The Buffalo Nickel, also known as the Indian Head Nickel, is one of the most iconic coins in American history. Minted from 1913 to 1938, it features a Native American profile on the obverse and a majestic buffalo on the reverse. The 1937 issue is particularly famous among collectors, not only for its historical significance but also for rare varieties and errors that have made certain coins worth a fortune. In 2026, the 1937 Buffalo Nickel continues to attract strong demand, with values ranging from a few dollars to thousands depending on rarity and condition. This guide explores the varieties, errors, and collector prices of the 1937 Buffalo Nickel.
The History of the Buffalo Nickel
The Buffalo Nickel was designed by James Earle Fraser, who sought to capture the spirit of the American frontier. The obverse features a composite portrait of several Native American chiefs, while the reverse depicts an American bison, often believed to be modeled after “Black Diamond,” a buffalo at the Central Park Zoo. By 1937, the coin had been in circulation for nearly 25 years, and the design had become a symbol of American heritage. The series ended in 1938, replaced by the Jefferson Nickel.
Why the 1937 Buffalo Nickel Is Valuable
Most 1937 Buffalo Nickels are common, but rarity and condition can dramatically increase value. Coins with unusual errors, such as the famous “Three-Legged Buffalo,” are especially prized. High-grade examples certified by professional grading services can command premiums. Collectors also value these coins for their artistry and historical significance, as they represent a tribute to America’s frontier past.
Rare Varieties and Errors
1937-D Three-Legged Buffalo
The most famous variety of the 1937 Buffalo Nickel is the Denver Mint “Three-Legged Buffalo.” Caused by over-polishing of the die, the buffalo’s front leg is missing, creating a striking error. This coin is highly sought after and can be worth thousands in high grades.
Doubled Die Varieties
Some 1937 nickels show doubling in the lettering or design, making them rare and collectible.
Off-Center Strikes
Nickels struck off-center are unusual and command premiums depending on the degree of error.
Proof Strikes
Although not common, proof versions of Buffalo Nickels exist and are highly valued by collectors.
Chart: 1937 Buffalo Nickel Values in 2026
| Variety | Condition | Estimated Value (USD) |
|---|---|---|
| 1937 Philadelphia (No Mintmark) | MS-65 | $25 – $75 |
| 1937-D Regular Strike | MS-65 | $40 – $150 |
| 1937-S Regular Strike | MS-65 | $50 – $200 |
| 1937-D Three-Legged Buffalo | MS-63 | $1,000 – $3,500 |
| 1937-D Three-Legged Buffalo | MS-65 | $5,000 – $15,000 |
| Doubled Die Varieties | MS-64 | $200 – $1,000 |
| Off-Center Strike | MS-63 | $150 – $500 |
How to Identify Valuable 1937 Buffalo Nickels
Collectors should examine coins carefully for mintmarks, finishes, and unusual features. The Three-Legged Buffalo variety is easily identified by the missing front leg of the buffalo. Doubled dies reveal doubling in the lettering. Off-center strikes are visually obvious, with part of the design missing. Professional grading services can confirm authenticity and provide accurate valuations.
Collecting Trends in 2026
In 2026, Buffalo Nickels remain a strong focus for collectors. Auction houses report steady demand for rare varieties, while online marketplaces make it easier for enthusiasts to buy and sell. Social media has fueled interest among younger collectors, who enjoy sharing discoveries and learning about numismatics. The combination of history, rarity, and investment potential ensures that Buffalo Nickels continue to attract attention.
Tips for Collectors
- Study reference guides to learn about rare varieties and minting errors
- Examine coins carefully for unusual features and sharp details
- Consider professional grading for high-value specimens
- Store coins properly to prevent tarnish and damage
- Follow auction trends to understand current market demand
Key Highlights
- The Buffalo Nickel was minted from 1913 to 1938 and remains highly collectible
- Rare varieties include the 1937-D Three-Legged Buffalo, doubled dies, and off-center strikes
- Values in 2026 range from $25 for common examples to over $15,000 for rare Three-Legged Buffalo nickels
- Condition and rarity are the most important factors in determining value
- Buffalo Nickels remain one of the most popular U.S. coin series in 2026
Final Words
The 1937 Buffalo Nickel proves that even a coin worth five cents can hold extraordinary value. From the famous Three-Legged Buffalo to rare doubled dies and off-center strikes, these coins continue to inspire fascination among collectors. In 2026, the hunt for Buffalo Nickel rarities remains as exciting as ever, offering both historical insight and the possibility of hidden fortune. Whether you are a seasoned numismatist or a curious beginner, exploring the Buffalo Nickel series is a rewarding journey through American history and coinage.
