The Complete Guide to Buffalo Nickels: History, Key Dates & Varieties

A Monument to the American West

Few coins in American numismatic history capture the spirit of a nation quite like the Buffalo Nickel. Struck from 1913 through 1938, this five-cent piece stands as one of the most artistically ambitious coins ever produced by the United States Mint. Sculptor James Earle Fraser, a student of Augustus Saint-Gaudens and a man who grew up near the frontier, poured genuine reverence for the American West into every detail of the design. The result was a coin that felt less like currency and more like a bronze sculpture compressed into the diameter of a nickel.

Fraser drew upon three Native American chiefs as composite models for the obverse portrait: Iron Tail (Oglala Lakota), Two Moons (Northern Cheyenne), and John Big Tree (Seneca). Rather than idealizing a single subject, Fraser synthesized their features into a dignified, powerful profile that remains one of the most compelling portraits ever placed on an American coin. The identity of the primary model has been debated among numismatists for decades, but the artistry of the finished product transcends the argument entirely.

The Reverse: Black Diamond and the American Bison

On the reverse, Fraser depicted an American bison standing on a mound of earth — a composition as bold and uncompromising as the obverse. The model for the bison is generally believed to have been Black Diamond, a bull residing at the Central Park Zoo in New York City at the time of the coin’s creation. The mound design, known as the Type 1 reverse, proved impractical almost immediately: the words FIVE CENTS sat directly on the mound and wore away within months of circulation. By mid-1913, the Mint recessed the denomination into a flat plane below the mound, producing the Type 2 reverse that would define the remainder of the series. Both Type 1 and Type 2 coins were produced in 1913, making that year particularly important for type collectors. The 1920-D Buffalo Nickel Type 2 “FIVE CENTS” in Recess is a fine example of the enduring design that carried the series through the remainder of its run.

Key Dates Every Serious Collector Must Know

The Buffalo Nickel series presents collectors with a rich spectrum of key dates and major varieties. Among the most sought-after issues is the 1916 Doubled Die Obverse, a dramatic repunching of the date and design elements that produces visible doubling on the date and the word LIBERTY. Genuine examples are rare and command significant premiums even in circulated grades, making authentication essential before any purchase.

The 1918/7-D overdate is another prized rarity. During the production of 1918-dated dies at the Denver Mint, a 1917-dated die was inadvertently re-engraved with a 1918 date, leaving the ghost of the underlying 7 clearly visible beneath the 8 on struck coins. In lower circulated grades, the overdate can require careful examination, but in finer grades the repunching is unmistakable. This coin has long been a cornerstone of advanced Buffalo Nickel sets.

No discussion of this series would be complete without the 1937-D 3-Legged Buffalo, perhaps the most famous mint error in all of American numismatics. A mint worker at Denver, attempting to polish a die that had developed a clash mark, removed too much metal from the obverse of the reverse die — eliminating the bison’s right front leg entirely. The resulting coins show a three-legged animal with a peculiar, wispy front leg area that collectors have come to recognize immediately. Circulated examples are affordable enough to attract new collectors, while Mint State specimens — such as this 1937-D Three-Legged Buffalo Nickel in MS (PCGS Secure) — are genuinely difficult to locate and carry prices to match.

Grading Challenges and What to Look For

Grading Buffalo Nickels presents unique challenges that set this series apart from most other American coins. The high relief of Fraser’s design meant that the date — positioned at the very base of the obverse — was among the first detail to wear away in circulation. Many Buffalo Nickels encountered in the marketplace have completely worn dates, rendering them unattributable and significantly reducing their collectible value. Coins with fully readable dates in any grade command a meaningful premium over dateless examples, which are typically sold in bulk for jewelry or novelty purposes.

Strike quality is the other major grading consideration. The Philadelphia, Denver, and San Francisco Mints all struggled at various points to achieve sharp, full strikes on the Buffalo Nickel. Weakly struck examples may show incomplete horn detail on the bison or soft cheekbone definition on the Native American portrait even in Mint State grades. Collectors building high-grade registry sets or simply seeking the finest examples should look for sharp horn detail on the reverse as a primary quality indicator. Third-party certification from PCGS or NGC, combined with a CAC sticker for strike quality assurance, represents the gold standard for high-value Buffalo Nickels — as seen on certified examples like this 1930 Buffalo Nickel (PCGS Secure).

Building a Complete Collection by Date and Mint Mark

A complete Buffalo Nickel set by date and mint mark encompasses 64 major issues, spanning production at Philadelphia (no mint mark), Denver (D), and San Francisco (S). The Denver and San Francisco Mint issues deserve particular attention, as branch mint coins frequently suffer from weaker strikes and saw lower original mintages for key dates. The 1921-S, 1924-S, and 1926-S are all considered semi-key issues that become genuinely difficult to locate with sharp strikes and original surfaces in Mint State grades.

For collectors entering the series, a practical approach involves beginning with the more available Philadelphia issues in mid-grades, then targeting branch mint coins as budget and opportunity allow. The series is completable for a dedicated collector willing to exercise patience, and the finished set — spanning 25 years of American history from the Progressive Era through the Great Depression — represents one of the most historically resonant accomplishments in American coin collecting. The 1931-S Buffalo Nickel, struck near the depths of the Depression with a mintage of just 1.2 million pieces, is among the most coveted branch mint issues in the entire series.

Whether the goal is a single showpiece example of the 1937-D 3-Legged or a complete date-and-mint-mark set housed in a custom display, the Buffalo Nickel series offers depth, artistry, and genuine historical significance that few other American series can match. Collectors who appreciate the final years of the series will also want to consider the 1938-D Buffalo Nickel in MS (PCGS Secure), the last issue of the series and a coin with strong collector demand as a classic last-year type.