Indian Head Nickel with Buffalo: Value Guide

You’ve probably seen it – that distinctive American coin featuring a stoic Native American profile on one side and a majestic bison on the other. While often colloquially referred to as an “Indian Head Nickel with Buffalo,” it’s officially known as the Buffalo Nickel or, more accurately, the Indian Head Nickel (which is actually a different coin, the Liberty Head Nickel). The coin you’re thinking of, the one with the buffalo, is the Buffalo Nickel, minted from 1913 to 1938. My own journey into coin collecting started with these very coins, drawn by their accessible beauty and the stories they tell, especially for those on a budget.

(Source: usmint.gov)

For many, the allure of the Buffalo Nickel lies in its affordability and the thrill of finding a piece of American history without breaking the bank. This informational blog post dives deep into understanding the value of these coins, focusing on how to make smart, budget-conscious decisions when buying or identifying your own.

What Exactly is the “Indian Head Nickel with Buffalo”?

Let’s clear up a common point of confusion right away. When people say “Indian Head Nickel with Buffalo,” they are almost always referring to the Buffalo Nickel (officially the Indian Head Nickel), designed by James Earle Fraser. This coin was minted by the U.S. Mint from 1913 to 1938. It features a profile of a Native American chief on the obverse (heads side) and a North American bison (buffalo) on the reverse (tails side). It’s important not to confuse this with the earlier Liberty Head Nickel (1883-1913), which is sometimes called the “Indian Head Nickel” but does not feature a buffalo.

This guide focuses exclusively on the Buffalo Nickel, the one with the bison. Its design was a radical departure from previous U.S. coinage, aiming to capture the spirit of the American West. Fraser’s design was so iconic that it’s still loved by collectors today, making it a fantastic entry point for new numismatists looking for affordable yet historically significant coins.

Key Factors Affecting Your Buffalo Nickel’s Value

The value of any coin, including the Buffalo Nickel, is determined by several key factors. Understanding these will help you assess what you have or what you’re looking to buy, especially when you’re mindful of your spending. The most significant factors are:

1. Condition (Grade): How worn is the coin? Higher grades mean more detail, higher value.
2. Date and Mint Mark: Some dates and mint marks are much rarer than others.
3. Rarity: Based on mintage numbers and survival rates.
4. Demand: How many collectors want this specific coin?
5. Errors: Minting errors can significantly increase value.

For budget-conscious collectors, focusing on coins in lower to mid-range conditions (Good to Very Fine) often provides the best value. These coins still display the iconic design clearly but are significantly more affordable than uncirculated specimens.

Decoding Dates and Mint Marks: Your Budget Compass

The date and mint mark are critical for determining a Buffalo Nickel’s value. The Buffalo Nickel was minted at three different U.S. Mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Knowing where and when your coin was struck is your first step in assessing its rarity and potential value.

Here’s a quick look at mintages and their general impact on value. Remember, these are broad strokes; condition is paramount.

Philadelphia Mint (No Mint Mark):

• 1913: Type 1 (flat ground) and Type 2 (raised ground). Type 2 is generally more common.
• 1914, 1915, 1916, 1917, 1919, 1920, 1921, 1923, 1924, 1925, 1926, 1927, 1929, 1930, 1931, 1934, 1935, 1936, 1937, 1938.
• The 1913 Type 1 and the 1921, 1931, and 1937 are generally scarcer in higher grades.

Denver Mint (D):

• 1913, 1914, 1915, 1916, 1917, 1919, 1920, 1921, 1923, 1924, 1925, 1926, 1927, 1929, 1930, 1931, 1934, 1935, 1936, 1937, 1938.
• The 1913-D Type 1 is very rare. The 1931-D is also quite scarce.

San Francisco Mint (S):

• 1913, 1914, 1915, 1916, 1917, 1919, 1920, 1921, 1923, 1924, 1925, 1926, 1927, 1929, 1930, 1931, 1934, 1935, 1936, 1937, 1938.
• The 1913-S Type 1 is rare, as is the 1921-S. The 1931-S is considered one of the key dates and is very valuable in higher grades.

Key Dates to Watch For (Especially for Budget Collectors):

While a 1931-S in uncirculated condition can fetch thousands, even a worn 1931-S is worth considerably more than a common date in similar condition. Other dates often cited as scarcer include the 1913-P (Type 1), 1913-D (Type 1), 1914-D, 1915-P, 1915-D, 1916-D, 1921-P, 1921-S, and 1938-D (which was the last year of issue and has a lower mintage).

When you’re on a budget, identifying these scarcer dates can be a rewarding way to find value. A circulated 1914-D or 1921-S, for instance, might cost you $20-$50, a significant jump from a $2-$5 common date coin, but still well within reach for many.

Understanding Buffalo Nickel Grading for Smart Buys

Coin grading is a system used to describe a coin’s condition. It’s essential for determining value, and it’s where many budget-conscious collectors can find great deals. The most common grading scale goes from Poor (P-1) to Mint State (MS-70).

For Buffalo Nickels, here’s a simplified breakdown relevant to collectors on a budget:

• Poor (P-1) to Good (G-4): The coin is heavily worn. Most details are gone, but the outline of the design is visible. You can usually identify the date and mint mark, though it might be weak. These are the most affordable.
• Very Good (VG-8): The coin is well-worn, but major design elements are visible. You can clearly see the Indian’s hair detail and the buffalo’s legs. Date and mint mark are legible. This is a sweet spot for value and appearance for many collectors.
• Fine (F-12): Moderate wear. The Indian’s hair and headdress feathers are well-defined, and the buffalo’s legs are distinct. The horn on the buffalo’s head will show some detail.
• Very Fine (VF-20 to VF-35): Light wear. Most of the design is sharp. The Indian’s hair is detailed, and the buffalo’s horn and hump are well-defined. This grade offers excellent eye appeal but comes at a higher price point.
• Extremely Fine (XF-40 to XF-45): Very light wear. All details are sharp, with only slight wear visible on the highest points.
• About Uncirculated (AU-50 to AU-58): Almost no wear. Traces of mint luster may be present.
• Uncirculated (MS-60 and up): No wear. These coins look as if they just left the mint. They command premium prices.

The Budget Collector’s Sweet Spot: Look for coins graded Good to Very Fine (G-4 to VF-20). These coins show significant design details, are easily identifiable, and represent a substantial portion of their potential value without the premium of higher grades. You can often find common dates in VG condition for just a few dollars.

Spotting Rare Varieties Without Breaking the Bank

Beyond dates and mint marks, certain Buffalo Nickel varieties are highly sought after. While some can be very expensive, others are accessible to the budget-minded collector. The most famous variety is the 1937-D “3 over 2” error, where the mint workers failed to completely remove the “2” from the die before striking the “3.” This error significantly increases the coin’s value, especially in higher grades.

Another notable variety is the 1913 “Type 1” vs. “Type 2.” The Type 1 has a flat ground line beneath the buffalo, while the Type 2 has a raised, more defined ground line. The Type 1 is generally rarer, particularly from Denver and San Francisco.

Counterintuitive Insight: Don’t overlook common date Buffalo Nickels with minor, interesting errors. Sometimes, a slightly off-center strike or a die crack on a common date coin can add visual interest and collectibility for a small premium over a standard coin, making it a unique find for your budget collection.

When hunting for these, focus on the clearer design elements. A strong “3” over a “2” on the 1937-D is usually visible even on well-worn coins. Similarly, the difference between the flat and raised ground line on the 1913 issues can often be discerned, even in lower grades. Online resources and coin books can show you images of these varieties, helping you identify them in person or online.

Budget-Conscious Buffalo Nickel Collecting Strategies

Collecting Buffalo Nickels doesn’t have to drain your wallet. Here’s how I’ve approached it, and how you can too:

• Buy in Bulk (Carefully): Sometimes you can find “job lots” or “bulk” coin collections where sellers are offloading common dates. You might have to sort through a lot of dross, but you can often find VG or F condition common dates for $2-$5 each. This is how I built my initial collection.
• Focus on Condition of Common Dates: Instead of chasing rare dates in poor condition, aim for common dates (like 1936, 1937, 1938 P) in better condition (VG or F). These coins offer great visual appeal for a low cost.
• Attend Local Coin Shows: While online shopping is convenient, local coin shows offer a chance to physically inspect coins before buying. You can often negotiate prices with dealers, especially on common dates or lower-grade coins.
• Set a Budget and Stick to It: Decide how much you’re willing to spend per coin. For common dates in good condition, aim for under $5. For scarcer dates in circulated condition, you might set a ceiling of $20-$50, depending on your budget.
• Learn to Identify Wear: This is crucial. A coin that’s labeled “Fine” but is actually “Good” can cost you money. Practice identifying key design elements (like the buffalo’s horn, the Indian’s headdress feathers) to see if they are worn down or still visible.

Frequently Asked Questions

What is the rarest Buffalo Nickel?

The rarest Buffalo Nickel is generally considered to be the 1931-S, especially in uncirculated condition, with very few surviving. Other highly sought-after key dates include the 1913-D Type 1, 1914-D, 1921-S, and 1938-D.

How can I tell if my Buffalo Nickel is valuable?

To determine value, first identify the date and mint mark (P, D, or S). Then, assess its condition (how worn it is). Scarcer dates and mint marks, combined with better condition, significantly increase a coin’s value.

What is a common date Buffalo Nickel worth?

Common date Buffalo Nickels (e.g., 1936, 1937, 1938) in heavily circulated condition (Good to Very Good) typically sell for between $2 and $10. Prices increase with better condition or if they are scarcer dates.

Is the 1937 Buffalo Nickel rare?

The regular 1937 Buffalo Nickel is not considered rare; it was minted in large numbers. However, the 1937-D “3 over 2” variety is a significant error and is quite rare and valuable, even in circulated grades.

Where can I find the mint mark on a Buffalo Nickel?

The mint mark is located on the reverse (buffalo) side of the coin. For Denver, it’s a “D” placed below the buffalo’s hooves. For San Francisco, it’s an “S” placed below the hooves. Philadelphia-minted coins have no mint mark.

Final Thoughts: Your Buffalo Nickel Journey

The Indian Head Nickel with Buffalo, or the Buffalo Nickel, offers a fantastic entry point into coin collecting, especially for those watching their spending. By understanding the key factors like date, mint mark, and condition, you can make informed decisions and build a valuable collection without overspending. Focus on learning to grade common dates and identifying key dates in circulated condition. With a little patience and knowledge, you can unearth some real treasures. Happy hunting!

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