The term 'Indian Head nickel' is one of the most common coin-search phrases in the hobby — and it almost always refers to the Buffalo Nickel, struck from 1913 through 1938 and designed by James Earle Fraser. This guide clarifies the terminology, then gets to the core question most owners care about: which of these coins are actually worth money, and what separates a $6 circulated example from one that realized $511,875 at auction in 2024. Sources include PCGS CoinFacts, NGC Coin Explorer, Heritage Auctions, Stack's Bowers, and GreatCollections.
'Indian Head nickel' is a colloquial name — there is no U.S. coin officially called that. The term almost always refers to the Buffalo Nickel (1913–1938), designed by James Earle Fraser, which features a Native American portrait on the obverse and an American bison on the reverse. Once you know you have a Buffalo nickel, the practical value question comes down to date, mintmark, condition, and strike quality. The vast majority of circulated examples with readable dates are worth $0.25 to $5. The headline exceptions are the 1916 Doubled Die Obverse (guide value $5,250+ even in Good), the 1918/7-D overdate (which reached $511,875 in a February 2024 GreatCollections sale), the 1926-S (lowest-mintage regular issue), and the 1937-D Three-Legged (the series' most famous variety). Even in Extremely Fine, those four coins are worth hundreds to tens of thousands of dollars.
For the typical owner sorting through an inherited collection, the realistic expectation is that most Buffalo nickels in average circulated condition are worth a dollar or two each. Coins with clear dates from the key years listed in this guide — especially anything from San Francisco or Denver in the 1920s — are worth a closer look before you sell. For current independent pricing on any date in any grade, visit Coins-Value.com for the most current independent value reference.
Current Values
Values below reflect the PCGS Price Guide as of May 18, 2026, normalized to five grade tiers: Good (lowest circulated point), Fine, Extremely Fine, Uncirculated (first Mint State point after XF), and Gem Uncirculated (MS-65-class). NGC explicitly cautions that guide prices are averages that can lag fast-moving markets; Heritage, Stack's Bowers, and GreatCollections realized prices are the most reliable check on what the market actually pays for premium examples. Color designations (BN/RB/RD) do not apply to nickel alloy coins.
| Date / Variety | Good | Fine | Extremely Fine | Uncirculated | Gem Uncirculated |
|---|---|---|---|---|---|
| 1916 Doubled Die Obverse | $5,250 | $10,250 | $21,500 | $80,000 | ~$235,000 |
| 1918/7-D Overdate | insufficient data | $3,600 (VF25, Heritage 2024) | $6,000–$38,400 (recent sales) | insufficient data | $511,875 (MS-65+ CAC, GreatCollections 2024) |
| 1936-D 3½ Legs | ~$500 | ~$1,250 | ~$5,000 | ~$15,000 | ~$30,000 |
| 1937-D Three-Legged | $475 | $650 | $1,175 | $3,500 | ~$6,750 (MS-65 CAC sold $54,000, Stack's 2024) |
| 1913-S Type 2 | $225 | $360 | $550 | $1,200 | ~$1,800 |
| 1914/3 Overdate | $400 | $625 | $950 | $2,650 | ~$8,250 |
| 1926-S | $40 | $95 | $1,125 | $5,500 | ~$13,000 |
| 1921-S | $75 | $160 | $1,000 | $3,350 | ~$4,500 |
| 1924-S | $25 | $110 | $775 | $4,500 | ~$7,250 |
| 1925-S | $15 | $40 | $235 | $850 | ~$2,350 |
| 1927-S | $6 | $18 | $145 | $1,050 | ~$2,850 |
| 1923-S | $12 | $45 | $260 | $700 | ~$1,400 |
| 1920-S | $11 | $45 | $260 | $975 | ~$2,600 |
Cells marked 'insufficient data' reflect grade tiers where PCGS did not provide a normalized data point in the retrieved session. For complete grade-by-grade pricing on every date and variety in this series, Coins-Value.com's Indian Head nickel reference is the most current independent source.
Historical Context
The Buffalo nickel replaced the Liberty Head nickel in 1913, and from its first year the coin attracted two competing popular names. Collectors who focused on the reverse called it the Buffalo nickel, for the American bison at the center of James Earle Fraser's design. Others fixated on the obverse — a composite Native American portrait that Fraser said was studied from multiple models — and called it the Indian Head nickel. Both names stuck, and both remain in active use today. Neither is technically official; the U.S. Mint designated the series simply as the Buffalo nickel or the Indian Head nickel interchangeably in period documents.
Fraser's design launched in two distinct reverse types. Type 1, struck only in early 1913, showed the bison standing on a raised mound with the denomination along the mound. The Mint quickly discovered that FIVE CENTS wore away in circulation faster than any other device on the coin. By mid-1913, the reverse was redesigned as Type 2, lowering the denomination into a recessed exergue below a flat ground line. Every Buffalo nickel struck from mid-1913 through 1938 is a Type 2, which is why Type 1 coins from all three mints carry a premium beyond ordinary early-date status.
The composition never changed across the full 26-year production run: 75% copper and 25% nickel, the same alloy used for the Liberty Head nickels they replaced. There were no silver, billon, gold, or clad Buffalo nickels struck for circulation — a point worth emphasizing because online misinformation sometimes implies otherwise. The series closed in 1938 when the Jefferson nickel replaced it, but not before 1938 produced two collectible overmintmark varieties that remain popular today.
The Key Dates
The entries below cover the dates and varieties that PCGS CoinFacts, NGC Coin Explorer, and the major auction houses consistently treat as the practical core of Buffalo nickel scarcity. Because this guide is built around the 'Indian Head nickel' search, the first entry clarifies terminology before moving to the value-ranked lineup. Mintage figures come from PCGS CoinFacts; value data reflects the PCGS Price Guide as of May 18, 2026, cross-checked against recent Heritage, Stack's Bowers, and GreatCollections realized prices.
If you searched 'Indian Head nickel value' and landed here, you almost certainly have a Buffalo nickel. There is no separately issued U.S. coin called the Indian Head nickel. The term is a popular nickname for the Buffalo nickel series (1913–1938), derived from the Native American portrait on the obverse that Fraser designed. The coin's other nickname — Buffalo nickel — comes from the American bison on the reverse. Both names are widely used by collectors, dealers, and the general public. This guide treats them as interchangeable, as the numismatic community does, but every fact below refers to the same physical coin: the five-cent piece produced from 1913 through 1938.
No variety in the Buffalo nickel series generates more demand, more documentation, or more fakes than the 1916 Doubled Die Obverse. PCGS estimates roughly 200 examples are known across all grades, with fewer than 15 surviving in Mint State — an extraordinarily low count against a host mintage that tops 63 million. The doubling is not a subtle die chip; it is dramatic and widespread, appearing on the date, lips, chin, and feathers of the portrait. Any example showing this variety in circulated grades still commands prices that would embarrass most Mint State common-date coins.
The guide value in Good is approximately $5,250, rising to about $21,500 in Extremely Fine. Heritage sold an NGC AU55 example for $24,000 in May 2024 and a PCGS XF40 example for $20,740 in April 2026. Those numbers confirm that even mid-grade circulated survivors are five-figure coins. Because the coin is frequently counterfeited and because misidentified common-date doubles occasionally surface, professional certification from PCGS or NGC is not optional — it is the price of entry for any serious transaction.
The 1918/7-D is the second great Red Book variety of the series and the coin that produced the most dramatic recent auction result in the entire Buffalo nickel market. In February 2024, a PCGS MS-65+ CAC example realized $511,875 at GreatCollections. That figure illustrates how explosively grade and CAC status interact on this date: a Heritage sale in March 2024 brought $3,600 for a PCGS VF25, while Stack's Bowers sold an AU58+ CAC CMQ example for $38,400 in November 2025. The spread across those three data points — from $3,600 to $511,875 — underscores why grade and certification matter enormously on the key varieties.
Identification relies on the underlying 7 visible beneath the 8 in the date. The danger sign for altered coins is tooling or smoothing around the date area; genuine examples show the underdigit as an integral feature of the die, not as something scratched or stamped after striking. Because the consequences of a wrong call are severe at this price level, no credible dealer should transact a raw 1918/7-D above modest circulated money without third-party certification.
The 1937-D Three-Legged Buffalo is the most famous single variety in the series and the one most likely to appear in mainstream conversation about Indian Head nickels. Its origin is prosaic — an overworked die was polished too aggressively, removing the right-front leg of the bison — but the visual effect is striking enough that the variety became one of the most recognized coins in American numismatics. The guide value starts at about $475 in Good and rises to approximately $6,750 at the Gem Uncirculated level; Stack's sold a PCGS MS-65 CAC example for $54,000 in April 2024.
Heritage explicitly warns that many bogus 1937-D Three-Legged Buffalo nickels circulate in the raw market. The reason fakes are common is that removing a leg by grinding or acid is technically simple, while the real coin's die-polish characteristics are specific and reproducible. Genuine examples retain particular diagnostics under the belly and near the hoof area that result from the way the die was polished, not from random damage to the coin's surface. Certification is the rational response at any price above a modest amount.
With only 970,000 struck, the 1926-S holds the title of lowest-mintage regular-issue Buffalo nickel, and it behaves like a classic date key: scarce and expensive in virtually every grade. The PCGS guide shows $40 in Good, $95 in Fine, $1,125 in Extremely Fine, and about $13,000 at the Gem Uncirculated level. The jump from circulated to Mint State is especially steep because the 1926-S was struck with the same branch-mint carelessness common to many mid-1920s San Francisco issues — meaning true Mint State survivors are much rarer than the already-low mintage suggests.
Weak strikes are endemic to the 1926-S. A coin with a flat horn, mushy peripheral detail, or subdued luster is not automatically a problem coin — it may simply be a typically struck 1926-S. But that same characteristic means that sharply struck examples with full horn and strong luster command serious premiums above guide, and CAC-approved pieces draw competitive bidding. For budget buyers, a solidly Fine 1926-S at a modest multiple of the $95 guide is a legitimate way into one of the series' genuine keys.
PCGS identifies the 1913-S Type 2 as one of the series' key dates and notes that only the 1916 DDO and 1918/7-D outrank it in circulated-value terms. The guide reflects that standing: $225 in Good, $360 in Fine, $550 in Extremely Fine, and about $1,800 at the Gem Uncirculated level. Those figures make it the most accessible of the true keys in circulated grades — but 'accessible' is relative, because any 1913-S Type 2 in problem-free condition is a coin worth protecting.
The identification is straightforward once you know what to look for. Confirm the Type 2 reverse — the denomination in a recessed exergue rather than on a raised mound — and verify the S mintmark below FIVE CENTS on the reverse. The 1913-D Type 2 and the 1913-S Type 1 are different coins with different values, so getting the reverse type right before pricing is essential.
The 1924-S occupies an interesting position in the series: it is affordable in lower circulated grades ($25 in Good, $110 in Fine by the PCGS guide) but becomes a genuine rarity in Gem condition. PCGS says only about three dozen Gem examples are known, which puts it among the true condition rarities of the series regardless of its relatively approachable mintage. The gap between the $775 Extremely Fine value and the approximately $7,250 Gem Uncirculated value reflects that scarcity in practical terms.
Strike quality is the dominant variable on this date. A full horn and strong braid on a 1924-S represent a materially different coin from a typical survivor with the soft detail that characterizes most San Francisco issues of this era. Collectors specifically seeking high-end 1924-S examples should prioritize strike quality and original surfaces above almost everything else — and should expect to pay a significant premium for coins that deliver both.
The 1921-S sits just above the 1924-S in mintage and just below it in guide value at the lower circulated end: $75 in Good, $160 in Fine, $1,000 in Extremely Fine, and about $4,500 at Gem Uncirculated. Those Extremely Fine numbers mark it as a coin that rewards careful grade assessment — there is a meaningful gap between Fine and EF that buyers should not overlook. Branch-mint strike softness applies here as it does to most 1920s San Francisco dates.
Despite a mintage above six million, the 1925-S is one of the toughest Buffalo nickels to find in genuine Gem condition. PCGS ranks it just behind the 1920-S and 1926-S in difficulty at the Gem level — a counterintuitive standing that reflects how badly most survivors were struck and how hard they circulated. The guide shows $15 in Good and $40 in Fine, making circulated examples accessible; the approximately $2,350 Gem Uncirculated value reflects a much tighter supply of high-end pieces than the mintage implies.
Stack's sold a PCGS MS-64 example for $9,000 in August 2024 and Heritage sold a PCGS MS-65 for $7,200 in January 2025 — real-world data that brackets the upper end of the market and confirms that Gem-quality 1925-S coins draw serious bidding. Sharply struck pieces with original luster and full horn detail are the target; they are not easy to find, and they will cost more than the guide alone suggests.
The 1927-S is perhaps the most underappreciated of the mid-1920s San Francisco condition rarities. Guide values start at just $6 in Good and $18 in Fine — genuinely affordable in worn condition — but the approximately $2,850 Gem Uncirculated value reflects a completely different supply picture at the top of the grade spectrum. Strike softness is endemic: PCGS issue comments specifically flag the horn, tail, and peripheral details as areas where many survivors fall short. Collectors who distinguish genuine wear from poor strike quality will find better value in this date than the guide numbers at the lower end suggest.
With nearly 9.7 million struck, the 1920-S looks like it should be a common date, but PCGS ranks it among the toughest Buffalo nickels in Gem condition — a standing driven entirely by strike quality and survival rates, not mintage. The guide shows $11 in Good and $45 in Fine; the approximately $2,600 Gem Uncirculated value reflects the scarcity of sharp examples. Heritage sold a PCGS MS-65 example for $12,000 in January 2025, confirming that top-end 1920-S coins command prices well above guide on the open market.
The 1923-S guide values run $12 in Good, $45 in Fine, $260 in Extremely Fine, and about $1,400 at Gem Uncirculated. Heritage sold a PCGS MS-65 example for $5,040 in January 2025, which is notably above the listed guide value and confirms that the market for choice 1923-S coins is more active than casual guide-reading suggests. Many survivors are softly struck, so coins with better-than-average detail trade at a premium.
The 1936-D 3½ Legs is the lesser-known companion to the 1937-D Three-Legged, but in some grade ranges it commands higher prices. The PCGS guide runs approximately $500 in low grade, $1,250 in Fine, $5,000 in Extremely Fine, and about $30,000 at the top of the Mint State spectrum it captures — numbers that outpace the 1937-D in multiple grade tiers. The variety results from partial removal of the foreleg rather than complete disappearance, which is why the description is '3½ legs' rather than 'three-legged.'
The 1931-S is one of the most instructive coins in the series for owners who assume low mintage automatically means high value in all grades. PCGS explicitly says the coin is rare in circulated grades — where wear and attrition have taken their toll over 90-plus years — but more available in Mint State than its 1.2 million mintage would suggest, because collectors in the early 1930s recognized the date and intentionally saved original rolls. That survival pattern means Mint State 1931-S coins are more common relative to circulated examples than is true for most other low-mintage Buffaloes.
The practical lesson: if you find a circulated 1931-S in well-worn condition, it may actually be harder to replace than an uncirculated example — the opposite of the usual relationship. For buyers, this means circulated 1931-S coins deserve full key-date respect, while Mint State examples trade more like a semi-key than a genuine rarity.
The 1938-D/S is a popular final-year variety collected both as a standalone overmintmark and as a type-end specialty. The underlying S mintmark is visible beneath the D on the reverse, the result of a die originally prepared for San Francisco being repunched for Denver. Guide values run from low circulated premiums into the hundreds in Mint State, with top-end Gem examples extending higher. Because 1938 was the last year of the series, many collectors include this overmintmark as an essential piece of the complete set.
The 1914/3 overdate is a recognized variety with guide support: approximately $400 in Good, $625 in Fine, $950 in Extremely Fine, and about $8,250 at Gem Uncirculated. The underdigit 3 is visible beneath the 4 in the date, making attribution straightforward for collectors familiar with Buffalo nickel overdates. At Good-grade prices, the variety is accessible enough for collectors building a circulated type-and-variety set.
Several Buffalo nickel dates generate disproportionate excitement based on mintage alone. Honest framing helps owners avoid overpaying or being misled about what they actually have.
If you have a Buffalo nickel — or something a family member called an 'Indian Head nickel' — and you are not sure what you have, the Assay app can help you move past guesswork quickly. Photograph the obverse and reverse, and Assay returns a structured identification with per-field confidence labels (high, medium, or low) for country, denomination, year, series, and mintmark. Medium- and low-confidence fields prompt a simple yes-or-no confirmation before the result is finalized. After identification, Assay generates a Keep, Sell, or Grade verdict based on the coin's value range, names specific sell channels (local dealer, Heritage Auctions, eBay), and flags counterfeit risk with coin-specific authentication tips — not generic warnings.
Assay covers 20,000+ U.S. and Canadian coins, including the full Buffalo nickel series with its Type 1/Type 2 distinction, major varieties, and branch-mint dates. The 7-day free trial unlocks all features; after that, pricing is $9.99/month or $59.99/year. The Manual Lookup function — a fully offline cascade selector covering every date in the database — remains permanently free even after the trial ends. Available on iOS and Android.
Errors and Die Varieties
Buffalo nickels are unusually rich in collectible die varieties. Some function like separate key dates in practical market terms; others reward specialist collectors who know where to look. Because NGC and PCGS both caution that published prices have limits, the most reliable pricing comes from anchoring guide levels against recent auction results. For the three headline varieties — the 1916 DDO, 1918/7-D, and 1937-D Three-Legged — professional certification is not a preference but a requirement for any transaction above modest circulated money.
The 1916 Doubled Die Obverse is the most prestigious variety in the series and the one most likely to draw forgery attempts. PCGS estimates approximately 200 examples known across all grades, with fewer than 15 surviving in Mint State. The doubling is dramatic: date, lips, chin, and feathers all show it simultaneously, and it is visible without magnification on genuine examples. Heritage sold an NGC AU55 for $24,000 in May 2024, and a PCGS XF40 realized $20,740 at Heritage in April 2026 — both confirming that even well-circulated examples are five-figure coins.
The danger zone is misidentified common-date coins with minor die cracks or circulation doubling that owners mistake for the genuine DDO. If you believe you have one, the correct response is third-party certification before any transaction. Do not rely on photos or online forum opinions for a coin at this price level.
The 1918/7-D is the second great Red Book variety and the coin that produced the most dramatic single realized price in the recent Buffalo nickel market. The underlying 7 beneath the 8 in the date must appear as an integral feature of the die, with natural-looking field around the date area. Altered examples often show tooling marks, flattening, or a date area that appears worked over — telltale signs that the underlying digit was added artificially.
The market spread is remarkable: $3,600 for a PCGS VF25 at Heritage in March 2024, rising to $38,400 for an AU58+ CAC CMQ example at Stack's Bowers in November 2025, and peaking at $511,875 for a PCGS MS-65+ CAC example at GreatCollections in February 2024. Those three data points bracket the practical market and explain why certification is non-negotiable.
The 1937-D Three-Legged is the most famous Buffalo nickel variety and among the most counterfeited coins in U.S. numismatics. The right-front leg was removed when a die was overpolished at the Denver Mint; the result is a coin that looks unmistakably wrong when you know what to expect. Heritage explicitly warns that many bogus raw examples circulate in the market, and that is the operative word — bogus examples are common because producing a fake is technically simple.
The PCGS guide runs approximately $475 in Good, $650 in Fine, $1,175 in Extremely Fine, and about $6,750 at Gem Uncirculated. Stack's sold a PCGS MS-65 CAC example for $54,000 in April 2024, which illustrates how dramatically CAC status and condition interact at the top of the grade spectrum. Any raw 1937-D Three-Legged offered at key-date prices should be treated as suspect without certification.
The 1936-D 3½ Legs is the companion to the 1937-D Three-Legged and results from the same cause — die overpolishing — but with partial rather than complete removal of the foreleg. PCGS guide values run approximately $500 in low grade, $1,250 in Fine, $5,000 in Extremely Fine, and about $30,000 at the top of the Mint State spectrum. In multiple grade tiers those figures exceed the 1937-D Three-Legged, which surprises collectors who assume the more complete leg-removal variety must always be worth more. Attribution requires careful comparison to reference examples.
The 1925-S Two Feathers is a die-state variety where feather detail is missing or effaced on the Native American portrait. PCGS records an auction result of $4,406 in MS-64, which positions it as a meaningful specialist premium above the standard 1925-S pricing. Attribution requires comparison to known examples, and the variety is best pursued in certified form where the attribution is confirmed by the grading service.
The final year of the series produced two collectible overmintmarks that reward collectors who look carefully at the reverse mintmark. The 1938-D/S shows an underlying S beneath the D, visible under magnification; the 1938-D/D shows clear repunching on the D mintmark. Both are actively collected as final-year specialties, and both are frequently found unattributed in raw form. The D/S generally commands the higher premium of the two. Certified attribution from PCGS or NGC removes ambiguity and supports a clean transaction.
Authentication
Buffalo nickels present three distinct authentication challenges: altered and counterfeit coins masquerading as key dates, cleaned or damaged coins misrepresented as problem-free, and weak strikes misread as wear. The first problem affects mainly the 1916 DDO, 1918/7-D, and 1937-D Three-Legged. The second and third affect nearly every date in the series and are the more common traps for general buyers.
For the 1916 Doubled Die Obverse, the counterfeit scenario is usually a common 1916 Philadelphia cent with minor die cracks or circulation doubling misrepresented as the genuine DDO. Genuine doubling on the 1916 DDO is widespread and naked-eye obvious: it appears simultaneously on the date, lips, chin, and feathers. If you need magnification to convince yourself the doubling is there, it is not the genuine variety. PCGS describes it as dramatic and widespread, and Heritage auction descriptions echo that language consistently.
For the 1937-D Three-Legged, the counterfeit scenario is more dangerous because producing a fake is technically easy — grinding or acid can remove a leg from any 1937-D. Heritage explicitly warns that many bogus raw examples circulate in the market. A genuine Three-Legged should show die-polish flow lines under the belly and near the hoof area; random abrasion, gouging, or metal removal on the wrong surfaces are red flags. Any raw offering at key-date money deserves certified authentication.
For the 1918/7-D, the danger sign is tooling or smoothing around the date area. On a genuine example, the underlying 7 is an integral feature of the die and the surrounding field looks natural and undisturbed. A date area that appears worked over or flattened is a reliable sign of alteration. At auction price levels ranging from $3,600 to $511,875 for this coin, the asymmetry between the cost of certification and the cost of being wrong is obvious.
PCGS and NGC both offer submission tiers at various price points. For Buffalo nickels, the practical threshold is clear: any coin you believe is a key date or major variety should be certified before purchase or sale. The economics are straightforward — if the coin is worth $500 or more, a $30–$50 grading fee is negligible against the risk of a wrong call. For common-date circulated examples worth a few dollars, certification makes no economic sense.
| Coin value (raw) | Slabbing worth it? | Recommendation |
|---|---|---|
| Under $50 | No | Sell raw through a local dealer or eBay lot; fee exceeds likely upside |
| $50–$200 | Marginal | Certify only if you believe the coin grades near the top of its range and the grade difference materially affects price |
| $200–$1,000 | Yes | Submit to PCGS or NGC; grade confirmation and holder integrity support full market value |
| Over $1,000 | Mandatory | Do not transact raw; certification cost is trivial against the value at risk |
Coins graded 'Genuine Cleaned' or 'Details' by PCGS or NGC trade at a discount to problem-free examples — typically 20% to 60% below guide depending on the severity and the coin. That discount is less punishing than the loss from an undetected fake, but it reinforces why original surfaces matter.
Buffalo nickel owners regularly ask whether cleaning will improve a coin's appearance before selling. The answer is consistently no. Surface originality matters materially to buyers, graders, and auction houses — a coin with original skin, even if it looks darker or less flashy than a cleaned example, will grade higher and sell for more than the same coin with cleaned surfaces.
Cleaning removes the microscopic surface layer that builds up on coins over decades, and that removal is detectable under proper lighting even without magnification. PCGS and NGC will body-bag or note-grade cleaned coins, which means the cleaning that seemed like an improvement will reduce the coin to a problem-coin holder that trades at a fraction of what the untouched original would have brought. This is especially consequential for the branch-mint condition rarities — a genuinely scarce 1925-S in original Fine condition is worth more than the same coin cleaned to look like an AU.
The Auction Record
The records below span Heritage Auctions, Stack's Bowers, and GreatCollections from February 2024 through April 2026 and reflect buyer's-premium-inclusive realized prices. The 2024–2026 sample shows that the Buffalo nickel market remains driven by grade, CAC status, and coin-specific eye appeal rather than date alone. Condition rarities like the 1924-D, 1925-S, and 1920-S continue to draw serious bidding when certified examples reach the market, even without famous variety status.
| Date | Coin | Grade / Holder | Price | Auction House |
|---|---|---|---|---|
| Feb. 11, 2024 | 1918/7-D Buffalo Nickel FS-101 | PCGS MS-65+ CAC | $511,875 | GreatCollections |
| Apr. 29, 2026 | 1916 Doubled Die Obverse | PCGS XF40 | $20,740 | Heritage Auctions |
| May 9, 2024 | 1916 Doubled Die Obverse | NGC AU55 | $24,000 | Heritage Auctions |
| Apr. 3, 2024 | 1937-D Buffalo Nickel FS-901 Three-Legged | PCGS MS-65 CAC | $54,000 | Stack's Bowers |
| Apr. 29, 2026 | 1913 Type One Buffalo Nickel | PCGS MS68 CAC | $26,840 | Heritage Auctions |
| May 6, 2025 | 1913 Buffalo Nickel Type II | PCGS MS-67+ CAC | $15,600 | Stack's Bowers |
| Nov. 2025 | 1918/7-D Buffalo Nickel FS-101 | PCGS AU-58+ CAC CMQ | $38,400 | Stack's Bowers |
| Aug. 2024 | 1924-D Buffalo Nickel | PCGS MS-65+ | $15,600 | Stack's Bowers |
| June 2024 | 1916-S Buffalo Nickel | PCGS MS-66+ CAC CMQ | $13,200 | Stack's Bowers |
| Jan. 19, 2025 | 1920-S Buffalo Nickel | PCGS MS-65 | $12,000 | Heritage Auctions |
| Mar. 29, 2024 | 1918/7-D Buffalo Nickel | PCGS VF25 | $3,600 | Heritage Auctions |
| Aug. 2024 | 1925-S Buffalo Nickel | PCGS MS-64 | $9,000 | Stack's Bowers |
| Jan. 15, 2025 | 1925-S Buffalo Nickel | PCGS MS-65 | $7,200 | Heritage Auctions |
| Jan. 15, 2025 | 1923-S Buffalo Nickel | PCGS MS-65 | $5,040 | Heritage Auctions |
Myth vs Reality
The 'Indian Head nickel' search term attracts a particular kind of misinformation — partly because the name itself is imprecise, and partly because social media has made dramatic coin valuations a reliable traffic driver. The corrections below are based on PCGS, NGC, Heritage Auctions, and the dossier data that underpins this guide.
Action Steps
Most people who find Buffalo nickels — whether in an inherited collection, a coin roll, or a jar found in an attic — move through the same sequence of questions: what do I have, is it worth anything, and what should I do next. The steps below follow that path from triage to transaction.
If the coin has a Native American portrait on the obverse and a bison on the reverse, you have a Buffalo Nickel — also called an Indian Head Nickel. Confirm the composition: Buffalo nickels are 75% copper and 25% nickel. There are no silver Buffalo nickels. Then confirm the reverse type: Type 1 (1913 only) shows the bison on a raised mound; Type 2 (1913–1938) has FIVE CENTS recessed below a flat ground line. This distinction matters for value.
The date is on the obverse below the Native American portrait. The mintmark, if present, is on the reverse below FIVE CENTS. No mintmark means Philadelphia. S means San Francisco; D means Denver. Write down the complete designation — for example, '1926-S' or '1913-D Type 2.' If the date is worn off entirely, you have a dateless Buffalo nickel. Chemical restoration is not recommended for any coin with potential collectible value.
Compare your dates against the key-date list in this guide. The coins that warrant closest attention are: any coin dated 1916 (look for doubled date, lips, and feathers — the Doubled Die Obverse), any 1918-D (look for the underlying 7 beneath the 8 — the overdate), any 1937-D (check whether the right front leg of the bison is missing — the Three-Legged variety), any 1926-S, 1924-S, 1921-S, 1913-S, and any coin from the 1920s with an S mintmark. Also isolate any 1938-D coin for potential overmintmark attribution.
Buffalo nickel values are highly grade-sensitive. A worn 1926-S in Good is worth about $40; the same coin in Extremely Fine is worth $1,125 by the PCGS guide. Before you do anything else, assess condition by looking at the date clarity, sharpness of 'LIBERTY,' cheek and hair detail, horn and tail on the reverse, and peripheral lettering. Do not clean any coin that might have value — cleaning destroys originality and creates problem-coin status with grading services. Original surfaces, even dark or lightly toned ones, are preferable to any cleaned surface.
For any coin you believe is a key date (1913-S Type 2, 1916 DDO, 1918/7-D, 1924-S, 1926-S) or a major variety (1937-D Three-Legged, 1936-D 3½ Legs), third-party certification from PCGS or NGC is the right move before any sale. At values above $200, the submission fee is a small fraction of the difference between selling a genuine certified coin and selling an unverified raw coin at a heavy discount. For coins worth under $50, certification is not economically justified — sell through a local dealer or as part of a lot.
Common-date circulated Buffalo nickels sell easily through local coin shops, coin shows, or eBay lots. Key-date and major-variety coins in certified holders sell best through Heritage Auctions or Stack's Bowers, where specialist bidders compete and realized prices consistently reflect full market value. Mid-range coins — certified, worth $100–$1,000 — also do well at GreatCollections. Expect local dealers to offer 50% to 70% of guide for common dates; for key dates in certified holders, the auction environment typically produces the best net result.
For complete grade-by-grade pricing on any U.S. coin, Coins-Value.com maintains the most comprehensive independent value reference available, with 20,000+ U.S. and Canadian coin entries. Use it to cross-check guide values against current data before buying or selling any Buffalo nickel.
Frequently Asked
Yes. 'Indian Head Nickel' is a popular nickname for the Buffalo Nickel (1913–1938), which features a Native American portrait on the obverse and an American bison on the reverse. James Earle Fraser designed one five-cent coin series that collectors refer to interchangeably by both names. There is no separately issued U.S. coin officially designated as the Indian Head Nickel. When you search for Indian Head nickel values, you are searching for Buffalo nickel values.
Both nicknames came from the same coin's two sides. Collectors who focused on the reverse — the American bison — called it the Buffalo Nickel. Collectors who focused on the obverse — James Earle Fraser's composite Native American portrait — called it the Indian Head Nickel. Neither name is the official U.S. Mint designation; both stuck in common usage and remain active today in coin shops, auction houses, and online searches.
There is one other common coin called the Indian Head penny (or Indian Head cent), struck from 1859 through 1909. That coin has a Native American portrait on the obverse and a wreath on the reverse; it is a one-cent piece, not a five-cent piece. It is a different series entirely from the Buffalo Nickel. If your coin is a nickel (five cents) with a bison on the reverse, you have a Buffalo Nickel. If your coin is a small penny-sized copper coin with a wreath on the reverse, you have an Indian Head cent.
By recent auction record, the 1918/7-D overdate in PCGS MS-65+ CAC is the current benchmark — it realized $511,875 at GreatCollections in February 2024. Among varieties, the 1916 Doubled Die Obverse is the most prestigious, with guide values starting at $5,250 in Good. Among regular-issue dates, the 1926-S (lowest mintage) and the 1924-S (extreme condition rarity with only about three dozen Gem examples known per PCGS) are the top business-strike keys.
Check the reverse. On a Type 1 coin (struck in early 1913 only), the bison stands on a raised mound and the denomination FIVE CENTS appears along the mound. On a Type 2 coin (struck from mid-1913 through 1938), the ground line ends before a recessed area where FIVE CENTS appears below the base. Once you see the difference side by side, it becomes easy to separate them. All three mints struck both types in 1913, but only Type 2 was struck after that.
The mintmark is on the reverse, below FIVE CENTS. An S means San Francisco; a D means Denver. No mintmark means the coin was struck at Philadelphia. This is one of the most common owner questions about the series, and the answer is consistent: check the reverse, below the denomination. The obverse carries no mintmark.
Most dateless Buffalo nickels have limited commercial value on their own. They sell in bulk at modest prices and carry little individual collector appeal. The exception worth investigating: occasionally a better date can be partially identified from remaining die characteristics, which is why looking closely before discarding makes sense. Chemical date restoration with products like Nic-A-Date can satisfy curiosity but typically produces a damaged problem coin if the coin had any residual collector value. Do not use acid on any coin you think might be worth something.
It may be, but weak legs from wear or a poor strike are common on Buffalo nickels and can look similar to the genuine variety. Heritage explicitly warns that many bogus 1937-D Three-Legged coins circulate in the raw market because removing a leg by grinding is straightforward. Genuine examples show specific die-polish flow lines under the belly and near the hoof that result from the original die overpolishing — not random surface damage. Certification from PCGS or NGC is the only reliable confirmation at key-date prices.
Strike weakness. PCGS issue comments for multiple branch-mint dates — including the 1924-S, 1925-S, 1926-S, and 1927-S — explicitly note that many examples came from the mint with softly struck horns, tails, and peripheral lettering. A flat horn does not automatically indicate wear; it may indicate a weakly struck coin that has otherwise retained its luster and surface quality. Evaluating any Buffalo nickel by a single detail is unreliable — graders examine the date, 'LIBERTY,' cheek, jaw, braid, feathers, shoulder, hip, tail, and lettering together.
No. Surface originality matters materially to Buffalo nickel buyers, graders, and auction houses. Cleaning removes the original surface layer, is detectable under proper lighting, and causes PCGS and NGC to assign a 'Details' or problem-coin designation that reduces value by 20% to 60% compared to a problem-free original. An original dark or lightly toned coin will grade higher and sell for more than the same coin with cleaned surfaces. Do not clean key-date or potentially valuable Buffalo nickels under any circumstances.
The 1931-S has the second-lowest mintage in the series (1.2 million), but PCGS explicitly notes that original rolls were saved by collectors in the early 1930s, making Mint State examples more available than the mintage suggests. Circulated examples are actually scarcer relative to expectations than uncirculated ones. In practical terms, circulated 1931-S coins deserve full key-date respect, while Mint State examples trade more like a semi-key. Do not assume a Mint State 1931-S is automatically rare just because the mintage number looks dramatic.
Sort by type (confirm you have Buffalo Nickels, not Indian Head cents), note every mintmark, and set aside any coin dated from the key years listed in this guide — particularly anything from San Francisco or Denver in the 1910s and 1920s. Isolate any coin that might be a major variety: 1916 with doubling, 1918-D with an odd date, 1937-D with a missing leg. Do not clean anything. Compare your findings against PCGS CoinFacts and recent Heritage or Stack's Bowers realized prices, not random online listings. For anything that looks like a key date or major variety, professional authentication is the rational next step before any sale.
Independent numismatic reference clarifying the term 'Indian Head Nickel' — in collector parlance, the colloquial name for the Buffalo Nickel (1913-1938) designed by James Earle Fraser. Values verified against PCGS Price Guide, NGC Price Guide, Greysheet CPG, and recent Heritage / Stack's Bowers / GreatCollections sales. We do not buy, sell, or appraise coins ourselves — we exist as a free public reference. Read our full methodology →