If you’re holding onto old coins in hopes of finding a hidden treasure, one particular coin could make you a fortune. A 1937 5-cent coin, commonly referred to as the Buffalo Nickel, may be worth up to $18,000 if it’s in pristine condition.
The Buffalo Nickel
The Buffalo Nickel, designed by James Earle Fraser, was minted between 1913 and 1938. The reverse of the 1937 nickel shows the head of a Native American facing right, along with the words LIBERTY and 1937. While the reverse of the 1937 nickel has a standing bison along with the words UNITED STATES OF AMERICA, E PLURIBUS UNUM, and FIVE CENTS.
The Native American figure was inspired by several real-life individuals, though experts disagree on the exact models used. The reverse bison was modeled after a creature named Black Diamond from the Bronx Zoo. These unique artistic details, combined with limited minting errors, have made the coin highly desirable among collectors.
The coin was initially produced to replace the Liberty Head nickel and is also known as the Indian Head nickel. The Buffalo Nickel is particularly sought after due to its aesthetic appeal and the fact that many coins from this period are now considered rare
What makes the 1937 Buffalo Nickel so special?
Though many Buffalo Nickels exist, the value of a 1937 nickel is particularly dependent on its condition and mint mark. Specifically, the coins minted at the San Francisco Mint (marked by an “S”) hold higher value due to their limited production numbers. A total of 5,635,000 Buffalo Nickels were minted in San Francisco in 1937.
In the world of numismatics, the condition or “grade” of the coin is everything. The Professional Coin Grading Service (PCGS) uses a scale to rank the condition of a coin, and higher-graded coins (those in near-perfect, uncirculated condition) are worth more. For instance, a 1937-S Buffalo Nickel in mint state (MS-68) condition can fetch as much as $18,000 at auction.
How to spot a valuable 1937 Nickel
- Check the date and mint mark: Look for a 1937 date and the “S” mint mark, which indicates that the coin was minted in San Francisco.
- Evaluate its condition: Coins in pristine, uncirculated condition are worth far more than those that have wear and tear. Grading services such as PCGS or NGC can professionally assess your coin’s grade.
- Look for rare errors: Error coins, such as the famous “three-legged” Buffalo Nickel, are worth more. A three-legged Buffalo Nickel from 1937 is one of the most valuable variations.
The importance of coin grading
The key to unlocking the full potential of your 1937 Buffalo Nickel lies in its condition. According to PCGS, the value of a 1937-S Buffalo Nickel breaks down as follows based on condition:
- MS-61: Around $35
- MS-62: Around $37
- MS-63: Around $42
- MS-64: Around $55
- MS-65: Around $110
- MS-66: Around $200
- MS-67: Around $800
- MS-68: Up to $18,000
These valuations can fluctuate depending on market demand and the overall rarity of Buffalo Nickels at a particular grade. High-end auctions have set records for these coins, such as one MS-68 specimen that sold for over $18,000 in 2014
How to cash in on your 1937 Nickel
If you believe you have a valuable 1937 Buffalo Nickel, the first step is to have it graded by a professional service. Coin grading services will assign your coin a grade based on its condition, which will directly impact its value. Coins in higher grades will command higher prices in auctions or private sales.
Before spending money on grading, you may want to consult with a local coin dealer or an experienced collector. They can offer insights into whether it’s worth the investment of professional grading.
