Most Buffalo nickels are worth roughly $1 to $3 if the date is readable, and 10 to 25 cents if the date has worn away. They were made from 1913 to 1938 in large numbers, and the date sits on the highest point of the design, so millions lost it to wear. The money is in a short list of key dates and varieties: the 1913-S Type 2, 1914/3 and 1918/7-D overdates, the 1926-S, and the famous 1937-D three-legged buffalo, which sells for several hundred dollars even when well worn.
Buffalo nickels contain no silver. They are 75 percent copper and 25 percent nickel, the same as a modern nickel, so there is no metal floor above face value. Everything above five cents is collector demand, and that depends on the date, the mint mark under FIVE CENTS, and how much of the horn and date remain.
A pile of Buffalo nickels sorts quickly once you know where to look. Read the date, flip the coin, read the mint mark, and set aside anything on the key list.
Why so many Buffalo nickels have no date
James Earle Fraser's design put the date on Liberty's shoulder, the most raised part of the obverse. Every time the coin slid across a counter or rubbed in a pocket, the date took the wear first. By the 1950s, when the coins were still circulating, many had only a smooth patch where the date had been.
Dateless Buffalo nickels are worth 10 to 25 cents each and usually sell in bulk lots. A coin with only a partial date, where the last digit is missing, is worth about the same as a dateless one unless the visible digits narrow it to a key year.
The horn on the buffalo is a good wear gauge. A full horn, with the tip clearly visible, means the coin is in Fine or better. A flat horn with no tip means heavy wear.
Reading the mint mark
The mint mark is on the reverse, directly below the words FIVE CENTS, on the ground under the buffalo:
- No letter: Philadelphia
- D: Denver
- S: San Francisco
The letter is small and often worn shallow. Tilt the coin under a desk lamp and use a 5x to 10x loupe. On many key dates the mint mark is everything: a 1926 from Philadelphia is a $1 coin, and a 1926-S is worth $20 even when worn down to Good.
Type 1 and Type 2
In 1913 the original design showed the buffalo standing on a raised mound, with FIVE CENTS on top of it. The lettering wore off quickly, so partway through 1913 the Mint cut the ground down to a flat line and recessed FIVE CENTS beneath it. That is the Type 2. Every Buffalo nickel from 1914 on is Type 2.
For 1913 coins, the type matters a lot:
- 1913 Type 1, any mint: a few dollars to $30 worn
- 1913-D Type 2: roughly $100 to $200 worn
- 1913-S Type 2: the key of the year, $300 to $500 worn
Key dates and varieties
The 1913-S Type 2
Only about 1.2 million were struck. It is the scarcest regular date of the series, and it is worth several hundred dollars in any grade with a readable date and S mint mark.
The 1918/7-D overdate
A Denver die was made with a 1917 hub and then overpunched with 1918, leaving the remains of a 7 under the final 8. On a worn coin the 7 can be subtle. A clear macro of the date, taken with light coming from the side, is the photo that answers this one. Values start around $700 to $1,000 in Good and climb steeply.
The 1937-D three-legged buffalo
A Denver die was polished too hard to remove clash marks, and the polishing took off most of the buffalo's front right leg. The result looks like a three-legged animal. Genuine examples bring $600 to $900 in Good.
This is one of the most faked varieties in American coinage. Many "three-legged" coins are ordinary 1937-D nickels with the leg scraped or ground away. Genuine coins show a specific set of marks: a line of raised dots running from the buffalo's belly toward the ground, a thin rear leg, and a smooth patch where the leg should be. Tool marks or a hollow area where the leg was removed point to alteration. A coin that looks right belongs with PCGS or NGC before it is sold.
The 1926-S
A low mintage San Francisco date that wore heavily. Worn examples sell for $15 to $30, a Fine coin for $70 to $100, and uncirculated pieces for thousands.
Other dates to set aside
- 1914/3 overdate, 1916 doubled die obverse and 1936-D 3 1/2 legs: varieties with large premiums
- 1914-D, 1915-S, 1921-S, 1924-S and 1931-S: semi-keys, roughly $15 to $100 worn
- 1935 doubled die reverse: a premium variety that needs magnification
Acid-restored dates
A dateless Buffalo nickel can be treated with a mild acid, sold as a date restoration product, that etches the metal and brings up a ghost of the date. The number appears dark and frosted against a dull, pitted patch on the shoulder.
Restored coins are worth very little more than dateless ones, because the acid permanently damages the surface. Grading services label them as acid-treated and do not give them a straight grade. Signs of acid restoration:
- A dark or frosty patch around the date that does not match the rest of the coin
- Fine pitting or a grainy surface in that area only
- A date that is readable while the horn and Liberty's hair are flat
The danger is with key dates. A restored 1913-S or 1918/7-D is worth a fraction of an original one, and some sellers do not mention the treatment. If the date looks unusually clear on a coin with heavy wear everywhere else, assume acid until proven otherwise.
Value table
These approximate ranges are for original, uncleaned coins. "Good" means the date is fully readable but the horn is flat; "Fine" means a partial horn; "Uncirculated" means no wear at all.
| Coin | Good | Fine | Uncirculated |
|---|---|---|---|
| Dateless | 10-25 cents | - | - |
| Common date 1920s-1938 | $1-2 | $2-4 | $20-50 |
| Common date 1913-1919 | $2-5 | $5-15 | $40-150 |
| 1913-D Type 2 | $100-200 | $200-300 | $500+ |
| 1913-S Type 2 | $300-500 | $500-800 | $1,200+ |
| 1914/3 overdate | $150-300 | $500+ | Thousands |
| 1918/7-D | $700-1,000 | $2,000+ | Tens of thousands |
| 1921-S | $50-80 | $150-250 | $1,500+ |
| 1924-S | $15-25 | $50-100 | $2,000+ |
| 1926-S | $15-30 | $70-100 | $4,000+ |
| 1937-D three-legged | $600-900 | $900-1,200 | $3,000+ |
| Acid-restored date | 50 cents-$3 | - | - |
The 1938-D, the last year of issue, is often found uncirculated and sells for $20 to $40 in that condition. It is a nice coin, not a rare one.
Condition, cleaning and toning
Buffalo nickels naturally tone to a soft gray or brown. That is normal and preferred by collectors. A bright, shiny nickel with a uniform look and fine scratches has usually been cleaned, which lowers the value, sometimes by half on a better date. Never polish or dip a Buffalo nickel.
Strike also matters. Many Denver and San Francisco coins from the 1920s were weakly struck, so the horn and the buffalo's head are soft even on uncirculated coins. Collectors pay a premium for full strikes.
Photos that answer the question
- A straight-on photo of the obverse date, with side lighting
- A clear macro of the mint mark under FIVE CENTS
- A full reverse shot for any 1937-D, showing the legs and the ground
- An angled-light close-up of the date for any coin that might be acid restored
For anything on the key list in Fine or better, a grading service is the right next step. If the nickels came from a larger collection, the inherited coins guide explains how to sort the wheat pennies and silver alongside them.