The Buffalo Nickel Worth $601,000 : The Buffalo Nickel, first minted in 1913, holds an iconic place in American numismatic history. Known for its distinctive design featuring a Native American and an American bison, this coin is a favorite among collectors due to its historical significance, artistic appeal, and rarity in certain conditions. This comprehensive guide provides a detailed look at the Buffalo Nickel, covering its history, design features, key varieties, and market value.
The History Behind the Buffalo Nickel
Origins and Minting of the Buffalo Nickel
The Buffalo Nickel was designed by James Earle Fraser and was minted from 1913 to 1938. The U.S. Mint produced this coin to replace the Liberty Head Nickel, which had been in circulation since 1883. The coin’s design, featuring an American bison on the reverse and a Native American chief on the obverse, was revolutionary for its time.
The design was influenced by Fraser’s experiences with Native American culture, particularly his interactions with Sioux chiefs. The reverse of the coin depicts an American bison, often referred to as a buffalo, symbolizing the American frontier. This bold, new design marked a departure from the more traditional motifs used in U.S. coinage.
End of Production
The Buffalo Nickel ceased production in 1938, with the release of the Jefferson Nickel. The design’s relatively high relief, which made it difficult to mint in large quantities, is often cited as one of the reasons for the coin’s discontinuation. Additionally, the coin’s low minting quality led to rapid wear and erosion, which resulted in the coin becoming less recognizable over time.
Key Features of the Buffalo Nickel Design
The Buffalo Nickel is celebrated for its distinctive and striking design, which has made it a favorite among collectors. Here’s a breakdown of its main features:
Obverse Design
The obverse features a portrait of a Native American man, designed to represent a composite of three Native American chiefs: Two Moons, John Big Tree, and Iron Tail. James Earle Fraser, the designer, was deeply influenced by these chiefs and their cultural significance.
Reverse Design
The reverse of the Buffalo Nickel features an American bison, standing on a mound of earth. The bison is depicted in a dynamic pose, with its head down and tail raised, symbolizing strength and resilience. The inscription “UNITED STATES OF AMERICA” and the denomination of “FIVE CENTS” are also present on the reverse.
Composition and Size
- Composition: The Buffalo Nickel is made from a mix of 75% copper and 25% nickel, making it a durable coin that retains its value over time.
- Weight: Each coin weighs 5 grams.
- Diameter: The diameter of the Buffalo Nickel is 21.2 mm, slightly smaller than modern nickels.
- Edge: The coin has a plain edge, which was a common feature of U.S. coinage at the time.
Rarity and Collectibility
Key Dates and Varieties
Certain years of the Buffalo Nickel series are more valuable due to their low mintage numbers or unique characteristics. Collectors should be on the lookout for the following key dates and varieties:
- 1913 Type I: The original version of the coin, featuring the buffalo in a more realistic pose. This is one of the most sought-after varieties.
- 1913 Type II: The reverse of this coin was modified to make the bison appear more stylized and less realistic. These are also valuable, though they are not as rare as the Type I coins.
- 1937-D Three-Legged Buffalo: A famous minting error, this coin features a bison with only three visible legs, rather than four. This rare error coin is highly sought after by collectors.
- 1926-S: Known for its extremely low mintage, this coin is one of the most valuable Buffalo Nickels in high grades.
Condition and Grading
The condition of a Buffalo Nickel plays a significant role in its value. Coins in higher grades, particularly those that are in uncirculated or proof condition, can fetch premium prices. The most commonly used grading system for coins is the Sheldon scale, which ranges from 1 (poor) to 70 (perfect). Buffalo Nickels in grades 60 and higher are highly prized by collectors.
The Market Value of Buffalo Nickels
The market value of Buffalo Nickels can vary widely depending on the year, mintmark, and condition of the coin. Some key factors that affect the value include:
- Rarity: Coins with low mintage numbers or special features, such as mint errors, can command much higher prices than more common varieties.
- Condition: Coins in excellent condition, particularly those in MS-65 or higher, can sell for much more than those in lower grades.
- Demand: Popular coins in high demand can see their prices rise significantly, especially when a key piece of the collection is in short supply.
High-Value Sales
- 1937-D Three-Legged Buffalo: A 1937-D Three-Legged Buffalo in MS-65 condition sold for $150,000 at auction.
- 1913 Type I: An uncirculated 1913 Type I Buffalo Nickel has sold for upwards of $100,000 in recent years.
- 1926-S: In top condition, a 1926-S Buffalo Nickel can fetch over $50,000.
Tips for Collecting Buffalo Nickels
When building a collection of Buffalo Nickels, collectors should keep the following tips in mind:
- Research Key Dates and Varieties: Make sure to familiarize yourself with the key dates and varieties, especially the rare ones that are most valuable to collectors.
- Prioritize Condition: Condition is a key factor in determining a coin’s value. Try to acquire high-quality examples in as close to uncirculated condition as possible.
- Buy from Reputable Dealers: Always purchase Buffalo Nickels from reputable dealers and ensure that they provide certificates of authenticity when necessary.
- Focus on Completing the Set: Many collectors choose to focus on acquiring a complete set of Buffalo Nickels, which can be a fulfilling and rewarding challenge.
Conclusion
The Buffalo Nickel is a beloved coin that represents an important part of American history. With its iconic design and the rich stories behind its creation, it has become a staple of numismatic collections worldwide. Whether you’re an experienced numismatist or a new collector, understanding the history, rarity, and value of the Buffalo Nickel can help you make informed purchasing decisions and build a valuable collection.