The Complete Guide to Buffalo Nickels: History, Design, and Key Dates

A Monument in Metal: The Origins of the Buffalo Nickel

Few coins in American numismatic history have captured the imagination of collectors quite like the Buffalo Nickel, struck from 1913 through 1938. Officially known as the Indian Head Nickel, this five-cent piece emerged from a broader effort during the early twentieth century to elevate the artistic quality of United States coinage. President Theodore Roosevelt had already set that movement in motion with the redesign of gold coinage, and the Mint continued that initiative by commissioning sculptor James Earle Fraser to reimagine the humble nickel.

Fraser drew on deeply personal inspiration for both sides of the coin. The obverse portrait of a Native American chief was not modeled after a single individual but was instead a composite of three men Fraser had known and sketched: Iron Tail of the Oglala Sioux, Two Moons of the Cheyenne, and John Big Tree of the Seneca. The result is one of the most dignified and resolute portraits in the entire canon of American coinage. On the reverse, Fraser depicted an American bison named Black Diamond, a resident of the Central Park Zoo in New York. Together, the two images formed what Fraser himself considered a distinctly American statement — a testament to the continent’s vanishing wilderness and its indigenous peoples.

Understanding the Type I and Type II Reverse

When the series launched in 1913, the Mint produced two distinct reverse varieties within the same year. The original Type I reverse placed the bison on a raised mound, with the denomination “FIVE CENTS” appearing just below the mound line. This design proved problematic in circulation, as the raised area wore quickly and caused the denomination to become nearly illegible. The Mint responded by recessing the ground line and placing “FIVE CENTS” in a recess, creating the Type II reverse. Both 1913 varieties exist for the Philadelphia, Denver, and San Francisco mints, making a six-coin set for the first year alone a worthy collecting goal. The 1913-S Type II is particularly elusive in higher grades. Branch mint Type II examples from later decades — such as the 1920-D Buffalo Nickel Type 2 and the 1936-S Buffalo Nickel Type 2 — illustrate how the recessed reverse design persisted throughout the entire remainder of the series.

Key Dates, Branch Mint Issues, and Series Highlights

The Buffalo Nickel series spans twenty-five years and includes issues from three mints: Philadelphia (no mintmark), Denver (D), and San Francisco (S). Mintmarks appear on the reverse below “FIVE CENTS.” While many dates are readily available in circulated grades, a handful demand serious attention from advanced collectors.

The 1916 Doubled Die Obverse is among the most visually dramatic varieties in the series, showing bold doubling on the date and lettering. The 1918/7-D overdate, where a 1917 die was re-engraved with an 8, represents one of the most famous overdates in American numismatics. The 1921-S and 1923-S are scarce issues that carry significant premiums in all grades. The 1926-S, with a mintage of just 970,000 pieces, is one of the lowest-mintage regular issues in the series and commands respect in any condition. Denver Mint issues from throughout the series — including the 1920-D Buffalo Nickel — are frequently underappreciated by beginning collectors despite their genuine scarcity in upper grades. The 1938-D/S overdate, produced when a San Francisco die was re-punched with a Denver mintmark, provides a fascinating final-chapter rarity for the series.

The 1937-D Three-Legged Buffalo: Mint Error or Mint Embarrassment

No discussion of Buffalo Nickels would be complete without examining the most celebrated error in the series: the 1937-D Three-Legged Buffalo. During production at the Denver Mint, a worker used an emery tool to polish away damage or clash marks on a reverse die. The polishing was applied too aggressively to the area beneath the bison’s belly, effectively grinding away the front leg entirely. The resulting coins show a bison standing on three legs, with a curious wispy remnant beneath the animal’s chest where the fourth leg once existed.

The error went undetected until coins had entered circulation, and estimates suggest that several hundred thousand examples were struck before the die was retired. Despite its relatively high survival rate compared to true key dates, demand consistently outpaces supply. Circulated examples in grades from Very Good through Extremely Fine remain accessible to most collectors, while problem-free examples grading AU or better attract fierce competition at auction. Counterfeits exist — typically created by altering a legitimate four-legged coin — so authentication by PCGS or NGC is strongly recommended before any purchase.

Why Strike Quality Transforms Value: The Full Horn Premium

One of the defining characteristics of serious Buffalo Nickel collecting is the emphasis placed on strike quality, particularly the sharpness of the horn on the bison’s head. The die alignment and relief of Fraser’s original design made the horn one of the first areas to flatten during the striking process, and many coins — even those grading Mint State — show little more than a stub where a full, sharp horn should appear. A coin described as having a “full horn” exhibits complete detail from the base to the tip, a feature that requires exceptional die alignment and striking pressure.

The premium commanded by full-horn examples can be staggering. A common-date Buffalo Nickel in MS-65 might trade for a modest sum with a flat horn, while the same date and grade with a certified full horn designation can sell for multiples of that price. Collectors new to the series are encouraged to examine strike quality as carefully as grade before making any purchase. San Francisco issues such as the 1936-S Buffalo Nickel are worth scrutinizing closely in this regard, as strike consistency varied considerably across branch mints.

The End of an Era: Jefferson Replaces the Buffalo

By the mid-1930s, the Buffalo Nickel had been in production long enough to satisfy the legal requirement that a design remain in circulation for twenty-five years before replacement. The Treasury Department opened a design competition in 1938, ultimately selecting Felix Schlag’s portrait of Thomas Jefferson paired with a view of Monticello. The Jefferson Nickel entered production in the fall of 1938, bringing the Buffalo Nickel series to a close. Final examples were struck at all three mints that year, with the 1938-D and 1938-S representing the last gasp of one of America’s most artistically compelling coin series.

The transition was not mourned universally. Many collectors and artists considered Fraser’s design superior in every respect, and that sentiment has only grown stronger in the decades since. The Buffalo Nickel today stands as a cornerstone of any serious collection of twentieth-century American coinage — and its iconic imagery continues to inspire modern tribute pieces, such as the 2026 5 oz Buffalo Nickel Coming to Life NGC MS70, which reimagines Fraser’s original design in a striking antiqued format.