Buffalo Nickels — Key Dates, the Three-Legged Rarity & Collector's Guide
1913–1938 • Type 1 & Type 2 • The Legendary 1937-D Three-Legged Buffalo
Buffalo Nickel Value Guide
Key Dates and Typical Values by Grade
| Date / Type | Mintage | Good (G-4) | VF-20 | MS-63+ |
|---|---|---|---|---|
| 1913 Type 1 (raised ground) | ~30,993,520 | $10 | $25 | $200+ |
| 1913 Type 2 (recessed ground) | Varies | $8 | $20 | $150+ |
| 1913-S Type 2 | 1,209,000 | $150+ | $400+ | $3,000+ |
| Common date (1914–1936) | Varies | $1 | $3 | $50+ |
| 1918/7-D Overdate | Unknown (rare) | $2,000+ | $8,000+ | $50,000 – $100,000+ |
| 1926-S — Lowest Mintage | 970,000 | $150+ | $800+ | $15,000 – $25,000+ |
| 1937-D Three-Legged | ~20,000 (est.) | $400 – $50,000+ | $99,875+ record | |
Origins of the Buffalo Nickel
The Buffalo Nickel — officially the Indian Head Nickel — replaced the Liberty Head design in 1913, part of the broader early-20th-century push toward more distinctly American coin imagery. Sculptor James Earle Fraser designed the coin, reportedly composing the obverse Native American portrait as a composite of several individuals rather than a single sitter, and modeling the reverse bison after Black Diamond, a bison who lived at the New York Central Park Zoo (though this attribution has some competing accounts). The result — a proud Native American profile paired with a powerful, naturalistic bison — is widely regarded as one of the most distinctly American coin designs ever produced.
The series ran for 25 years, struck at Philadelphia, Denver, and San Francisco, in a hard 75% copper / 25% nickel alloy that proved notoriously difficult on Mint dies — the coin's high-relief design wore dies down at an unusually rapid rate throughout the series' entire run, contributing directly to some of its most famous errors and varieties. The Buffalo Nickel was replaced by the Jefferson Nickel in 1938.
Type 1 and Type 2 — A Genuine Design Flaw
The original 1913 design, now called Type 1, placed the bison standing on a raised mound of earth — with the denomination "FIVE CENTS" struck directly onto that raised ground. This wasn't merely a stylistic choice gone wrong; it was a genuine functional flaw. The raised mound sat at one of the highest points of relief on the coin, meaning "FIVE CENTS" wore away from ordinary circulation almost immediately, leaving coins that were difficult to identify by denomination after only modest use — a real problem for a coin meant to circulate widely.
The Mint corrected this within 1913 itself, introducing the Type 2 design with the ground recessed into a straight line beneath the bison, moving the denomination to this more protected, lower-relief area. Because both types were struck in 1913 across multiple mints, "1913 Type 1" and "1913 Type 2" are collected as genuinely distinct coins — including the 1913-S Type 2, a legitimate key date with just 1,209,000 struck, considerably scarcer than its Type 1 counterpart from the same mint and year.
The 1937-D Three-Legged Buffalo
The single most famous error in the entire Buffalo Nickel series happened almost by accident at the Denver Mint in 1937. When two dies clash together without a coin between them during production, they leave faint impression marks on each other's surfaces — a routine problem normally corrected by lightly polishing the affected die. In this case, a Mint employee over-polished the reverse die attempting to remove clash marks near the bison's front legs, inadvertently grinding away the animal's entire right front leg in the process. The Mint noticed the damage but, rather than discarding the die immediately, continued using it — producing an unknown but limited run of Buffalo Nickels missing a leg entirely.
Genuine examples show a second, related diagnostic beyond the missing leg: the same over-polishing also weakened the "E PLURIBUS UNUM" motto above the bison, giving it a soft, "moth-eaten" appearance rather than crisp lettering. Because this variety is, in PCGS's own words, "one of the most famous and most important coins of the 20th century," it has become the single most commonly counterfeited error coin in American numismatics — collectors should verify all identifying diagnostics together (the missing leg, the weakened motto, and the coin's overall soft, polished appearance) and rely on PCGS or NGC certification for any significant purchase, since convincing fakes are widely sold, including mass-produced copies explicitly marketed as replicas online.
Key Dates and Notable Varieties
1937-D Three-Legged
1918/7-D Overdate
1926-S — Lowest Mintage
1913-S Type 2
1921-S & 1924-S
1938-D/S Mint Mark Variety
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Browse common dates to certified key dates including the legendary 1937-D Three-Legged — always buy certified given the significant counterfeiting risk on major varieties.
Buffalo Nickel References on Amazon
Where to Buy Buffalo Nickels
These are the marketplaces and resources used by serious Buffalo Nickel collectors for buying and research.
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eBay — Key Dates & Errors
JM Bullion
Kitco
Money Metals Exchange
SD Bullion
Silver Gold Bull
FRC Coin Price Guide
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Frequently Asked Questions
What is the 1937-D Three-Legged Buffalo Nickel?
A famous minting error created when a Denver Mint employee over-polished a die attempting to remove clash marks — small impressions left when two dies strike each other without a coin between them — accidentally grinding away the bison's entire right front leg on the reverse. Rather than discarding the damaged die, the Mint continued using it, producing an estimated 20,000 or fewer three-legged nickels before the error was noticed. Values range from around $400 in worn condition to well over $50,000 for pristine uncirculated examples.
How can I tell a genuine 1937-D Three-Legged from a fake or a worn regular nickel?
Genuine examples show the missing leg completely absent even in higher circulated grades, along with a second diagnostic: the "E PLURIBUS UNUM" motto above the bison appears soft and "moth-eaten" from the same over-polishing that removed the leg. A regular, heavily worn 1937-D might show a faint, worn-down leg under magnification — the difference is that on the genuine variety, the leg area is simply smooth field with no trace of a leg at all, even on well-preserved examples. Because this is one of the most heavily counterfeited error coins in American numismatics, PCGS or NGC certification is strongly recommended for any significant purchase.
What is the difference between 1913 Type 1 and Type 2 Buffalo Nickels?
Type 1 (the original 1913 design) shows the bison standing on a raised mound of earth, with "FIVE CENTS" struck directly onto that high-relief area — a genuine functional flaw, since the denomination wore away from ordinary circulation almost immediately. The Mint corrected this within 1913 itself, moving to Type 2, which recessed the ground into a lower, straight line beneath the bison and relocated the denomination to this more protected area. Both types were struck in 1913 across multiple mints, making "1913 Type 1" and "1913 Type 2" genuinely distinct, separately collected coins.
What is the 1918/7-D overdate?
A genuine Mint economy measure gone slightly wrong — an unused 1917-dated working die at the Denver Mint had "1918" punched directly over the existing date rather than preparing an entirely new die, leaving visible traces of the "7" beneath the "8" under magnification. It's one of the most valuable regular varieties in the entire Buffalo Nickel series, with values reaching well into five figures for well-preserved examples.
What is the lowest-mintage Buffalo Nickel?
The 1926-S has the lowest mintage of any date in the entire 25-year series, with only 970,000 struck. It's genuinely scarce in all grades and a significant condition rarity in Mint State, though it receives somewhat less attention from casual collectors than the more famous 1937-D Three-Legged and 1918/7-D overdate varieties.
What is a good entry point for collecting Buffalo Nickels?
Common-date Buffalo Nickels from the mid-1930s in circulated to lightly worn condition offer the most accessible entry point, typically available for just $1–$5. From there, most collectors pursue the 1913 Type 1/Type 2 pairing as a natural type coin acquisition before working toward the series' genuine key dates and errors — the 1926-S, 1918/7-D, and eventually the famous 1937-D Three-Legged Buffalo, which remains one of the most exciting and achievable "big name" error coins in American numismatics for a determined collector.
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