiating the copper content in date-area metal that was compressed under high die pressure from the surrounding unstruck surface.

⚠️ Chemical Restoration Destroys Value

Chemically restored dates are considered damaged coins. The acid etches the surface, leaving visible staining and corrosion. A chemically treated coin is worth 10–20% of a naturally graded coin at best. PCGS and NGC will not certify coins with chemically restored dates. For educational or reference purposes, chemical restoration is acceptable—but it eliminates any investment potential.

For an in-depth discussion of dateless Buffalo Nickels and restoration techniques, see Gainesville Coins' no-date guide or The Spruce Crafts' analysis.

What If My Coin Has a Partial Date?

If you can read any digits—even just "19__"—the coin has significantly more value than a completely dateless example. A partial date at minimum confirms it's not a counterfeit and may allow educated guessing (e.g., a weak "192_" could be narrowed to 1920-1929 based on mint mark and other diagnostics). Always have partially dated coins examined by a professional.

Buffalo Nickel Market Analysis by Era

The Buffalo Nickel's 26 years of production span three distinct economic periods, each with unique collecting challenges and value dynamics.

1913-1916: The Experimental Era

Launch & Refinement Period

Two distinct types (1913 only) | Matte finish proofs | High public interest led to widespread saving

The series' debut generated enormous public enthusiasm. Collectors and the general public alike saved 1913 Type 1 coins as souvenirs, resulting in better survival rates for this type in Mint State compared to the scarcer Type 2. The 1913-S Type 2 (1.2 million mintage) and 1913-D Type 2 (4.1 million) are the first major keys, commanding premiums even in low grades.

Matte finish proofs were struck 1913–1916, with mintages ranging from 1,514 (1913) to 600 (1916). These proofs have a distinctive "sandblasted" appearance and trade for $800–$3,500 depending on year and condition.

1917-1926: The "Strike Valley" Era

Quality Control Crisis

Peak strike issues at Denver & San Francisco | Major key dates emerge | Condition rarities define the market

This decade represents the most challenging period for Buffalo Nickel collectors. Quality control at the branch mints collapsed, particularly 1920–1926. Coins were struck with worn dies, insufficient tonnage, and poor planchet preparation. The result: coins that look "mushy" even fresh from the press.

The 1926-S (970,000 mintage) is the undisputed king of the series. Unlike the 1931-S, which had similar low mintage but was heavily hoarded, the 1926-S circulated without notice. It is the only Buffalo Nickel that commands a premium in AG3 condition ($25–$40). In MS65, it routinely exceeds $100,000.

Other critical dates from this era:

1921-S: 1.55 million mintage. Expensive in all grades ($90+ in Good). Weak strikes common.
1924-S: The "sleeper key" (1.43 million). Arguably rarer than 1926-S in Gem condition. MS66+ examples have sold for over $100,000.
1918-S, 1919-S, 1920-S: Major condition rarities. Common in low grades but exceedingly rare in Gem, with prices exceeding $50,000 for well-struck MS65+ examples.

🔍 Strike Quality Premium

A Full Strike 1926-D or 1920-S can command 300–500% over listed "average strike" values. Key indicators: Full horn (tip to base clearly defined), complete tail (separation between tail strands visible), and sharp braid (individual hair ribbons visible on the Indian's head).

1927-1938: The Depression & Recovery Period

Production Gaps & Hoarding

No coins 1932-1933 | Improved strikes | Speculation drives hoarding of 1930s dates

The Great Depression halted production entirely in 1922, 1932, and 1933. When coinage resumed, strike quality generally improved, and public awareness of "rare dates" increased. The 1931-S (1.2 million) was heavily saved by speculators, making it relatively affordable today despite low mintage—a stark contrast to the 1926-S.

Brilliant finish proofs returned in 1936-1937, with some 1936 issues featuring distinctive Satin finishes. Both years' proofs trade for $900–$1,800 in PR63-65.

The 1938-D (7 million mintage) was the only issue of its year and the series' finale. Virtually the entire mintage was saved, making it the most common Buffalo Nickel in Gem condition—often used as an affordable "type coin" at $30–$80 in MS65.

For detailed market analysis and up-to-date auction data, consult PCGS's Buffalo Nickel reference guide or SD Bullion's comprehensive price guide.

Most Valuable Buffalo Nickels

The Buffalo Nickel series contains some of 20th-century American numismatics' most sought-after coins. Unlike series where mintage alone determines value, Buffalo Nickels are prized for a combination of rarity, strike quality, and dramatic die varieties. The coins below represent the elite tier, with auction records in the five- and six-figure range.

1. 1918/7-D Buffalo Nickel Overdate

Variety

Record Sale: $350,750 (MS65, Bowers & Merena 2006)

The "King" of Buffalo Nickel varieties. A 1917 working die was repunched with a 1918 hub, creating a dramatic overdate with a clear "7" visible underneath the "8." This error went unnoticed by numismatists until the 1930s, meaning almost no examples were saved in Mint State. The population of MS65 or higher specimens is estimated at fewer than 10 coins. Even heavily worn examples trade for $1,100–$1,500 in G4.

For detailed attribution diagnostics, see CoinWeek's definitive 1918/7-D guide.

2. 1926-S Buffalo Nickel

Key Date

Record Sale: $322,000 (MS66, Bowers & Merena 2008)

With the lowest mintage of the series (970,000), the 1926-S is the undisputed circulation strike key date. Unlike the 1931-S, which was hoarded, the 1926-S entered circulation without fanfare and was largely forgotten. Finding a specimen with a sharp strike and original luster is exceptionally difficult. It is the only Buffalo Nickel valuable in AG3 condition ($25–$40). In MS65, it frequently exceeds $100,000. Some specimens in MS66 have been valued at over $300,000.

3. 1916 Buffalo Nickel Doubled Die Obverse

Variety

Record Sale: $281,750 (MS64, Bowers & Merena 2004)

This variety features massive, widely spread doubling on the date "1916" and the Native American's chin and throat feathers. It is a "naked eye" variety, meaning the error is visible without magnification. Authentic examples show distinct "notching" or "stacking" on the digits. Like the 1918/7-D, it was discovered late (1960s), leading to very low survival rates in high grades. Heavily counterfeited—certification by PCGS or NGC is mandatory. Values range from $3,000–$4,500 in G4 to $280,000+ in MS64-65.

4. 1924-S Buffalo Nickel

Key Date

Record Sale: $105,750 (MS66+, Stack's Bowers 2016)

The "sleeper key" of the series. While the 1926-S has a lower mintage (970K vs. 1.43M), the 1924-S is arguably rarer in Gem condition. The San Francisco mint produced very few well-struck examples this year, and the survival rate of MS65+ coins is extremely low. In VF20, it trades similarly to the 1921-S (~$450), but in MS65 it jumps to $13,500+, illustrating the dramatic "condition rarity" factor.

5. 1937-D 3-Legged Buffalo Nickel

Error

Record Sale: $99,875 (MS66+, Legend Rare Coin Auctions 2021)

The most famous error in the series. A mint employee over-polished a die to remove clash marks, accidentally removing the buffalo's front right leg. While more common than the 1918/7-D or 1916 DDO (estimated population ~10,000+), demand is astronomical because every collector wants one. It is the "trophy" coin of the series. Authentic examples show a rough "stream" of die erosion lines extending from the buffalo's belly toward the ground (the "pissing buffalo" marker). Heavily counterfeited—beware of standard 1937-D coins with mechanically removed legs.

For authentication tips, see Proxiblog's counterfeit detection guide.

6. 1913-S Type 2 Buffalo Nickel

Key Date

Record Sale: $84,000 (MS67+, Heritage Auctions 2025)

With a mintage of only 1.2 million, the 1913-S Type 2 is the rarest of the six 1913 issues. The redesigned Type 2 reverse (recessed denomination) was introduced mid-year, and few were struck in San Francisco before year's end. It is a key date in all grades, commanding $340+ even in G4—the most expensive "standard" issue in low grades. In MS67, it rivals or exceeds the 1924-S in value.

7. 1920-S Buffalo Nickel (Gem Strike)

Strike Rarity

Estimated Value: $50,000–$75,000+ (MS67, based on market data)

Despite a high mintage (9.6 million), the 1920-S is almost impossible to find with a full strike. Most uncirculated examples have flat horns, undefined tails, and mushy details even at the MS65 level. A Full Strike example in MS65-67 is a major numismatic trophy. In circulated grades, it trades for $8–$50, but the leap to Gem with quality strike pushes values into five figures.

8-10. 1918-S, 1919-S (Condition Rarities)

Condition Rarity

Estimated Values: $60,000–$90,000+ (MS67)

These San Francisco issues from the late teens are major condition rarities. The 1918-S (4.8M) and 1919-S (7.5M) suffer from terrible die quality. In G4, they are $15–$10 coins. In MS65, they jump to $600–$2,500. In MS67 with good strikes, they rival or exceed the 1920-S in value. These are among the hardest dates to find with "pop" luster and sharp detail.

11. 1921-S Buffalo Nickel

Key Date

Estimated Value: $20,000–$25,000+ (MS66)

With a mintage of 1.55 million, the 1921-S is a semi-key date rare in all grades. Even in Good (G4), it commands $90–$150. In MS65, values reach $1,800–$4,500. Strike quality varies widely; Full Strike examples bring significant premiums. For an in-depth analysis, see CoinCollecting's key date guide.

All auction records and values cited reflect certified (PCGS/NGC) examples. For the most current auction prices and population reports, consult PCGS Auction Prices or NGC Auction Central.

Buffalo Nickel Key Dates Worth Money

"Key date" in the Buffalo Nickel series refers not only to mintage scarcity but also to condition rarity and strike quality scarcity. A coin with a high mintage can be a key date if well-struck examples are extraordinarily rare. This section covers the dates every Buffalo Nickel collector should prioritize.

Absolute Key Dates (Five-Figure+ in Circulated Grades)

1926-S (Lowest Mintage)

Mintage: 970,000
Why It's Key: Lowest mintage + heavily circulated with no hoarding = extreme rarity in all grades.
Value Tiers:

AG3 (About Good): $25–$40 — The ONLY Buffalo Nickel valuable in AG3
G4 (Good): $30–$50
VF20 (Very Fine): $200–$300
AU58 (About Uncirculated): $400–$500
MS65 (Gem Uncirculated): $100,000+

Even a problem-free, low-grade 1926-S is a valuable find. For population data and pricing trends, see PCGS CoinFacts.

1913-S Type 2 (Rarest Type 2)

Mintage: 1.2 million
Why It's Key: Shortest production run of the Type 2 design in 1913.
Value Tiers:

G4: $340–$400
VF20: $650–$950
MS65: $3,500–$4,000
MS67+: $80,000+

1913-D Type 2 (Key Type 2 Denver)

Mintage: 4.1 million
Why It's Key: Low survival rate in high grades; much rarer than 1913-D Type 1.
Value Tiers:

G4: $120–$150
VF20: $250–$350
MS65: $1,200–$1,400

Major Semi-Keys (Expensive in All Grades)

1921-S

Mintage: 1.55 million
Value Range:$90–$4,500 (G4 to MS65)
Notes: Weak strikes are endemic. A Full Strike example commands significant premiums. For valuation guidance, see Gainesville Coins' analysis.

1924-S

Mintage: 1.43 million
Value Range:$35–$5,500+ (G4 to MS65)
Notes: The "sleeper key." While the 1926-S is more famous, the 1924-S may be rarer in MS65. Gem examples with full strikes are exceedingly scarce.

1914-D

Mintage: 3.9 million
Value Range:$90–$1,200 (G4 to MS65)
Notes: A consistent semi-key with steady demand. Not as volatile as S-mint issues but always worth significantly more than common dates.

1915-S

Mintage: 1.5 million
Value Range:$60–$1,800 (G4 to MS65)
Notes: Semi-key status. Well-struck examples are rare.

Condition Rarities (High Mintage but Rare in Gem)

1918-S, 1919-S, 1920-S

Mintages: 4.8M, 7.5M, 9.6M respectively
Circulated Value:$8–$75 (G4 to AU58)
MS65+ Value:$500–$2,800+
Why They're Keys: Strike quality. The San Francisco mint's die quality collapsed during this period. Finding ANY of these dates with a sharp horn, defined tail, and strong braid is a major challenge. In MS67, these can rival true low-mintage keys in value.

✅ Collector Strategy

For circulated set builders, focus on acquiring key dates first in affordable VG-F grades. The 1926-S, 1913-S T2, 1921-S, and 1924-S will be your biggest challenges. For Mint State collectors, prioritize strike quality over numerical grade—a properly struck MS63 is often more desirable than a weakly struck MS65.

For a comprehensive key date checklist and current market values, consult CoinCollecting's Buffalo Nickel key dates guide or Gainesville Coins' value chart.

Buffalo Nickel Errors & Rare Varieties

Beyond mintage-driven key dates, the Buffalo Nickel series includes several dramatic die varieties and mint errors that command substantial premiums. These varieties represent the "trophy" coins of the series, with some examples trading for more than six figures.

⚠️ Counterfeit Alert

All major Buffalo Nickel varieties are heavily counterfeited. Common fakes include mechanically altered 1937-D coins (leg removed post-strike) and cast replicas of the 1918/7-D. Never purchase high-value varieties raw (uncertified). Insist on PCGS or NGC authentication. For any coin valued over $500, professional grading is mandatory.

1918/7-D Buffalo Nickel Overdate

Attribution Code: FS-101
Estimated Population: ~300-400 total, <10 in MS65+
Value Range:$1,100–$350,000+ (G4 to MS65)

Diagnostics

The overdate occurred when a 1917 working die was re-hubbed with a 1918 date, creating a visible "7" underneath the "8." Key diagnostic points:

The top horizontal bar of the 7 is visible within the upper loop of the 8
The stem of the 7 cuts through the lower curve of the 8
Under magnification, the doubling appears as distinct "shadowing" rather than die deterioration

Close-up of 1918/7-D overdate showing visible "7" underneath the "8"

Market Analysis

The 1918/7-D is the undisputed "King" of Buffalo varieties. It was not discovered by collectors until the 1930s, meaning almost no examples were saved in Mint State. Even in Good (G4), it commands $1,100–$1,500. In MS65, it has sold for $350,750 (Bowers & Merena, 2006).

For detailed attribution guidance and authentication tips, see CoinWeek's definitive 1918/7-D guide.

1937-D 3-Legged Buffalo Nickel

Attribution Code: FS-901
Estimated Population: ~10,000+ (all grades)
Value Range:$600–$35,000+ (VF20 to MS66)

Diagnostics

This is the most famous error in the series. A mint employee over-polished a die to remove clash marks, accidentally grinding away the buffalo's front right leg. Critical authentication markers:

The buffalo's front right leg is completely missing from the shoulder to the ground
The "Pissing Buffalo" marker: A ragged stream of die erosion lines MUST be present extending from the buffalo's belly toward the ground. This is the key counterfeit detector—if the leg is missing but this stream is absent, the coin is fake.
The grass detail below the buffalo's belly is partially effaced

1937-D 3-Legged Buffalo showing missing leg and "pissing buffalo" die erosion marker

Market Analysis

While more common than the 1918/7-D, the 1937-D 3-Legged is in far greater demand because every collector wants one. It is the "trophy" coin of the series. Values:

VF20: $600–$850
AU50: $1,400–$1,800
MS65: $25,000–$35,000
MS66+: $99,875 (Legend Rare Coin Auctions, 2021)

Counterfeits are rampant. Beware of standard 1937-D coins with mechanically removed legs (usually by filing or grinding). For authentication techniques, consult Proxiblog's fake detection guide or Bullion Exchanges' detailed analysis.

1916 Buffalo Nickel Doubled Die Obverse

Attribution Code: FS-101
Estimated Population: ~100-150 total, <15 in MS63+
Value Range:$3,000–$280,000+ (G4 to MS64)

Diagnostics

This variety features massive, widely spread doubling visible to the naked eye. Key diagnostic points:

Date "1916": Digits appear "stacked" or heavily shadowed to the right. The doubling is so pronounced that it creates a "notched" appearance on the tops of the digits.
Native American's chin: Strong doubling on the jawline and throat area
Feathers: Doubling visible on the upper feather tips

1916 Doubled Die Obverse showing dramatic date doubling and chin/feather doubling

Market Analysis

Discovered in the 1960s, this variety had very low survival rates in Mint State. It is the most valuable non-overdate variety after the 1918/7-D. Record sale: $281,750 (MS64, Bowers & Merena 2004).

Heavily counterfeited. Authentic examples must show the distinctive "notching" on the date. For visual comparison, see this video guide demonstrating authentic diagnostic markers.

1935 Buffalo Nickel Doubled Die Reverse

Attribution Code: FS-801
Estimated Population: ~500-750 total
Value Range:$200–$9,000+ (VF20 to MS65)

Diagnostics

This variety shows strong doubling on the reverse inscriptions:

"FIVE CENTS": Letters appear thicker with distinct notching on the corners
"E PLURIBUS UNUM": Doubling most visible on "PLURIBUS" and "UNUM"
Doubling is Class II hub doubling (two distinct hub impressions), not mechanical doubling or strike doubling

Market Analysis

This is the most affordable "major" Buffalo variety, making it a popular entry point for variety collectors. Values:

VF20: $200–$300
AU58: $400–$600
MS65: $6,000–$9,000

For attribution details, see PCGS CoinFacts or Littleton Coin Company's listing.

1936-D 3½ Legs Buffalo Nickel

Attribution Code: FS-901
Estimated Population: ~200-300 total (rarer than 1937-D 3-Legged)
Value Range:$1,500–$20,000+ (VF20 to MS65)

Diagnostics

This is a similar die polishing error to the 1937-D 3-Legged, but less complete:

The buffalo's front right leg is "amputated" but not completely gone
The hoof remains visible, but the lower portion of the leg (from mid-shin down) is polished away
The leg appears "detached" or "floating" above the ground

Market Analysis

This is a major sleeper variety—often rarer than the 1937-D 3-Legged but less famous and thus less expensive. Values:

VF20: $1,500–$2,000
AU58: $3,500–$5,000
MS65: $15,000–$20,000

For more information on the 1936-D error, see APMEX's explanation or community discussion on Reddit.

💡 Variety Collecting Strategy

Start with the 1935 DDR (most affordable). Graduate to the 1937-D 3-Legged (most iconic). Pursue the 1916 DDO and 1918/7-D only after building capital and knowledge. Always buy certified. Raw high-value varieties should be assumed fake unless proven otherwise by a reputable authentication service.

How to Grade Buffalo Nickels

Grading Buffalo Nickels differs significantly from other 20th-century U.S. series. The high-relief design and soft nickel-copper alloy make these coins prone to rapid wear in specific focal areas. Understanding the "Full Horn" standard is essential for accurate valuation.

The Full Horn Standard

Unlike series where rim wear is the primary grading determinant, Buffalo Nickel grading focuses on the buffalo's horn and the date visibility. These two points serve as the "grading gatekeepers."

Critical Grading Areas

Obverse: Date, Indian's cheekbone, hair braid detail
Reverse: Buffalo's horn (tip to base), tail separation, fur detail on shoulder/rump

Circulated Grades: The Horn Hierarchy

About Good (AG3) / Good (G4)

Date: Must be readable, though faint. If any digit is completely gone, the coin is "dateless."
Horn: Completely worn flat, merging with the buffalo's head
Rims: Must be present (not worn into lettering)
Value Impact: Only the 1926-S commands a premium in AG3 ($25–$40). All other dates in AG3 are $1–$2.

Very Good (VG8) / Fine (F12)

Date: Bold and clear
Horn: Tip may be visible, or roughly 25–50% of the horn shows definition
Braid: Major strands visible but not individual ribbons
Tail: May be outlined but not separated into distinct strands
Value Jump: This is where semi-key dates (1924-S, 1926-S) begin commanding serious premiums.

Buffalo Nickel in VG8-F12 range showing partial horn visibility and outlined tail

Very Fine (VF20) / Extremely Fine (XF40)

Horn: At VF20, the horn must be roughly 2/3 visible from tip to base. This is a critical price jump point for semi-keys.
Horn at XF40:Full Horn is mandatory. Any coin graded XF or higher without a full horn is either weakly struck (trading at a discount) or over-graded.
Tail: Individual strands begin to separate at VF20; fully separated at XF40
Cheekbone: Shows moderate wear but remains distinct
Value Impact: The jump from F12 to VF20 can be 2-3× for key dates due to the horn visibility requirement.

Buffalo Nickel in VF20 (left) and XF40 (right) showing progression of horn detail

About Uncirculated (AU50-58)

Full Horn: Mandatory
Luster: 50%+ original mint luster remaining in protected areas
High Points: Slight wear on the Indian's cheekbone and buffalo's shoulder/hip. Hair braid should show individual ribbons.
Rub vs. Wear: AU58 shows only the faintest rub on high points; AU50 shows light wear but luster still dominates
Value Impact: For 1920s branch mint issues, AU coins can trade for 50–80% of MS60 values if well-struck.

Mint State Grades: Strike Quality is King

MS60-62 (Uncirculated)

No wear on high points
Bagmarks: Heavy contact marks acceptable; may have large distracting marks on focal areas
Strike: Often weak on 1920s issues—horn may be mushy, tail flat
Luster: May be dull or impaired from cleaning/environmental damage

MS63-64 (Choice to Near-Gem)

Strike: Better than MS60-62 but still may lack Full Strike
Bagmarks: Moderate; no large distracting marks in focal areas
Luster: Decent original luster; may have slight toning
Value Gap: The gap between MS63 and MS65 can be enormous for key dates (2-5×).

Buffalo Nickel MS63 showing moderate bagmarks but intact strike and luster

MS65 (Gem Uncirculated)

Strike: Should approach Full Strike; horn fully defined, tail strands separated
Bagmarks: Minor contact marks only; none in focal areas
Luster: Strong original luster; attractive eye appeal
"Strike Rarity" Factor: For 1920-S, 1924-S, 1926-S, a true Full Strike MS65 can trade for 3-5× catalog values.

Buffalo Nickel MS65 with Full Strike, sharp horn, separated tail, and original luster

MS66-67 (Premium Gem to Superb)

Strike: Full Strike expected; "museum quality" detail
Surface: Virtually mark-free; exceptional eye appeal
Population: For key dates, MS66+ populations are often single-digit or non-existent
Value: MS67 examples of condition rarities (1918-S, 1919-S, 1920-S) can exceed $50,000–$90,000.

When to Get a Coin Professionally Graded

Submit to PCGS or NGC if:

You believe you have a key date (1926-S, 1921-S, 1924-S, 1913-S T2, 1913-D T2)
You believe you have a variety (1918/7-D, 1937-D 3-Legged, 1916 DDO, etc.)
Your coin is XF40 or higher and worth more than $100 in catalog values
You have an MS60+ coin with good strike quality (certification can add 20–50% to market value)

✅ Grading Shortcuts

Quick grade check: Can you see the date? Is the horn fully visible (tip to base)? If yes to both, you have at least an XF coin. If the horn is only partially visible, you're in VG-VF range. If the horn is completely gone but the date is readable, you're in G-F range. If you can't read the date, it's dateless.

For visual grading guides and population data, consult PCGS's Buffalo Nickel reference guide or NGC's Coin Explorer.

Buffalo Nickel Authentication & Preservation

Counterfeit Detection

Buffalo Nickels—particularly key dates and major varieties—are among the most counterfeited U.S. coins. Modern fakes range from crude cast replicas to sophisticated struck counterfeits that can fool even experienced collectors.

Common Counterfeits

1937-D 3-Legged: Standard 1937-D coins with the leg mechanically removed (filed or ground off post-strike). Look for the "pissing buffalo" die erosion marker—if missing, it's fake.
1918/7-D Overdate: Cast fakes are common. Authentic examples have sharp, distinct doubling; fakes show "mushy" overdate or incorrect die characteristics.
1916 DDO: Look for the characteristic "notching" on date digits. Fakes often show machine doubling or poorly executed cast details.
Altered dates: Common dates with dates removed and key date digits engraved. These show tooling marks under magnification.
Chinese counterfeits: High-quality struck fakes of key dates (1926-S, 1913-S T2) made with modern dies. Weight and metallurgical analysis may be required.

⚠️ Red Flags for Counterfeits

Never buy raw high-value varieties. If a "1918/7-D" or "1937-D 3-Legged" is offered raw, assume it's fake unless proven otherwise. Insist on PCGS or NGC certification for any coin valued over $500. Beware of "too good to be true" prices—if a $50,000 variety is offered for $5,000, it's a fake.

Cleaned Coin Detection

Many Buffalo Nickels have been cleaned with abrasive polishes or harsh chemicals, significantly reducing their value.

Signs of Cleaning

"Hairline" scratches: Fine parallel lines in the fields from polishing cloths
Unnatural brightness: Cleaned coins often have a harsh, reflective sheen unlike natural luster
Dipped appearance: Coins dipped in acid may have a washed-out, "flat" look
Color inconsistency: Cleaned areas may be lighter than recesses

Professionally certified coins (PCGS/NGC) marked as "Cleaned" or "Details—Cleaned" trade for 30–60% of straight-graded values.

Storage & Preservation

Proper Storage Materials

Mylar flips: Use inert Mylar (not PVC) holders for long-term storage
Cardboard 2x2s: With Mylar windows (never vinyl)
Air-Tite capsules: For high-value certified coins
Albums: Use PVC-free albums (Dansco, Whitman Classic)

What to Avoid

PVC flips: "Soft" vinyl holders release harmful plasticizers that cause green corrosion ("PVC damage")
Rubber bands: Sulfur in rubber causes toning/corrosion
Cardboard with staples: Rust from staples can transfer to coins
Touching surfaces: Handle coins by the edges; oils from skin cause spotting

Environmental Factors

Humidity: Store in low-humidity environment (30–50% RH ideal). Use silica gel packs in storage containers.
Temperature: Avoid extreme temperature fluctuations
Air quality: Keep away from sulfur sources (wool, rubber, certain papers)

💡 Long-Term Preservation

For coins valued over $1,000, consider professional conservation rather than attempting cleaning yourself. PCGS and NGC offer conservation services that can improve eye appeal without "cleaning" designation. Never use abrasives, polishes, or acids on uncleaned coins—you'll destroy their value.

Handling Best Practices

Wash hands before handling coins (oil-free, no lotion)
Hold by edges only—never touch obverse or reverse surfaces
Work over soft surface (felt pad) to prevent damage if dropped
Use cotton gloves for extended examination sessions
Store immediately after viewing—minimize air exposure

For comprehensive authentication guides, see PCGS's reference guide or consult a professional numismatist for high-value coins.

Buffalo Nickel FAQs

What is my Buffalo Nickel worth?

Value depends on three factors: date visibility, condition, and strike quality. If the date is readable, common dates in Good (G4) are worth $1–$5, while key dates like the 1926-S start at $30 even in low grades. If the date is worn off (dateless), the coin is worth $0.20–$0.50. Use the value chart above to find your specific year and mint mark.

Why can't I read the date on my Buffalo Nickel?

The date sits on a raised area of the coin that wore rapidly through circulation. Designer James Earle Fraser's high-relief design was visually stunning but functionally flawed. Within months of entering circulation, the date could become illegible. Over 100 million dateless Buffalo Nickels exist—more than any other U.S. series. Dateless coins are worth $0.20–$0.50 as they have no numismatic value.

What are the key dates for Buffalo Nickels?

The five major key dates are:
1. 1926-S (970K mintage)—lowest mintage, expensive in all grades
2. 1913-S Type 2 (1.2M)—rarest Type 2 issue
3. 1913-D Type 2 (4.1M)—low survival in high grades
4. 1921-S (1.55M)—scarce in all grades
5. 1924-S (1.43M)—"sleeper key," rare in Gem

Additionally, the 1914-D, 1915-S, 1918-S, 1919-S, and 1920-S are considered semi-keys or condition rarities.

What is a "Full Horn" Buffalo Nickel?

"Full Horn" refers to the buffalo's horn being fully visible from tip to base with clear definition separating it from the buffalo's head. This is the critical grading determinant for Buffalo Nickels. A coin graded XF40 or higher must have a Full Horn—if the horn is weak or partially worn, the coin is either lower grade or weakly struck (trading at a discount). For 1920s branch mint issues, a Full Strike with Full Horn can command 3-5× premiums over average strike coins.

Should I get my Buffalo Nickel graded?

Submit to PCGS or NGC if:
• You have a key date (1926-S, 1921-S, 1924-S, 1913-S T2, etc.)
• You believe you have a variety (1918/7-D, 1937-D 3-Legged, 1916 DDO)
• Your coin is XF40 or higher and worth more than $100
• You have an Uncirculated coin with good strike quality

Grading typically costs $20–$50 per coin but can add 20–50% to market value and provides authentication for key dates.

What is the 1937-D 3-Legged Buffalo Nickel?

The 1937-D 3-Legged is a famous mint error where a die was over-polished to remove clash marks, accidentally grinding away the buffalo's front right leg. It's the most recognizable Buffalo Nickel variety and highly sought after. Authentic examples show the missing leg AND a rough "stream" of die erosion lines from the buffalo's belly (the "pissing buffalo" marker). Values range from $600 (VF20) to $35,000+ (MS65). Heavily counterfeited—only buy certified examples.

Can I use chemicals to restore the date on my Buffalo Nickel?

Products like "Nic-A-Date" can chemically reveal worn dates, but this damages the coin and destroys numismatic value. Chemically restored coins are worth only 10–20% of naturally graded coins. PCGS and NGC will not certify coins with chemically restored dates. Use chemical restoration only for educational/reference purposes—never for coins you intend to sell or keep as investments.

What's the difference between 1913 Type 1 and Type 2?

Type 1 (early 1913): Buffalo stands on a raised mound; "FIVE CENTS" is prominently placed. This design wore quickly.
Type 2 (mid-1913 onward): Buffalo stands on a flat line; "FIVE CENTS" is recessed for protection. The Type 2 was used for all subsequent years (1914–1938). The 1913-S Type 2 (1.2M mintage) is the rarest and most valuable 1913 issue, worth $340–$4,000+ depending on grade.

Why are some Buffalo Nickels with high mintages so expensive?

"Condition rarity" and "strike rarity" drive values for some issues. The 1920-S (9.6M mintage), 1918-S (4.8M), and 1919-S (7.5M) are inexpensive in circulated grades but extremely rare in Gem condition with good strikes. Poor die quality at the San Francisco mint meant most coins looked "mushy" even when new. A well-struck MS65+ example can be worth $50,000–$90,000 despite high original mintage.

What is the most valuable Buffalo Nickel?

The 1918/7-D Overdate holds the record at $350,750 (MS65, Bowers & Merena 2006). This variety occurred when a 1917 die was repunched with a 1918 date, creating a visible "7" underneath the "8." It was discovered late (1930s), so almost no Mint State examples were saved. Even in Good (G4), it's worth $1,100–$1,500. The 1926-S holds the record for circulation strikes at $322,000 (MS66, 2008).

Are Buffalo Nickels made of silver?

No. Buffalo Nickels are composed of 75% copper and 25% nickel. They contain no precious metal and have no significant melt value above face value ($0.05). Their numismatic value is driven entirely by scarcity, condition, and collector demand—not metal content.

Where can I sell my Buffalo Nickels?

Options include:
• Local coin dealers: Quick but typically offer 50–70% of retail
• Online dealers: APMEX, JM Bullion, Gainesville Coins buy collections
• Auction houses: Heritage, Stack's Bowers, GreatCollections for high-value coins ($1,000+)
• Private sale: CoinTalk, Reddit r/Coins4Sale forums

For key dates and varieties, always get professional grading first to maximize value. A certified 1926-S can sell for 2-3× what a raw example would bring.

Methodology & Sources

This guide is based on comprehensive analysis of auction records, dealer pricing, third-party grading service data, and numismatic reference materials current as of January 2026. All prices reflect certified (PCGS/NGC) examples unless otherwise noted.

Market Disclaimer

Coin values fluctuate based on market conditions, auction results, and collector demand. Prices presented represent fair market ranges as of January 2026 for certified (PCGS/NGC) examples in the noted grades. Strike quality significantly affects value—well-struck examples can command 300–500% premiums over average-strike coins, particularly for 1917–1926 Denver and San Francisco issues. Always consult current price guides and consider professional appraisal for high-value coins.

For the most current market data, auction results, and population reports, visit PCGS Price Guide or NGC Price Guide.

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