The Buffalo nickel market continues to set new records in 2024 and 2025, with collectors paying astronomical prices for the finest examples of America’s most beloved five-cent coin.
On February 11, 2024, a stunning 1918/7-D Buffalo Nickel graded PCGS MS65+ rattled the coin market arena when it sold for an impressive world-record price of $511,875 at a GreatCollections auction. This landmark sale demonstrates the enduring passion collectors have for these iconic coins designed by James Earle Fraser.
The Buffalo Nickel Legacy
The Buffalo Nickel, minted from 1913 to 1938, is one of the most iconic and collectible U.S. coin designs. Designed by James Earle Fraser, the obverse features a majestic Native American portrait, while the reverse showcases a powerful American bison (buffalo). The design represents a truly American spirit, celebrating the nation’s heritage through artistic excellence that remains unmatched in numismatic history.
Design Evolution and Market Impact
The Buffalo nickel underwent a significant design modification in its first year of production. Type 1 (1913) – Features a raised mound beneath the buffalo, but excessive wear led to a redesign. This early design flaw created two distinct types within the same year, immediately establishing collecting varieties that would drive market premiums for over a century.
Top 20 Buffalo Nickel Rarities
Ultra-Rare Overdates and Doubled Dies
1. 1918/7-D Buffalo Nickel The PCGS MS65+ label makes it one of the highest-graded examples in existence. PCGS has only graded four total examples in MS65+ condition for this variety and no other coins are graded higher. Recent auction records show values ranging from $350,000 to over $500,000 for top-grade specimens.
2. 1916 Doubled Die Obverse The most valuable specimen of this 1916 DDO Buffalo nickel variant reached $281,750 with an MS65 graduation in 2006. This dramatic doubled die error remains one of the most famous varieties in the entire Buffalo nickel series.
Key Date San Francisco Issues
3. 1913-S Type 2 The high price reached by a 1913-S type 2 Nickel Buffalo was $49,938 for an MS67 graduation in 2013. This first-year issue from San Francisco represents the pinnacle of condition rarity.
4. 1921-S Buffalo Nickel With one of the lowest runs – 1,557,000 units – of all the years and mints in which the 5-cent Buffalo nickel was minted, the 1921 San Francisco specimen is renowned as a rare date to find in high grade by collectors.
5. 1918-S Buffalo Nickel The 1918-S is rare in circulated grades, rare in Mint State, and the rarest in Gem condition. In Gem condition, this coin is the hardest to find in a regular strike (non-variety) 1913 to 1919 Buffalo nickel.
Famous Error Coins
6. 1937-D 3-Legged Buffalo The 1935 3-Legged Buffalo Nickel is a personal favorite for many collectors. Compared to the other rare error Buffalo nickels on our list, this is also among the most common. Despite being more available than other errors, high-grade examples still command significant premiums.
7. 1936-D 3-Legged Buffalo This earlier three-legged variety shares the same die polishing error as its 1937 counterpart, creating the distinctive missing leg that makes these coins instantly recognizable.
Condition Rarities and Denver Mint Issues
8. 1927-S Buffalo Nickel The 1927-S is common in lower circulated grades but rare in grades VF20 or higher. It is scarce in mint state and one of the rarest Buffalos in Gem condition.
9. 1920-D Buffalo Nickel The 1920-D is a significant date from the Denver Mint. It is hard to find in circulated grades, rare in mint state, and very scarce in Gem condition.
10. 1919-S Buffalo Nickel The 1919-S is scarce in circulated grades, rare in Mint State, and a great rarity in Gem conditions. Most of the oddities in the Buffalo nickel series are from the 1918 – 1927 period from San Francisco issues.
Additional High-Value Rarities
11. 1913-S Type 1 Buffalo Nickel The original Type 1 design with raised ground, making it extremely susceptible to wear and highly valuable in uncirculated condition.
12. 1924-S Buffalo Nickel A key date from the San Francisco mint that’s challenging to locate in higher grades.
13. 1926-S Buffalo Nickel Another San Francisco issue that commands premiums in mint state condition.
14. 1917-S Buffalo Nickel A semi-key date that’s particularly scarce in gem uncirculated grades.
15. 1914-D Buffalo Nickel The first Denver mint Buffalo nickel, sought after by collectors for its historical significance.
16. 1915-S Buffalo Nickel A San Francisco issue that’s difficult to find with sharp strikes and full detail.
17. 1923-S Buffalo Nickel Notable for weak strikes and rarity in high grades.
18. 1925-S Buffalo Nickel Another challenging San Francisco mint issue for quality-conscious collectors.
19. 1928-S Buffalo Nickel One of the later San Francisco issues that maintains strong collector demand.
20. 1935 Doubled Die Reverse While very rare, 1935 Doubled Die Buffalo Nickels are extremely valuable. These coins can be worth up to $105,000, according to auction records.
Market Trends and Investment Potential
Current Market Conditions
The prices of the Buffalo Nickel in high grades (MS) have remained at similar levels to the previous two years. In grades lower than MS we have noticed price increases/raises between 5-10% in some years and specific mints. This stability in the high-end market, combined with modest appreciation in lower grades, suggests a maturing market with strong fundamentals.
Condition Critical Factors
The high relief of the Buffalo nickel design created inherent weakness. The high points—notably the cheek, feathers, and hair on the obverse and the buffalo’s back on the reverse—wore away easily, making high-grade examples extremely scarce. This design characteristic directly impacts value, with gem examples commanding exponentially higher prices than their circulated counterparts.
Collecting Strategies and Authentication
Professional Grading Importance
We strongly recommend having your coin certified by a professional service such as PCGS or NGC before selling or purchasing it as an investment. The authentication and grading provided by these services is essential given the high values at stake and the sophistication of modern counterfeiting techniques.
Building a Strategic Collection
Building a successful collection requires strategy, patience, and understanding of market dynamics. You can surely assemble an entire date-and-mintmark set of Buffalo nickels. Unfortunately, this is often cost prohibitive for many hobbyists, even if they’re pursuing “just” the circulated pieces.
Recent Auction Highlights
The auction market for Buffalo nickels remains robust, with institutional collectors and investment funds driving prices for the finest examples. DLRC’s Red Carpet Rarities Auction #66 closes on Thursday, May 22. This auction features 64 lots from the DDR’s Full Horn Buffalo Stampede. This is a complete Everyman Buffalo Nickel Registry Set – all lots running with NO RESERVE!
Buffalo Nickel Value Table
| Coin | Grade | Recent Sale Price | Year |
|---|---|---|---|
| 1918/7-D | MS65+ | $511,875 | 2024 |
| 1916 DDO | MS65 | $281,750 | 2006 |
| 1935 DDR | MS64+ | $105,000 | 2020 |
| 1937-D 3-Leg | MS67 | $97,750 | 2009 |
| 1913-S Type 2 | MS67 | $49,938 | 2013 |
| 1921-S | MS66 | $51,750 | 2006 |
| 1918-S | MS66 | $125,350 | 2008 |
| 1919-S | MS66+ | $105,750 | 2016 |
| 1920-D | MS65 | $85,000 | 2020 |
| 1927-S | MS65 | $125,350 | 2008 |
Frequently Asked Questions
Q: What makes Buffalo nickels so valuable? A: Rarity, condition, and collector demand drive values. Key dates, varieties like overdates and doubled dies, and high-grade examples command premium prices due to their scarcity and historical significance.
Q: How can I authenticate a valuable Buffalo nickel? A: Submit coins to professional grading services like PCGS or NGC for authentication and grading. These services verify authenticity and assign condition grades that determine market value.
Q: Are Buffalo nickels a good investment? A: High-grade rare Buffalo nickels have shown strong appreciation over decades, but like all collectibles, values can fluctuate. Focus on quality, rarity, and proper authentication for investment purposes.