The Buffalo nickel, also known as the Indian Head nickel, is one of the most iconic coins in American numismatics. Minted from 1913 to 1938, it features a Native American profile on the obverse and a majestic buffalo on the reverse. While millions were produced, certain rare dates, mint marks, and varieties have become treasures worth far more than their face value. In 2026, collectors continue to chase these rarities, with some examples selling for as much as $350,000.
The Design and History
James Earle Fraser designed the Buffalo nickel to honor America’s heritage. The obverse depicts a composite portrait of Native American chiefs, while the reverse shows an American bison, often believed to be modeled after “Black Diamond,” a buffalo from the Central Park Zoo. The coin was struck in 75 percent copper and 25 percent nickel, and its bold design made it both admired and challenging to produce.
Why Buffalo Nickels Are Valuable
Most Buffalo nickels are common, but certain factors make them highly collectible:
- Rare minting errors
- Low mintage key dates
- High‑grade uncirculated condition
- Historical significance and patriotic design
- Auction records for dramatic rarities
Rare Dates and Key Varieties
1913 Type 1 Buffalo Nickel
The first year of issue featured the buffalo standing on a raised mound. This design was quickly changed to Type 2, making Type 1 nickels scarcer and more collectible.
1913‑S Type 2 Buffalo Nickel
The San Francisco mint produced fewer Type 2 nickels, making this variety one of the rarest early issues.
1916 Doubled Die Obverse
One of the most famous error coins in the Buffalo nickel series, the 1916 doubled die shows dramatic doubling in the date. High‑grade examples are worth tens of thousands.
1921‑S Buffalo Nickel
With a low mintage, the 1921‑S is a key date. Collectors prize it in all grades, and values have risen steadily over the past decade.
1937‑D Three‑Legged Buffalo
Perhaps the most famous Buffalo nickel error, the 1937‑D three‑legged variety was created when a mint worker over‑polished the die, removing one of the buffalo’s legs. This coin is highly sought after and can sell for thousands.
1938‑D Buffalo Nickel
The final year of issue saw limited production at the Denver mint. The 1938‑D is a popular collector’s item and marks the end of the series.
Rare Errors
Double Die Varieties
Several Buffalo nickels show doubling in the date or lettering. These doubled die varieties are rare and collectible.
Off‑Center Strikes
Off‑center strikes are dramatic errors that attract strong collector interest.
Clipped Planchets
Coins struck on clipped planchets, where part of the metal blank is missing, are rare and collectible.
Auction Records 2016–2026
Over the past decade, auction records for Buffalo nickels have highlighted their rarity. The 1916 doubled die has sold for tens of thousands in Mint State. The 1937‑D three‑legged buffalo continues to command strong premiums. In 2026, one extraordinary Buffalo nickel achieved a record‑breaking $350,000, cementing its place as one of the most valuable coins in U.S. history.
Comparing Values: 2016 vs 2026
The past decade has seen significant growth in Buffalo nickel values. In 2016, a 1913‑S Type 2 in Mint State might have sold for around $20,000. By 2026, prices for the same coin often exceed $40,000. The 1937‑D three‑legged buffalo has doubled in value, with pristine examples selling for tens of thousands. Even common dates in high grades have appreciated, reflecting the growing demand for classic U.S. coinage.
Factors That Influence Value
Several factors determine the value of Buffalo nickels:
- Rarity: Key dates and dramatic errors are worth the most
- Condition: Mint State coins are worth far more than circulated examples
- Certification: Coins graded by professional services often sell for higher prices
- Demand: Collectors prize early issues and rare varieties
- Provenance: Coins with notable auction history achieve premium values
Collector Trends 2016–2026
Collector interest in Buffalo nickels has remained strong. The series is admired for its artistry and historical significance. Online auctions and coin shows have made rare finds more available. Beginners often start with affordable circulated examples, while advanced collectors chase rarities like the 1916 doubled die and the 1937‑D three‑legged buffalo. The past decade has shown that even common Buffalo nickels in pristine condition can appreciate, making them attractive to new collectors.
Preserving Buffalo Nickels
Preservation is essential for maintaining value. Coins should be stored in protective holders or albums to prevent wear and tarnish. Avoid cleaning coins, as this can reduce their value. Keeping them in a stable environment ensures they remain in top condition for years to come.
Market Outlook Beyond 2026
The market for Buffalo nickels shows steady growth. With increasing interest in classic U.S. coinage, experts predict that values will continue to rise. The fixed supply of rare issues ensures that competition among collectors remains strong, driving prices higher year after year.
Key Highlights
- The Buffalo nickel was minted from 1913 to 1938 and remains a popular collectible
- Rare varieties include the 1913‑S Type 2, 1916 doubled die, 1921‑S, 1937‑D three‑legged buffalo, and 1938‑D
- Auction records in 2026 show rare Buffalo nickels selling for thousands, with one reaching $350,000
- Value depends on rarity, condition, certification, and provenance
- Preservation and professional grading are essential for maximizing value
- Market trends in 2026 show rising demand and increasing prices for Buffalo nickels compared to 2016
Final Words
The Buffalo nickel is more than just a coin; it is a symbol of American heritage and artistry. From the legendary 1916 doubled die to the dramatic 1937‑D three‑legged buffalo, these coins continue to captivate collectors in 2026. Comparing today’s values with those from a decade ago reveals how demand and rarity have driven prices upward. With values rising and interest growing, the Buffalo nickel remains a cornerstone of coin collecting. Whether you are a seasoned collector or a beginner, exploring the world of Buffalo nickels offers both excitement and reward. These coins remind us that even pocket change can hold extraordinary worth and lasting legacy.