1937-D Three-Legged Buffalo Nickel: How a Mint Error Became a $270,000 Rarity
Coin collecting has always been full of fascinating stories, but few are as legendary as the 1937-D Three-Legged Buffalo Nickel. What started as a simple minting error at the Denver Mint has become one of the most sought-after rarities in U.S. numismatic history. With some specimens selling for as much as $270,000 at auction, this unusual coin has captured the imagination of collectors for decades.
The Origin of the Buffalo Nickel
The Buffalo Nickel, also known as the Indian Head Nickel, was minted between 1913 and 1938. Designed by sculptor James Earle Fraser, the coin features a Native American portrait on the obverse and a majestic American bison (often called a buffalo) on the reverse.
By the late 1930s, the series was nearing the end of its production, with the Jefferson Nickel set to replace it in 1938. But in 1937, an unusual error at the Denver Mint gave birth to one of the rarest variations in U.S. coinage.
How the Error Happened
During production, a coin die at the Denver Mint became over-polished in an attempt to remove clash marks. The result was the accidental elimination of the buffalo’s front right leg on the reverse side of the coin.
The animal appears to be standing on only three legs—its front left, and both rear legs—giving it the nickname “Three-Legged Buffalo Nickel.” The odd appearance of the coin immediately drew attention, although it was not officially recognized as an error until collectors began spotting the variation in circulation.
Why It’s So Valuable
The value of the 1937-D Three-Legged Buffalo Nickel comes down to rarity and demand. Unlike ordinary nickels, this error coin was produced in very limited numbers before the mistake was corrected. Today, only a small fraction of those coins survive in collectible condition.
Key factors that influence its value include:
- Condition (Grade): Mint State (MS) coins with little to no wear are the most valuable, with prices reaching six figures.
- Authenticity: Counterfeits exist, so certified coins graded by trusted services like PCGS or NGC are the most desirable.
- Historical Appeal: As one of the most famous mint errors in U.S. coin history, its story adds to its collectability.
In recent years, high-grade examples have sold for $100,000 to $270,000, depending on the coin’s quality and eye appeal. Even worn examples in lower grades can fetch several thousand dollars.
How to Spot the Three-Legged Buffalo Nickel
Collectors should be cautious, as worn buffalo nickels can sometimes appear to be missing a leg due to circulation damage. Genuine 1937-D Three-Legged nickels have distinct characteristics:
- Mint Mark: The coin must have a “D” mintmark below the “FIVE CENTS” on the reverse.
- Missing Right Front Leg: The buffalo’s front right leg is completely absent, with only a faint outline remaining.
- Ground Under the Buffalo: The area beneath the animal’s stomach is smoother than usual because of die polishing.
These features make the coin easy to identify for trained collectors.
Collectors’ Perspective
For numismatists, the 1937-D Three-Legged Buffalo Nickel represents more than just a mint error. It’s a symbol of how small accidents at the U.S. Mint can turn ordinary coins into extraordinary treasures. The coin’s combination of rarity, historical intrigue, and visual uniqueness ensures it will remain one of the most talked-about American coins for generations.
Conclusion
The 1937-D Three-Legged Buffalo Nickel stands as a fascinating piece of U.S. history—born from an accident, but elevated to legendary status. With auction prices reaching up to $270,000, it proves that even mistakes can turn into treasures.
For collectors, owning one is not just about value, but about holding a piece of numismatic history that continues to inspire awe and admiration.
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