A $350,000 Minting Mishap: The 1937 Buffalo Nickel Error: Coins often carry stories from the past, but some tales are more intriguing than others. One such story revolves around the 1937 Buffalo Nickel, particularly the rare Three-Legged Buffalo Nickel minted in Denver. This minting error has captivated collectors and enthusiasts alike, with certain specimens fetching prices as high as $350,000. Let’s delve into the details of this fascinating coin, how to identify it, and its significance in the world of numismatics.
A $350,000 Minting Mishap: The 1937 Buffalo Nickel Error
The 1937-D Three-Legged Buffalo Nickel is a fascinating part of American numismatic history, showcasing the importance of quality control in coin minting. This rare error coin stands as a testament to how a simple mistake can create something valuable and highly sought after. For collectors, owning a Three-Legged Buffalo Nickel is like holding a piece of history.
Whether you’re a seasoned collector or a curious enthusiast, understanding and identifying coin errors like this one can significantly enrich your experience in the world of numismatics. Coins like the 1937-D Three-Legged Buffalo provide not only monetary value but also a deeper connection to the rich and storied past of American currency.
| Feature | Details |
|---|---|
| Coin | 1937-D Buffalo Nickel (Three-Legged Error) |
| Minting Error | Missing front right leg of the buffalo due to die over-polishing |
| Value Range | From $685 in Very Fine condition to $350,000 in Mint State 67 |
| Rarity | Approximately 10,000 error coins released, making it a sought-after item among collectors |
| Identification Tip | Examine the buffalo’s front right leg on the reverse side for the presence of the leg |
| Official Reference | Money.org’s article on the 1937-D Three-Legged Buffalo |
Understanding the 1937 Buffalo Nickel
The Buffalo Nickel, officially known as the Indian Head Nickel, was minted from 1913 to 1938. Designed by James Earle Fraser, it features a Native American on the obverse and an American bison on the reverse. The 1937 issue is notable not just for its design but also for a significant minting error that has piqued the interest of collectors worldwide.
The error in question, known as the Three-Legged Buffalo Nickel, is one of the most famous and valuable mistakes in coin history. The coin was minted at the Denver Mint, and the error occurred during routine die maintenance. It wasn’t until later that collectors began to notice something was amiss—one of the buffalo’s legs was missing.
A $350,000 Minting Mishap: The 1937 Buffalo Nickel Error
In 1937, during routine die maintenance at the Denver Mint, workers excessively polished the reverse die. This over-polishing inadvertently removed the buffalo’s front right leg, resulting in the now-famous Three-Legged Buffalo Nickel. This error is unique to the Denver-minted coins of that year, identifiable by the “D” mint mark below the buffalo on the reverse.
The over-polishing caused the leg to wear down almost entirely, leaving behind an incomplete image of the buffalo. It’s important to note that while the 1937-D Buffalo Nickel is a highly sought-after error, it was not widely recognized by the general public at first. Many of the coins circulated for years before collectors began to spot the missing leg and realize their rarity.
Identifying the Three-Legged Buffalo Nickel
To determine if you have a Three-Legged Buffalo Nickel, follow these steps:
- Locate the Mint Mark: On the reverse side, find the “D” mint mark below the buffalo. This indicates the coin was minted in Denver.
- Examine the Buffalo’s Legs: On the reverse, observe the buffalo’s front right leg (the leg closest to the viewer). On error coins, this leg is missing due to over-polishing of the die.
Visual Guide:
A proper visual inspection is key to identifying this error. With the missing leg, the buffalo will appear incomplete or deformed in the leg area, a feature that is not apparent in regular Buffalo Nickels from that year. Compare the coin’s reverse to high-quality images of known error coins for reference.
Value and Rarity
The value of a 1937-D Three-Legged Buffalo Nickel varies significantly based on its condition. The more pristine the coin, the higher its value. Below are some rough estimates:
- Very Fine (VF): Coins with noticeable wear but clear features can be valued around $685.
- Mint State 67 (MS67): Perfectly preserved coins can command prices up to $350,000, making them some of the most valuable coins in American numismatic history.
In total, it is estimated that approximately 10,000 error coins were released into circulation. This makes the 1937-D Three-Legged Buffalo Nickel relatively rare, especially in high-grade condition. The rarity of the coin is one of the reasons why it has such a high value, especially for collectors looking for coins with unique characteristics.
Many of these error coins likely went unnoticed for years, as the missing leg was not obvious to the naked eye. This subtle nature has further contributed to its scarcity in good condition, adding to its desirability among collectors.
Other Notable Buffalo Nickel Errors
While the Three-Legged Buffalo is the most famous error, other notable mistakes include:
- 1918/7-D Overdate Error: Some 1918 Buffalo Nickels minted in Denver exhibit an overdate error, where the “8” is stamped over a “7,” resulting in “1918/7.” These coins are highly valuable, with well-preserved examples fetching prices around $258,000.
- 1916 Double Die Error: The 1916 Buffalo Nickel features noticeable doubling of the date and lettering on the obverse due to a misalignment during minting. In excellent condition, these coins can command prices around $281,750.
The world of Buffalo Nickels is filled with valuable and intriguing errors, making them a rewarding pursuit for collectors.
Tips for Collectors
For those interested in collecting or verifying the authenticity of error coins, here are some helpful tips:
1. Authentication
Always consult professional numismatists or use grading services to authenticate rare coins. Many fakes or altered coins can easily be passed off as authentic if you don’t know what you’re looking for. Websites such as the American Numismatic Association can help guide you toward trusted dealers and experts.
2. Condition Assessment
The value of error coins heavily depends on their condition. Coins with minimal wear and clear features are more valuable than those with significant damage. If you happen upon a 1937-D Three-Legged Buffalo, try to keep it in good condition by storing it properly.
3. Market Research
Stay informed about current market trends and auction results to understand the evolving value of these coins. Many collectors and investors use platforms like Heritage Auctions or Stack’s Bowers to monitor prices and acquire valuable coins.
By keeping track of these details, you can ensure that you’re making smart investments in the world of coin collecting.
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Frequently Asked Questions (FAQs)
Q1: How can I tell if my 1937 Buffalo Nickel is a Three-Legged error?
A1: To identify a Three-Legged Buffalo Nickel, examine the reverse side of the coin. If the buffalo’s front right leg (closest to the viewer) is missing, and there’s a “D” mint mark below the buffalo, you likely have an error coin.
Q2: Are all 1937 Buffalo Nickels valuable?
A2: While all coins have some value based on their condition and rarity, the 1937-D Three-Legged Buffalo Nickel is particularly valuable due to its rarity and the unique nature of the minting error. However, non-error 1937 Buffalo Nickels are generally not as valuable.
Q3: Where can I sell or appraise my Buffalo Nickel?
A3: It’s recommended to consult with professional numismatists, visit reputable coin dealers, or use grading services to appraise and sell your coin. You can also explore online marketplaces such as eBay or auction houses like Heritage Auctions for selling your coin.
Q4: How many 1937-D Three-Legged Buffalo Nickels were minted?
A4: It’s estimated that only about 10,000 of these error coins were released into circulation, making them rare, especially in higher grades.
