If you’ve recently found a 1937 nickel in your spare change, you might wonder about its backstory. Known as the “Buffalo nickel,” this coin holds both historical significance and potential value. But is it worth more than just five cents? Let’s explore the history, value, and features that set an ordinary coin apart from a collector’s treasure.
1937 Buffalo Nickel Value Chart
| Mint Mark | XF45 | MS60 | MS65 | MS68 |
|---|---|---|---|---|
| 1937 (P) No Mint Mark | $9 | $32 | $75 | $10,500 |
| 1937 D | $9 | $32 | $110 | $20,000 |
| 1937 S | $9 | $32 | $110 | $18,000 |
| Mint Mark | PR60 | PR65 | PR67 | PR69 |
| 1937 (P) Proof | $775 | $1,350 | $2,250 | $95,000 |
History of the 1937 Buffalo Nickel
The Buffalo nickel, first introduced in 1913, is named after the American bison featured on its reverse. The front, or obverse, displays a Native American profile. This design replaced the Liberty Head nickel, following a suggestion from Eames MacVeagh, son of Treasury Secretary Franklin MacVeagh, to honor his father’s legacy.
The coin’s iconic design was created by sculptor James Earle Fraser. Despite its artistic appeal, the design had practical challenges. The raised date on the coin often wore away quickly, and vending machines sometimes misread the coin, mistaking it for counterfeit. This contributed to its discontinuation in 1938, after a 25-year run — the minimum lifespan required by law for U.S. coin designs without special approval.
Buffalo nickels were minted at three locations in 1937: Philadelphia, Denver, and San Francisco. Proof versions were also struck in Philadelphia. In total, over 100 million Buffalo nickels were produced that year, with Philadelphia leading the count.
Features of the 1937 Buffalo Nickel
The Obverse of the 1937 Buffalo Nickel
The front side of the 1937 Buffalo nickel showcases a Native American leader facing right. Although Fraser never confirmed a single model, various Native American chiefs like Iron Tail, Two Moons, and Two Guns White Calf are often cited as inspirations.
The date is located on the shoulder of the portrait, while the designer’s initial “F” is just below it. The word “LIBERTY” curves along the right edge of the coin.
The Reverse of the 1937 Buffalo Nickel
The reverse, which inspired the coin’s popular nickname, features a powerful American bison. The model is often said to be Black Diamond, a bison once housed at the Central Park Zoo. However, some believe the real inspiration may have been a different animal from the Bronx Zoo.
The bison is shown standing with its head lowered. Above it are the inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM,” while the denomination “FIVE CENTS” is at the bottom. If the coin was minted in Denver or San Francisco, a small mint mark can be found just below the denomination.
Other Features of the 1937 Buffalo Nickel
Each 1937 Buffalo nickel weighs 5 grams, measures 21.2 millimeters in diameter, and has a plain, smooth edge. Despite its name, it contains no silver — it’s made of 75% copper and 25% nickel.
1937 Buffalo Nickel Grading
| Grade | Description |
| 1 | Basal State |
| 2 | Fair |
| 3 | Very Fair |
| 4-6 | Good |
| 7-10 | Very Good |
| 12-15 | Fine |
| 20-30 | Very Fine |
| 40 | Extremely Fine |
| 50 | About Uncirculated |
| 60 | Mint State |
| 65 | Mint State |
| 70 | Mint State (perfect) |
Accurate grading is key to determining a coin’s true market value. For a more precise evaluation, consider using a professional grading service.
1937 Buffalo Nickel Value Guides
1937 (P) No Mint Mark Buffalo Nickel Value
Coins without a mint mark were produced in Philadelphia, which minted nearly 79.5 million Buffalo nickels in 1937. A circulated XF45 nickel is worth around $9, while an uncirculated MS60 version can bring $32. High-grade coins, like MS65, can sell for about $75, while top-tier MS68 examples might fetch as much as $10,500.
1937 D Buffalo Nickel Value
The Denver Mint struck around 18 million nickels in 1937. An XF45 Denver nickel typically sells for $9, while MS60 examples are valued around $32. High-grade pieces in MS65 can bring about $110, and those in MS68 can reach $20,000.
1937 S Buffalo Nickel Value
San Francisco minted the fewest Buffalo nickels in 1937, with only 5.6 million struck. Even so, many have survived in mint state. An XF45 is worth about $9, MS60 examples are valued at $32, and MS65 coins can fetch $110. MS68 versions can command around $18,000.
1937 (P) Proof Buffalo Nickel Value
Only 5,769 proof coins were minted in Philadelphia in 1937, making them highly collectible. A PR60 coin can bring around $775, while a PR65 example is valued at $1,350. At the top end, PR69 coins are valued at up to $95,000.
Rare 1937 Buffalo Nickel Error List
1937 D Three-Legged Buffalo Nickel
This error, caused by over-polishing, removed one of the buffalo’s legs. Lower-grade examples can sell for about $650, while uncirculated versions start around $2,950. High-grade MS66+ examples can reach $105,000.
1937 D Over D Buffalo Nickel, Repunched Mint Mark
Some Denver nickels have a faint second “D” under the primary mint mark. MS65 versions of these errors can sell for about $150, adding a modest premium over regular coins.
FAQs
How much is a 1937 Buffalo nickel worth today?
Depending on condition, values range from $7 for circulated coins to thousands for rare varieties like the Three-Legged Buffalo.
How much silver is in a 1937 Buffalo nickel?
Despite its silver-like look, these coins are made of 75% copper and 25% nickel — no silver content.
What is a 1937 D Three-Legged Buffalo nickel worth?
In lower grades, these rare errors start around $650, with high-grade coins fetching over $100,000.
Why are proof coins more valuable?
Proof coins have superior detail and finish, making them highly collectible and often much rarer than standard issues.
