The 1937 Buffalo Nickel: Spotting Rare Errors That Could Be Worth a Fortune

Introduction: The Devil Is in the Details

Most people look right past the tiny details that can turn a common item into a rarity worth thousands. The 1937 Buffalo Nickel is a perfect example of this phenomenon. While millions were minted, certain variations and errors can make specific specimens incredibly valuable to collectors. Understanding what to look for requires a trained eye and knowledge of the minting process, die states, and common errors that occurred during production.

Historical Context of the 1937 Buffalo Nickel

The Buffalo Nickel, officially known as the Indian Head Nickel, was designed by James Earle Fraser and minted from 1913 to 1938. The 1937 issue came during the final years of production when the dies were becoming worn and the minting process was being fine-tuned. This period actually saw an increase in certain types of errors as the dies deteriorated and mint workers rushed to meet production quotas during the late Depression era.

Design Elements to Examine

The obverse features a right-facing Native American profile, while the reverse displays an American bison. Key areas to examine include the date on the obverse, the denomination on the reverse, and the intricate details of both the portrait and the buffalo. Even slight variations in these elements can indicate valuable errors or varieties.

Identifying Die Cracks and Cud Errors

Die cracks are among the most common errors found on 1937 Buffalo Nickels. As dies aged and deteriorated, they would develop cracks that would transfer to the struck coins. On a 1937 specimen, look for:

• Raised lines or irregular features on the coin’s surface that weren’t part of the original design
• Cracks emanating from the date area, particularly around the “1” or “7”
• Die breaks on the reverse, especially around the bison’s legs or the rim
• Cud errors where a portion of the design is missing due to a broken die piece

Die cracks on 1937 Buffalo Nickels are particularly common because the dies were nearing the end of their serviceable life. A coin with multiple prominent die cracks can be worth 5-10 times a normal specimen.

Double Die Varieties

Double die errors occur when the die itself is struck more than once during its creation, causing a slight offset in the design elements. For 1937 Buffalo Nickels, the most valuable double die varieties include:

• Double die obverse showing doubling in the date or lettering
• Double die reverse with noticeable doubling in “FIVE CENTS” or the bison’s horn
• Class I (distorted hub) doubling, which appears as a spread in one direction

To identify doubling, use a magnifying glass and examine the coin at different angles under good lighting. The doubling will appear as a shadow or secondary image of the design element.

Mint Mark Variations and Their Significance

The 1937 Buffalo Nickel was minted at three facilities: Philadelphia (no mint mark), Denver (“D”), and San Francisco (“S”). Certain mint mark variations can significantly impact value:

• 1937-D 3-Legged Buffalo: One of the most famous errors, where the bison appears to have only three legs due to overpolishing of the die
• 1937-D with weak or repunched mint marks
• 1937-S with die chips or breaks around the mint mark

The Legendary 1937-D 3-Legged Buffalo

This error occurred when a Denver mint worker overpolished a die, accidentally removing the front leg of the bison. Only a few thousand entered circulation before the error was caught. A genuine 1937-D 3-Legged Buffalo in good condition can fetch $500 to $10,000 depending on grade.

Surface Damage vs. Mint Errors

Many collectors confuse post-mint damage with genuine errors. The forum discussion mentions several types of damage that are common on circulated Buffalo Nickels:

• Corrosion due to aqueous acid exposure
• Solder residue from jewelry applications
• Fire damage causing surface discoloration
• Wire brushing that removes the original surface

These types of damage actually decrease a coin’s value rather than increase it. Genuine mint errors are formed during the striking process and show specific characteristics that distinguish them from environmental damage.

Authentication and Grading Considerations

When examining a potential error coin, consider these authentication steps:

1. Examine the coin under 10x magnification to identify genuine doubling or die cracks
2. Check for signs of post-mint damage such as scratches, corrosion, or tooling marks
3. Verify the weight and dimensions match specifications for a genuine Buffalo Nickel
4. Consult reference materials specific to 1937 varieties
5. Consider professional authentication for potentially valuable errors

Value Guide for 1937 Buffalo Nickel Errors

The value of error coins varies dramatically based on rarity, condition, and demand. Here’s a general guide:

• Common die cracks: $10-50 premium
• Obvious double die varieties: $100-500
• 1937-D 3-Legged Buffalo: $500-10,000+
• Major cud errors: $50-200
• Repunched mint marks: $25-150

Remember that condition dramatically affects value. A rare error in poor condition may be worth less than a common variety in excellent condition.

Preservation and Care

If you discover a potentially valuable error coin, proper preservation is crucial:

• Never clean the coin, as this can damage the surface and reduce value
• Handle coins by the edges to prevent oils from your fingers causing damage
• Store in appropriate holders that don’t contain PVC or other harmful materials
• Keep in a stable environment with controlled temperature and humidity

Conclusion: The Hunt Continues

The 1937 Buffalo Nickel represents an exciting area for error coin collectors. While most specimens are common and worth only their face value or a small premium, the potential for discovering rare errors makes the search worthwhile. The legendary 3-Legged Buffalo, dramatic double dies, and various die break varieties continue to captivate collectors and command impressive prices at auction.

Success in error coin hunting requires patience, knowledge, and a systematic approach to examination. Every 1937 Buffalo Nickel deserves a careful look, as you never know when you might discover that one-in-a-million error that could be worth a small fortune. The key is knowing what to look for and distinguishing genuine mint errors from common post-mint damage that plagues many circulated coins.

Happy hunting, and may your next coin discovery be the rare error you’ve been searching for!

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