Understanding the Buffalo Nickel Valued at $601,000
The Buffalo nickel, struck from 1913 to 1938, is a familiar coin in American numismatics. Most circulated pieces are worth only a few dollars, but a small number are highly sought after by collectors.
When a Buffalo nickel reaches prices like $601,000 at auction, it reflects a combination of rarity, condition, provenance, and collector demand. This article explains the factors that elevate a coin from small change to rare treasure and gives practical steps for identifying valuable Buffalo nickels.
Why This Buffalo Nickel Sold for $601,000
Experts look for traits that push a Buffalo nickel’s market value far beyond face value. These include minting errors, low mintage totals, exceptional condition, and historical importance.
Key contributors to the high price were likely:
- Scarcity: Very few examples exist in the grade offered.
- Condition: A high grade from an accepted grading service such as PCGS or NGC.
- Error or Variety: Distinct features like doubled dies, rare mint marks, or pattern strikes.
- Documented Provenance: Ownership history and auction records that confirm authenticity.
Common high-value Buffalo Nickel types
- 1913-S Type 2 examples in high grade
- 1918/7-D overdate varieties
- 1916 doubled die obverse or other clear die errors
- Key dates like 1926-S or low-mintage years in Mint State grades
How to Identify a Valuable Buffalo Nickel
Even modest collectors can learn to spot potential high-value nickels. Begin with simple checks and escalate to professional evaluation when warranted.
Initial inspection steps
- Check the date and mint mark. Use a loupe to read faint numerals and letters.
- Examine for errors: doubled dies, repunched mint marks, off-center strikes, and die breaks may add value.
- Assess wear: Coins graded Mint State (MS60 and above) are far more valuable than worn examples.
When to seek professional grading
If you find a rare date or clear error, consider submitting the coin to an established grading service. Grading provides an unbiased opinion on condition and helps buyers trust the item at auction or in private sales.
Buffalo Nickel Grading and Rarity
Grading determines a coin’s condition on a scale, typically 1–70. Small differences in grade cause large differences in price, especially for key dates and scarce varieties.
Rarity is a function of both mintage and survival rate. Some coins had low original mintages; others were common originally but few survived in high grades.
Grading tips for Buffalo nickels
- Look at high points: Liberty’s cheek and the buffalo’s horn wear first. Sharp detail here suggests higher grade.
- Surface quality: Scratches, cleaning marks, and corrosion reduce value significantly.
- Color and toning: Natural toning is acceptable and sometimes desirable, but artificial toning or chemical alterations will hurt value.
Practical Steps to Protect and Sell Valuable Buffalo Nickels
Handle coins carefully and store them properly to preserve value. If you plan to sell, document the coin’s history and condition clearly.
Storage and handling
- Wear cotton gloves or hold coins by the edge to avoid fingerprints.
- Store in inert holders such as Mylar flips or archival-quality capsules.
- Avoid exposure to humidity and contaminants; use silica gel in storage boxes.
Selling tips
- Get a professional grade before listing high-value coins.
- Use reputable auction houses or specialized coin dealers for rare pieces.
- Keep provenance and any certificates ready to show potential buyers.
The Buffalo nickel was designed by James Earle Fraser and was the first U.S. coin to feature a Native American profile on the obverse with a buffalo on the reverse. Some early examples show quiet changes in design that are now crucial for identifying rare varieties.
Case Study: Auction Sale of a Buffalo Nickel
At a recent major auction, a rare Buffalo nickel with an evident mint error and strong provenance sold for $601,000. The coin was certified in a high Mint State grade, and its rarity plus documented ownership drove competitive bidding.
This sale illustrates how key factors — rarity, grade, error type, and provenance — combine to create exceptional market prices. Even experienced collectors are often surprised by the premium the market will pay for a verified rarity.
Examples of Valuable Buffalo Nickels to Watch For
Here are specific types and issues that frequently appear in high-value sales. These can serve as a checklist when you examine a coin collection.
- Early Type 1 and Type 2 issues (1913) with clear minting distinctions.
- Overdate or repunched mint mark varieties that show doubled elements.
- Low mintage dates in exceptional Mint State grades.
- Clear strike errors such as off-center or broadstrike specimens.
Final Practical Advice for Collectors
Start with a reference guide or reputable coin price catalog to learn date-by-date rarity. Use a loupe and basic tools to inspect coins, and when in doubt, consult a professional dealer or submit for grading.
Even ordinary collections can hide unexpected treasures. By applying a methodical inspection approach and documenting finds, you increase the chance of discovering coins that could be worth far more than their face value.
Remember: rarity and condition matter most. A Buffalo nickel that looks like small change may, with the right traits and certification, become a rare treasure on the market.
