Buffalo Nickel Value Guide: Key Dates, the Three-Legged Variety, and What Yours Is Really Worth

Buffalo nickels turn up in old jars and inherited collections more than almost any other pre-1965 coin, and that leads to a lot of disappointment: the overwhelming majority of the roughly 1.2 billion struck between 1913 and 1938 are common, well-worn, and worth only a small premium over face value. A handful of dates are the exception, and knowing the difference is the whole game.

What a "common date" Buffalo nickel is actually worth

James Earle Fraser's design ran from 1913 through 1938 across the Philadelphia, Denver, and San Francisco mints. In worn, circulated condition, an ordinary date from an ordinary mint typically brings somewhere in the range of $1 to $5 per grading-service price guides (PCGS/NGC) — more for coins with sharp detail remaining, less for coins worn nearly smooth. That's real, but it's a coin-shop transaction, not a windfall. The series only gets interesting once you know which dates to check.

Type 1 vs. Type 2, and why the difference matters

1913 was minted in two distinct varieties. Type 1 shows the bison standing on a raised mound, with FIVE CENTS on a line that wore away almost immediately in circulation. The Mint corrected this mid-year with Type 2, recessing the ground line so the denomination held up better. Type 1 coins are common; Type 2 coins from the San Francisco mint (1913-S Type 2) are not — see below.

The key dates that actually move the needle

1913-S Type 2

The scarcest of the 1913 issues and one of the lowest mintages in the series, at just over 1.2 million struck. Worn examples commonly trade well above common-date prices per PCGS/NGC guides, and problem-free mint-state coins bring substantially more.

1918/7-D overdate

A Denver die originally dated 1917 was repunched with a 1918 date, leaving traces of the 7 under the 8. Genuine examples are scarce and valuable even in heavily worn grades — and because the underlying 7 is subtle on worn coins, this is one of the most faked dates in the series. Buy it certified.

1926-S

The lowest business-strike mintage of the entire 26-year run, at under one million coins, compounded by San Francisco's typically weak strikes that year. Even modestly worn 1926-S nickels carry a real premium, and problem-free examples in higher grades are genuinely hard to locate.

1937-D "Three-Legged"

The series' most famous variety: a Denver mint employee over-polished a die to remove a clash mark and accidentally polished away the bison's front leg. It's collected as a distinct variety rather than an error, and it's also one of the most counterfeited and altered Buffalo nickels; the usual trick is grinding the front leg off an ordinary 1937-D. Never buy one without PCGS or NGC certification.

Other dates worth a second look

Beyond the big four, a handful of dates carry real premiums in every grade: the 1913-D Type 2, 1914-D, 1915-S, 1921-S and 1924-S are the ones most often missing from albums. The 1931-S is the exception that proves the rule: only about 1.2 million were struck, but the public recognized the low mintage and saved them, so it is far easier to find than its mintage suggests.

Why so many Buffalo nickels are worth almost nothing

Being honest is part of the job: a "no-date" Buffalo nickel — one worn so smooth the date is gone — cannot be attributed to a date or mint, so it carries little numismatic premium and trades for pocket change in bulk lots, regardless of what mintmark or date it might once have shown. If you can't read a date under good light and magnification, it's a curiosity, not a collectible. That's most of what turns up in old jars.

Buying and grading tips

For anything beyond a common date, condition and authenticity drive value more than the date alone. Full details on the bison's horn and the Indian's braid separate a mid-grade coin from a premium one, and for the frequently-faked dates above — 1918/7-D and 1937-D especially — a PCGS or NGC certification isn't optional if you're paying a real premium. PCGS and NGC both publish current price guides by date and grade, and the American Numismatic Association is a good starting point if you're new to grading standards.

Shop Buffalo nickels at USSQ

We carry a running selection of Buffalo nickels by date and grade, including scarcer issues like the 1937-D and 1926-S pictured above as they come available. If you're building out a full nickel type set, our Jefferson nickel selection and our Jefferson nickel value guide cover the series that replaced the Buffalo in 1938. For the high end of the series, see our rundown of the most expensive Buffalo nickels, and for the Liberty Head nickel that came before it, our V nickel value guide.