Unlocking Buffalo Nickel Value: A Comprehensive Guide for Collectors
The Buffalo Nickel, also known as the Indian Head Nickel, holds a special place in American numismatic history. Minted from 1913 to 1938, its iconic design featuring a Native American on the obverse and an American bison on the reverse makes it a favorite among collectors. But beyond its aesthetic appeal, the Buffalo Nickel can also hold significant value. This comprehensive guide will walk you through the process of accurately assessing the value of your Buffalo Nickels, covering everything from identifying key dates and mint marks to understanding grading scales and market factors.
Understanding the Basics: Anatomy of a Buffalo Nickel
Before diving into value determination, it’s crucial to familiarize yourself with the different parts of a Buffalo Nickel. This will help you accurately identify key features and potential errors.
* Obverse (Front): Depicts a Native American, believed to be a composite of three different chiefs: Iron Tail, Two Moons, and John Big Tree.
* Reverse (Back): Features an American bison, purportedly based on Black Diamond, a bison that lived at the Central Park Zoo in New York City.
* Date: Located at the bottom of the obverse, the date is a critical factor in determining value.
* Mint Mark: A small letter indicating the mint where the coin was produced. The mint mark is found on the reverse, below the words “FIVE CENTS.” The main mints were:
* D: Denver Mint
* S: San Francisco Mint
* No Mint Mark: Philadelphia Mint (the absence of a mint mark indicates it was minted in Philadelphia).
* “FIVE CENTS”: Denomination located on the reverse.
* “E PLURIBUS UNUM”: Motto located above the bison on the reverse.
* “UNITED STATES OF AMERICA”: Country name located above “E PLURIBUS UNUM” on the reverse.
Step 1: Identifying the Date and Mint Mark
The first step in determining the value of your Buffalo Nickel is identifying the date and mint mark. This information will help you narrow down the specific variety of your coin and identify potential key dates or rarities.
The Problem of the Missing Date
A common issue with Buffalo Nickels is a worn-down date. The date was prominently displayed on a high point of the coin, making it susceptible to wear and tear. If the date is completely worn off, you’ll need to use a date restoration solution (available at most coin supply stores). These solutions use a mild acid to reveal the date etched into the coin. Use these solutions carefully, following the manufacturer’s instructions. Note that cleaning or using chemicals on a coin, even to reveal the date, can sometimes negatively impact its value.
Locating and Interpreting the Mint Mark
Once you’ve confirmed the date, find the mint mark. As mentioned earlier, the mint mark is located on the reverse of the coin, below the denomination “FIVE CENTS.” Look closely; the mint mark can sometimes be faint or worn. Here’s a quick recap:
* D: Denver Mint
* S: San Francisco Mint
* No Mint Mark: Philadelphia Mint
Step 2: Identifying Key Dates and Varieties
Certain dates and mint mark combinations are significantly rarer than others, making them more valuable. Here are some of the key dates and varieties to watch out for:
* 1913-S Type 1: The 1913-S Type 1 Buffalo Nickel is a scarce coin due to its low mintage of only 1,209,000. The “Type 1” designation refers to the design where the word “FIVE CENTS” appears on a raised mound.
* 1913-S Type 2: In mid-1913, the design was changed to address the rapid wear of the denomination. The “Type 2” coin has the words “FIVE CENTS” recessed into the coin, offering more protection. The 1913-S Type 2 is also a valuable coin but generally less so than the Type 1.
* 1914-D: The 1914-D is another key date due to its low mintage of only 1,182,000. This coin is highly sought after by collectors, especially in higher grades.
* 1915-S: With a mintage of just 1,505,000, the 1915-S is considered a semi-key date. It’s more common than the 1913-S and 1914-D but still commands a premium.
* 1916 Doubled Die Obverse: This error coin features a distinct doubling of the design elements on the obverse (the Native American’s portrait). This variety is rare and valuable.
* 1918/7-D Overdate: A rare and highly valuable error where the “8” in the date is struck over a “7.” This is a significant rarity and should be carefully examined.
* 1921-S: The 1921-S Buffalo Nickel has a relatively low mintage and is harder to find in higher grades. Although not as valuable as the 1913-S or 1914-D, it’s still worth more than common dates.
* 1926-S: Similar to the 1921-S, the 1926-S has a lower mintage and can be more valuable in well-preserved condition.
* 1937-D “Three-Legged” Buffalo Nickel: This popular error occurred when a mint employee over-polished a die, removing one of the bison’s legs. The 1937-D Three-Legged Buffalo Nickel is a readily identifiable and sought-after error.
Step 3: Grading Your Buffalo Nickel
Grading is the process of assessing the condition of a coin. The grade significantly impacts its value. Coin grading is subjective, but established standards provide a framework for evaluating a coin’s wear, luster, and overall appearance. While professional grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) offer expert opinions, you can learn to grade your coins to a reasonable degree of accuracy.
Here’s a simplified overview of Buffalo Nickel grading:
* Poor (PO-01): The coin is heavily worn, with the date barely visible and significant details worn away. The design is almost completely flattened.
* Fair (FR-02): The date is readable, but the coin is very worn. Major features are outlined but lack detail. Parts of the legend (the words around the coin) may be unreadable.
* About Good (AG-03): The date is readable, but much of the detail is worn away. Some major design elements are visible, but flattened.
* Good (G-04): The date and major design elements are clear, but significant wear is present. The horn of the buffalo is usually worn flat, and the Native American’s cheekbone is flattened.
* Very Good (VG-08): The date and major design elements are clear, with moderate wear. The horn of the buffalo is partially visible, and some details remain on the Native American’s portrait.
* Fine (F-12): The date and all major design elements are clear, with moderate to light wear. The horn of the buffalo is mostly visible, and the Native American’s portrait shows more detail.
* Very Fine (VF-20): The coin shows light wear on the highest points of the design. Details are sharp and clear, and most of the original luster is gone.
* Extremely Fine (EF-40): The coin shows very light wear on only the highest points of the design. Almost all details are sharp and clear, and some original luster remains.
* About Uncirculated (AU-50 to AU-58): The coin shows only traces of wear. The luster is nearly complete. These coins were likely stored carefully but may have some minor contact marks.
* Mint State (MS-60 to MS-70): These coins are uncirculated and show no wear. The higher the number (MS-70 being perfect), the better the condition and the greater the value. Mint State coins are graded based on the number and severity of contact marks and other imperfections.
Key Grading Points for Buffalo Nickels
* The Horn: The amount of the buffalo’s horn that is visible is a crucial factor in grading. A fully visible horn indicates a higher grade.
* The Native American’s Cheekbone: The detail and definition of the Native American’s cheekbone are also important indicators of wear.
* The Date: As mentioned earlier, the legibility of the date is critical, but it also indicates the overall wear of the coin.
* Luster: The original mint luster is a shimmering effect on the surface of the coin. The more luster remaining, the higher the grade.
Step 4: Researching Current Market Values
Once you’ve identified the date, mint mark, and approximate grade of your Buffalo Nickel, you’ll need to research its current market value. Several resources can help you with this:
* Online Coin Price Guides: Websites like PCGS (PCGS.com), NGC (NGCcoin.com), and Numista provide estimated values for coins based on their date, mint mark, and grade. These guides are a good starting point, but remember that prices can fluctuate.
* eBay Completed Listings: Search for your specific Buffalo Nickel on eBay and filter the results to show “Completed Listings.” This will show you what similar coins have actually sold for recently. Be sure to consider the grade and condition of the coins in the completed listings.
* Coin Dealers: Local coin dealers can provide expert opinions on the value of your coins. They can also offer to buy your coins, but remember that they will likely offer less than the retail value so they can make a profit.
* Coin Auctions: Major coin auction houses like Heritage Auctions and Stack’s Bowers Galleries hold regular auctions featuring rare and valuable coins. These auctions can provide insights into the high-end market for Buffalo Nickels.
* Numismatic Publications: Publications like Coin World and Numismatic News provide market analysis and price trends for various coins, including Buffalo Nickels.
Factors Affecting Market Value
Several factors can influence the market value of a Buffalo Nickel beyond its date, mint mark, and grade:
* Demand: The demand for a particular coin can fluctuate based on collector interest and market trends.
* Rarity: Rarer coins are generally more valuable, but rarity alone doesn’t guarantee high value. Demand also plays a role.
* Eye Appeal: A coin with attractive toning or exceptional luster may be worth more than a similar coin with less eye appeal.
* Errors: Error coins, such as doubled dies or off-center strikes, can be highly valuable, especially if they are well-known and sought after.
* Provenance: The history of a coin, including its previous ownership or its appearance in a famous collection, can sometimes add to its value.
Step 5: Protecting and Storing Your Buffalo Nickels
Once you’ve assessed the value of your Buffalo Nickels, it’s essential to protect and store them properly to prevent further damage and preserve their value. Here are some tips:
* Avoid Touching the Coin’s Surface: Handle coins by their edges to avoid transferring oils from your skin to the surface, which can cause spotting or corrosion.
* Use Coin Holders or Albums: Store your coins in inert, archival-quality coin holders, albums, or flips. These materials will protect the coins from scratches, moisture, and other environmental factors.
* Avoid PVC Materials: Do not store coins in PVC (polyvinyl chloride) materials, as PVC can leach chemicals that damage coins over time.
* Store in a Cool, Dry Place: Store your coin collection in a cool, dry place with stable temperature and humidity levels. Avoid storing coins in basements or attics, where temperature and humidity fluctuations can be extreme.
* Consider a Safe or Safety Deposit Box: For valuable coins, consider storing them in a safe or safety deposit box for added security.
Common Buffalo Nickel Errors and Varieties to Look For
Beyond the key dates mentioned previously, various errors and varieties can significantly increase a Buffalo Nickel’s value. Here are some notable examples:
* Die Cracks: These are small cracks in the die that transfer to the coin. While common, extensive or visually appealing die cracks can add value.
* Die Breaks: Larger cracks in the die can cause significant raised areas on the coin. These are more dramatic than die cracks and can be quite valuable.
* Off-Center Strikes: When the coin is not properly centered during striking, part of the design may be missing. Significant off-center strikes are sought after.
* Broadstrikes: A broadstrike occurs when the collar (a retaining ring that helps form the coin’s edge) is missing during striking. This results in a coin that is wider and thinner than normal, with a flattened edge.
* Clipped Planchets: A clipped planchet occurs when a piece of the metal planchet (the blank coin) is missing before striking. This results in a coin with a curved or straight edge where the metal was clipped off.
* Lamination Errors: These errors occur when layers of metal separate on the coin’s surface, creating peeling or flaking. They are caused by impurities in the metal.
The Allure of the Buffalo Nickel: More Than Just Value
While understanding the value of your Buffalo Nickels is important, it’s also worth appreciating their historical significance and artistic beauty. The Buffalo Nickel represents a unique period in American history, capturing the spirit of the Wild West and honoring Native American culture. Whether you’re a seasoned collector or just starting out, the Buffalo Nickel offers a fascinating glimpse into the past.
Tips for Beginners Collecting Buffalo Nickels
If you are starting collecting Buffalo Nickels, here are some tips to help you get started:
* Start with a Budget: Decide how much you are willing to spend on your collection.
* Focus on a Specific Area: Focus on one thing like a specific year. This will help you develop expertise.
* Buy the Best You Can Afford: Buy the highest grade you can afford, within your area of collection.
* Join a Coin Club: Meeting with fellow coin collectors is a great way to share information and build connections.
* Attend Coin Shows: This will allow you to see a large amount of coins to purchase for your collection.
* Educate Yourself: It is important to become knowledgeable in the areas that you are collecting so you know what you are buying.
Conclusion
Determining the value of a Buffalo Nickel involves a combination of knowledge, research, and careful observation. By following the steps outlined in this guide, you can accurately assess the value of your coins and make informed decisions about buying, selling, or preserving them. Remember to consult multiple sources, consider the overall condition of the coin, and always handle your coins with care. Happy collecting!