Imagine discovering a coin in your pocket change that’s worth a small fortune. The Buffalo Nickel, a coin minted in the early 20th century, has recently made headlines for its staggering value of $601,000.
This rare coin, once commonplace, might still be lurking in your spare change. Let’s delve into the details of this numismatic marvel and explore how you might identify one.
The Buffalo Nickel: A Brief Overview
The Buffalo Nickel, also known as the Indian Head Nickel, was minted by the United States from 1913 to 1938.
Designed by sculptor James Earle Fraser, the coin features a Native American profile on the obverse and an American bison on the reverse.
Fraser’s design aimed to capture the spirit of the American West and pay homage to Native American culture.
What Makes the $601,000 Buffalo Nickel So Valuable?
Several factors contribute to the extraordinary value of this particular Buffalo Nickel:
1. Overdate Error (1918/7-D)
One of the most sought-after errors in the Buffalo Nickel series is the 1918/7-D overdate. This error occurred when a 1917 die was repurposed and overpunched with 1918, resulting in a visible overlap of the two dates. Coins with this error are exceedingly rare and highly prized by collectors.
2. Mint State Condition
The value of a coin significantly increases if it’s in Mint State (MS) condition. The $601,000 Buffalo Nickel boasts a MS66 grade, indicating it has no signs of wear and retains its original luster. Such pristine condition is exceptionally rare for coins over a century old.
3. Limited Mintage and Survival Rate
While millions of Buffalo Nickels were minted, only a fraction have survived in high-grade condition. The combination of a low survival rate and the specific error makes this coin extraordinarily valuable.
Notable Buffalo Nickels and Their Values
| Year | Mint Mark | Error/Variety | Grade | Estimated Value |
|---|---|---|---|---|
| 1918 | D | 7 Over 8 | MS66 | $601,000 |
| 1916 | P | Doubled Die Obverse | MS64 | $281,750 |
| 1937 | D | 3-Legged Buffalo | MS66 | $99,875 |
| 1926 | S | Low Mintage | MS65 | $105,750 |
| 1913 | S | Type 2 | PR68 | $143,500 |
How to Identify a Valuable Buffalo Nickel
If you’re eager to check your coin collection or pocket change, here are some tips to identify a potentially valuable Buffalo Nickel:
- Check the Date and Mint Mark: Look for key dates like 1918/7-D, 1916 Doubled Die, and 1937-D 3-Legged. The mint mark is located on the reverse side, beneath the “FIVE CENTS” inscription.
- Inspect for Errors: Use a magnifying glass to spot overdates, doubled dies, or missing elements like the buffalo’s leg.
- Assess the Condition: Coins with sharp details, no wear, and original luster are more valuable.
- Consult a Professional: If you believe you’ve found a rare coin, have it evaluated by a reputable coin grading service.
The discovery of a $601,000 Buffalo Nickel serves as a thrilling reminder that hidden treasures can still be found in everyday places.
Whether you’re a seasoned collector or a curious novice, taking a closer look at your spare change might just lead to an extraordinary find. Happy hunting!
FAQs
How can I tell if my Buffalo Nickel is valuable?
Examine the coin for key dates, mint marks, and errors. Coins in excellent condition with rare features are typically more valuable.
Where can I get my coin appraised?
Reputable coin grading services like PCGS or NGC can provide professional appraisals.
Are Buffalo Nickels still in circulation?
While they are no longer minted, some Buffalo Nickels may still be found in circulation, though it’s rare.