U.S. Nickel Coins — Shield, Liberty Head, Buffalo & Jefferson Guide
A Brief History of the U.S. Nickel
The five-cent nickel has a longer and more varied design history than any other denomination in American coinage, spanning five major series across 160 years and encompassing some of the most iconic — and rarest — coins ever produced by the U.S. Mint. The series began not with nickels at all but with the silver half dime, a tiny coin that circulated from 1792 through 1873. As silver prices rose and the Civil War disrupted coin production, Congress authorized a new five-cent piece made of a copper-nickel alloy — cheaper to produce, more durable, and impossible to hoard for metal value. The Shield nickel of 1866 was the result, and the era of the American nickel began.
What makes the nickel series exceptional as a collecting field is the extraordinary range it offers. At one end, common-date Jefferson nickels can be pulled from pocket change for face value. At the other, the 1913 Liberty Head nickel — five specimens known, struck under circumstances that remain mysterious to this day — has sold for over $4.5 million and is one of the most famous coins in the world. Between those extremes lies a richly varied series of key dates, major errors, design varieties, and historically significant issues that reward collectors at every level of budget and experience.
The Shield Nickel (1866–1883)
The Shield nickel, designed by James Barton Longacre, was the United States' first five-cent coin struck in the copper-nickel alloy that gives the denomination its name. The obverse showed a heraldic shield; the reverse, initially, had rays between the stars — a design element that proved difficult to strike cleanly and was removed in 1867, creating the two distinct types (With Rays and Without Rays) that form a natural type set. The series ran through 1883, when it was replaced by the Liberty Head design.
Two years within the Shield series stand apart as major rarities: 1877 and 1878 are proof-only dates, meaning no business strikes were produced for circulation. The 1877 had only 510 proofs struck; the 1878, about 2,350. Both are required dates for a complete Shield nickel set and command prices that reflect their genuine scarcity. The 1879/8 overdate and the low-mintage 1880 (just 16,000 struck) round out the key dates that make this series far more challenging to complete than its relative youth might suggest.
The Liberty Head Nickel (1883–1913)
Charles Barber's Liberty Head design replaced the Shield nickel in 1883. The first-year coins created immediate controversy: the initial reverse showed a large Roman numeral V without the word "CENTS," and enterprising individuals gold-plated the coins and passed them as five-dollar gold pieces — earning the nickname "racketeer nickels." The Mint quickly added "CENTS" to the reverse, creating the two 1883 varieties (No CENTS and With CENTS) that every collector knows. Both are collected today, with the No CENTS type being more common due to large numbers saved by collectors at the time of issue.
The Liberty Head series has two major key dates and one legendary rarity. The 1885 and 1886 both had mintages under 1.5 million — low even by 19th-century standards — and are genuinely scarce in all grades. The 1912-S, with just 238,000 struck, is the lowest-mintage regular-issue Liberty Head and a crucial date for set builders. And then there is the 1913 Liberty Head: five coins known, never officially authorized, struck under circumstances that suggest unauthorized use of Mint facilities in the final days before the Buffalo nickel replaced the design. The five known specimens have remarkable provenance histories and have each sold for millions at auction.
Notable Nickel Key Dates
Buffalo Nickels (1913–1938)
1937-D 3-Legged Buffalo
The most famous Buffalo nickel error — the front leg was polished off the die during maintenance. MS65 examples worth $20,000+. Still found occasionally in worn grades. Value: $500–$50,000+
1918/7-D Overdate
A dramatic WWI-era overdate with a clear 7 visible under the 8. One of the most famous Buffalo nickel varieties. MS65 worth $75,000+. Value: $2,000–$150,000+
1916 DDO & 1926-S Key Date
The 1916 Doubled Die Obverse shows dramatic doubling on the date and LIBERTY (MS65 worth $50,000+). The 1926-S (970,000 mintage) is a key date with Full Horn premiums on well-struck examples. Values: $10–$100,000+
Liberty Head Nickels (1883–1913)
1913 Liberty Head Nickel
Only 5 known. Never officially authorized — struck under mysterious circumstances. The Eliasberg specimen sold for $4.56 million. The holy grail of American numismatics. Value: $3M–$5M+
1885 & 1886 Key Dates
The 1885 (1.47M mintage) and 1886 (3.33M mintage) are the two major key dates of the regular series — genuinely scarce in all grades. MS65 examples of either reach $8,000–$10,000+. Values: $300–$50,000+
1912-S & 1883 No CENTS
The 1912-S (238,000 struck) is the lowest-mintage regular issue. The 1883 No CENTS "Racketeer Nickel" is the most famous first-year variety — gold-plated examples were passed as $5 gold pieces. Values: $10–$30,000+
Shield Nickels (1866–1883)
1877 & 1878 Proof-Only Issues
No business strikes were produced in either year — only 510 proofs in 1877 and 2,350 in 1878. Both are mandatory dates for a complete Shield nickel set. Deep Cameo examples command major premiums. Values: $1,000–$100,000+
1880 & 1881 Low Mintage Dates
The 1880 had just 16,000 struck and the 1881 only 68,800 — the two lowest-mintage circulation issues in the series. MS65 examples of either reach $10,000–$15,000+. Values: $200–$40,000+
1866 Shield Nickel With Rays
The first U.S. nickel ever struck. The With Rays design was changed in 1867, making the 1866 and 1867 With Rays the two-year founding type of the series. MS65 worth $3,000+. Value: $50–$10,000+
Jefferson Nickels (1938–Present)
1950-D Jefferson Nickel
2.63 million mintage — the lowest of any regular-issue Jefferson nickel and the undisputed key date of the series. MS66 worth $500+. Essential for any complete Jefferson set. Value: $10–$3,000+
1942–1945 Silver War Nickels
35% silver composition with a large mintmark above Monticello. Struck at Philadelphia (P), Denver (D), and San Francisco (S). Collectible for both silver content and WWII history. Value: $2–$100+
Full Steps & Westward Journey
Full Steps (FS) certified examples command enormous premiums on key dates. The 2004–2005 Westward Journey series (Peace Medal, Keelboat, Bison, Ocean in View) offers a modern commemorative set at low cost. Values: $2–$5,000+
Find U.S. Nickel Coins for Your Collection
From the 1950-D key date to the 1937-D Three-Legged Buffalo and War Nickel silver sets, certified examples are available on eBay with buyer protection. Browse reference books on Amazon to sharpen your research.
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Where to Find U.S. Nickel Coins
eBay
The largest marketplace for certified and raw U.S. nickels across all series. Filter by PCGS or NGC, series, and date. eBay's Money Back Guarantee on every purchase.
Shop eBay →JM Bullion
A trusted dealer for U.S. coins including silver War Nickels and numismatic nickel issues. Competitive pricing and free shipping on qualifying orders.
Shop JM Bullion →Kitco
A globally recognized coin and precious metals dealer with a wide selection of certified U.S. coins including silver War Nickels for collectors and silver stackers.
Shop Kitco →Money Metals Exchange
Competitive premiums on silver War Nickels and U.S. numismatic coins. Secure checkout, fast shipping, and a well-regarded reputation in the collector community.
Shop Money Metals →Amazon
Find reference books, Whitman and Dansco nickel albums, and storage supplies. The official Whitman Red Book and specialized Buffalo and Jefferson nickel guides are all available.
Shop Amazon →FRC Coin Price Guide
Research certified values for U.S. nickels by date, mint mark, and variety before you buy or sell. A free reference for serious collectors.
View Price Guide →Frequently Asked Questions
What are the five major U.S. nickel series?
The five major design series of the U.S. five-cent nickel are the Shield nickel (1866–1883), the Liberty Head or "V" nickel (1883–1913), the Buffalo or Indian Head nickel (1913–1938), the Jefferson nickel (1938–2003), and the modern Jefferson nickel (2004–present, including the Westward Journey series and the 2006 portrait redesign). Each series has its own key dates, varieties, and collecting challenges, and all five together form one of the most historically complete denomination runs in American numismatics.
Why is the 1913 Liberty Head nickel so valuable?
Only five examples of the 1913 Liberty Head nickel are known to exist, and their origin remains one of the great mysteries of American numismatics. The Liberty Head design was officially replaced by the Buffalo nickel in 1913, yet five coins bearing the Liberty Head design and the date 1913 somehow came into existence — almost certainly struck without authorization at the Philadelphia Mint. They surfaced publicly in 1920 when a Mint employee named Samuel Brown exhibited them at a coin show. Each of the five specimens has a documented ownership history stretching back a century. The coins have sold at auction for $3–$4.5 million each, making the 1913 Liberty Head one of the most valuable U.S. coins ever sold.
What makes a Buffalo nickel "Full Horn"?
Full Horn (FH) on a Buffalo nickel refers to the complete, uninterrupted horn of the American bison on the reverse being fully struck and clearly visible from base to tip. The horn was a high point in the design and wore quickly in circulation, becoming flat or invisible on even lightly worn coins. For Mint State examples, weak strikes could also result in incomplete horn detail even on uncirculated coins. PCGS and NGC apply the Full Horn designation to Buffalo nickels that meet their standard for complete horn detail, and these examples command premiums — sometimes substantial ones — over non-Full Horn coins at the same numerical grade.
Are War Nickels (1942–1945) worth saving?
Yes — War Nickels contain 35% silver and are worth more than face value based on their metal content alone. They are easily identified by the large mint mark (P, D, or S) placed above Monticello on the reverse — the only time Philadelphia-struck nickels have carried a mint mark. At current silver prices, a War Nickel typically contains about $1.00–$1.50 worth of silver depending on the spot price. Circulated examples in average condition are common and affordable. Higher-grade examples with full strikes and original luster carry collector premiums above melt value, and a complete date-and-mint set of all War Nickels is a popular and achievable collecting goal.
What is the 1937-D Three-Legged Buffalo nickel?
The 1937-D Three-Legged Buffalo is the most famous error in the Buffalo nickel series. A Mint worker at the Denver facility over-polished a reverse die to remove a minor gouge or scratch, inadvertently removing the bison's front right leg entirely in the process. The die was returned to service and struck coins with the three-legged design before the error was noticed. The result is a coin that shows the buffalo standing on only three legs with a distinct absence where the fourth should be. Examples exist in all grades from heavily worn to Mint State, with certified MS65 pieces valued at $20,000 or more. The error is authentic, documented, and remains one of the most recognizable in American numismatics.
How do I start a nickel collection?
The easiest starting point is a Whitman or Dansco Jefferson nickel album — many dates from the 1960s onward can still be found in circulation or in bank rolls for face value, making set building genuinely achievable at low cost. War Nickels (1942–1945) add a silver component and are widely available at coin shows and eBay for modest premiums. For collectors drawn to older series, circulated Buffalo nickels in Good to Fine grades are affordable entry points to James Earle Fraser's iconic design. The Red Book (A Guide Book of United States Coins) provides a solid overview of key dates and values across all five nickel series and is available on Amazon for under $20. For certified key dates and varieties, PCGS and NGC both service U.S. nickels and are the standard for authentication on anything significant. See our dedicated guides for Buffalo Nickels, Jefferson Nickels, Shield Nickels, and Liberty Head Nickels.
A Guide Book of Buffalo and Jefferson Nickels - Includes updated retail pricing, mintage data, specifications, and coverage of Full Steps Jefferson nickels.
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