Face Value: 1937 Nickels
Posted on 5/16/2023
The Buffalo Nickel boasts a stunning design by James Earle Fraser showing a realistic Native American on the obverse and a bison on the reverse. The design was beautiful but difficult to produce. After a 25-year run, it was phased out in 1938 in favor of the now-familiar Jefferson Nickel.
Buffalo Nickels are not seen in circulation these days. If you do come across one somewhere, check the year. Certain years are worth a closer look for rare varieties, including the series’ penultimate year: 1937.
1937-D Three-Legged Nickel
Buffalo Nickel collectors have identified several popular varieties that make the series more challenging to collect. These include what is probably the most popular nickel variety: the Three-Legged Buffalo.
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| 1937-D Three-Legged Buffalo NickelClick images to enlarge. | |
When a Buffalo Nickel has a mintmark, it can be found at the bottom of the reverse, underneath FIVE CENTS. 1937 Three-Legged Buffalos are only found with the 'D' mintmark. The missing leg, which was caused by polishing a worn reverse die to extend its usefulness, is the leftmost one. According to the NGC Price Guide, any 1937-D Buffalo Nickel is worth hundreds of dollars. Examples graded AU 50 are valued at $1,000, while Mint State examples range from $2,200 in MS 60 to $110,000 in MS 67.
Mintmark Varieties
NGC Variety Plus identifies five overmintmark varities, including one S/S (VP-001), three D/D (VP-002 through VP-004) and one D/D/D (VP-005). These occur when a die has a mintmark that was punched over a previous one, and part of the previous mintmark can still be discerned.
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| S/S VP-001 | D/D VP-002 | D/D/D VP-005 |
| Click images to enlarge. | ||
Examples of sales of these 1937 overmintmark varieties include:
- an S/S VP-001 graded NGC MS 66 that realized $59 through GreatCollections in December 2018
- a D/D VP-002 graded NGC MS 66 that realized $89 through Heritage Auctions in September 2017
- a D/D VP-004 graded NGC MS 65 that realized $188 through Heritage Auctions in November 2013
Typical 1937 Buffalo Nickels
Even if your 1937 Nickel isn't a Three-Legged Buffalo or a mintmark variety, you still have a vintage coin that is worth hundreds of times its face value in About Uncirculated or Mint State grades. No 1937-dated Proofs were made, but business strikes were produced at the Philadelphia, San Francisco and Denver mint facilities.
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| 1937 Buffalo NickelClick images to enlarge. | |
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| 1937-D and 1937-S Buffalo Nickel ReversesClick images to enlarge. | |
Regardless of the mintmark, examples graded AU 50 are worth $10, examples graded MS 60 are worth $20 and examples graded MS 63 are worth $35. The 1937 tops out at $8,000 in MS 68 and the 1937-D reaches $10,000 in the same grade. 1937-S examples are valued at $14,000 in MS 68 and $22,500 in MS 68+.
All values are based on the NGC Price Guide as of May 2023.
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