Why Buffalo Nickels Are So Valuable
Buffalo nickels, also known as Indian Head nickels, were minted from 1913 to 1938 and are among the most iconic U.S. coins ever produced. Designed by James Earle Fraser, the obverse features a composite portrait of Native American chiefs, while the reverse shows an American bison. These coins saw heavy circulation, and due to minting challenges, some became incredibly rare over time—making them highly desirable to collectors.
Here’s a list of the 15 rarest Buffalo nickels, what makes each one unique, and how much they’re worth in today’s collector market.
1. 1916 Doubled Die Obverse – Up to $100,000+
This coin is one of the rarest and most famous varieties in the Buffalo nickel series. On the 1916 Doubled Die Obverse, you’ll notice doubling on the date, the word “LIBERTY,” and parts of the Native American’s profile. This doubling was a result of a misaligned die during the minting process.
Because the error was not widely caught, only a few thousand were minted, and fewer than 200 are known to exist in good condition today. In uncirculated grades, they have fetched upwards of $100,000 at auction. Even in lower grades, they can still command several thousand dollars.
2. 1918/7-D Overdate – $50,000 to $350,000
The 1918/7-D Buffalo nickel features an overdate error, where the 7 in the date was not completely removed before the 8 was punched in. This type of error is extremely rare and only appears on coins minted in Denver (D mint mark).
Only a few hundred are known, and values can skyrocket based on condition. In VF (Very Fine) condition, these coins can fetch $50,000 or more, and mint-state examples have crossed the $300,000 mark. It’s one of the Holy Grail pieces for Buffalo nickel collectors.
3. 1926-S – $20,000 to $100,000+
Despite being a regular issue coin, the 1926-S Buffalo nickel has the lowest mintage of the entire series, with only 970,000 struck. Most entered circulation, and finding one with a sharp strike and good luster is exceedingly difficult.
In low grades, this coin might bring in a few hundred dollars, but in MS65 or higher, it can reach over $100,000. Collectors prize this coin for its scarcity and the challenge it presents in building a high-grade Buffalo set.
4. 1937-D Three-Legged Buffalo – $10,000 to $125,000
Perhaps the most well-known error in the Buffalo nickel series, the 1937-D Three-Legged Buffalo gets its name from a polishing mistake that removed one of the bison’s front legs. The leg was accidentally ground off while a mint worker tried to clean up a damaged die.
The error is obvious even to the untrained eye, making it a popular coin even among non-collectors. Prices start around $5,000–$10,000 in circulated condition, and mint-state examples can exceed $100,000. This coin is a must-have for error coin enthusiasts.
5. 1913-S Type 2 – $1,000 to $75,000
In 1913, the Buffalo nickel underwent a design change. The Type 2 reverse moved the denomination “FIVE CENTS” to a recessed area to prevent wear. The San Francisco Mint’s (S) Type 2 version is one of the rarest in the series.
Only 1.2 million were minted, and high-grade examples are scarce. An MS66 coin can sell for $50,000–$75,000 or more. It’s highly prized due to both its design change and limited production run.
6. 1924-S – $3,000 to $50,000
The 1924-S Buffalo nickel is another low-mintage coin, with just over 1.4 million produced. What makes it truly rare is the poor quality of strikes from the San Francisco Mint that year, resulting in many weakly struck coins.
As a result, coins with full details and strong strikes are highly sought-after. Even in VF condition, these can fetch a few thousand dollars, while uncirculated examples are worth tens of thousands. Finding one with a sharp strike and luster is like discovering a needle in a haystack.
7. 1914/3 Overdate – $2,000 to $35,000
The 1914/3 overdate is a subtle but important variety, where remnants of a 3 can be seen beneath the 4 in the date. Though not as dramatic as the 1918/7-D, it’s still a major error coin.
Collectors prize it for its mystery and the challenge of spotting the overdate. In fine condition, these coins can bring $2,000 to $5,000, and uncirculated examples can exceed $30,000. It’s a rare find that most collectors would be thrilled to own.
8. 1921-S – $1,500 to $40,000
With a mintage of 1.5 million, the 1921-S Buffalo nickel isn’t the lowest in the series, but it’s one of the hardest to find in high grade. The San Francisco Mint was notorious for weak strikes and soft details, and most coins were heavily circulated.
Even in mid-grade condition, the coin is worth a significant amount, and MS65+ examples are nearly impossible to find, with values over $40,000.
9. 1915-S – $1,000 to $25,000
The 1915-S Buffalo nickel has a relatively low mintage of 1.5 million, and like other early San Francisco issues, strong strikes are rare. While it doesn’t reach the same heights as other key dates, sharp, well-preserved examples are rare and valuable.
In higher mint-state grades, these coins can exceed $20,000 at auction. It’s a quieter key date but still a critical part of any serious collection.
10. 1913-D Type 2 – $800 to $20,000
The Denver Mint also struck Type 2 Buffalo nickels in 1913, and these are significantly rarer than their Type 1 counterparts. While not as rare as the 1913-S Type 2, the D-mint version still commands strong prices—especially in uncirculated grades.
Expect to pay a few hundred dollars for lower-grade examples and $10,000–$20,000 for coins in MS65 or better.
11. 1935 Doubled Die Reverse – $500 to $15,000
This coin features doubling on the buffalo’s legs and the inscriptions on the reverse side. It’s a classic doubled die error that’s often sought after by both Buffalo nickel collectors and error coin hunters.
Prices vary depending on the clarity of the doubling and condition but can range from $500 in lower grades to over $15,000 for mint-state examples.
12. 1917-S – $500 to $12,000
The 1917-S Buffalo nickel is another scarce early issue from the San Francisco Mint. Poor strike quality and heavy wear from circulation mean high-grade survivors are few and far between.
In MS63 or higher, values can exceed $10,000, making it a tough but rewarding find.
13. 1920-S – $600 to $15,000
A lesser-known rarity, the 1920-S was heavily circulated, and examples with full detail are quite rare. In uncirculated condition, it’s one of the tougher dates to complete in a full set.
Mint-state coins can hit $10,000 or more, depending on eye appeal and strike quality.
14. 1936-D Three and a Half Leg – $1,500 to $10,000
This coin is a more subtle version of the famous Three-Legged Buffalo. It features a partially missing leg on the buffalo, caused by excessive die polishing.
Fewer exist than the better-known 1937-D version, and while it’s not as dramatic, collectors value it for its unique error type. Prices range from $1,500 to $10,000, depending on grade.
15. 1938-D – Final Year Rarity – $300 to $5,000+
Though not particularly rare in lower grades, the 1938-D Buffalo nickel was the final year of issue, and high-grade examples (especially with full steps on the reverse) can fetch $5,000 or more. It’s a favorite among collectors for its historic significance.
FAQs
Q1: How can I tell if I have a valuable Buffalo nickel?
Check the date, mint mark (below “FIVE CENTS”), and condition. Rare varieties like overdates or missing legs may require magnification.
Q2: What does “full strike” mean for Buffalo nickels?
A full strike means all the coin’s design details are clearly visible, which is rare due to weak dies and worn tools.
Q3: Where should I get my rare Buffalo nickel appraised?
Trusted grading services like PCGS or NGC offer reliable appraisals and authentication.
Q4: Are Buffalo nickels still in circulation?
No, they stopped minting in 1938. However, some may still be found in old collections or inherited coin jars.
Conclusion: A Nickel Worth Thousands
Buffalo nickels are more than just old pocket change—they’re tiny pieces of American history, some worth tens or even hundreds of thousands of dollars. Whether you inherited a collection or enjoy the thrill of coin hunting, understanding which Buffalo nickels are rare could mean a life-changing discovery.
Check your coins. You might be holding a fortune in your fingers.