1937 Buffalo Nickel Value Guide

The 1937 Buffalo Nickel Value

The regular Philadelphia, Denver, and San Francisco circulation-strike versions remain identical or nearly identical in value for most grades. It’s only at the highest mint-state grades that they start to diverge.

The only exception is the 1937-D 3 legs buffalo nickel, which is a unique and popular variant. It is far more valuable.

The proof-strike versions also increase the nickel’s value.

An N/A for a value below indicates no publicly known examples of that version of the 1937 buffalo nickel with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1937 buffalo nickel’s melt value is approximately negligible. The melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1937 Buffalo Nickel	1937-D Buffalo Nickel	1937-D 3 Legs Buffalo Nickel	1937-S Buffalo Nickel
Good – G	$2	$2	$481	$2
Very Good – VG	$3	$3	$518	$3
Fine – F	$3	$4	$608	$4
Very Fine – VF	$4	$4	$768	$4
Extra Fine – XF	$7	$7	$1,000	$7
About Uncirculated – AU	$10-$24	$10-$24	$1,100-$2,400	$10-$24
Mint State – MS	$27-$9,000 (68)	$26-$15,000 (68)	$2,600-$130,000 (67)	$27-$17,000 (68)

Proof Strike (PR) Value Chart

1937 Proof Buffalo Nickel
Grade Names	Coin Values
PR 60	$737
PR 61	$812
PR 62	$912
PR 63	$1,000
PR 64	$1,200
PR 65	$1,300
PR 66	$1,500
PR 67	$2,000
PR 68	$6,300
PR 69	$62,000
PR 70	N/A

Cameo (CA/CAM) Proof Strike (PR) Value Chart

1937 Cameo Proof Buffalo Nickel
Grade Names	Coin Values
PR 60 CA/CAM	N/A
PR 61 CA/CAM	N/A
PR 62 CA/CAM	$1,800
PR 63 CA/CAM	$2,200
PR 64 CA/CAM	$2,800
PR 65 CA/CAM	$5,700
PR 66 CA/CAM	$9,500
PR 67 CA/CAM	$12,000
PR 68 CA/CAM	N/A
PR 69 CA/CAM	N/A
PR 70 CA/CAM	N/A

What Makes A 1937 Buffalo Nickel Valuable?

Many factors contribute to the value of a 1937 buffalo nickel. These include grading, especially the higher grades, the rarity of certain versions, minting location, strike type, and whether or not they’re error coins or die varieties (the 3 legs variety in particular).

Let’s start with grading.

Grading

Grading plays an important part in a 1937 buffalo nickel’s value, but only at certain points. 

Even a circulation-strike coin graded “Good” will still fetch more than its face value. However, this value and its increases remain relatively low. 

It’s only at the highest mint-state grades when grading really has an impact on this nickel’s value. 

The only exception for circulation-strike versions is the 1937-D 3 legs buffalo nickel, which fetches hundreds or tens of thousands of more dollars in value than the others. 

Proof-strike versions increase with better grading, but at steady intervals until their higher grades.

Rarity

The Mint minted 1937 buffalo nickels approximately 102,946,769 times across all of its versions. Please see the following list for the breakdown for each version:

• 1937: 79,480,000 minted in Philadelphia^1,5
• 1937-D: 17,826,000 minted in Denver^2,6
• 1937-D 3 Legs:  Part of Denver mintage^3,7
• 1937-S: 5,635,000 minted in San Francisco^4,8
• 1937 Proof: 5,769 minted in Philadelphia^9,10

The fact the Mint minted the 1937 buffalo nickel over 100 million times does not add to its overall value.

Of all the mintages, the proof and 3 legs versions are the most rare, adding to their value.

Mint Marks

The Mint minted the 1937 buffalo nickel in Philadelphia, Denver, and San Francisco.

All three versions have identical values for almost all grades. You’ll start seeing separation at the highest mint-state grades when the San Francisco version pulls away.

Strike Types

The 1937 buffalo nickel has two strike types: circulation and proof.^12,13

The proof-strike versions (including the cameo proof version) add significant value in terms of hundreds or thousands of dollars.

Design Variations

The 1937 buffalo nickel has no design variations.

Special Designations

The 1937 buffalo nickel has no special designations.

Error Coins

1937 buffalo nickel error coins pale in comparison to the value the 1937-D 3 legs variety brings. However, that doesn’t mean they aren’t valuable.

Here are some examples of error coins that do add value to a 1937 buffalo nickel:^14-15 

• Struck off-center errors
• Struck-through errors
• Wrong-cent planchet error

Of the three, wrong-cent planchet errors are the most valuable. They add thousands of dollars in value to a 1937 buffalo nickel.

Struck off-center error coins and struck-through error coins don’t add quite that much, but they do still add some value to a 1937 buffalo nickel.

Die Varieties

The primary 1937 buffalo nickel variety worth mentioning is the 1937-D 3 legs buffalo nickel.^3,7 

This die variety is the result of either overpolishing of the die used to make the coin, a heavily worn die, or both.

Regardless, this is a hugely popular die variety for this coin. It adds hundreds, thousands, and tens of thousands of dollars to this nickel’s value. 

The highest known grade even reaches over hundreds of thousands of dollars in value.

Composition

The 1937 buffalo nickel is a 75% copper and 25% nickel coin. This does not add to its value.

Additionally, we recommend against melting this coin down as it will be worth more intact. However, melt values do fluctuate with the market.

How Do You Know If You Have A Valuable 1937 Buffalo Nickel?

The best way to know if you have a valuable 1937 buffalo nickel (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

Generally, you’re looking for 1937 buffalo nickels with zero signs of wear, a better luster, and higher quality details. 

These are good indications you have a higher grade for your coin, which fetches more value.

Mint Marks

Look for a 1937 buffalo nickel’s mint mark on the coin’s reverse side. You’ll find it at the bottom by the rim.

No mint mark means the coin is from Philadelphia.

A “D” mint mark means the coin is from Denver.

An “S” mint mark means the coin is from San Francisco.

Strike Types

Circulation strikes are more likely to show signs of wear than proof strikes. Additionally, circulation strikes won’t have a reflective finish. 

On the other side of things, proof strikes will have a reflective finish, should show no signs of wear, and should generally be a better quality than circulation strikes.

Design Variations

The 1937 buffalo nickel has no design variations.

Special Designations

The 1937 buffalo nickel has no special designations.

Error Coins

To identify if your 1937 buffalo nickel is a struck-off center error, look on both sides of your coin. The design on one or both sides should not be centered in some way. 

Coin-grading bodies typically express this lack of centering as a percentage. So, for example, if a coin is struck 5% off-center, it’s only a little off.

You can also identify struck-through errors relatively easily. 

With these, the die strikes through something before striking the coin. This leaves an impression of that thing on the coin. This could be a cloth, for example. 

Wrong-cent planchet errors are also relatively easy to determine.

With these errors, you’re looking at the size, color, and design of your coin. 

For example, if the Mint accidentally struck a 1937 nickel on a penny planchet (the plain metal disk that becomes the coin), it would be a coppery color, smaller than normal, and the design would be partially missing. 

Die Varieties

It’s easy for you to determine if you have a 1937-D 3 legs buffalo nickel.^3,7 

Normal 1937 buffalo nickels feature a buffalo with 4 legs on the coin’s reverse side. However, in this variety’s case, the front right leg (the buffalo’s right) will be partially missing. The hoof will be there, but much of the leg won’t. 

Additional Information About The 1937 Buffalo Nickel

History

The 1937 buffalo nickel owes its creation, in part, to President Theodore Roosevelt. This is due to the late president’s drive to improve coin aesthetics. 

He had his own ideas, and he was able to get a few coins changed prior to his leaving office, but not the nickel. 

At the time, the nickel featured the Liberty Head design, showing the profile of Lady Liberty facing left and surrounded by stars on the front. The back featured the Roman numeral V (for 5) surrounded by a wreath.

Work continued on improving coinage design even after President Roosevelt’s departure from office, including the nickel. This eventually led to the design of the buffalo nickel, which persisted from 1913 to 1938, per an act of Congress not allowing coin designs to be changed more than once every 25 years without intervention.

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The Coin’s Obverse Side

The 1937 buffalo nickel’s obverse side features the profile of a Native American facing right. This profile fills almost the entire obverse side of the coin.

The word “Liberty” curves along the rim by the Native American’s forehead and nose. The year sits at the bottom of the coin.

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The Coin’s Reverse Side

An American bison (buffalo) fills the reverse side of the 1937 buffalo nickel. 

The words “United States Of America” curve over its back and head, following the rim. 

Below “America” are the words “E Pluribus Unum.” These words mean “Out of many, one.” They are the United States motto.

The words “Five Cents” sit at the bottom of the coin. 

If the coin has a mint mark, it’s below these words.

A “D” is for the Denver version. An “S” is for the San Francisco version. No mint mark is for the Philadelphia version.

^{Sources: 1-8}

Why Is It Called Buffalo When It’s A Bison?

Technically, a bison is what’s on the back of a 1937 buffalo nickel.^18,19 To be even more specific, it’s an American bison. These animals are noted for their humped backs, hairy faces, and horns. 

Buffalo look similar, but there are differences. For one, buffalo don’t have the same hairy faces that bison do. They’re also missing the pronounced humped backs. 

So, why is it called a buffalo nickel? 

The answer lies in the fact that people commonly call American bison buffalo, which dates back centuries to English colonists. 

Sources

1937 Buffalo Nickel Value Guide Sources