Smart Buying Guide: How to Buy 1937 Buffalo Nickel Without Getting Ripped Off

Understanding the 1937 Buffalo Nickel

If you are looking to add this to your collection, you need a strategy to get the best deal. The 1937 Buffalo Nickel represents a fascinating piece of American numismatic history, featuring James Earle Fraser’s iconic design of a Native American chief on the obverse and an American bison on the reverse. Before diving into purchasing strategies, it’s essential to understand what makes certain specimens more valuable than others.

Historical Significance

The Buffalo Nickel was minted from 1913 to 1938, with the 1937 date being particularly interesting due to the transition period in American coinage design. The series was replaced by the Jefferson Nickel in 1938, making the 1937 a last-year-of-series coin for collectors. Understanding this historical context helps in appreciating why certain specimens command premium prices.

Identifying Key Markers

When examining potential purchases, pay close attention to several critical factors. The mint mark location (typically found on the reverse beneath the words “FIVE CENTS”) can significantly impact value. 1937 nickels were produced at three mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The Denver and San Francisco issues are generally more sought after by collectors.

Condition Assessment

Condition is paramount when evaluating Buffalo Nickels. Look for coins with clear, well-defined features on both the Native American profile and the bison. Check for signs of wear on the high points of the design, particularly the cheekbone area and the hair above the braid on the obverse, and the bison’s shoulder and hip on the reverse. The presence of original luster can dramatically increase a coin’s value.

Where to Buy: Navigating the Marketplace

The best places to purchase 1937 Buffalo Nickels include reputable coin dealers, established online marketplaces like Heritage Auctions or Stack’s Bowers, and numismatic shows. Local coin shops can also be excellent sources, allowing you to examine coins in person before purchasing. However, be cautious of flea markets and garage sales where authentication is more challenging.

Red Flags to Watch For

Based on the forum discussion, several warning signs should alert potential buyers. The presence of solder on the reverse, as mentioned by one collector, indicates the coin was likely used in jewelry or altered for some purpose. This significantly diminishes value and authenticity. Similarly, fire damage or evidence of extreme heat exposure can warp the metal and destroy the coin’s original characteristics.

Wire Brushing and Cleaning Concerns

One forum member noted evidence of wire brushing on the obverse of a damaged specimen. This is a major red flag for collectors. Cleaning or polishing coins, especially with abrasive methods like wire brushing, removes the natural patina and can create unnatural shine that collectors and graders view negatively. Such coins are often considered “problem coins” and valued substantially lower than their unaltered counterparts.

Raw vs. Slabbed: Making the Right Choice

When purchasing a 1937 Buffalo Nickel, you’ll encounter both raw (ungraded) and slabbed (professionally graded and encapsulated) coins. For beginners, slabbed coins from reputable grading services like PCGS or NGC offer peace of mind regarding authenticity and condition. However, experienced collectors might find better deals on raw coins, provided they can accurately assess grade and authenticity themselves.

Negotiating Tips for Better Deals

When negotiating for a 1937 Buffalo Nickel, knowledge is your greatest asset. Research recent sales of comparable coins to understand market value. Don’t be afraid to point out imperfections or signs of wear when discussing price. If a coin shows any of the red flags mentioned earlier (solder, cleaning, damage), use these as leverage to negotiate a lower price. Remember that dealers expect some negotiation, so starting at 70-80% of the asking price can be a reasonable approach.

Authentication Essentials

Authentication becomes crucial when dealing with potentially altered coins. The forum discussion highlighted several forms of damage that can occur, from acid corrosion to heat damage. When examining a potential purchase, use a magnifying glass to check for these issues. Pay special attention to the edges of the coin, where tampering might be more evident. If something seems off, don’t hesitate to seek a second opinion from a professional numismatist.

Price Considerations

The value of a 1937 Buffalo Nickel varies dramatically based on condition and mint mark. Common circulated examples might sell for just a few dollars, while pristine uncirculated specimens can command hundreds or even thousands. The forum’s damaged example, with solder and wire brushing, would likely be worth only its face value or slightly more as a curiosity rather than a collectible coin.

Building Your Collection Strategically

For those building a comprehensive Buffalo Nickel collection, the 1937 date offers several strategic opportunities. Consider targeting specific mint marks or condition grades to create a focused collection. Some collectors aim for one example of each mint mark in similar condition, while others seek the highest grade they can afford. Understanding your collecting goals will help guide your purchasing decisions.

Storage and Preservation

Once you’ve acquired your 1937 Buffalo Nickel, proper storage is essential. Use acid-free holders or flips to protect the coin from environmental damage. Avoid touching the surface with bare fingers, as oils can cause tarnishing over time. Store coins in a cool, dry place away from extreme temperature fluctuations. Remember that proper preservation maintains value, while improper handling can lead to the very damage that diminishes a coin’s worth.

Conclusion

The 1937 Buffalo Nickel represents an accessible entry point into classic American coin collecting, but as the forum discussion illustrates, not all specimens are created equal. By understanding the key markers of value, recognizing red flags like solder, cleaning, or damage, and knowing where to buy, you can build a collection that brings both enjoyment and potential appreciation. Whether you’re a seasoned collector or just starting out, the strategies outlined here will help you make informed decisions and avoid costly mistakes when adding these historic coins to your collection.

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