The 1937-D Three-Legged Buffalo Nickel stands as one of the most intriguing and valuable coins in American numismatic history. This unique minting error has captivated collectors and investors alike, with some specimens fetching prices exceeding $95,000 at auction.
Origins of the 1937-D Three-Legged Buffalo Nickel
The Buffalo Nickel, officially known as the Indian Head Nickel, was minted 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. In 1937, at the Denver Mint, an overzealous polishing of a worn reverse die led to the removal of the bison’s front right leg, resulting in the famed “Three-Legged” variety. This error was not immediately detected, allowing a number of these coins to enter circulation.
Identifying Features
Collectors can identify the 1937-D Three-Legged Buffalo Nickel by several distinct characteristics:
- Missing Front Leg: The bison’s front right leg is absent, though the hoof remains visible.
- Weak Rear Leg: The rear leg appears weakened or “moth-eaten” due to die polishing.
- Die Polishing Marks: Raised dots or a “stream” beneath the bison’s belly, resulting from die polishing.
- Mint Mark: A “D” mint mark below the words “FIVE CENTS” on the reverse, indicating production at the Denver Mint.
These features are crucial for authentication, as counterfeit versions exist.
Market Value and Auction Records
The value of a 1937-D Three-Legged Buffalo Nickel varies based on its condition and grade:
| Grade | Estimated Value |
|---|---|
| Good (G-4) | $550 – $600 |
| Very Fine (VF-20) | $1,200 – $1,500 |
| Extremely Fine (EF-40) | $2,500 – $3,000 |
| About Uncirculated (AU-50) | $4,000 – $5,000 |
| Mint State (MS-60) | $7,000 – $8,000 |
| Mint State (MS-65) | $15,000 – $20,000 |
Notably, a specimen graded MS-66 by the Professional Coin Grading Service (PCGS) sold for $99,875 at auction in 2021.
Factors Influencing Value
Several factors contribute to the coin’s value:
- Condition: Higher-grade coins with minimal wear command premium prices.
- Rarity: The unique minting error and limited surviving specimens enhance its desirability.
- Market Demand: Strong interest from collectors and investors can drive up prices.
Authentication and Grading
Due to the coin’s high value and the prevalence of counterfeits, professional authentication and grading are essential. Reputable services like PCGS and the Numismatic Guaranty Corporation (NGC) provide certification, ensuring the coin’s authenticity and condition.
Conclusion
The 1937-D Three-Legged Buffalo Nickel remains a fascinating piece of American numismatic history. Its unique origin, distinctive features, and significant market value make it a prized possession for collectors. Whether you’re a seasoned numismatist or a curious enthusiast, this coin exemplifies the allure of rare minting errors.
FAQs
What caused the 1937-D Three-Legged Buffalo Nickel error?
Overzealous polishing of a worn reverse die at the Denver Mint removed the bison’s front right leg.
How can I authenticate a 1937-D Three-Legged Buffalo Nickel?
Look for the missing front leg, weak rear leg, die polishing marks, and the “D” mint mark. Professional grading services can provide certification.
Why is this coin so valuable?
Its rarity, unique minting error, and high demand among collectors contribute to its significant value.
Are there counterfeit versions of this coin?
Yes, due to its value, counterfeits exist. Always seek professional authentication.
Where can I buy or sell a 1937-D Three-Legged Buffalo Nickel?
Reputable coin dealers, auctions, and certified numismatic marketplaces are ideal venues for transactions.
