The 1937 Buffalo Nickel is one of the most exciting coins in American history. While most are worth just a few dollars, certain rare varieties and errors—like the legendary “3-Legged” Buffalo—are currently selling for tens of thousands of dollars in 2025.
Whether you found one in an old jar or are looking to buy one, this guide breaks down the values, rare errors, and how to tell if you have a “3-Legged” treasure or a common fake.
Quick Summary: 1937 Buffalo Nickel Value Chart (2025 Prices)
Most 1937 nickels you find in circulation are common, but values rise quickly as condition improves.
| Variety | Mint Mark | Good (G4) | Fine (F12) | Uncirculated (MS65) |
| Common (No Mint Mark) | Philadelphia | $1.00 | $2.50 | $50.00+ |
| Common (D) | Denver | $1.25 | $3.00 | $65.00+ |
| Common (S) | San Francisco | $1.50 | $3.50 | $75.00+ |
| Proof | Philadelphia | N/A | N/A | $1,200 – $5,000+ |
| 3-Legged Error | Denver (D) | $500.00 | $700.00 | $25,000 – $110,000+ |
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The “Holy Grail”: The 1937-D 3-Legged Buffalo Nickel
The 1937-D 3-Legged Buffalo is the most famous error in the entire series. It happened because a rookie mint worker accidentally polished the “die” (the stamp) too much while trying to fix a smudge, erasing the buffalo’s front right leg entirely.
How to Identify a Real 3-Legged Nickel (The “Real vs. Fake” Test)
Because these are worth thousands, people often file the leg off a regular nickel to create fakes. Don’t look at the missing leg first—look at these “secret” marks:
- The “Urinating” Stream: Real ones have a small, raised line of metal that looks like a stream coming from under the buffalo’s belly. Fakes usually lack this.
- The Mottos: On a real error, the words “E PLURIBUS UNUM” should not touch the buffalo’s back.
- The Hind Leg: The back leg of a real 3-legged nickel often looks “pitted” or slightly ragged due to the heavy polishing.
- The “S” Curve: There should be a distinct “S” curve in the remaining shoulder where the leg used to be.
Other Rare Varieties & Mistakes
While the 3-Legged version gets the fame, keep an eye out for these other 1937 gems:
1937 Proof Nickels
The Philadelphia Mint made a tiny number of Proof coins (only 5,769) for collectors. These have a mirror-like shine or a special “satin” finish.
- 2025 Value: These are very rare and typically sell for $1,000 to $15,000 depending on how perfect they look.
Doubled Die Errors
Look closely at the Native American’s profile or the buffalo’s feathers. If you see a “shadow” or doubling on the letters or eyes, you might have a Doubled Die.
- Value: These can range from $50 to $500 depending on the severity of the doubling.
Simple Words: Collector Dictionary
- Mint Mark: A tiny letter on the back of the coin. No letter = Philadelphia, D = Denver, S = San Francisco.
- Mintage: How many coins were made. (Low mintage usually means high value).
- Die Polishing: When workers clean the metal stamps. Too much polishing can erase part of the design (like the 3-leg error).
- Full Date: Buffalo nickels are famous for having the date wear off. A “No Date” nickel is usually worth very little.
- Luster: The original, frosty shine of a brand-new coin.
Frequently Asked Questions (FAQ)
Q: Where is the mint mark on a 1937 Buffalo nickel? A: Flip the coin over. The mint mark (D or S) is located on the back, directly under the words “FIVE CENTS.”
Q: Is my 1937 nickel silver? A: No. Buffalo nickels are made of 75% copper and 25% nickel. Only “War Nickels” (1942–1945) contain actual silver.
Q: Why is the San Francisco (S) mint worth more? A: Generally, the San Francisco mint made fewer coins (5.6 million) compared to Philadelphia (79 million), making them harder to find in great condition today.
Q: Can I still find these in my pocket change? A: It is very rare, but it happens! Most “found” Buffalo nickels today come from estate sales, old jars, or metal detecting.
Conclusion
The 1937 Buffalo Nickel remains a cornerstone of American coin collecting. While the common dates are affordable pieces of history, the 1937-D 3-Legged variety is a true treasure that can be worth as much as a luxury car. Always use a magnifying glass to check for the “raised stream” and “motto clearance” to ensure your find is the real deal!