The Buffalo Nickel also known as the Indian Head Nickel is a copper-nickel five-cent piece minted from 1913 to 1938. It was designed by sculptor James Earle Fraser. It is with features a Native American on the obverse side with an American bison on the reverse side of the coin. But since it has a Native American Chief on the head side and an American Bison on the tail side, both names are slightly erroneous. We’ll look into those mistaken monikers and lots of other factoids as we confirm the pricing of the most valuable Buffalo Nickel. And we’ll learn about designers too!
Design Process
As part of efforts to enhance coin designs, the U.S. Mint updated five coin denominations between 1907 and 1909. In 1911, the Taft administration sought to replace Charles E. Barber’s Liberty Head nickel. Fraser was chosen to create the new design, which was approved in 1912. However, production was delayed due to objections from the Hobbs Manufacturing Company, which produced coin-detection mechanisms. Despite modifications to address these concerns, the Treasury issued the coin in February 1913.
Challenges and Replacement
The Buffalo nickel faced issues with indistinct striking and wear, particularly with the date, which often disappeared over time. After the required 25-year minimum period, it was replaced in 1938 by the Jefferson nickel, designed by Felix Schlag.
Historical Background
The Liberty Head nickel, introduced in 1883, was later modified to include “CENTS” to prevent fraud. An 1890 law mandated coin designs remain unchanged for 25 years unless Congress approved otherwise. While the Liberty Head nickel was eligible for redesign by 1909, early plans for a Washington nickel were abandoned. Sculptor James Earle Fraser’s work eventually led to the adoption of the Buffalo nickel in December 1912.
Most Valuable Buffalo Nickel Worth Money
The Buffalo Nickel series holds a special place in numismatics due to its iconic design, historical significance, and rare varieties that fetch significant sums at auctions. Below are some of the most valuable Buffalo Nickels, along with their unique stories and details.
1. 1926-S Buffalo Nickel Regular Strike
The US Mint established its first branch in 1792, with Philadelphia being the primary mint for centuries. As a result, Philadelphia coins lacked mint marks, while other branches used symbols like “O,” “CC,” “S,” and “D” to signify their location.
- Year: 1926
- Mint Mark: San Francisco
- Grade: MS 66
- Date of Sale: April 1, 2008
- Price: $322,000
This coin, struck in San Francisco, is one of the finest examples of its kind. The Buffalo Nickel was designed during a time of artistic reform led by President Theodore Roosevelt and continued by President William Howard Taft. This era saw the production of beautiful yet challenging-to-mint coins like the Buffalo Nickel.
2. 1916 DDO Buffalo Nickel (Doubled Die Obverse)
The Buffalo Nickel was part of Roosevelt’s coin beautification initiative, replacing the Barber Nickel in 1913. While loved by the public for its design, it faced criticism from mint engravers for being hard to produce.
- Year: 1916
- Mint Mark: None (Philadelphia)
- Grade: MS 64
- Date of Sale: August 14, 2004
- Price: $281,750
The 1916 Doubled Die Obverse Buffalo Nickel is particularly rare because the design’s intricate details required extra strikes, leading to quicker equipment wear and higher production costs.
3. 1926-D Buffalo Nickel Regular Strike
The Buffalo Nickel’s elevated design elements, such as the cheekbones on the obverse and the bison’s legs on the reverse, made the coin susceptible to wear. This led to many Buffalo Nickels becoming dateless over time.
- Year: 1926
- Mint Mark: Denver
- Grade: MS 67
- Date of Sale: October 8, 2020
- Price: $70,500
Despite these challenges, coins like the 1926-D in high grades remain sought after by collectors.
4. 1921 Buffalo Nickel Regular Strike
The Buffalo Nickel was designed by James Earle Fraser, an assistant to Augustus Saint-Gaudens, who was originally recommended by President Roosevelt for the coin project.
- Year: 1921
- Mint Mark: None (Philadelphia)
- Grade: MS 65
- Date of Sale: August 11, 1990
- Price: $30,800
Fraser’s design captured the spirit of America with its Native American portrait and American Bison imagery, despite resistance from mint engravers.
5. 1923-S Buffalo Nickel Regular Strike
Mint engravers often clashed with commercial artists over coin designs. Mint workers favored simpler designs for easier production, while artists like Fraser prioritized aesthetics and self-promotion.
- Year: 1923
- Mint Mark: San Francisco
- Grade: MS 66
- Date of Sale: June 5, 2013
- Price: $67,563
The 1923-S Buffalo Nickel is a prime example of these artistic challenges.
6. 1931-S Buffalo Nickel Regular Strike
The Buffalo Nickel’s specifications include a 21.21mm diameter, a weight of 5g, and a composition of 75% copper and 25% nickel. The obverse features a Native American chief, while the reverse showcases an American Bison.
- Year: 1931
- Mint Mark: San Francisco
- Grade: MS 67
- Date of Sale: September 1, 2008
- Price: $63,250
This rare San Francisco issue is highly valued, especially in top grades.
7. 1937-D 3-Legged Buffalo Nickel Regular Strike
The obverse portrait was reportedly a composite of three Native American chiefs—Two Moons, Iron Tail, and Big Tree. The reverse bison, often attributed to Black Diamond of the Central Park Zoo, was not a true buffalo but an American Bison.
- Year: 1937
- Mint Mark: Denver
- Grade: MS 66+
- Date of Sale: October 28, 2021
- Price: $99,875
The missing foreleg on the bison is a mint error that adds to this coin’s uniqueness.
8. 1918/7-D Buffalo Nickel Overdate DDO
Fraser’s Native American models were from the Cheyenne, Sioux, and Kiowa tribes, though their exact identities remain debated.
- Year: 1918/7
- Mint Mark: Denver
- Grade: MS 65
- Date of Sale: August 16, 2006
- Price: $350,750
This overdated variety is one of the most sought-after Buffalo Nickels due to its rarity.
9. 1938 D/S OMM Buffalo Nickel (Over Mint Mark)
The mint marks on coins represented their production location, and errors like this “D over S” mint mark are highly collectible.
- Year: 1938
- Mint Mark: Denver over San Francisco
- Grade: MS 68
- Date of Sale: August 18, 2004
- Price: $25,300
This variety is a standout from the final year of Buffalo Nickel production.
10. 1935 Buffalo Nickel DDR (Doubled Die Reverse)
The Barber Nickel, which preceded the Buffalo Nickel, lacked a denomination marking, leading to counterfeiting issues. The Buffalo Nickel addressed this flaw while introducing a striking new design.
- Year: 1935
- Mint Mark: None (Philadelphia)
- Grade: MS 65
- Date of Sale: August 4, 2007
- Price: $104,650
The doubled die reverse on this coin is a rare and desirable error.
Bottom Line
Buffalo Nickels are treasured for their beauty, history, and the challenges they posed during production. Their rare varieties and unique errors make them among the most valuable coins for collectors worldwide. From the intricate designs to fascinating minting stories, each Buffalo Nickel tells a story of artistry and innovation.
