Buffalo (Indian Head) Nickel Values
How Much Is My Buffalo (or Indian Head) Nickel Worth?
By James Bucki, About.com Guide
This guide is intended to give you an idea of how much your Buffalo nickels (also called Indian Head nickels) minted from 1913 to 1938 are worth. The table below provides average coin values for Indian Head nickels based upon the condition of the coin. If the coin shows evidence of wear on it due to being used in commerce, it considered "circulated." If it was never used, then it is classified as "uncirculated." The pictures below illustrate examples of each condition. Some coins are very valuable even in well worn condition. Pleas note, you cannot increase a coin's value by cleaning it. In fact, cleaned coins are worth considerable less and coin dealers can spot a cleaned coin immediately. Therefore, never, never, never clean your coins.
Introduction to Coin Values
There are many factors that go into determining the value of your coins. First of all you must understand how the coin market works. If the coin dealer runs out of 1913 Type 1 Buffalo Nickels, he cannot just order more of them from the US Mint because the mint does not make coins dated 1913 anymore. The coin dealer must replenish his supply by buying coins from other dealers or from people that come into his coin shop. What he pays you for that coin is known as the "wholesale price" or "value." If you want to buy that 1913 Type 1 Buffalo Nickel from the coin dealer, that is known as the "retail price" or "price."
Market Analysis
Buffalo nickels have been fairly stable over the last few years. Some of the key dates and rarities have seen some decline since reaching their peak in 2008. Since these coins do not contain any silver or gold, they do not react with the prices of these precious metals. Now is as good as time as any to sell your coins. But don't expect to walk in to a coin shop with a big jar of Buffalo nickels and have the coin dealer dig through them to pull out the nice ones. If you want top dollar for your coins, you need to sort them and organize them so the dealer can quickly see what you have.
Key Dates, Rarities and Varieties
The following Indian Head nickels in any condition, are worth considerable more than common ones. As such, these coins are frequently counterfeit or altered from common Buffalo nickels. Therefore, before you start celebrating your early retirement with your new found fortune, have the coin authenticated by a reputable coin dealer or third party grading service. See the photos below for examples of these varieties.
- 1913-S Type 2
- 1916/16 (doubled die variety)
- 1918-D 8 over 7 (doubled die variety)
- 1921-S
- 1924-S
- 1926-S
- 1937-D Three legged Buffalo
 1913 Buffalo Nickel Type 1 Buffalo standing on a mound |
 1913 Buffalo Nickel Type 2 Buffalo standing on a line |
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 1937-D Three Legged Buffalo |
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| Images Courtesy of: Heritage Auction Galleries, Ha.com | ||
Quick Links:
Condition or Grade Examples
Circulated
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Uncirculated
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Click on the photos above for a larger image. Photos courtesy of Teletrade Coin Auctions, www.teletrade.com Quick Links: |
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Mint Marks
Buffalo nickel were produced at three different mints: Philadelphia (no mint mark), Denver (D) and San Francisco (S). As illustrated in the picture below, the mint mark is located on the reverse of the coin, just below the denomination of "FIVE CENTS".
 Mint Mark Location |
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| Image Courtesy of: Heritage Auction Galleries, Ha.com | ||
Average Circulated and Uncirculated Coin Values
The following table lists the value (what you can expect a dealer to pay you) for your Buffalo nickels. The first column lists the date and mint mark (see pictures above, if there is one) followed by the value of an average circulated nickel and the average value for an uncirculated one. These are approximate values and the actual offer that you will receive from a particular dealer will vary depending on the actual grade of the nickel and a number of other factors.
| Date | Avg Circ | Avg Unc | Date | Avg Circ | Avg Unc | |
|---|---|---|---|---|---|---|
| 1913 Ty-1 | $6.40 | $27.00 | 1924 | $4.10 | $60.00 | |
| 1913 D Ty-1 | $10.00 | $39.00 | 1924 D | $40.00 | $380.00 | |
| 1913 S Ty-1 | $24.00 | $80.00 | 1924 S * | $90.00 | $2,500.00 | |
| 1913 Ty-2 | $6.90 | $28.00 | 1925 | $3.40 | $39.00 | |
| 1913 D Ty-2 | $70.00 | $180.00 | 1925 D | $34.00 | $320.00 | |
| 1913 S Ty-2 * | $275.00 | $800.00 | 1925 S | $34.00 | $600.00 | |
| 1914 | $10.00 | $37.00 | 1926 | $2.30 | $34.00 | |
| 1914 D | $80.00 | $310.00 | 1926 D | $33.00 | $210.00 | |
| 1914 S | $23.00 | $160.00 | 1926 S * | $90.00 | $4,000.00 | |
| 1915 | $6.00 | $40.00 | 1927 | $2.50 | $37.00 | |
| 1915 D | $31.00 | $160.00 | 1927 D | $12.00 | $150.00 | |
| 1915 S | $80.00 | $500.00 | 1927 S | $14.00 | $700.00 | |
| 1916 | $3.70 | $33.00 | 1928 | $2.40 | $31.00 | |
| 1916 /16 * | $6,000.00 | $50,000.00 | 1928 D | $6.40 | $40.00 | |
| 1916 D | $17.00 | $130.00 | 1928 S | $4.80 | $190.00 | |
| 1916 S | $15.00 | $120.00 | 1929 | $2.50 | $27.00 | |
| 1917 | $4.10 | $60.00 | 1929 D | $5.00 | $50.00 | |
| 1917 D | $31.00 | $320.00 | 1929 S | $2.40 | $40.00 | |
| 1917 S | $50.00 | $500.00 | 1930 | $2.30 | $29.00 | |
| 1918 | $6.40 | $120.00 | 1930 S | $3.00 | $50.00 | |
| 1918 D 8/7 * | $2,000.00 | $30,000.00 | 1931 S | $8.00 | $41.00 | |
| 1918 D | $50.00 | $420.00 | 1934 | $1.80 | $31.00 | |
| 1918 S | $40.00 | $800.00 | 1934 D | $3.70 | $50.00 | |
| 1919 | $3.70 | $50.00 | 1935 | $0.90 | $19.00 | |
| 1919 D | $40.00 | $600.00 | 1935 D | $3.40 | $39.00 | |
| 1919 S | $50.00 | $700.00 | 1935 S | $0.90 | $32.00 | |
| 1920 | $3.60 | $50.00 | 1936 | $0.90 | $15.00 | |
| 1920 D | $50.00 | $600.00 | 1936 D | $0.90 | $22.00 | |
| 1920 S | $40.00 | $600.00 | 1936 S | $0.90 | $22.00 | |
| 1921 | $10.00 | $110.00 | 1937 | $0.90 | $13.00 | |
| 1921 S * | $150.00 | $1,250.00 | 1937 D | $0.90 | $16.00 | |
| 1923 | $4.00 | $60.00 | 1937 D 3 Legged * | $500.00 | $3,000.00 | |
| 1923 S | $40.00 | $350.00 | 1937 S | $0.90 | $15.00 | |
| 1938 D | $1.40 | $14.00 |
*= See the section above "Key Dates, Rarities and Varieties" for more information on these coins.
These values have been compiled through my personal analysis of the coin market, referencing publications such as Numismatic News,
Coin World, "The Official Blue Book; Handbook of U.S. Coins," The Coin Dealer Newsletter,
published auction results and consulting with various coin dealers.
