Buffalo Nickel Value Myths: What Collectors Should and Shouldn’t Believe

When discussions about buffalo nickel value come up, many collectors and casual hobbyists are quick to repeat “facts” they’ve heard from friends, blogs, or even dealers. The problem is that not all of these facts and judgements are true. Some are exaggerations, others are misunderstandings, and a few are simply myths that have been repeated so often they sound believable.

To understand where myths stop and facts begin, it’s important to first look at what the Buffalo nickel is, why it was minted, and how it became one of the most discussed coins in American numismatics.

The Buffalo Nickel: Background and Key Issues

The Buffalo nickel, officially known as the Indian Head nickel, was minted from 1913 to 1938. It was designed by sculptor James Earle Fraser, who wanted to capture imagery that was distinctively American.

• Obverse (front): A composite portrait of Native American chiefs Iron Tail (Lakota), Two Moons (Cheyenne), and possibly John Big Tree (Seneca). The profile is strong, detailed, and unique in U.S. coinage.

• Reverse (back): An American bison, widely believed to be modeled after “Black Diamond,” a buffalo housed at New York’s Central Park Zoo.

1913: Two Types, One Coin

The very first year of issue introduced a complication that collectors still talk about today: two types of reverses.

• Type I (1913): The bison is shown standing on a raised mound, with the denomination “FIVE CENTS” written below. The design was attractive, but the text wore down too quickly in circulation.

• Type II (1913 onward): The mound was flattened, and the denomination was enlarged, making the coin more durable in everyday use.

Mint Locations

Buffalo nickels were struck at three U.S. Mints:

• Philadelphia (no mint mark) – the primary mint with the largest outputs.

• Denver (D) – lower mintages, often scarcer coins.

• San Francisco (S) – generally produced fewer nickels than the other two, leading to some highly desirable issues.

With 25 years of production, dozens of varieties, and a number of famous errors, the Buffalo nickel offers a mix of affordable and extremely expensive pieces. That complexity makes it fertile ground for myths.

Beliefs vs. Reality in Buffalo Nickel Collecting

Myth 1: All Buffalo Nickels Are Valuable

Many people assume that any Buffalo nickel automatically carries a high price tag because of its age and popularity.

But in reality most Buffalo nickels are worth only a few dollars, especially if they are heavily worn. Billions were produced between 1913 and 1938. Common dates in circulated condition can be found for $1–$3. Only key dates, rare mint marks, and varieties bring significant premiums.

Quick Comparison Table:

This shows that while some Buffalo nickels are highly desirable, most are still within reach of beginner collectors.

Myth 2: The 1937-D Three-Legged Buffalo Is the Only Rare Variety

Many collectors know about the 1937-D Three-Legged Buffalo, where part of the animal’s front leg is missing because of die over-polishing. The coin is indeed rare, but it’s often thought of as the only valuable error.

The truth is that the 1937-D is just one of several highly collectible varieties. Other famous examples include:

• 1916 Doubled Die Obverse: LIBERTY and the date show dramatic doubling.

• 1918/7-D Overdate: A 7 punched into the die was later corrected to an 8, leaving both digits visible.

• 1938-D/S Overmintmark: A faint “S” appears beneath the “D.”

Each of these coins has a confirmed place in auction records and commands strong premiums. Collectors should never assume one variety tells the whole story.

Myth 3: Older Automatically Means Pricier

Age is often confused with rarity. It is easy to believe that an earlier date must automatically equal higher value, but this is not always the case. For Buffalo nickels, the relationship between year and value is complex.

Take 1913 as an example. The very first year of issue included millions of Type I coins, especially from Philadelphia. These pieces can be worth less in lower grades than a 1937-D with the three-legged error, despite being 24 years older.

What drives value is not just age but a combination of mintage numbers, survival rates, condition, and variety. A relatively “young” coin in pristine condition or with an error may easily outpace an older piece that is common and heavily worn.

This is why seasoned collectors always check details before jumping to conclusions about price.

Myth 4: Condition Doesn’t Matter That Much

Another widespread misconception is that a coin’s condition isn’t very important — that even a rough, heavily circulated rarity should still bring top dollar. This idea couldn’t be further from reality.

You always need to remember that the condition is one of the most important factors of a coin's value. The grading scale used by professionals ranges from “Good” (G-4) for coins that are worn flat to “Mint State” (MS-65 and higher) for those that look nearly new. Each step up the ladder can multiply a coin’s price many times.

Take the 1937-D Three-Legged Buffalo as an example:

The same coin that sells for a few hundred dollars when worn can bring tens of thousands in top grade. For anyone studying Buffalo nickel value, condition is not a side note — it is central.

Myth 5: Mint Marks Are Just a Detail

At first glance, mint marks might look like tiny, insignificant letters. Many casual collectors assume they don’t matter much, but in truth mint marks are a crucial part of determining value.

The letters “D” (Denver) and “S” (San Francisco) appear just below “FIVE CENTS” on the reverse. Coins from these branch mints were usually produced in smaller numbers compared to Philadelphia issues. As a result, some combinations of year and mint mark are extremely scarce.

For instance, the 1913-S Type II Buffalo nickel is one of the key rarities of the entire series. In high grades it has sold for tens of thousands. Similarly, the 1926-S is particularly difficult to locate in Mint State, making it highly desirable.

Ignoring mint marks can mean overlooking coins that are far more valuable than their Philadelphia counterparts.

Myth 6: All Errors Are Valuable

Many collectors are excited to find coins that look unusual and assume they must be valuable errors. Unfortunately, not every odd-looking coin is a rarity.

True mint errors, such as doubled dies, overdates, or the three-legged buffalo, are catalogued and recognized by grading services. These command strong premiums because they are genuine mistakes that occurred during production.

On the other hand, coins with scratches, dents, or other damage picked up after leaving the Mint are simply impaired. They do not increase value and often decrease it. For Buffalo nickels, only errors confirmed by specialists add significant worth. Everything else is just wear and tear.

Myth 7: Auction Records Reflect What Any Collector Can Get

When news spreads that a Buffalo nickel sold for $100,000 at auction, it’s tempting to assume that all coins of the same date must be worth just as much. In reality, auction records highlight very specific circumstances.

The coins that bring the headlines usually share several traits:

• They are among the finest known examples of their date and variety.

• They are certified by leading grading services.

• They appear in high-profile sales where multiple bidders compete.

For instance, a 1918/7-D Overdate in Mint State 64 once sold for more than $350,000, while the same coin in a circulated grade might trade for only a few thousand. The 1937-D Three-Legged Buffalo has crossed the six-figure line in pristine condition but is worth only a few hundred in heavily worn grades.

Auction records are best understood as the top of the market — not the average price that everyday collectors can expect.

Myth 8: You Don’t Need Help Identifying Varieties

It’s common for collectors to believe they can spot every rarity on their own, but many Buffalo nickel varieties are subtle and not easily recognized without assistance.

The challenges include:

• Small details in the date or mint mark that are hard to see with the naked eye.

• Confusion between genuine doubled dies and worthless forms of mechanical doubling.

• Wear and toning that make diagnostics less obvious.

Modern tools make the process easier. Apps like Coin ID Scanner let collectors photograph a coin and quickly receive details about its type, mint mark, and estimated value. While not a replacement for professional grading, this technology is very helpful for beginners sorting coins and for experienced hobbyists who want fast confirmation.

Even advanced collectors often rely on magnification, reference books, or digital tools to make sure they don’t miss a valuable variety hiding in plain sight.

Facts Over Fiction

The Buffalo nickel is one of the most collected and admired coins in U.S. history. Its value comes from a combination of date, mint mark, condition, and recognized varieties. But when it comes to the myths, you need to remember: 

• Not every Buffalo nickel is worth a fortune.

• Famous rarities exist, but they are exceptions.

• Condition, authenticity, and mint origin are the real drivers of price.

• Myths can lead to disappointment, while facts help collectors make informed choices.

Whether you’re new to coin collecting or already familiar with Buffalo nickels, the lesson is the same: knowledge matters more than hearsay. So, paying attention to details and using reliable tools will always serve collectors better than relying on myths.