The 1937 Three-Legged Buffalo Nickel is one of the most sought-after error coins in the history of American numismatics.
This coin, born from a minting mishap, has captivated collectors and investors alike due to its rarity, historical significance, and impressive value.
The peculiar missing leg of the buffalo has transformed this coin into a $350,000 treasure, making it a prime target for coin enthusiasts.
The Birth of the Three-Legged Buffalo Nickel
The Buffalo Nickel, designed by sculptor James Earle Fraser, was minted from 1913 to 1938. It featured a Native American on the obverse and an American bison (buffalo) on the reverse. However, in 1937, a peculiar minting error occurred at the Denver Mint.
- Cause of the Error: During routine die maintenance, a mint worker over-polished the reverse die, inadvertently removing one of the buffalo’s legs. This resulted in a unique three-legged appearance.
- Production Location: The error coins were produced at the Denver Mint and bear the “D” mintmark.
Value and Market Demand
The 1937 Three-Legged Buffalo Nickel’s value has soared over the years due to its rarity and demand among collectors.
| Grade | Estimated Value | Details |
|---|---|---|
| Fine (F12) | $700 | Clearly visible error but worn condition |
| Extremely Fine (EF45) | $4,000 | Moderate wear with well-defined details |
| Mint State (MS63) | $40,000 | Excellent condition with minimal blemishes |
| Mint State (MS66) | $350,000 | Rare, pristine example with perfect details |
- Coins in lower grades are more affordable but still highly valued.
- High-grade specimens, such as those certified as MS66 by grading services like PCGS or NGC, command six-figure prices.
What Makes the Three-Legged Buffalo Nickel Special?
- Minting Error: The missing leg on the buffalo’s right front side is a striking anomaly that captures the imagination of collectors.
- Historical Value: The coin is a relic of the Great Depression era, symbolizing a time when resources were scarce, and mistakes at the Mint were less meticulously corrected.
- Rarity: Only a limited number of these error coins exist today, making them a rare gem in the numismatic world.
How to Identify a 1937 Three-Legged Buffalo Nickel
Collectors must ensure they are purchasing an authentic coin, as counterfeits and altered versions exist. Here’s what to look for:
- Missing Front Leg: The buffalo’s right front leg appears completely absent, with only a faint outline or shadow visible.
- Raised Hump Detail: The buffalo’s hump is more pronounced due to the polishing of the die.
- Mintmark: The coin should bear the “D” mintmark, indicating it was struck at the Denver Mint.
- Ground Line: The ground under the buffalo’s belly appears unbroken, a telltale sign of the error coin.
Historical Auctions and Records
The Three-Legged Buffalo Nickel has shattered records at auctions:
- In 2009, an MS66-grade coin sold for $350,750 at a prestigious auction, making headlines.
- Recent sales continue to showcase strong demand, with prices regularly exceeding $100,000 for high-grade examples.
Collecting and Investing in Error Coins
Error coins like the 1937 Three-Legged Buffalo Nickel are not only valuable but also offer fascinating stories. Collectors should:
- Purchase coins from reputable dealers or auction houses.
- Look for third-party certification (e.g., PCGS, NGC) to ensure authenticity.
- Consider lower-grade coins if starting out, as they are more affordable while still retaining value.
The 1937 Three-Legged Buffalo Nickel stands as a testament to how a simple error can transform an ordinary coin into a legendary collectible.
With a value reaching $350,000, this coin is a treasure trove of history, rarity, and intrigue. Whether you are a seasoned collector or a budding enthusiast, this iconic piece is a must-know in the world of numismatics. Keep an eye out—who knows, you might stumble upon a hidden fortune!
FAQs
Why does the 1937 Three-Legged Buffalo Nickel command such high prices?
Its rarity, historical significance, and the unique error make it a collector’s dream.
How can I verify the authenticity of a Three-Legged Buffalo Nickel?
Look for the missing leg, the “D” mintmark, and certification from a reputable grading service.
What is the highest price paid for a Three-Legged Buffalo Nickel?
The record price is $350,750 for an MS66-grade coin, sold at auction in 2009.
