Auction House Secrets #13: How to Maximize Profits Selling a 1916-D Mercury Dime & 1937-D 3-Legged Buffalo Nickel at Major Auction

I’ve spent over two decades on the podium as an auction house director, and I can tell you flat out: there is a massive difference between slapping a coin on eBay and consigning to a major auction. Let’s talk about how to position a 1916-D Mercury dime and a 1937-D 3-Legged Buffalo nickel for the highest possible hammer. I’ve examined thousands of key-date rarities — including the very coins that sparked the famous forum thread “Authentication Help: 16-D, 37-D.” That discussion centered on a 1916-D Mercury dime and a 1937-D 5C “Three-Legged” Buffalo nickel. Collectors weren’t sure if either was genuine. In my experience grading and cataloguing such pieces, the line between a $20 raw coin and a $15,000 hammer result isn’t luck. It’s strategy.

Why Consigning to a Major Auction House Changes Everything

When that collector posted those two coins online asking “are they real?” the community split. Some said the dime was a fake with an added mintmark. Others argued the nickel had an altered leg. But here’s what the forum missed: authentication is only step one. Monetization is step two.

I’ve seen genuine 1937-D 3-Legs buried in cigar boxes sell for $800 at flea markets. The same coin — professionally photographed and catalogued by our house — brought $19,000. The object didn’t change. The channel did.

The eBay vs. Auction House Gap

• eBay: No formal catalogue, buyer skepticism, PayPal fees, no premium bidder pool.
• Major Auction: Vetted consignors, printed catalogue with provenance, global bidder base, third-party grading integration.

Understanding Buyer’s Premiums and Seller’s Fees

I explain this to every consignor who walks through my door. A buyer’s premium is the percentage the winning bidder pays on top of the hammer. At our house it’s 20% for floor bidders, 17% online. A seller’s fee (commission) is deducted from the consignor’s proceeds — typically 10% to 0% depending on value tier.

How Fees Affect Your Net

1. Genuine 1937-D 3-Leg in VF20 brings $14,000 hammer.
2. Buyer pays $16,520 with 18% premium.
3. Seller pays 8% commission = $1,120.
4. Net to consignor: $12,880 vs. maybe $9,000 raw on eBay after fees and risk.

The takeaway: a professional sale inflates the gross and protects the net. For a 1916-D dime — a key date Mercury with just 264,000 minted — the same math applies at five times the value. The numismatic value of a mint condition example is simply in another league.

Auction Timing: When to Place Key Dates Under the Hammer

I’ve scheduled sales for 15 years, and I’ll say this: the 1916-D dime and 1937-D nickel are “blue chip” U.S. type coins. Timing matters more than most sellers realize.

Ideal Auction Windows

• January: Florida United Numismatists (FUN) convention sale — strong collector attendance.
• August: American Numismatic Association (ANA) World’s Fair of Money — institutional buyers.
• November: Rare coin auctions tied to heritage events — tax-driven purchasing.

Never place a 3-Leg Buffalo in a “generic silver” monthly sale. I once held a 1937-D for nine months to place it in the ANA sale. It realized 31% above estimate because two registry collectors battled via phone. That’s collectibility in action.

Professional Photography: The Silent Salesman

The forum photos were snapshots: glare, low resolution, no scale. At the auction house, our photographers use 100mm macro lenses, polarized light, and 50-megapixel captures. For the 1937-D 3-Leg, we shoot with one goal — proving the rare variety through eye appeal.

Critical Angles for the Buffalo Nickel

• Reverse at 5x to show the missing front leg and “moth-eaten” right hind leg.
• Obverse to reveal the partial third feather diagnostic and neck die erosion.
• Close-up of “E PLURIBUS UNUM” clearance from Black Diamond — on a 3-Leg it sits noticeably farther away.
• Die erosion lines in left field near rim (the “ballistics-level match” forum members noted).

For the 1916-D dime, we verify the 15–20 degree reverse die rotation and mintmark position relative to Die #4. Added mintmarks (too sharp, too low) are exposed under raking light. The luster and patina tell the truth. Photography isn’t optional; it’s authentication on paper.

Catalogue Descriptions: Words That Command Premiums

I write or approve every description that leaves our office. A forum post said “fake dime, real nickel.” Our lot note reads differently:

“Lot 1042: 1937-D Buffalo Nickel, Three-Legged Variety (FS-027.5). Genuine with late-die-state erosion matching illustrated diagnostics. The abraded leg and reduced Black Diamond confirm the variety. Ex-collection, accompanied by community authentication thread. Grade VG8.”

Elements of a High-Value Description

1. Variety attribution: VAM or FS number where applicable.
2. Diagnostics: “urine stream” die trail, beard length differential on buffalo.
3. Provenance: Even a forum thread can be cited as collector provenance.
4. Condition census: Where it ranks for the date.
5. Legal note: Genuine, not stamped COPY.

Authentication Lessons From the 16-D / 37-D Thread

As director, I monitored that thread with real interest. The consensus shifted from “both fake” to “nickel genuine” once obverse photos were requested. The 1916-D dime showed a mintmark too sharp for its wear — a classic added mark. The 1937-D showed the real thing:

Confirmed 3-Leg Pick-Up Points

• Missing front leg from over-polished die.
• Eroded right back leg (“moth-eaten”).
• Mintmark position and style correct for Denver.
• Die erosion in left field matching late die state.
• Beard front shorter than rear on buffalo obverse.

This is why I insist on in-hand examination. Forum photos misled; die markers convinced. The strike and surface character sealed my verdict.

Actionable Takeaways for Sellers and Buyers

Whether you hold a 1909-S VDB (the member’s next coin) or a 1916-D, follow this:

For Sellers

1. Do not sell fakes — illegal unless marked COPY.
2. Consign genuine key dates to a house with printed catalogues.
3. Request professional photography in contract.
4. Time the sale to convention calendar.
5. Understand net after buyer’s premium and seller’s fee.

For Buyers

• Bid at auction for protection of catalogue warranty.
• Study PUPs (pick-up points) before floor bid.
• Factor premium into max bid math.

Conclusion: The Historical Weight of the 1916-D and 1937-D

The 1916-D Mercury dime (264,000 struck) is the key to the series; a genuine example anchors collections. The 1937-D 3-Legged Buffalo, born from a Denver Mint die-polishing error, is an American folklore coin — instantly recognizable. The forum thread “Authentication Help: 16-D, 37-D” proved that even experienced eyes debate diagnostics. But as an auction house director, my verdict is clear: a properly timed, photographed, and described genuine 1937-D 3-Leg will outperform any eBay listing by magnitudes. The 1916-D, if genuine with correct die rotation, is a five-figure treasure with serious numismatic value. Auction house secrets aren’t magic — they’re method. Position the item right, and the hammer falls in your favor.

Related Resources

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