Buffalo Nickel Value, Key Dates, Mint Marks & Errors (1913–1938)

Buffalo Nickel Value, Key Dates, Mint Marks & Errors (1913–1938)

Buffalo Nickel value depends on much more than whether an old five-cent coin still shows a readable date. The series was struck from 1913 through 1938 and includes two different reverse types, low-mintage branch-mint issues, famous overdates and die varieties, difficult strike characteristics, heavily worn survivors, and a small group of dates that can become genuinely valuable even in circulated condition. A common Buffalo nickel may be worth only a modest collector premium, while a key date or major variety can be worth hundreds or thousands of dollars depending on grade and authenticity.

This guide explains how to evaluate Buffalo Nickel value by identifying the date, mint mark, 1913 Type 1 or Type 2 reverse, major key dates, important varieties, and the condition factors that matter most to collectors. It also separates mintage from actual rarity, because a low production number does not automatically tell the whole story about how many coins survive or how difficult a sharply struck example may be to find.

Buffalo Nickel Quick Facts

The United States Mint identifies the Buffalo nickel as the five-cent design produced from 1913 through 1938 and credits sculptor James Earle Fraser with both sides of the coin. The standard nickel composition is 75% copper and 25% nickel, with a 5.00-gram weight and plain edge. These basic specifications are useful when a questionable piece is being compared with a normal coin, but they do not determine Buffalo Nickel value by themselves.

No Buffalo nickels were struck in 1922, 1932, or 1933. Those missing years are normal gaps in the series rather than missing album spaces that a collector is expected to fill. Understanding the actual production sequence makes a vintage Buffalo nickel album much easier to read and prevents collectors from searching for dates that were never issued.

What Is a Buffalo Nickel Worth?

For most collectors, Buffalo Nickel value begins with four questions: What is the date? Does the coin have a mint mark? Is it a normal issue or a recognized variety? How much original detail remains? A worn common-date coin and a worn 1926-S may look similar at first glance, but they occupy very different places in the series. The same is true of a normal 1937-D compared with the famous 1937-D Three-Legged variety.

There is no single price that applies to every Buffalo nickel. Common later dates are widely available, especially in lower circulated grades. Scarcer Denver and San Francisco issues from the 1910s and 1920s can command stronger premiums, while recognized key dates and major varieties may be valuable even when well worn. At the upper end, exceptional Mint State coins can bring premiums driven not only by rarity but also by strike quality, luster, surface preservation, and eye appeal.

Buffalo Nickel value should therefore be treated as a date-and-grade question rather than a generic old-coin question. Before checking any price guide, identify the coin correctly. A price attached to the wrong date, wrong mint, or wrong variety is not useful, and weakly struck Buffalo nickels can make attribution harder than it appears.

A Buffalo nickel can look dramatically more worn than another coin of the same numerical grade because strike quality varies across the series. Weak detail on the hair, horn, shoulder, or mint-mark area is not always the result of circulation. Collectors should distinguish weak strike from actual wear before deciding what a coin is worth.

1913 Buffalo Nickel Type 1 vs Type 2

The first year of the series contains one of its most important design distinctions. On the 1913 Type 1 reverse, the bison stands on a raised mound and the denomination FIVE CENTS appears on that raised ground. The design was changed during 1913 because the denomination area was vulnerable to wear. On Type 2 coins, the base was redesigned so FIVE CENTS sits in a recessed area below a flatter ground line.

This change matters because every 1913 coin must be identified by type as well as mint. Philadelphia, Denver, and San Francisco each produced Type 1 and Type 2 coins. A collector who identifies only “1913-S” has not finished the attribution, because the 1913-S Type 2 is one of the key regular issues in the series and carries a very different Buffalo Nickel value profile from the more available Type 1.

The Type 2 redesign protected the denomination from the wear problems associated with the original raised mound. That modified reverse continued through the end of the series in 1938. When estimating Buffalo Nickel value for a 1913 piece, the type designation belongs in the identification just as much as the date and mint mark.

Where Is the Mint Mark on a Buffalo Nickel?

The mint mark appears on the reverse, beneath FIVE CENTS. A small D indicates Denver and a small S indicates San Francisco. Philadelphia coins normally have no mint mark. On circulated examples the area can be weak, dirty, damaged, or worn, so a magnifier and angled light are often useful before deciding that a coin has no mint mark.

Mint attribution can materially change Buffalo Nickel value. Many of the difficult regular issues were produced at Denver or San Francisco, and the San Francisco Mint in particular produced several low-mintage dates. Never assign a value from the date alone when the reverse has not been checked.

Buffalo Nickel Key Dates

The phrase “key date” is used broadly by collectors, but the Buffalo series benefits from separating regular-issue keys from major die varieties. The 1913-S Type 2, 1921-S, 1924-S, and 1926-S are among the principal regular-issue keys. Those coins are difficult because of production totals, survival, demand, and in some cases strike quality. Major varieties such as the 1918/7-D and 1937-D Three-Legged are a different category because their rarity comes from a specific die or production anomaly rather than a normal date-and-mint issue.

Buffalo Nickel value for the keys can rise sharply as grade improves. A readable date and mint mark are especially important on heavily circulated examples. Damage, corrosion, scratches, chemical restoration, or an altered date can reduce collector demand even when the underlying issue is scarce.

1913-S Type 2 Buffalo Nickel

The 1913-S Type 2 is one of the classic regular-issue keys. Its reported mintage is 1,209,000. Because 1913-S exists in both reverse types, collectors should never assume the value category until the reverse has been identified. For this coin, Buffalo Nickel value depends heavily on confirming both the S mint mark and the Type 2 recessed-denomination reverse.

1921-S Buffalo Nickel

The 1921-S had a reported mintage of 1,557,000. It is a low-mintage regular issue and belongs on the short list of dates collectors routinely check first. A problem-free circulated example can carry meaningful collector demand, while better-grade coins become increasingly difficult. Strike quality also deserves attention before Buffalo Nickel value is compared across two coins that may not have left the dies with equal sharpness.

1924-S Buffalo Nickel

The 1924-S is another established regular-issue key. As with many branch-mint Buffalo nickels of the era, locating a coin with strong detail can be harder than simply locating the date. Collectors evaluating Buffalo Nickel value should look beyond the amount of visible wear and judge whether the coin was sharply struck to begin with.

1926-S Buffalo Nickel

With 970,000 pieces struck, the 1926-S has the lowest reported mintage among regular-issue Buffalo nickels. That figure makes it immediately important, but mintage is only the starting point. The coin is particularly desirable in stronger circulated and Mint State grades, and attractive, well-struck examples command attention. Buffalo Nickel value for a genuine 1926-S can be far above common-date levels even when the coin has seen substantial circulation.

1931-S Buffalo Nickel

The 1931-S has a reported mintage of 1,200,000, making it the second-lowest regular-issue mintage behind the 1926-S. Yet this is a useful lesson in why mintage and rarity are not identical. Quantities of the low-mintage 1931-S were saved in uncirculated condition around the time of issue. As a result, Buffalo Nickel value does not rise in a perfectly straight line simply because this coin has an unusually low production total.

The 1931-S is a perfect example of why mintage is not the same thing as surviving rarity. Its 1.2 million mintage is extremely low for the series, yet collectors and dealers recognized that fact early and saved uncirculated pieces. A lower mintage can increase interest, but survival patterns and historical saving behavior still matter.

Major Buffalo Nickel Errors and Varieties

Some of the most valuable Buffalo nickels are not ordinary low-mintage issues at all. They are die varieties or production anomalies that created a recognizable feature on a limited number of coins. These pieces require careful authentication because a damaged common coin can sometimes imitate part of a valuable diagnostic.

1918/7-D Overdate

The 1918/7-D overdate is one of the most important Buffalo nickel rarities. The final digit shows the 1918 date punched over a 1917 date. Genuine examples are also known for a Denver mint mark that tilts to the left. Because the premium can be substantial, a suspected example should be authenticated rather than valued from a photograph alone. Buffalo Nickel value for a genuine 1918/7-D is in an entirely different category from a normal 1918-D.

1937-D Three-Legged Buffalo Nickel

The 1937-D Three-Legged Buffalo is perhaps the best-known variety in the series. Heavy reverse-die polishing removed almost all of the bison’s front right leg, while the hoof remains visible. Genuine examples also show other die characteristics, which is important because ordinary Buffalo nickels can lose leg detail from circulation, weak strike, damage, or intentional alteration.

Never identify a Three-Legged coin solely because one leg looks weak. Authentication should consider the full diagnostic package. This is especially important because Buffalo Nickel value increases dramatically when the recognized variety is genuine, creating an incentive for altered coins.

1936-D 3½ Legs Buffalo Nickel

The 1936-D 3½ Legs variety is less famous than the 1937-D Three-Legged coin but is an important specialist issue in its own right. The variety results from die work that left the foreleg only partially defined rather than almost completely absent. Because circulation and weak striking can also reduce leg detail, the complete diagnostic pattern matters more than simply counting visible legs.

Repunched Mint Marks and S/S Varieties

Specialists also collect repunched mint marks and other die varieties. These are attributed from specific die characteristics rather than from a general impression that the mint mark looks doubled. A coin that appears to show an S over another S should be compared with a recognized attribution reference before a premium is assigned. Buffalo Nickel value for a verified RPM can differ from that of the normal issue, but the attribution must come first.

Dateless Buffalo Nickels

Dateless Buffalo nickels are common because the date is positioned on a raised area of the obverse that wore heavily in circulation. Once the date is gone, the coin usually cannot be assigned the same Buffalo Nickel value as a clearly identifiable date-and-mint issue. Some collectors enjoy dateless examples as inexpensive type coins, album fillers, jewelry pieces, or educational coins, but a missing date removes the information needed to determine whether the coin began life as a common issue or a key date.

Chemical date restoration can sometimes make a worn date more visible, but it alters the surface and generally creates a problem coin rather than returning the piece to an original collectible state. Restored dates should be disclosed. A chemically revealed key date is not equivalent to an undamaged example with naturally surviving date detail.

The date area is one of the first places many Buffalo nickels fail as identification coins. If the date is completely gone, resist the temptation to “upgrade” the coin with harsh cleaning or aggressive restoration. A naturally worn dateless Buffalo nickel still has collector and historical interest; an altered surface cannot be made original again.

How Condition Affects Buffalo Nickel Value

Condition can change Buffalo Nickel value by multiples, especially on scarcer dates. On circulated coins, collectors look at how much detail remains in the portrait, hair, feather, date, bison, horn, shoulder, hip, and lettering. The amount and location of wear matter, but so do strike and surface quality.

Wear vs Weak Strike

Buffalo nickels are famous for inconsistent strike quality. Nickel is a hard alloy, and certain Denver and San Francisco issues can show weak detail even when the coin has relatively little wear. Some branch-mint issues from the 1910s through early 1930s are particularly difficult to locate with complete detail. A weakly struck coin may lack sharp hair, horn, or central detail from the moment it left the press. That is different from friction that gradually removes detail in circulation.

This distinction is crucial when comparing Buffalo Nickel value across higher-grade coins. A technically high-grade coin with a poor strike may be less desirable than a similarly graded coin with unusually complete detail, particularly for dates known for weak strikes.

Where Buffalo Nickels Wear First

On the obverse, the Native American’s cheekbone and hair are important high points for judging circulation wear. On the reverse, the bison’s hip, horn, shoulder, and tail detail are useful areas to inspect. The date and LIBERTY may also appear weak on coins that were poorly struck, so grading should never rely on one design element alone.

Surface Problems

Cleaning, scratches, corrosion, environmental damage, rim damage, tooling, and altered dates can all reduce collector demand. A scarce issue is still scarce after it has been damaged, but its market value may be substantially lower than that of a problem-free example. Never clean a Buffalo nickel in an attempt to increase Buffalo Nickel value. Cleaning cannot restore lost metal or original surfaces.

Full Horn and Other Collector Shorthand

Collectors often discuss the amount of horn visible on the bison as a quick visual reference for circulated detail. A stronger horn can be useful when comparing wear, but no single feature determines a numerical grade. The entire coin must be considered, including the obverse portrait, date, rims, lettering, reverse detail, surfaces, and strike.

Why Mintage Does Not Equal Value

Mintage is one of the first numbers collectors notice, but Buffalo Nickel value is determined by the market for surviving coins, not simply by how many pieces were struck. Coins can be lost, damaged, hoarded, saved in rolls, or worn beyond easy identification. Two issues with similar original mintages can have very different surviving populations by grade.

The 1926-S and 1931-S illustrate the point. The 1926-S has the lowest regular-issue mintage at 970,000. The 1931-S follows at 1,200,000, yet contemporary awareness of the low 1931-S mintage encouraged saving. Enough uncirculated examples were put aside that the issue behaves differently in the market than its production number alone might suggest.

For that reason, mintage should be used as an identification and scarcity clue, not as a complete price formula. Buffalo Nickel value requires the date, mint, variety, grade, strike, surface quality, and actual collector demand to be considered together.

Buffalo Nickel Values by Collector Category

A value chart is most useful after the coin has been placed in the correct category. Buffalo Nickel value can move sharply between these groups, so a collector should avoid using the price of a certified key date to estimate a common coin or using a common-date average to judge an attributed variety.

How to Check a Buffalo Nickel Before Selling or Grading It

Start with the date and then inspect the reverse for a mint mark. If the coin is dated 1913, identify Type 1 or Type 2. Compare the issue against the recognized key-date list and inspect for any major variety that is appropriate to that specific date. Only after the attribution is stable should Buffalo Nickel value be compared against current price guides, dealer listings, or recent auction records.

Professional grading makes the most sense when the expected value, authentication risk, or resale benefit can justify the fee and shipping cost. A common circulated Buffalo nickel usually does not need certification. A suspected 1918/7-D, 1937-D Three-Legged, high-grade key date, or other high-premium variety is a different situation because authentication itself may materially affect marketability.

For expensive coins, compare multiple sources and remember that price guides are references rather than guaranteed sale prices. Actual transactions vary by eye appeal, holder, market conditions, venue, and buyer competition. Buffalo Nickel value is ultimately established by what informed buyers are willing to pay for the specific coin.

A five-cent coin does not need to be uncirculated to deserve careful attribution. Many important Buffalo nickel keys and varieties are routinely encountered with substantial wear. Before dismissing a worn coin, confirm the date, mint mark, and major diagnostics. Identification comes before grading, and grading comes before a serious value estimate.

Buffalo Nickel History and Design

James Earle Fraser’s Buffalo nickel replaced the Liberty Head nickel in 1913. The obverse presents a Native American profile, while the reverse shows an American bison. The design became one of the most recognizable pieces of early twentieth-century United States coinage and remained in production until the Jefferson nickel replaced it in 1938.

The series is also a practical lesson in the compromises required for circulating coinage. The original Type 1 mound design was modified almost immediately, and the raised date on the obverse became notoriously vulnerable to wear. Those characteristics continue to shape Buffalo Nickel value today because a clear date, strong strike, and complete design detail can be significantly more desirable than the same issue with weak or missing features.

The Buffalo nickel is sometimes called the Indian Head nickel, and both names refer to the same 1913–1938 five-cent series. Collectors generally organize the series by date and mint, with separate recognition for the two 1913 reverse types and for major varieties. That structure explains why an old album can contain multiple spaces for the same year without being redundant.

Frequently Asked Questions About Buffalo Nickel Value

Are all Buffalo nickels valuable?

No. Many common-date circulated coins are affordable. Buffalo Nickel value becomes more substantial when the coin is a key date, scarce mint issue, recognized variety, unusually high grade, or exceptionally well struck and preserved.

What is the rarest regular-issue Buffalo nickel by mintage?

The 1926-S has the lowest reported regular-issue mintage at 970,000 coins. The 1931-S follows at 1,200,000. Mintage is important, but Buffalo Nickel value also reflects survival and grade distribution.

Why are so many Buffalo nickels dateless?

The date was placed on a raised area of the obverse and wore down during circulation. A completely missing date makes attribution difficult and usually limits Buffalo Nickel value unless another diagnostic establishes a recognized variety or the coin has some other unusual feature.

How can I tell a 1913 Type 1 from Type 2?

On Type 1, the bison stands on a raised mound and FIVE CENTS appears on the mound. On Type 2, the ground was redesigned and FIVE CENTS was recessed below the flatter base. Correct type attribution is essential to Buffalo Nickel value for 1913 coins.

Where is the mint mark?

Look on the reverse beneath FIVE CENTS. D indicates Denver and S indicates San Francisco. Philadelphia pieces normally have no mint mark. Because this area can be weak or worn, inspect it carefully before deciding which issue you have.

Is a 1931-S Buffalo nickel a key date?

The 1931-S is an important low-mintage issue and the second-lowest regular-issue mintage in the series. It is widely collected as a scarce date, though its historical survival pattern means Buffalo Nickel value does not behave exactly like the still lower-mintage 1926-S.

Were Buffalo nickels made every year from 1913 through 1938?

No. No Buffalo nickels were struck in 1922, 1932, or 1933. Those normal production gaps explain why complete albums move directly from 1921 to 1923 and from 1931-S to 1934.

Should I clean an old Buffalo nickel?

No. Cleaning can permanently alter the surface and reduce collector demand. Dirt or toning is not automatically a defect, and original surfaces are generally preferred. If a coin may be a key date or variety, leave it alone until it has been properly identified.

How do I know if a Three-Legged Buffalo is real?

A genuine 1937-D Three-Legged Buffalo is identified by more than a weak or missing leg. The variety resulted from heavy die polishing and has additional diagnostics. Because alterations can imitate the obvious feature, valuable candidates should be compared with specialist references or authenticated professionally before a final Buffalo Nickel value is assigned.

Buffalo Nickel Value: Final Collector Takeaway

The strongest way to evaluate Buffalo Nickel value is to identify first and price second. Confirm the date, mint mark, 1913 reverse type when applicable, and any recognized variety. Then evaluate wear, strike, surfaces, and overall eye appeal. Low mintage helps explain why certain issues matter, but surviving population and collector demand determine how that scarcity behaves in the market.

For a common circulated coin, the process may take only a minute. For a 1913-S Type 2, 1926-S, 1931-S, suspected 1918/7-D, or 1937-D Three-Legged Buffalo, careful attribution is worth the extra time. Buffalo Nickel value can change dramatically when one small diagnostic turns an ordinary-looking five-cent coin into a key date or major variety.

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Collector Insight

Buffalo Nickel value is a powerful example of why identification must come before price. Two five-cent pieces with similar wear can occupy completely different collector categories because of one mint mark, a 1913 reverse type, an overdate, or a recognized die variety. Learn what the coin is first, evaluate its condition second, and only then determine what the market says it may be worth.

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