The 1937 Buffalo Nickel is one of the most iconic and sought-after coins in American numismatic history. Known for its distinctive design and historical significance, this nickel continues to attract collectors and enthusiasts alike. Whether you are a seasoned numismatist or just starting, understanding the history, varieties, and value of this coin can be incredibly rewarding.
History of the 1937 Buffalo Nickel
The Buffalo Nickel, also known as the Indian Head Nickel, was designed by James Earle Fraser. It was first minted in 1913 and remained in circulation until 1938. The 1937 issue is one of the last in the series before the design was replaced by the Jefferson Nickel.
The Inspiration Behind the Design
Fraser’s design aimed to honor Native American heritage and the American frontier. The obverse of the coin features a Native American chief, believed to be a composite of three different tribal leaders. The reverse showcases an American bison, commonly referred to as a buffalo, which symbolizes the nation’s wilderness and untamed beauty.
Rare Varieties and Errors in the 1937 Buffalo Nickel
Several notable varieties and errors make the 1937 Buffalo Nickel particularly valuable to collectors. The most famous of these is the 1937-D Three-Legged Buffalo Nickel.
1937-D Three-Legged Buffalo Nickel
One of the most well-known minting errors in U.S. coin history, the Three-Legged Buffalo Nickel was the result of over-polishing the coin’s die at the Denver Mint. As a result, the front leg of the buffalo appears to be missing. This variety is highly sought after and commands significant value depending on its condition.
Other Mint Mark Variations
- 1937 Philadelphia (No Mint Mark): Coins minted in Philadelphia do not carry a mint mark and are the most common in circulation.
- 1937-D (Denver Mint): Aside from the three-legged error, regular Denver-minted nickels are also valuable.
- 1937-S (San Francisco Mint): These are relatively rarer than the Philadelphia issue but less scarce than the Denver variety.
How to Determine the Value of a 1937 Buffalo Nickel
The value of a 1937 Buffalo Nickel varies based on several factors, including condition, mint mark, and any error varieties. Below are some key aspects to consider when determining its worth.
Coin Grading and Condition
Coin grading plays a crucial role in determining the value of any collectible coin. The most commonly used grading system includes:
- Good (G-4): Heavy wear with minimal visible details.
- Fine (F-12): Some details remain, but noticeable wear is present.
- Very Fine (VF-20): Moderate wear, with more details visible.
- Extremely Fine (EF-40): Minimal wear with sharp details.
- Uncirculated (MS-60 to MS-70): No wear, full luster, and in pristine condition.
Pricing Based on Condition
- 1937 No Mint Mark:
- Good: $1
- Fine: $2-$5
- Extremely Fine: $10-$20
- Uncirculated: $50+
- 1937-D:
- Good: $1-$3
- Fine: $5-$15
- Extremely Fine: $30-$50
- Uncirculated: $75+
- 1937-D Three-Legged Buffalo:
- Good: $500+
- Fine: $1,000+
- Extremely Fine: $3,000+
- Uncirculated: $10,000+
- 1937-S:
- Good: $1-$3
- Fine: $5-$15
- Extremely Fine: $25-$50
- Uncirculated: $100+
Tips for Collecting 1937 Buffalo Nickels
If you are interested in collecting the 1937 Buffalo Nickel, here are some essential tips to help you:
1. Verify Authenticity
With high-value coins like the Three-Legged Buffalo Nickel, counterfeits are common. Always verify authenticity through reputable dealers or third-party grading services such as PCGS or NGC.
2. Proper Coin Storage
To maintain the coin’s condition, store it in protective cases or holders. Exposure to air, moisture, and rough handling can lead to deterioration.
3. Buy from Reputable Sources
Whether you purchase from auctions, coin dealers, or online marketplaces, ensure the seller is reputable and provides certification when necessary.
4. Understand Market Trends
The value of collectible coins fluctuates over time. Stay updated with market trends by following coin grading services, auction results, and collector forums.
Conclusion
The 1937 Buffalo Nickel is a timeless piece of American history that continues to captivate collectors worldwide. Whether you are drawn to its stunning design, historical significance, or potential investment value, understanding its varieties and pricing can help you make informed decisions. By carefully verifying authenticity, preserving condition, and staying updated with market trends, you can successfully add this remarkable coin to your collection.
