Buffalo nickel set 1913-1938: A frontier copper classic

A Buffalo nickel set 1913-1938 represents one of the most compelling collections in American numismatics – a complete run of 5-cent coins that captured the spirit of the frontier just as it was vanishing. For collectors who already appreciate gold eagles or silver dollars for their historical weight, Buffalo nickels offer something different: pure numismatic value, no precious metal melt price attached, and a story that spans economic booms, world wars, and the twilight of the Wild West.

Building or buying a complete set means assembling every date-and-mintmark combination issued across three U.S. Mint facilities over 25 years. That is roughly 64 to 69 coins depending on how you count varieties – and each one is a small piece of early 20th-century America pressed into copper-nickel. This guide covers everything you need to know: the design history, key dates, pricing realities, and how to buy or sell with confidence.

The Story Behind the Buffalo Nickel

James Earle Fraser designed the Buffalo nickel as a deliberate break from the European-inspired coinage that dominated American pockets at the time. The obverse shows a composite Native American profile – Fraser drew from chiefs including Iron Tail and Two Moons. The reverse features an American bison modeled after Black Diamond, a bull at the Bronx Zoo. The result was rugged, distinctly American, and unlike anything the Mint had produced before.

Production began in February 1913 and ran through 1938 across Philadelphia (no mintmark), Denver (D), and San Francisco (S). Total mintage exceeded one billion coins. But high mintage does not mean survivors are easy to find in good condition – the design wore fast, dates rubbed off quickly, and weak strikes left many coins looking tired even before they circulated heavily.

The Mint replaced Buffalo nickels with Jefferson nickels in 1938, largely because the design was a mechanical problem. Dies cracked under the striking pressure required by the detailed bison, and the raised date wore away so quickly that dealers and collectors regularly encountered dateless coins. The Jefferson design was simpler, more durable, and cheaper to produce.

Three years had no production at all: 1922 (low nickel supply), 1932, and 1933 (Depression-era cuts). A complete set excludes these years – no coins exist to collect.

Type 1 vs. Type 2: Understanding the 1913 Varieties

The Buffalo nickel set 1913-1938 actually begins with two distinct subtypes issued in the same year. Both exist from all three mints, making 1913 the only year with six possible coins instead of three.

Type 1 places the bison on a raised mound, with “FIVE CENTS” inscribed directly on that mound. The date sits high on the obverse. Both features wore away fast – sometimes within months of circulation. The Mint recognized the problem quickly.

Type 2 recessed “FIVE CENTS” into a flat plain below the bison, giving the legend a better chance of surviving wear. The date was also repositioned slightly. This became the standard design for the rest of the series.

The 1913-S Type 2 is the scarcest of the six 1913 coins in high grades. Collectors building a complete set need both types from each mint for 1913, which is why set totals vary between 64 and 69 depending on the source and how varieties are tallied.

Key Dates and Rarities in the Buffalo Nickel Set 1913-1938

Some coins in this series are worth a few dollars. Others are worth tens of thousands. Knowing the difference matters whether you are buying a set or selling one.

The 1937-D Three-Legged Buffalo is the most famous error in the series. A Mint worker at Denver over-polished the die to remove clash marks, accidentally grinding away one of the bison’s front legs. The result looks like a three-legged animal. Genuine examples show a faint ghost of the missing leg and specific die markers – fakes exist, so buy slabbed examples from PCGS or NGC for this one.

The 1918/7-D overdate is subtler but just as significant. Look closely at the date and you can see the remnant of a “7” beneath the “8.” It takes a loupe to spot on worn examples, but the price gap between a regular 1918-D and the overdate is enormous.

PCGS & NGC Coin Verification – Accurate Precious Metals Refineries

What Does a Complete Set Actually Cost?

Buffalo nickels have no precious metal melt value. Each coin is 75% copper and 25% nickel, weighing 5 grams. At current silver spot prices around $74 an ounce, the metal content is worth pennies. Every dollar of value is numismatic – condition, rarity, and demand.

That makes pricing straightforward once you understand grades.

Common circulated coins – anything from the 1920s and 1930s without a key date – typically run $2 to $10 each in Good to Fine grades. The keys and semi-keys push set prices up fast. A 64-coin set with a genuine 1926-S, 1914-D, and 1921-S in Fine condition could easily exceed $1,500 on its own before accounting for the Three-Legged or overdate varieties.

Uncirculated sets are a different category entirely. Weak strikes mean that even common dates in MS-65 or better are genuinely scarce. Population reports from PCGS show surprisingly low survivor counts for many “common” dates in gem condition. If you are assembling a high-grade set, budget accordingly and expect to spend years hunting.

Building vs. Buying: Which Approach Makes Sense?

For most collectors, a hybrid approach works best. Buy a pre-assembled circulated set for the common dates – folders covering 1920 through 1937 Philadelphia coins run $36 to $65 and give you a solid foundation. Then hunt individually for the keys: 1914-D, 1921-S, 1926-S, and the 1937-D Three-Legged. Buy those slabbed from a reputable dealer or auction house where grading is independent.

The Buffalo Nickel Roll of 40 Coins is another option for collectors who want a bulk starting point before sorting into a folder by date and mint.

Grading, Authentication, and Avoiding Fakes

Grading Buffalo nickels is trickier than most series because of weak strikes. A coin can look Fine or Very Fine under normal inspection but grade lower because the bison’s horn or the Indian’s cheekbone never struck up fully – not because of wear, but because the die pressure was insufficient. This is called a “flat strike” and it affects value.

Use the Sheldon scale: Good (G-4) means heavily worn with major details visible; Fine (F-12) shows moderate wear with some hair and bison detail; MS-63 is uncirculated with minor contact marks. For anything above MS-63, population reports from PCGS and NGC matter a lot.

Authentication matters most on key dates. The 1937-D Three-Legged is widely faked – a common three-legged fake involves grinding the leg off a genuine 1937-D. Real examples show a ghost limb and specific die characteristics. The 1916 Doubled Die shows dramatic doubling on “LIBERTY” and the date – visible without magnification on better examples.

Practical steps before buying:

1. Check weight: genuine coins weigh 5 grams. A digital scale catches many fakes immediately.
2. Use a 10x loupe on key dates to check for overdate remnants, doubled elements, and die markers.
3. Buy slabbed (PCGS or NGC) for any coin over $100. Raw circulated coins are fine for commons.
4. Avoid coins described as “cleaned” or “polished” – these carry significant value penalties and are harder to resell.
5. Check for artificial toning: genuine toning develops slowly and unevenly; fake toning often looks too uniform or bright.

For deeper background on the series, the Buffalo nickel history and design guide covers the design evolution and grading nuances in detail.

Storage and Long-Term Care

Buffalo nickels are copper-nickel and relatively stable, but improper storage accelerates toning and corrosion. A few rules:

• Store albums and folders away from direct light and humidity above 50%.
• Use acid-free holders – standard Whitman folders work well for circulated sets.
• Never clean coins. Even gentle cleaning removes surface metal and destroys numismatic value.
• For slabbed coins, the plastic holder provides protection – store upright in a cool, dry location.
• Handle coins by the edges only. Fingerprints leave oils that cause spotting over time.

A complete circulated set in a Whitman folder takes up minimal space – roughly the size of a hardback book. That makes Buffalo nickels practical for collectors who also hold silver bars or gold coins in a safe, since the folder stores flat and adds no significant weight.

How Buffalo Nickels Fit Into a Broader Collection

Collectors who focus on silver or gold bullion sometimes overlook classic U.S. type coins, but Buffalo nickels pair naturally with other series from the same era. Mercury dimes ran from 1916 to 1945 and share the same artistic period. Morgan silver dollars and Peace dollars overlap the Buffalo nickel’s production years. Building a type collection that spans these series gives you a complete picture of early 20th-century American coinage.

The Complete Morgan Silver Dollar Set is a natural companion piece for collectors who want to extend beyond nickels into silver. Morgan dollars carry actual silver melt value on top of numismatic premiums – a different dynamic than Buffalo nickels, but both reward condition-focused collecting.

For collectors interested in the full range of silver coins from this period, the silver coin collecting guide covers the broader market of U.S. silver issues.

Selling Your Buffalo Nickel Set

If you own a Buffalo nickel set – assembled, partial, or complete – and want to sell, a few factors determine what you will receive.

Condition is everything. A set of 64 coins in Good to Fine grades is worth several hundred dollars to a dealer. The same set in Fine to Very Fine condition with problem-free surfaces commands meaningfully more. Keys in higher grades – a 1926-S in VF-30 or a 1937-D Three-Legged in F-12 – can anchor a set’s value at multiples of the rest of the coins combined.

For high-grade or complete sets with key dates, auction houses like Heritage Auctions reach the broadest buyer pool and typically return the strongest prices. For circulated sets without major keys, selling to a dealer is faster and simpler.

Accurate Precious Metals buys numismatic coins including Buffalo nickels. If you are local to Salem, Oregon, bring your set in person – our team will evaluate it on the spot. If you are anywhere else in the country, the mail-in service makes the process straightforward: request a kit, ship your coins with free insured shipping, and receive a fast offer. We also buy gold, silver, and other precious metals – selling your silver coins through us means working with a dealer who understands both bullion and numismatic value, not a pawn shop guessing at coin prices.

Why Buy From Accurate Precious Metals

Accurate Precious Metals has been operating for over 12 years from our Salem, Oregon location, with more than 1,000 five-star reviews from customers across the country. We are a specialized precious metals dealer – not a pawn shop – which means our team understands the difference between a common 1935 Philadelphia Buffalo nickel and a 1926-S in Fine condition.

We carry gold, silver, platinum, and palladium in coin, bar, and bullion form, plus numismatic coins, diamonds, and jewelry. As an NGC Authorized Dealer, we can facilitate professional coin grading for key dates you want slabbed before selling or adding to a certified collection. Our pricing reflects live spot prices, and we ship nationwide with insured delivery – so geography is never a barrier.

Whether you are buying a complete Buffalo nickel set, adding a key date to an existing collection, or selling coins you inherited, we are the resource to call. Reach us at (503) 400-5608 or visit AccuratePMR.com to browse current inventory and get in touch.

Frequently Asked Questions

Sources

1. The Coin Vault – Buffalo Nickel Set Listings and Pricing
2. L&C Coins – Buffalo Nickel Varieties and Mintage Guide
3. ICCoin – U.S. Buffalo Nickel 1913-38 Date/Mint 64-Coin Set Details
4. Greysheet – Buffalo Nickel Wholesale Dealer Price Guide
5. PCGS – Buffalo Nickel Complete Set Price Guide by Grade
6. Whitman Publishing – Buffalo Nickel Album and Folder Specifications