Indian Head or Buffalo Nickels (1913-1938) can be simple and affordable to collect for the intermediate coin collector or challenging enough for the advanced coin collector. Buffalo nickel values range from just a few cents for common dates in well-circulated grades to thousands of dollars for key dates in pristine uncirculated condition.
History of the Buffalo Nickel
As part of the Renaissance of American Coinage that began with President Theodore Roosevelt, James Earl Fraser designed both the obverse and the reverse of the Buffalo nickel. The obverse features a rustic design of a Native American facing right. Contrary to claims made by several Native American chiefs, the portrait is a composition of several Native American tribal chiefs.
The reverse features an American Buffalo that many people believed was modeled from a specimen at the New York City Zoo named Black Diamond. Unfortunately, numismatic researchers have not been able to confirm nor refute this claim.
The first variety of the Buffalo nickel produced by The United States Mint featured the buffalo standing on a mound of dirt with the denomination FIVE CENTS rising above it. This design flaw caused the denomination to wear off of the nickel prematurely. Approximately halfway through 1913, the U.S. Mint changed the design to recess the denomination below the coin's rim.
Market Analysis
Indian Head or Buffalo nickels have been relatively stable over the last few years. However, some of the key dates and rarities have declined since reaching their peak in 2008. Since these coins do not contain any silver or gold, they do not react to the market fluctuations of these precious metals.
Although this series is not popular among beginning coin collectors, intermediate and advanced coin collectors take pride in assembling a set of quality Buffalo nickels. This will ensure that quality coins will always have a viable market, whether you are buying or selling your coins.
An intermediate collector should focus on assembling a nicely matched set that they can afford on the budget allocated for their Buffalo nickel collection. Advanced collectors will strive for an uncirculated set that includes rare dates and varieties.
Key Dates, Rarities, and Varieties
The following Buffalo nickels in any condition, are worth considerable more than common ones. As such, these coins are frequently counterfeit or altered from common Buffalo nickels. Therefore, before you start celebrating your early retirement with your new found fortune, have the coin authenticated by a reputable coin dealerorthird party grading service.
- 1913-S Type 2
- 1916/16 (doubled die variety)
- 1918-D 8 over 7 (doubled die variety)
- 1921-S
- 1924-S
- 1926-S
- 1937-D Three legged Buffalo
Beginning coin collectors should learn about how to recognize the most valuable buffalo nickelswith photos and detailed explanations.
Condition
If your coin is worn and looks similar to the one illustrated below, it is considered acirculatedcoin.
:max_bytes(150000):strip_icc()/US0005-Buffalo-Nickels-F12-NGC-1-56a1778d3df78cf7726aee41.jpg "What Is the Value of a Buffalo (Indian Head) Nickel? (1)")
If your coin looks similar to the one illustrated in the link below and has no evidence of wear due to being in circulation, it is considered anuncirculatedcoin. Here's a high-resolution photo of an uncirculated Buffalo Nickel.
:max_bytes(150000):strip_icc()/US0005-Buffalo-Nickels-MS63-NGC-1-56a1778d3df78cf7726aee4a.jpg "What Is the Value of a Buffalo (Indian Head) Nickel? (2)")
A professional numismatist or coin dealer can help you determine the exact grade of your Buffalo nickel.
Mint Marks
The United States mint produced Buffalo Nickels at three different facilities in use three different mint marks: Philadelphia (no mint mark), Denver (D) and San Francisco (S). Themint markon the nickel is located on thereverseof the coin, just below the denomination of "FIVE CENTS."
:max_bytes(150000):strip_icc()/US0005-Buffalo-Nickel-Mint-Mark-6bc32de75ea04df1b7a9fa9b9835164e.JPG "What Is the Value of a Buffalo (Indian Head) Nickel? (3)")
Indian Head or Buffalo Nickel Average Prices and Values
The following table liststhebuyprice(what you can expect to pay to a dealer to purchase the coin)andsellsvalue(what you can expect a dealer to pay if you sell the coin). The first column lists the date, andmint mark(see the photo above), followed by the buy price and the sell value for anaveragecirculatedBuffalo nickel.
All circulated prices and values assume that the date is readable and not completely worn off the face of the coin. The following two columns list the buy price and the sell value for anaverageuncirculated. These areapproximateretailpricesand wholesale values. Of course, the actual offer you receive from a particular coin dealer will vary depending on the exact grade of the coin and some otherfactors that determine its worth.
| Date & Mint | Circ. Buy | Circ. Sell | Unc. Buy | Unc. Sell | |
| 1913 Type 1 | $11.00 | $5.50 | $45.00 | $31.00 | |
| 1913-D Type 1 | $14.00 | $7.00 | $80.00 | $60.00 | |
| 1913-S Type 1 | $42.00 | $21.00 | $150.00 | $110.00 | |
| 1913 Type 2 | $11.00 | $6.00 | $55.00 | $40.00 | |
| 1913-D Type 2 | $90.00 | $55.00 | $300.00 | $250.00 | |
| 1913-S Type 2 * | $280.00 | $150.00 | $900.00 | $700.005 | |
| 1914 | $17.00 | $9.00 | $69.00 | $47.00 | |
| 1914 4 over 3 | $420.00 | $200.00 | $4,400.00 | $3,500.00 | |
| 1914-D | $90.00 | $50.00 | $500.00 | $330.00 | |
| 1914-S | $31.00 | $15.00 | $290.00 | $210.00 | |
| 1915 | $6.00 | $3.00 | $71.00 | $52.00 | |
| 1915-D | $26.00 | $13.00 | $290.00 | $200.00 | |
| 1915-S | $59.00 | $31.00 | $800.00 | $600.00 | |
| 1916 | $5.00 | $2.50 | $67.00 | $49.00 | |
| 1916 16 over 16 * | $6,500.00 | $4,000.00 | $125,000.00 | $90,000.00 | |
| 1916-D | $18.00 | $9.00 | $220.00 | $160.00 | |
| 1916-S | $14.90 | $7.30 | $230.00 | $170.00 | |
| 1917 | $5.90 | $2.90 | $100.00 | $70.00 | |
| 1917-D | $29.00 | $14.00 | $580.00 | $420.00 | |
| 1917-S | $43.00 | $21.00 | $900.00 | $600.00 | |
| 1918 | $6.90 | $3.60 | $250.00 | $170.00 | |
| 1918-D 8 over 7 * | $1,800.00 | $1,200.00 | $43,000.00 | $36,000.00 | |
| 1918-D | $31.00 | $16.00 | $710.00 | $520.00 | |
| 1918-S | $27.00 | $14.00 | $1,500.00 | $1,100.00 | |
| 1919 | $3.00 | $1.50 | $90.00 | $60.00 | |
| 1919-D | $29.00 | $15.00 | $1,200.00 | $800.00 | |
| 1919-S | $24.00 | $12.00 | $1,100.00 | $800.00 | |
| 1920 | $3.70 | $1.90 | $100.00 | $70.00 | |
| 1920-D | $19.00 | $10.00 | $1,100.00 | $700.00 | |
| 1920-S | $13.00 | $6.20 | $1,100.00 | $800.00 | |
| 1921 | $6.00 | $3.00 | $220.00 | $150.00 | |
| 1921-S * | $90.00 | $50.00 | $1,900.00 | $1,200.00 | |
| Date & Mint | Circ. Buy | Circ. Sell | Unc. Buy | Unc. Sell | |
| 1923 | $3.60 | $1.70 | $110.00 | $70.00 | |
| 1923-S | $12.90 | $6.10 | $680.00 | $470.00 | |
| 1924 | $2.80 | $1.40 | $120.00 | $80.00 | |
| 1924-D | $15.00 | $7.00 | $620.00 | $420.00 | |
| 1924-S * | $48.00 | $24.00 | $2,700.00 | $1,800.00 | |
| 1925 | $2.00 | $1.50 | $69.00 | $54.00 | |
| 1925-D | $19.00 | $10.00 | $630.00 | $470.00 | |
| 1925-S | $10.20 | $4.90 | $1,100.00 | $800.00 | |
| 1926 | $2.00 | $1.00 | $54.00 | $39.00 | |
| 1926-D | $15.00 | $8.00 | $390.00 | $290.00 | |
| 1926-S * | $44.00 | $21.00 | $6,400.00 | $4,900.00 | |
| 1927 | $1.20 | $0.60 | $62.00 | $45.00 | |
| 1927-D | $4.70 | $2.40 | $280.00 | $210.00 | |
| 1927-S | $2.70 | $1.40 | $1,500.00 | $1,100.00 | |
| 1928 | $1.60 | $0.80 | $52.00 | $38.00 | |
| 1928-D | $2.60 | $1.30 | $90.00 | $60.00 | |
| 1928-S | $1.80 | $0.90 | $370.00 | $260.00 | |
| 1929 | $1.70 | $0.80 | $55.00 | $38.00 | |
| 1929-D | $1.70 | $0.90 | $100.00 | $70.00 | |
| 1929-S | $1.30 | $0.70 | $69.00 | $49.00 | |
| 1930 | $1.60 | $0.80 | $50.00 | $35.00 | |
| 1930-S | $2.00 | $1.00 | $73.00 | $50.00 | |
| 1931-S | $14.40 | $7.10 | $80.00 | $60.00 | |
| 1934 | $1.30 | $0.60 | $49.00 | $33.00 | |
| 1934-D | $2.50 | $1.20 | $100.00 | $70.00 | |
| 1935 | $1.00 | $0.50 | $31.00 | $22.00 | |
| 1935-D | $2.00 | $0.90 | $80.00 | $50.00 | |
| 1935-S | $1.00 | $0.50 | $54.00 | $38.00 | |
| 1936 | $1.00 | $0.50 | $27.00 | $19.00 | |
| 1936-D | $1.20 | $0.60 | $35.00 | $24.00 | |
| 1936-S | $1.00 | $0.50 | $37.00 | $25.00 | |
| 1937 | $1.00 | $0.50 | $21.00 | $15.00 | |
| 1937-D | $1.00 | $0.50 | $28.00 | $19.00 | |
| 1937-D 3 Leg * | $560.00 | $280.00 | $3,300.00 | $2,400.00 | |
| 1937-S | $1.00 | $0.50 | $28.00 | $19.00 | |
| 1938-D | $2.80 | $1.40 | $24.00 | $17.00 | |
| 1938-D D over S | $6.30 | $3.00 | $64.00 | $45.00 | |
| Complete Date-Mint Set Total Coins: 61 | $900.00 | $450.00 | $33,000.00 | $23,000.00 | |
| Complete Date Set Total Coins: 23 | $100.00 | $50.00 | $1,800.00 | $1,300.00 |
* = See "Buffalo Nickel Key Dates, Rarities and Varieties" for more information on these coins.
