Rare 1937 Buffalo Nickel Value: The 1937 Buffalo nickel stands as one of the most admired coins in American numismatics. With its bold design and rich history, the 1937 issue carries strong collector interest, especially in higher grades or varieties. While many Buffalo nickels are common and affordable, certain 1937 pieces can command impressive prices due to condition, mint mark, and iconic errors. Understanding what drives the value of this coin can help collectors determine whether their nickel holds hidden worth.
The Buffalo nickel series, minted from 1913 to 1938, is widely regarded as one of the most artistic coins ever produced in the United States. Its rugged design, combined with minting challenges of the era, resulted in several fascinating varieties. The 1937 issues are among the most discussed, particularly for one famous minting error that remains a classic among collectors.
History of the 1937 Buffalo Nickel
The Buffalo nickel, also known as the Indian Head nickel, was designed by James Earle Fraser. The coin features a Native American profile on the obverse and an American bison on the reverse, reflecting national pride and early American heritage. By the 1930s, the design had become iconic, yet the mint continued to struggle with producing fully detailed strikes.
By 1937, Buffalo nickels were nearing the end of their production life. The dies often wore out quickly, and small details on the buffalo’s legs or the Native American’s hair braid frequently disappeared due to weak strikes. As a result, collectors today pay close attention to strike quality and mint mark variations when assessing 1937 nickels. The Denver mint is particularly noteworthy because of the famous 1937-D Three-Legged error, one of the most recognized varieties in the entire series.
Mint Marks and Varieties of the 1937 Nickel
The 1937 Buffalo nickel was minted at three locations: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Each mint produced millions of nickels, but striking quality varied, and some mint-specific varieties have become highly sought after.
1937 Philadelphia Nickel: Generally common, but sharp strike examples are more desirable.
1937-D Nickel: Includes the legendary Three-Legged variety, which can be worth thousands.
1937-S Nickel: Lower mintage than Philadelphia but still widely available in circulated grades.
Understanding the mint mark is the first step in determining value. The mark appears on the reverse, beneath the five-cent denomination. Each variety has its own price range, depending on grade and strike.
The Famous 1937-D Three-Legged Buffalo
The 1937-D Three-Legged Buffalo is one of the most popular mint errors in American coinage. This variety occurred when a Denver mint worker over-polished a reverse die in an attempt to remove clash marks, unintentionally erasing the buffalo’s front right leg. As a result, the buffalo appears to be standing on three legs, creating a dramatic and easily recognizable error.
Because this variety is so visually distinct, it quickly gained fame among collectors. Despite being discovered decades ago, demand remains strong. Even low-grade examples can command impressive prices. The value increases significantly for coins with sharp remaining detail, natural toning, and no cleaning.
Authenticity is key with this variety, as counterfeits do exist. Collectors rely on distinctive markers such as the raised mound beneath the missing leg and the die features around the buffalo’s hoof area.
Value of Regular 1937 Buffalo Nickels
Even without errors, the 1937 Buffalo nickel can hold value depending on its mint mark and condition. Circulated coins are usually affordable, but higher-grade examples bring strong prices.
1937 (Philadelphia):
Circulated: 50 cents to 3 dollars
Uncirculated: 20 to 60 dollars
High-grade gems can exceed several hundred dollars.
1937-D (Regular Strike):
Circulated: 1 to 4 dollars
Uncirculated: 25 to 80 dollars
High-grade examples may reach 300 dollars or more.
1937-S:
Circulated: 1 to 6 dollars
Uncirculated: 30 to 120 dollars
Superb gems can exceed several hundred dollars.
Strike quality plays a major role. Because many 1937 nickels were produced with weak strikes, a sharply detailed coin often sells at a premium.
Value of the 1937-D Three-Legged Variety
This is the variety that transforms an ordinary nickel into a valuable rarity. Prices vary widely depending on grade and eye appeal.
- Circulated examples: 400 to 1,200 dollars
- Mid-grade examples: 1,500 to 4,000 dollars
- High-grade specimens: 10,000 dollars or more
Exceptional coins with strong detail, attractive toning, and certification from well-known grading services often reach even higher auction prices. The Three-Legged variety remains one of the most liquid and desirable error coins on the market.
H2 How to Identify Value in Your 1937 Nickel
Collectors should examine several features to determine a 1937 nickel’s value.
Strike Quality: Look for clear detail in the buffalo’s fur, the Native American’s hair, and the date. Weak strikes lower value.
Mint Mark: The presence of a D or S mint mark can influence price compared to Philadelphia coins.
Condition: Wear, scratches, and cleaning can dramatically affect value. Original surfaces are always preferred.
Varieties: Check for the Three-Legged variety or other minor die errors that may increase value.
Using a magnifying glass can help reveal fine details that determine whether a coin is a common strike or a potential high-value collectible.
Tips for Collectors and Sellers
Collectors seeking 1937 Buffalo nickels should consider purchasing certified coins, especially for the Three-Legged variety. Certification helps confirm authenticity and grade, reducing the risk of purchasing altered or counterfeit pieces.
Proper storage is essential. Coins should be kept in protective holders, avoiding humidity, cleaning, or abrasive materials. Natural patina is often desirable and can increase a coin’s value over time.
When selling, it is wise to compare recent auction results for similar grades. Prices can fluctuate based on market demand, and the Three-Legged variety remains consistently strong among collectors.
Final Thoughts
The 1937 Buffalo nickel is a fascinating piece of American history, beloved for its design and collectible value. Whether you own a common 1937 example or suspect you may have the rare Three-Legged variety, understanding the factors that influence value can help you appreciate your coin even more. With its rich history, striking art, and iconic errors, the 1937 Buffalo nickel continues to be a standout in numismatic collections.
Disclaimer
The information provided in this article is intended for educational and general reference purposes only. Coin values can vary based on condition, grading, authenticity, and market demand. Prices mentioned are estimates and should not be taken as financial advice. Anyone who believes they have a rare or valuable 1937 Buffalo nickel should consult a certified coin dealer or professional grading service for an accurate evaluation.