It's for the Big Kids...... The phrase “Buffalo Nickel” has always been part of our language. Since 1913, the first minting year, and through the exciting period between 1940 and 1960 when you could still find Buffalo Nickels in your pocket change - they were just called Buffalo Nickels.
The correct name for this coin series is the Five-Cent Indian Head, but the Buffalo Nickel aficionado has a dislike for that term. It is, and always will be called a "Buffalo Nickel" by true collectors.
Type I Reverse - on the Mound
Technically, it is a bison on the reverse, not a buffalo. Buffaloes are found mostly in India and Africa, not in the United States. The miss-use of the name arose when the first settlers saw the bison and didn't know what to call them. They thought the animal was similar to the Asian Water Buffalo, and started calling them buffalo for the lack of a better term and the name stuck. So, our American Buffalo is not a true buffalo. Its closest relative is the European Bison or Wisent and the Canadian Woods Bison. Because history has so ingrained the name "Buffalo", we still use it, and "Bison" and "Buffalo" are used interchangeably. The Sioux Indian name for this animal is "Tatanka".
The Buffalo Nickel collector finds a fascinating array of "tough" dates and rarities to pursue. Mintage numbers are important when considering rarity, but there are other factors to consider.
Like other coin series, die varieties figure into the rarity ranking. Those are the special coins that come from a single set of dies – doubled dies, repunched mintmarks, abraded dies (die elements that have been abraded or polished off), and destructive dies (die cracks and cuds). Die varieties can range from commonly rare to extremely rare depending on the length of the die run (total number of coins struck), and the length of time between minting and die variety discovery. The longer time between minting and discovery, the fewer coins there will be in the total population and the less likely there will be high-grade specimens in large numbers.
The Buffalo Nickel series has just the right number of die varieties – not too many and not too few. This “Goldie Locks” scenario keeps collectors searching without feeling frustrated by not finding any, or over whelmed with too many.
The top four (4) die varieties are the 1916/1916 doubled die obverse, the 1918/7-D doubled die obverse over-date, the 1935 doubled die reverse, and the 1937-D 3-Legged Buffalo. No Buffalo Nickel collection is really considered complete without the "Big-4". Some collectors feel the 1914/3 doubled die overdate should be in this top group. However, this variety is the result of a doubled working hub that transferred the overdate to different working dies at all three Mints. Because of this there are variations of detail that many times require vague extrapolation by the collector even when viewed under magnification.
The design of the Buffalo Nickel itself also factors into the rarity ranking. As early as April in 1913 the rapid wear in the area of “FIVE CENTS” on the reverse became evident, and the re-designed Type II reverse replace the Type I “Buffalo on the mound”. This solved the reverse wear problem, but the problem of the date wearing down too rapidly on the obverse was never addressed. This oversight has resulted in many millions upon millions of dateless Buffalo Nickels, mostly effecting the early to mid-dates; 1913-1927. Often, dateless buffalo nickels can have their dates "restored" by applying a ferric-chloride solution to the date area, that is commercially sold as Nic-A-Date.
Finally, the most significant factor in the rarity ranking of higher grade Buffalo Nickels is strike. The coins most effected by strike (or lack of strike) were minted at branch mints (particularly the Denver Mint) from 1918 to 1934. Many factors can contribute to poor strike, but it is suspected that lack of quality control in the area of planchet hardness was the main cause. Collectors will find many Buffalo Nickels with full luster (mint state) but showing rounded relief detail on the high points - the Bison’s horn, the high forward back, and the fringe on the tail. Also, the date, LIBERTY, and hair lines above the braid on the obverse will be faint and weakly struck. Strong strikes for some dates are virtually unknown and uncirculated pieces with full sharp details command higher prices – 1918-D, 1919-D, 1919-S and 1926-D are some of the “tougher” dates to find with a full strike.
A complete set of circulated Buffalo Nickels, not including die varieties, can be assemble for a modest price. A set in Extra-Fine (EF-40) condition at today's retail prices would cost the collector very close to $8,000. In Very-Fine (VF-20) condition, where the tip of the Bison's horn can just barely be seen, it will cost about $4,300. A nice challenge is a collection of Very-Good (VG-8) Buffalo Nickels, and that can reasonably be assembled for $880 or so. Check-out the History of Buffalo Nickel Collecting.
As coin grades go up, so do prices. Collectors who wish to pursue uncirculated specimens with die varieties should be prepared for a significant investment of time and money. A Mint State set of Buffalo Nickels, that includes the "Big-4" die varieties, will cost the collector about $281,500 in Choice Uncirculated (MS-63) condition. In Gem Uncirculated (MS-65) condition, the price jumps to $1,225,000. Clearly, collecting the best Buffalo Nickels is not for little kids...... it's for the Big Kids.
