The 1937 nickel, also known as the Buffalo Nickel, is a coin cherished by collectors and history fans. Its iconic design and unique history make it a fascinating topic. Many people wonder about the value of this coin. In this article, we’ll explore the different factors that determine the value of the 1937 nickel, including its types, condition, and market demand.
History of the 1937 Nickel
The Buffalo Nickel was first minted in 1913 and continued until 1938. Designed by the famous sculptor James Earle Fraser, the coin features a Native American on the front and a buffalo on the back. The design was inspired by the Indian Head penny and symbolizes the American West’s heritage.
The 1937 nickel was the last year of production for the Buffalo design before the switch to the Jefferson Nickel in 1938. This change marked the end of an era and the beginning of a new design that still exists today.
Types of 1937 Nickels
When assessing the value of a 1937 nickel, it’s essential to know that there are two main types of this coin:
| Type | Minting Location | Mintmark |
|---|---|---|
| 1937-P Nickel | Philadelphia | None |
| 1937-D Nickel | Denver | “D” |
There is also a rare variety known as the 1937-D 3-Legged Buffalo Nickel, which has one of the buffalo’s legs missing due to a minting error. This particular variety is highly sought after by collectors and can significantly increase the coin’s value.
Factors That Determine the Value of the 1937 Nickel
The value of the 1937 nickel is influenced by several factors:
1. Condition (Grade)
The condition of the coin is one of the most critical factors affecting its value. Coins are graded on a scale from 1 to 70, with 70 being perfect. Here’s a breakdown of the grading categories:
| Grade | Description |
|---|---|
| Good (G) | Visible wear, but design is recognizable. |
| Fine (F) | Moderate wear, and details are clearer. |
| Very Fine (VF) | Light wear, with most details still visible. |
| Extra Fine (EF) | Minimal wear, with nearly all details intact. |
| About Uncirculated (AU) | Slight wear, overall looks nearly new. |
| Mint State (MS) | Perfect condition, no signs of wear. |
2. Mintmark
As mentioned earlier, the mintmark plays a crucial role in determining the value of the 1937 nickel. The Philadelphia mint did not use a mintmark, while the Denver mint marked its coins with a “D.” The 1937-D coins typically have a higher value than the 1937-P coins.
3. Rarity
The rarity of the coin can also significantly affect its value. While many 1937 nickels are relatively common, the 1937-D 3-Legged Buffalo Nickel is extremely rare and sought after by collectors. Its value can range from hundreds to thousands of dollars, depending on its condition.
4. Market Demand
The demand for collectible coins fluctuates based on trends in the coin-collecting community. If more people are interested in collecting Buffalo Nickels, the value of the 1937 nickel can increase. Conversely, if interest wanes, values may decrease.
Current Value of the 1937 Nickel
The value of a 1937 nickel can vary significantly based on its type, condition, and market demand. Here’s a general breakdown of the current market value for each type:
1. 1937-P Nickel
| Grade | Estimated Value |
|---|---|
| Good (G) | $1.00 – $2.00 |
| Fine (F) | $2.50 – $5.00 |
| Very Fine (VF) | $6.00 – $10.00 |
| Extra Fine (EF) | $15.00 – $20.00 |
| About Uncirculated (AU) | $25.00 – $40.00 |
| Mint State (MS) | $50.00 – $100.00 |
2. 1937-D Nickel
| Grade | Estimated Value |
|---|---|
| Good (G) | $1.50 – $3.00 |
| Fine (F) | $5.00 – $10.00 |
| Very Fine (VF) | $15.00 – $25.00 |
| Extra Fine (EF) | $30.00 – $50.00 |
| About Uncirculated (AU) | $75.00 – $150.00 |
| Mint State (MS) | $100.00 – $200.00 |
3. 1937-D 3-Legged Buffalo Nickel
| Grade | Estimated Value |
|---|---|
| Good (G) | $200.00 – $300.00 |
| Fine (F) | $400.00 – $600.00 |
| Very Fine (VF) | $800.00 – $1,200.00 |
| Extra Fine (EF) | $1,500.00 – $2,500.00 |
| About Uncirculated (AU) | $3,000.00 – $5,000.00 |
| Mint State (MS) | $10,000.00 or more |
How to Determine Your 1937 Nickel’s Value
If you have a 1937 nickel and want to determine its value, here are some steps you can take:
- Inspect the Coin: Check the coin’s condition and identify the mintmark (if any). Use a magnifying glass if necessary for a closer look.
- Consult a Grading Guide: Use a reputable coin grading guide to assess your coin’s condition accurately.
- Research Current Market Prices: Check online marketplaces like eBay or specialized coin auction sites to see what similar coins are selling for.
- Seek Professional Appraisal: If you’re unsure about your coin’s value, consider consulting a professional coin dealer or appraiser for an accurate assessment.
Conclusion
The 1937 nickel is more than just a piece of currency; it’s a collectible item with historical significance. Its value can range from a few dollars to thousands, depending on its condition, rarity, and market demand. Whether you’re a seasoned collector or just starting, understanding the value of the 1937 nickel can enhance your collecting experience. So, if you come across one, take the time to assess its worth—you might just have a hidden treasure in your pocket!
FAQs
How can I tell if my 1937 Nickel is a 3-Legged Buffalo Nickel?
To identify the 3-Legged Buffalo Nickel, look at the buffalo on the reverse side of the coin.
Where can I find the current value of my 1937 Nickel?
You can check online marketplaces like eBay, coin auction sites, and price guides to see the current market values for 1937 Nickels.
What are the different grades for the 1937 Nickel, and how do they affect value?
The grades range from Good (G) to Mint State (MS), with higher grades indicating better condition and detail.
How can I properly store my 1937 Nickel to maintain its condition?
To keep your 1937 Nickel in good condition, store it in a cool, dry place away from direct sunlight.