1937 Buffalo Nickel Rarity & Value: The Buffalo Nickel, also known as the Indian Head Nickel, is one of the most iconic coins in American history. Minted from 1913 to 1938, it features a Native American profile on the obverse and a majestic buffalo on the reverse. The 1937 issue is particularly interesting because it represents one of the final years of production for this beloved series. While many 1937 nickels are common, certain varieties and minting errors have elevated their status among collectors, making them highly valuable.
Historical Context
By 1937, the Buffalo Nickel had already been in circulation for nearly twenty-five years. The design, created by sculptor James Earle Fraser, was admired for its artistry but criticized for its tendency to wear down quickly in circulation. The Mint was preparing to replace the series with the Jefferson Nickel in 1938, making the 1937 issue one of the last opportunities to collect this classic design.
Mint Marks and Production
The 1937 Buffalo Nickel was struck at three different mints: Philadelphia, Denver, and San Francisco. Philadelphia coins carry no mint mark, Denver coins bear a D, and San Francisco coins display an S. While Philadelphia produced the largest number, coins from Denver and San Francisco are scarcer, especially in higher grades. Mint marks play a crucial role in determining rarity and value, with collectors often paying premiums for well-preserved examples from the western mints.
The Famous 1937 D Three-Legged Buffalo
The most famous variety of the 1937 Buffalo Nickel is the Denver-minted Three-Legged Buffalo. This error occurred when a die was over-polished, removing one of the buffalo’s front legs from the design. The result is a striking and unusual coin that quickly became a collector’s favorite. The Three-Legged Buffalo is rare and highly sought after, with values ranging from hundreds to thousands depending on condition.
Common 1937 Issues
Aside from the Three-Legged Buffalo, most 1937 nickels are relatively common. Millions were produced, and many survive today in circulated condition. However, uncirculated examples with sharp details are far less common and command higher prices. Collectors often seek coins with full details on the buffalo’s horn and tail, as these areas are prone to wear.
Condition and Grading
Condition is one of the most important factors in determining the value of a 1937 Buffalo Nickel. Coins are graded on a scale from poor to mint state, with uncirculated examples being the most valuable. Professional grading services evaluate strike quality, luster, and preservation. A 1937 nickel in average circulated condition may be worth only a few dollars, but one in pristine mint state can fetch hundreds. The Three-Legged Buffalo variety in high grade can reach thousands.
Why Collectors Value the 1937 Nickel
Collectors are drawn to the 1937 Buffalo Nickel for several reasons. First, it represents the final years of a beloved coin series. Second, the presence of the Three-Legged Buffalo variety adds excitement and rarity. Finally, the artistry of James Earle Fraser’s design continues to captivate numismatists. Owning a 1937 nickel is not just about monetary value but also about possessing a piece of American history.
Famous Auction Sales
Rare 1937 nickels, especially the Three-Legged Buffalo, have appeared at auctions and fetched impressive prices. High-grade examples have sold for thousands, highlighting the demand among collectors. These auction records serve as benchmarks for current market values and inspire collectors to search for hidden treasures in their own collections.
Tips for Identifying the Three-Legged Buffalo
Collectors should carefully examine their 1937 D nickels for the missing leg on the buffalo. A magnifying glass or microscope can reveal details such as the smooth area where the leg should be. Authentic examples also show signs of die polishing, with weakened details around the buffalo’s belly. Consulting reference guides and professional graders can help confirm authenticity.
Other Notable Varieties
While the Three-Legged Buffalo is the most famous, other varieties exist within the 1937 issue. Some coins show doubled dies or unusual die cracks, adding to their rarity. These varieties are less well-known but still valuable to collectors who appreciate the nuances of minting errors.
Price Chart Overview
Values for 1937 Buffalo Nickels vary widely depending on condition and variety. Common circulated coins may be worth only a few dollars, while uncirculated examples can reach into the hundreds. The Three-Legged Buffalo variety is the standout, with prices ranging from several hundred in lower grades to thousands in mint state. Prooflike examples or coins with exceptional eye appeal can command even higher premiums.
Factors Affecting Value
Several factors influence the value of 1937 nickels. Condition is paramount, with uncirculated coins commanding the highest prices. Mint marks also play a crucial role, as Denver and San Francisco issues are scarcer than Philadelphia. Errors and varieties add another layer of rarity, making certain coins far more valuable than their counterparts. Market demand and auction records also shape current values.
Collecting Buffalo Nickels
For collectors, Buffalo Nickels offer an accessible entry point into numismatics. Many coins from this series are affordable, allowing beginners to build collections without significant expense. At the same time, rare varieties like the 1937 D Three-Legged Buffalo provide opportunities for advanced collectors to pursue high-value treasures. Building a complete set of Buffalo Nickels is a rewarding challenge that combines history, artistry, and investment potential.
Investment Potential
Buffalo Nickels are not only collectibles but also potential investments. Their value has steadily increased over time, especially for rare varieties. Coins like the 1937 D Three-Legged Buffalo have proven to be excellent long-term investments. While coin collecting should primarily be a hobby, the financial rewards can be significant for those who acquire rare and high-grade examples.
Conclusion
The 1937 Buffalo Nickel is a fascinating coin that captures the artistry and history of early American coinage. From common issues to legendary rarities like the Three-Legged Buffalo, this year offers something for every collector. Understanding the rarity and value of these coins helps numismatists appreciate their significance and financial potential. Whether you are a beginner or an experienced collector, the 1937 Buffalo Nickel remains a cornerstone of coin collecting and a testament to the enduring appeal of America’s classic designs.