Buffalo Nickel Value Guide: What Yours Might Be Worth

Key Takeaways:

The Buffalo Nickel, designed by James Earle Fraser, honors Native American heritage and the American West with detailed portraits of a Native American and a bison, highlighting cultural authenticity in American coinage;

Buffalo Nickels are mostly rare in highly preserved conditions, known as "condition rarities." A condition rarity is a valuable coin because of its high level of preservation rather than the total number of known examples;

Buffalo Nickels are mainly divided in two categories: Type 1 and Type 2. Type 1 had the denomination inscribed on a raised mound on the reverse, which wore off quickly. The US Mint fixed the problem by introducing a recessed area, and the revised design was named Type 2.

Understanding the Buffalo Nickel

In this article, I have outlined the key aspects to help readers understand and assess the Buffalo Nickel worth, including its production background, the factors contributing to their exceptional prices, and an updated list of the most valuable examples.

Background and History of the Buffalo Nickel

Source: PCGS || Buffalo Nickel

Despite being most commonly known as the Buffalo Nickel, the coin is also called the Five Cent Indian Head or even Indian Head Nickel. The first year of the issue was already marked by a massive number of 30,992,000 coins released, and a change in the design.

During its first year of circulation, the denomination FIVE CENTS was on the mound where the buffalo stood. However, that inscription would wear off quickly.

After identifying the flaw in the worn coins, the mint introduced a revised version known as Type 2. In this design, the denomination was moved to a recessed area below the mound, protecting it from wear. This adjustment is the only difference between the two types. Refer to the comparison below:

Source: PCGS || 1913 5C Type 1 (Regular Strike)

Source: PCGS|| 1913 5C Type 2 (Regular Strike)

Description of the Coin

For the reverse design, sculptor James Earle Fraser drew inspiration from an American bison named “Black Diamond,” which he identified as the primary model. Notably, the bison, unlike the buffalo, has a distinctive hump on their shoulders, a feature prominently captured in Fraser's work.

The inscriptions UNITED STATES OF AMERICA and E PLURIBUS UNUM are arching above the bison, while the denomination FIVE CENTS lays below the animal.

On the obverse, the Native American portrait is a composite inspired by three American Indian Chiefs who sat with Fraser to provide a unique and authentic reference for the imagery.

Fraser stated in a radio interview that the buffalo was 100% American and that the North American Indian fitted into the picture perfectly. He aimed to embody the spirit of the American Western background, incorporating intricate details such as the Native American chief hair, braids, feathers, and the buffalo's horn.

Features intended to, in his words, "not to be mistaken for any other country's coin."

You can find more on the design of the nickel in our article: Who is on the Nickel

Identifying Your Buffalo Nickel

Date and Mintmark Combination

The mint marks on coins aimed to identify where the coin was minted. Coins produced at the Philadelphia Mint are typically unmarked, while those minted in the Denver Mint are marked with a "D," and those from the San Francisco Facility carry an "S."

Philadelphia (no mint mark) produced Buffalo Nickels from 1913 to 1921, 1923 to 1930, and 1934 to 1937, with no minting in 1922 or from 1931 to 1933. Proof issues type 1 was produced in Philadelphia in 1913, and type 2 was produced from 1913 until 1916., and then from 1936 to 1937.

Denver (D mint mark) minted Buffalo Nickels from 1913 to 1928 and 1934 to 1938, with no regular production between 1921 and 1923 and between 1930 and 1933.

San Francisco (S mint mark) minted Buffalo Nickels from 1913 to 1928 and 1930 to 1937, skipping production in 1922, 1931 to 1933, and 1938.

A Special Strike was issued exclusively in 1927.

Assessing the Condition and Grading of Your Buffalo Nickel

Understanding Grading Condition

Third-party grading companies, like PCGS and NGC, use the Sheldon Scale to appraise coin conditions. The Sheldon Scale is a numeric scale that goes between 1 to 70.

In short, one represents the poorest condition, and 70 attests to the perfect preserved condition.

How Condition Affects Value

Coins graded between 60 and 70 are considered in mint state, and collectors typically expect to command higher prices than their face value due to their superior preservation against environmental and time damage.

Most Buffalo Nickels on this list are rare in grades above MS65, making those in exceptional condition highly sought after and commanding premium prices.

The key factor in their value is a rarity in well-preserved states. Despite being widely circulated, only a few have survived in exceptional condition, making them "condition rarities", that is, valuable for their preservation rather than their number.

Factors Affecting Buffalo Nickel Value

Rarity and Demand

As mentioned, condition and rarity are key factors in determining a coin’s value, especially for a relatively common coin like the Buffalo Nickel. However, variations such as doubling strikes, overstrikes, and other minting errors can significantly increase a coin's desirability for collectors.

Variations like the 1918-D 8-over7 overdate, the 1937-D three-legged Buffalo Nickel, and the 1916 “double die” are particularly sought-after.

Buffalo Nickel Value: Complete Price Chart

The below chart is a complete price guide for all variants of the Buffalo Nickel ever minted by the US Mint. Prices are in USD.

Business strike
Type	Condition: Mint State
Type 1, "FIVE CENTS" On Raised Ground.	MS65	MS66	MS67	MS68
1913 Type 1	225	400	1,375	9,500
1913 Type 1, 3-1/2 Legs (FS-901)	11,000	15,000	-	-
1913 Type 1 DDR FS-1802	4,500	5,750	10,000	-
1913-D Type 1	500	725	3,000	50,000
1913-D FS-401, 2 Feathers	1,750	2,250	-	-
1913-S Type 1	875	2,150	6,250	60,000
1913-S T-1 2 Feathers FS-401	2,750	-	-	-
Type 2, "FIVE CENTS" In Recess.	MS65	MS66	MS67	MS68
1913 DDR FS-1801	750	-	-	-
1913 Type 2 DDO FS-1101	1,750	4,250	-	-
1913-D Type 2	1,250	3,500	18,000	52,500
San Francisco	MS65	MS66	MS67	MS68
1913-S Type 2	3,150	7,250	40,000	-
1914	475	1,550	10,000	-
1914/(3)	27,500	90,000	-	-
1914/(3) Overdate FS-101	27,500	90,000	-	-
1914-D	1,800	3,600	22,500	-
1914-S	3,000	8,000	38,500	-
1915	625	900	2,100	70,000
1915 DDO FS-101	5,000	-	-	-
1915 2 Feathers FS-401	3,750	5,000	-	-
1915-D	1,600	5,000	17,500	-
1915-D/D RPM FS-501	-	-	-	-
1915-D 2 Feathers FS-401	-	-	-	-
1915-S	5,500	7,000	50,000	-
1915-S/S RPM FS-501	-	-	-	-
1916	450	975	5,750	90,000
1916 No F, FS-401	1,600	2,250	-	-
1916 2 Feathers FS-402	2,250	3,250	-	-
1916 Doubled Die Obverse	MS 64 325,000
1916 DDO FS-101	MS 64 300,000
1916-D	1,850	10,000	45,000	-
1916-D 3 1/2 Leg FS-901	MS 63 1,650
1916-S	2,850	8,500	42,500	-
1917	575	1,450	6,000	38,500
1917 DDR FS-801	15,000	-	-	-
1917 DDR FS-802	MS 64 3,250
1917 2 Feathers FS-401	2,500	-	-	-
1917-D	3,250	7,000	32,500	-
1917-D 3 1/2 Leg FS-901	MS 64 4,500
1917-D 2 Feathers FS-401	-	-	-	-
1917-S	5,000	7,500	70,000	-
1917-S 2 Feathers FS-401	9,000	-	-	-
1918	1,375	2,750	27,000	-
1918 DDR FS-801	3,000	10,000	17,500	-
1918 2 Feathers FS-401	MS 64 11,750
1918-D	4,000	9,500	40,000	-
1918/7-D	325,000	650,000	-	-
1918/7-D Overdate FS-101	MS 64 115,000
1918-S	16,500	65,000	-	-
1918-S 2 Feathers FS-401	MS 63 4,250
1919	750	1,800	4,750	32,500
1919 2 Feathers	2,750	3,500	-	-
1919 2 Feathers FS-401	MS 64 2,000
1919 DDO FS-101	20,000	-	-	-
1919-D	5,000	14,000	-	-
1919-D 2 Feathers FS-401	MS 63 1,750
1919-S	11,500	90,000	-	-
1919-S 2 Feathers FS-401	MS 64 2,000
1920	650	1,750	6,500	-
1920 2 Feathers FS-401	4,500	-	-	-
1920-D	5,750	50,000	100,000
1920-S	12,500	75,000	-	-
1920-S 2 Feathers, FS-401	MS 63 2,750
1921	1,250	1,850	6,500	-
1921 2 Feathers FS-401	3,500	6,500	10,000	-
1921-S	11,750	25,000	-	-
1921-S 2 Feathers FS-401	13,500	-	-	-
1923	625	1,150	5,250	75,000
1923 2 Feathers FS-401	MS 64 1,250
1923-S	6,500	47,500	-	-
1924	1,000	3,500	24,000	-
1924-D	5,000	13,500	-	-
1924-S	13,500	55,000	-	-
1925	525	1,450	4,500	-
1925-D	5,500	12,000	-	-
1925-D 2 Feathers FS-401	MS 63 5,000
1925-S	11,500	150,000	-	-
1925-S/S RPM FS-501	(Extremely Fine) XF 40 850
1925-S 2 Feathers FS-401	MS 64 3,500
1926	315	550	2,750	50,000
1926 DDO & DDR FS-101/801	2,500	3,500	-	-
1926-D	5,500	11,500	80,000	-
1926-D 3 1/2 Leg FS-901	4,750	9,500	-	-
1926-D 2 Feathers FS-401	(Extremely Fine) XF 40 375
1926-S	130,000	-	-	-
1927	375	600	3,600	37,500
1927-D	4,750	23,500	-	-
1927-D 3 1/2 Leg FS-901	MS 60 3,500
1927-D/D RPM FS-501	MS 60 1,350
1927-D 2 Feathers FS-401	(Extremely Fine) XF 40 750
1927-S	15,750	90,000	-	-
1927-S 2 Feathers FS-401	MS 64 4,000
1927-S DDO FS-101	40: 650	-	-	-
1928	350	950	5,000	-
1928-D	575	5,000	30,000	-
1928-S	2,850	15,000	46,500	-
1928-S 2 Feathers FS-401	MS 63 2,750
1929	340	700	10,500	-
1929-D	1,050	2,100	18,000	-
1929-S	500	1,300	13,000	-
1929 DDO FS-101	1,350	2,500	-	-
1929-S 2 Feathers FS-401	3,750	12,500	-	-
1930	255	475	3,400	-
1930 DDO FS-101	750	1,000	-	-
1930 DDR FS-802	2,250	3,000	-	-
1930 DDR FS-803	2,250	3,000	-	-
1930 DDR FS-801	1,750	2,500	-	-
1930 DDO FS-102	350	550	-	-
1930 DDO FS-103	400	750	-	-
1930-S	475	1,125	12,500	-
1930-S RPM FS-501	MS 64 850
1930-S 2 Feathers FS-401	1,750	3,500	-	-
1930-S DDO FS-101	850	-	-	-
1931-S	425	650	20,000	-
1931-S DDR FS-801	350	475	-	-
1931-S DDR FS-802	750	-	-	-
1934	250	650	4,000	-
1934-D	475	2,250	30,000	-
1935	200	275	950	22,500
1935 DDR FS-803	MS 63 7,500
1935 Doubled Die Reverse	40,000	-	-	-
1935 DDR FS-801	MS 64 12,500
1935-D	325	1,200	6,750	-
1935-D/D RPM FS-502	MS 60 1,350
1935-S	250	500	3,600	-
1935-S DDR FS-801	MS 64 2,000
1936	110	225	800	27,500
1936 DDO FS-101	1,750	4,250	13,500	-
1936 DDR FS-801	2,350	3,250	-	-
1936 DDO FS-102	750	1,400	-	-
1936-D	160	250	1,350	32,500
1936-D/D RPM FS-502	450	750	2,000	-
1936-D/S OMM FS-511	675	2,750	-	-
1936-D 3-1/2 Legs	MS 63 30,000
1936-D 3 1/2 Legs FS-901	MS 63 30,000
1936-S	150	300	1,100	-
1936-S/S RPM FS-501	850	1,400	-	-
1937	70	95	260	9,500
1937-D	110	150	750	20,000
1937-D 3 Legs	35,000	52,500	150,000	-
1937-D 3 Legs, FS-901	32,500	55,000	-	-
1937-S	110	200	750	17,500
1938-D	70	95	260	8,500
1938-D/S	200	260	675	18,000
1938-D/S Overmintmark FS-511	210	325	750	8,750
1938-D/S Overmintmark FS-512	300	550	1,250	-
1938-D Overmintmark FS-513	225	300	700	-
1938-D Overmintmark FS-514	275	450	950	-
1938-D Overmintmark FS-515	360	450	600	-
1938-D/D	135	170	575	35,000
1938-D/D Buffalo, RPM-2	135	200	1,000	-
Proof
Type	Condition: Proof
Type 1, "FIVE CENTS" On Raised Ground	PR66	PR67	PR68	PR69
1913 Type 1	6,500	8,500	100,000	-
Type 2, "FIVE CENTS" In Recess, PR	PR66	PR67	PR68	PR69
1913 Type 2	3,100	5,750	32,500	-
1914	4,250	5,750	25,000	-
1915	4,000	5,000	35,000	-
1916	5,750	12,500	22,500	-
1936 Satin	2,150	2,750	7,500	85,000
1936 Brilliant	1,650	3,600	10,500	95,000
1937	1,650	2,250	7,500	95,000
Special Strike
Type	Condition: Specimen
Type 2, "FIVE CENTS" In Recess	PR65	PR66	PR67	PR68
1927 Special Strike	90,000	115,000	-	-

Final Thoughts

Buffalo Nickels can be bought or sold through various channels, such as online platforms like eBay, coin auctions, or directly through a coin dealer. Collectors who want to maximize their coins' worth should consult a professional coin dealer or appraiser.

Lastly, Fraser’s design of the Buffalo Nickel honors Native American heritage while celebrating America's cultural history. For any collector, owning one of these coins connects to that legacy. Finally, I hope this article has provided you with all the necessary tools to assess the value of Buffalo Nickel.