So you just discovered a 1937 Buffalo Nickel sitting in some old jar, coin roll, or even hiding out on grandpa’s dresser top. Most worn 1937 Buffalo nickels (also called Indian Head nickels) are worth about $1 to $4, but sharp uncirculated coins, scarce varieties, and errors are where the money is.
The six examples below sold for $60 for a 1937-S/S repunched mint mark, up to over $7,650 for a 3-Legged nickel, and the record for a 1937-D “3-Legged” nickel is $99,875.
What makes the difference? The mint mark, the condition, the sharpness of the strike, and whether your coin is one of the known errors. This guide covers the basic history, how to identify your nickel, the real factors behind its value, and the sought-after varieties of 1937.
A Very Brief History of the 1937 Buffalo Nickel
Buffalo Nickel (aka the Indian Head Nickel) was designed by sculptor James Earle Fraser and minted from 1913 to 1938. The coin features an American native on the obverse side and the American buffalo on the reverse.
By 1937, the series had almost ended. In that year, nearly 103 million nickels were minted at the three mints combined, making the plain date coins very common today.
However, 1937 saw the creation of the most popular error coin of the whole series. 1938 was the last year, and thereafter, the Jefferson Nickel took over. This is why the late-date Buffalo Nickels, such as the 1937 Buffalo Nickel, are collectible.
How to Identify a Real 1937 Buffalo Nickel?
Before you hunt rare varieties, make sure you’re actually holding a 1937. This coin is often worn flat, so identification takes a minute.
The Minting Date
The date sits on the obverse (front) below the Native American’s neck, on the raised shoulder area. On worn examples, the date is often faint or partly worn away, so tilt the coin under a good light to read the last two digits.
If the date is completely gone, you’ve got a dateless Buffalo Nickel. Those usually trade for about 20 cents to a dollar.
Where Is the Mint Mark on a 1937 Buffalo Nickel?
The mint mark is on the reverse (back), right below the words “FIVE CENTS.” Three mints struck the 1937 issue, and each one uses a different marker:
- No mint mark – Philadelphia. This is the most common. Around 79.48 million were struck.
- D mint mark – Denver. Roughly 17.83 million were made here.
- S mint mark – San Francisco. Only about 5.63 million left this mint, making it the scarcest regular-issue variety of the year.
That “F” Under the Date Is Not a Mint Mark
On all Buffalo Nickels, there is an “F” under the date. The F means Fraser, who is the designer of the nickel. However, it does not make it rare. If you see an “E” or some unusual symbol, it may be a damaged die and not a mint mark at all.
Composition: Is a 1937 Buffalo Nickel Silver?
This coin is made up of 75 percent copper and 25 percent nickel and weighs 5 grams; it contains no silver. The only nickels made in the United States that have ever been composed of silver were the “silver war nickels” minted from 1942 to 1945. Hence, do not bother computing the melt value.
What Drives the Value of a 1937 Buffalo Nickel?
Most 1937 Buffalo Nickels you’ll find in circulation sell for $1 to $10. The NGC Price Guide (2023 values) puts an About Uncirculated (AU 50) coin of any mint at about $10 and an MS 63 at about $35. The premium coins are the exceptions, and their value comes down to just a few things.
- Mint mark and mintage matter first. A Philadelphia 1937 in worn condition is worth only a few dollars, but a San Francisco example in gem uncirculated condition can bring thousands because so few survived that way.
- Condition is huge, but not in a linear way. A Fine 1937-D is worth a few dollars. That same coin in MS-65 (Gem Uncirculated) might bring around $100. Push it to MS-68, and you’re looking at five-figure territory (NGC’s 2023 price guide lists a 1937-D in MS 68 at $10,000).
- Strike quality is the sleeper factor collectors know about. Look at the buffalo’s horn. A coin with a fully detailed, sharply defined horn is called a Full Horn strike, and it commands a real premium because most 1937 nickels came out of the press with soft, mushy detail.
- Errors and varieties are where the real money hides. That’s where the next section comes in.
Whatever the grade, don’t clean the coin: cleaning leaves fine hairline scratches that graders spot, and a cleaned nickel sells for much less than an original one.
The Most Valuable 1937 Buffalo Nickels: Errors and Varieties
Not every 1937 is a rare find, but these specific varieties, errors, and premium pieces are the ones worth pulling out of your change jar for a closer look. Grab a 10x loupe and start with these.
1. 1937-D “Three-Legged” Buffalo Nickel (FS-901)
This is the most famous error in the entire Buffalo Nickel series. According to numismatist Walter Breen, a Denver Mint press operator over-polished a damaged reverse die trying to remove clash marks. He accidentally ground off most of the buffalo’s front right leg, leaving just the hoof floating below the belly.
Thousands slipped into circulation before anyone caught it. So they’re findable, but heavily faked.
Genuine examples show a line of tiny raised die-rust lumps below the middle of the buffalo, between the front hoof and the back legs (some collectors call it the “urinating buffalo”), and a moth-eaten look at the back of the Indian’s neck, according to NGC. On worn coins, the lumps can be gone, so their absence alone doesn’t prove a fake.
The top price so far is $99,875, paid at Legend Rare Coin Auctions in October 2021 for a coin graded PCGS MS66+ with a CAC sticker. NGC’s 2023 price guide values an About Uncirculated (AU 50) example at $1,000.
- Estimated Value: $400 to $99,875+
- Production Year: 1937 (Denver Mint only)
- What to Check: Missing front right leg, floating hoof
How to Spot a Fake 1937-D 3-Legged Nickel
NGC says most fake 3-Legged nickels are altered genuine coins. The same Denver dies also struck normal four-legged nickels, so a forger can tool the leg off a common 1937-D.
Look closely at the field below the buffalo where the leg should be: if it looks smoother or more polished than the rest of the reverse, or shows tool marks, be suspicious.
Also, check for the neck erosion and the line of die lumps described above; make sure the D mark is there, and buy only coins certified by PCGS or NGC.
2. 1937 Proof Buffalo Nickel
The Philadelphia Mint struck just 5,769 proof nickels in 1937, and this was the last year proofs were ever made for the entire Buffalo series. Nearly all 1937 proofs have the fully brilliant finish, with polished mirror-like fields and sharp raised design details; only a few early strikes show some cameo contrast.
Most survivors grade PR65 or better because collectors saved them from day one. But finding one at PR67 or higher brings serious money. The auction record is $40,250 for a PCGS PR68 CAC coin at Heritage in January 2012, although later PR68 sales have been far lower, such as $8,518.75 in 2023.
- Estimated Value: $775 to $40,250 (PR68 record)
- Production Year: 1937 (Philadelphia only)
- What to Check: Mirror fields, sharp details
- Fun Fact: Final year of Buffalo Nickel proofs
3. 1937-S Buffalo Nickel in Gem Uncirculated Condition
San Francisco made the fewest 1937 nickels of any mint, but that’s not the whole story. It’s the survival rate at the top. Only a handful of coins are certified at MS68 (PCGS counts just three), which is why gem examples pull auction premium prices.
Many 1937-S nickels also have weak strikes on the buffalo’s shoulder and head. A well-struck 1937-S with full detail is a genuinely rare find.
- Estimated Value: $1 (worn) to $29,900 (MS68 auction record, Heritage, 2007)
- Production Year: 1937 (San Francisco Mint)
- What to Check: “S” mint mark, sharp horn detail
4. 1937-S/S Repunched Mint Mark (RPM) Varieties
In 1937, mint marks were still punched by hand. If the first blow was too light or off-position, the worker would strike again, sometimes leaving a doubled or shifted “S.”
At least two repunched mint mark varieties are known for the 1937-S: an S/S (the RPM-2 coin pictured above) and an S/S/S (RPM-1).
Look at the “S” under 10x magnification, and try to spot faint partial letters, shadows, or bumps around the main mint mark. Faint doubling brings very little premium, but a bold, clear RPM in Mint State can hit $150 or more. For comparison, NGC reports a 1937-S/S (VP-001) graded MS 66 that sold for $59 through GreatCollections in December 2018.
- Estimated Value: $50 to $185+ (MS-65)
- Production Year: 1937 (San Francisco)
- What to Check: Doubled or shifted “S” mint mark
5. 1937-D/D RPM Nickel
The Denver mint has its own set of RPM varieties from 1937, and they’re a lot less known than the San Francisco versions. That makes them one of the best cherrypicker deals in the Buffalo Nickel series.
Spot them the same way as the S varieties. Look for a second “D” impression showing as a raised shadow, a partial letter, or extra thickness on one side. Mint State examples with clear doubling sell in the $50 to $190 range.
NGC reports a D/D (VP-004) graded MS 65 that brought $188 at Heritage in November 2013 and a D/D (VP-002) in MS 66 that brought $89 in September 2017.
- Estimated Value: $50 to $190+ (MS grades)
- Production Year: 1937 (Denver)
- What to Check: Doubled or shadowed “D”
6. 1937 Full Horn Strike Premium Examples
It is not an error, but a very well-struck normal coin. The Buffalo Nickel’s high-relief design wore out the dies quickly and was hard to strike fully, which is why many 1937 Buffalo nickels show a weak, fuzzy horn.
A Full Horn designation means the horn shows complete, sharp definition from tip to base. Any 1937 in Mint State with a genuine Full Horn strike gets a real premium over standard examples of the same grade.
- Estimated Value: Premium over standard MS (varies by grade)
- Production Year: 1937 (all mints)
- What to Check: Fully detailed buffalo horn
7. 1937 Off-Center Strike Errors
Off-center strikes happen when the coin blank isn’t lined up properly under the die, so part of the design ends up missing and part of the blank stays unstamped.
On a 1937 Buffalo Nickel, a small 5% shift is barely worth extra. But a dramatic 20% to 50% off-center strike with a fully readable date is a legitimate error worth chasing.
- Estimated Value: $150 to $800+
- Production Year: 1937 (any mint)
- What to Check: Shifted design, blank crescent
8. 1937 Broadstruck Errors
A broadstrike happens when the retaining collar fails during striking, so the coin spreads out wider than normal, without the crisp, straight edge the collar normally forms. The design stays centered, but the coin ends up flatter and larger than a regular nickel.
These are less dramatic than off-center strikes, so they don’t bring the same premiums. However, an attractive 1937 broadstrike with nice detail will make for an entertaining error to collect and is among the less expensive Buffalo Nickel mint errors.
- Estimated Value: $100 to $350
- Production Year: 1937 (any mint)
- What to Check: Wider than normal; looks stretched with an uneven edge
Most 1937 Buffalo Nickels are worth a few dollars, but a sharp certified coin or a genuine error can be worth hundreds or thousands. Check for a D or S mint mark, and count the buffalo’s legs to know if your nickel is a rare find. If the same jar holds newer pennies, our guide to Lincoln Memorial cents worth money shows the dates and errors to look for.
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