Finding Proof Buffalo Nickels in the Wild: A Cherry Picker’s Guide

Historical Significance

The Buffalo Nickel, officially known as the Indian Head Nickel, holds a special place in American numismatic history. Designed by James Earle Fraser and minted from 1913 to 1938, this coin captures the spirit of the American West with its iconic imagery of a Native American chief on the obverse and an American bison on the reverse. While millions of these coins circulated through everyday commerce, a select few were struck as proofs – specially made coins with exceptional detail and mirror-like surfaces.

The Proof Buffalo Nickel Series

Proof Buffalo Nickels were struck at the Philadelphia Mint from 1913 through 1937, with a brief hiatus from 1916 to 1935. These coins were not intended for circulation but rather for collectors, dignitaries, and government archives. The series includes eight distinct years, each with its own unique characteristics and challenges for collectors.

Key Dates and Varieties

The proof Buffalo Nickel series includes the following years:

• 1913 Type 1 and Type 2
• 1914
• 1915
• 1916
• 1936
• 1937

The 1913 Type 1 features a raised ground line beneath the bison, while the Type 2 has a recessed ground line. The Type 1 was quickly replaced due to excessive wear on the denomination. The 1916 proof is particularly rare, with only a handful known to exist.

Identifying Key Markers

When searching through circulation or bulk lots for these treasures, there are several key markers to look for:

Surface Quality

Proof coins have a distinctive mirror-like surface that sets them apart from circulation strikes. The fields (background areas) should be highly reflective, almost like a mirror. The devices (raised design elements) should have a frosted appearance, creating a beautiful contrast known as “cameo” or “deep cameo” effect.

Strike Quality

Proof coins were struck multiple times with specially prepared dies, resulting in exceptional detail. Look for sharp definition in the hair and feathers on the obverse, and in the fur and muscle definition on the bison on the reverse. The details should be crisp and well-defined, unlike the often worn and soft details found on circulated coins.

Edge and Planchet

Proof Buffalo Nickels have a squared-off edge rather than the rounded edge of circulation strikes. The planchet (coin blank) should be carefully examined for any signs of the proof process, including a smooth, blemish-free surface.

Where to Find Proof Buffalo Nickels

While finding proof Buffalo Nickels in circulation is extremely rare, they can occasionally be found in unexpected places:

Circulation Finds

Though highly unlikely, it’s not impossible to find a proof Buffalo Nickel in circulation. This might occur if a coin was accidentally released from a mint set or if a proof was spent by someone unaware of its value. Always check your change and bank rolls carefully.

Bulk Lots and Estate Sales

More commonly, proof Buffalo Nickels can be found in bulk lots purchased at estate sales, auctions, or from dealers specializing in cull coins. These lots often contain a mix of circulated coins, and occasionally, a proof will slip through. Carefully examine each coin in a bulk lot, paying close attention to the markers mentioned above.

Cherry Picking Varieties

Cherry picking involves searching through collections or lots to find specific varieties or high-grade examples. When examining a group of Buffalo Nickels, look for coins that stand out due to their exceptional surface quality or strike. These could be overlooked proofs or high-grade circulation strikes that have significant value.

Value Guide

The value of proof Buffalo Nickels varies greatly depending on the year, condition, and specific characteristics:

Common Dates

Proofs from the mid to late 1930s (1936-1937) are more common and can be found in the $500 to $2,000 range in lower grades. Higher-grade examples with cameo contrast can command significantly more.

Key Dates

The 1916 proof is extremely rare, with only a handful known to exist. When they do appear on the market, they can sell for hundreds of thousands of dollars. The 1913 Type 1 is also highly sought after, with values ranging from $5,000 to over $100,000 depending on condition.

Condition Rarity

Proof Buffalo Nickels in pristine condition with deep cameo contrast are highly prized by collectors. Coins graded PR67 or higher with deep cameo can sell for many times the price of a similar coin without the cameo effect.

Authentication and Grading

Given the high value of proof Buffalo Nickels, authentication is crucial. Professional grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) can authenticate and grade your coins. These services encapsulate the coins in protective holders and provide a grade based on their condition.

Grading Scale

Proof coins are graded on a scale from PR1 to PR70, with PR70 being a perfect coin. Most proof Buffalo Nickels fall in the PR60 to PR65 range, with higher-grade examples becoming increasingly rare and valuable.

Cameo and Deep Cameo

Coins with cameo or deep cameo contrast receive a designation on their holder. Cameo coins have a moderate contrast between the frosted devices and mirrored fields, while deep cameo coins have a strong, dramatic contrast. These designations can significantly increase a coin’s value.

Building a Collection

Collecting proof Buffalo Nickels can be a rewarding challenge. Here are some tips for building a collection:

Set Building

Many collectors aim to assemble a complete set of all eight proof Buffalo Nickels. This can be a significant financial undertaking, especially for the rarer dates. Consider starting with the more common dates and working your way towards the key dates as your collection and budget grow.

Condition and Eye Appeal

When selecting coins for your collection, prioritize condition and eye appeal. A coin with attractive toning or exceptional cameo contrast can be more desirable than a technically higher-grade coin without these features.

Registry Sets

Many grading services offer registry sets where collectors can showcase their collections and compete for top rankings. Building a competitive registry set can add an extra layer of excitement to your collecting journey.

Conclusion

Proof Buffalo Nickels represent a fascinating intersection of art, history, and numismatics. While finding these coins in circulation is rare, the thrill of the hunt and the potential for discovery make it an exciting pursuit. Whether you’re examining bank rolls, scouring estate sales, or carefully selecting coins from bulk lots, always keep an eye out for those telltale signs of a proof coin – the mirror-like surfaces, the sharp strike, and the squared-off edge. With patience, knowledge, and a bit of luck, you might just uncover a hidden gem that adds significant value and beauty to your collection.

Remember, the world of coin collecting is full of surprises. That unassuming nickel you find in a jar of old coins could be the start of an incredible numismatic journey. Happy hunting!

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