Buffalo Nickels With This Distinctive Error Are Worth Upwards of $100K — What Are the Odds of Finding One?
Written by
Vance Cariaga
Edited by
Daria Uhlig
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For a certain generation of American kids growing up in the middle of the 20th century, there was no greater coin thrill than coming across a Buffalo nickel. Enough of the coins were still in circulation that you’d see one every so often, but they were rare enough that seeing one was cause for celebration. Today you hardly see them anymore — and when you do, they could be worth a whole lot of money.
One 1937 Buffalo nickel sold for just shy of $100,000 at auction in 2021. That wasn’t just any old coin, however. It was officially known as a “1937-D 3-Legged Buffalo nickel” because the buffalo on the reverse of the coin had (you guessed it) three legs instead of four. The error was the result of a worn reverse die strike that resulted in an invisible fourth leg. The combination of the error and the coin’s Gem Mint State pushed its value into the stratosphere.
According to the NGC Price Guide, as of November 2023 a Buffalo nickel from 1937 D in circulated condition is worth between $350 and $1,950. A 1937 D 3-Legged Buffalo nickel in pristine, uncirculated condition can sell for as much as $110,000.
The buffalo nickel was introduced in 1913 and ended production 25 years later, according to Dave Sorrick, a coin expert and collector at In God We Trust LLC. The coin features an image of a Native American on the front and the image of a buffalo on the reverse. The animal was “modeled after a buffalo called ‘Black Diamond’ who was in the New York City Zoo,” Sorrick told KSN-16.
The Buffalo nickel was replaced in 1938 by the Jefferson nickel (featuring Thomas Jefferson), which is still being minted today. The front design of the Jefferson nickel was modified in 2005 and 2006, according to Profile Coins & Collectibles.
Nearly 18 million Buffalo nickels were struck during their run. The vast majority are valued anywhere from about 50 cents to more than $1,500, KSN-16 reported.
As for the 1937-D 3-Legged Buffalo nickel: Experts suggest that around 10,000 are in existence today. About 15%, or 1,500, are believed to be in uncirculated, mint condition.
So what are your odds of finding one of the high-dollar, mint condition Buffalo Nickels? If you based the odds strictly on the U.S. adult population (about 258 million), then the average U.S. adult has a 1,500-in-258 million chance of finding one, or 0.0000058%. That might not be the most scientific way to calculate the odds, but it does illustrate why the most valuable Buffalo nickels could make you $100,000 richer.
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