1937 Buffalo Nickel Value Guide: The Buffalo nickel, also known as the Indian Head nickel, is one of the most iconic coins in American numismatics. Designed by James Earle Fraser and first issued in 1913, it features a Native American profile on the obverse and a powerful American bison on the reverse. By 1937, the series was nearing its end, with the Jefferson nickel set to replace it in 1938. The 1937 Buffalo nickel is particularly famous because of its rare varieties and errors, most notably the legendary three-legged buffalo. Collectors prize these coins for their artistry, history, and rarity, with some examples worth thousands of dollars.
Historical Background
The Buffalo nickel was created to celebrate America’s heritage and natural beauty. Fraser’s design was bold and distinctive, but it posed challenges for the Mint. The high-relief details wore down quickly, and dies often broke or cracked under pressure. By the late 1930s, the Mint was eager to replace the design with something easier to produce. The 1937 issue represents one of the final chapters in the Buffalo nickel’s history, making it especially significant for collectors.
Mint Marks and Their Importance
Mint marks are small letters on coins that indicate where they were produced. For the 1937 Buffalo nickel, three primary mint marks exist:
- No Mint Mark (Philadelphia): These coins were struck at the Philadelphia Mint and are the most common.
- D Mint Mark (Denver): Coins struck in Denver carry a “D” mint mark and include the famous three-legged buffalo variety.
- S Mint Mark (San Francisco): Coins struck in San Francisco are scarcer and more valuable in higher grades.
Understanding mint marks is crucial because they directly influence rarity and value.
Collector Value by Condition
The value of a 1937 Buffalo nickel depends heavily on its condition and variety. Circulated coins are generally worth modest amounts, but uncirculated and rare varieties can command much higher prices. Below is a table summarizing typical values across grades and varieties.
| Mint Mark | Variety | Circulated Value | MS-63 | MS-65 | MS-67 | Auction Record |
|---|---|---|---|---|---|---|
| 1937-P | Regular Strike | $1–$5 | $25 | $75 | $250 | $5,000+ |
| 1937-D | Regular Strike | $1–$10 | $30 | $100 | $400 | $6,500+ |
| 1937-D | Three-Legged Buffalo | $400–$1,000 | $2,500 | $6,000 | $20,000+ | $100,000+ |
| 1937-S | Regular Strike | $2–$15 | $40 | $150 | $600 | $7,500+ |
Rare Errors and Varieties
Error coins are among the most exciting finds for collectors. The 1937 Buffalo nickel has several notable varieties:
- Three-Legged Buffalo: The most famous error, caused by over-polishing of the die, which erased one of the buffalo’s legs. This variety is extremely rare and valuable.
- Double Die Obverse: Some nickels show doubling in the Native American’s profile or inscriptions.
- Off-Center Strikes: Coins struck off-center can range in value depending on how dramatic the error is.
- Clipped Planchets: A clipped planchet error occurs when part of the coin’s edge is missing.
Factors That Influence Value
Several factors determine the value of a 1937 Buffalo nickel:
- Condition: Coins graded by professional services such as PCGS or NGC carry higher premiums.
- Variety: The three-legged buffalo is the most valuable variety.
- Rarity: San Francisco mint coins are scarcer than Philadelphia issues.
- Market Demand: Coin values fluctuate based on collector interest and market trends.
Collecting Strategies
For collectors, the 1937 Buffalo nickel offers multiple avenues of interest. Beginners may start by collecting circulated examples from coin shops, while advanced collectors seek high-grade proofs or rare errors. Building a complete set of 1937 nickels from all mints, including the three-legged buffalo, is a rewarding challenge. Many collectors also enjoy searching through old collections or estate sales, hoping to uncover hidden gems.
Investment Potential
While most 1937 nickels are not worth more than a few dollars, rare varieties and pristine examples can appreciate significantly. Coins graded MS-67 or higher are scarce and often sell for thousands of dollars. The three-legged buffalo variety is especially desirable, with values reaching into the tens of thousands. As with all collectibles, investment potential depends on rarity, condition, and long-term demand.
Conclusion
The 1937 Buffalo nickel may appear ordinary at first glance, but its historical significance, mint mark variations, and rare errors make it a fascinating coin for collectors. Whether you are searching through pocket change or building a high-grade collection, understanding the nuances of this coin can help you uncover hidden value. For many numismatists, the 1937 nickel represents not just a piece of currency but a tangible link to America’s coinage history and its artistic heritage.
