1937 Buffalo Nickel Coin Value: Errors List, “D”, “S” & No Mint Mark Worth

1937 Nickel value ranges from $0.05 face value to $99,875. That record sale was a Grade 66 example sold through Legend-Morphy Auctions in October 2021. If you’re wondering what yours is worth, upload a photo of your coin below for a quick value range. You can also scroll down to check recent eBay sales and see what 1937 Nickels are actually selling for right now.

 

1937 Nickel Value By Variety

Your 1937 Buffalo Nickel’s value depends heavily on mint mark and condition. Proof and Proof CAM (Cameo) pieces are exceptionally rare and pull the highest premiums.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 60+ Most Valuable Buffalo Nickels Worth Money

 

Top 10 Most Valuable 1937 Nickel Worth Money

The 1937-D 3 Legs error dominates the top of this chart. That’s no surprise. Every single one came from one overpolished die, and roughly 20,000 survive total. Only a tiny fraction made it to gem uncirculated grades.

Beyond the error coins, you’ll notice a pattern: prices jump dramatically at the very top of the grading scale. The 1937-D regular strike is a common coin in most grades. But at MS68 (Mint State 68 — essentially perfect), only two certified examples exist. One sold for $35,250 in March 2015, setting a record for any late-date Buffalo Nickel at the time.

The 1937 Proof tells a different story. With a mintage of 5,769 — the largest proof Buffalo nickel production in the entire series — most survivors grade PR65 or better. Its top auction result at PR68 isn’t about issue rarity. It’s about near-perfect preservation. 1937 also marked the final year of proof production for the Buffalo nickel series, so top-grade pieces carry real historical weight as the last of their kind.

The 1937-S, struck at San Francisco with the smallest business-strike mintage that year, hit $29,900 at Heritage Auctions in September 2007 for an MS68. Despite having more mint-state survivors than Denver coins, the condition ceiling is lower — only three coins certified at MS68. That’s a tight population at the top.

The bottom line across all 1937 varieties: auction prices at elite grades have far more to do with how many coins survived in that condition than how many were originally minted.

 

History of the 1937 Nickel

The 1937 nickel belongs to the iconic Buffalo Nickel series that ran from 1913 to 1938 — one of the most beloved designs in American coinage.

Sculptor James Earle Fraser designed the coin. He grew up on the American frontier and watched the decline of both the bison and Native American communities firsthand. His most famous sculpture, “The End of the Trail” — a windswept warrior on a weary horse — was first created when Fraser was just 15 years old. That personal connection to the West gave his coin design an authenticity nothing before it had.

The obverse features a Native American portrait — not one person, but a composite of three chiefs: Iron Tail of the Sioux, Two Moons of the Cheyenne, and John Big Tree of the Kiowa. The bison on the reverse was modeled after Black Diamond, a bison living at the New York Central Park Zoological Garden.

Here’s a detail most people miss: the coin carried no “In God We Trust” motto. Mint Director George Roberts confirmed this in a letter to Fraser, stating the motto was “not required upon this coin.”

The design got a major tweak in its very first year. The original 1913 reverse showed the bison on a raised mound with “FIVE CENTS” sitting on top — and that raised surface wore down fast in pocket change. Chief Engraver Charles Barber flagged that the mint was burning through dies at an alarming rate. The mound was recessed to protect the denomination, creating the Type 2 reverse used from 1913 onward, including on all 1937 coins.

1937 was the last full production year for Buffalo nickels, with over 100 million coins struck across Philadelphia, Denver, and San Francisco. It’s also the year that produced the most famous error in U.S. nickel history: the 1937-D “3-Legged” Buffalo Nickel.

The following year, the Mint held an open competition for a new nickel design. Sculptor Felix Schlag won in April 1938, and the Jefferson Nickel replaced the Buffalo design starting October 3, 1938. The last Buffalo nickels were actually struck in April 1938 at Denver, so 1937 is the final full-year issue of this beloved series.

Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)

 

Is Your 1937 Nickel Rare?

Unlock the rarity ranking of every 1937 Nickel — from Scarce to Mythic — with Coin Identifier and Value App, your ultimate guide to coin value and collectibility.

 

Key Features of the 1937 Nickel

The Buffalo nickel series lasted only 25 years — the minimum before Congress had to approve a redesign. 1937 was the second-to-last year of production.

Fraser’s high-relief design was tough to strike cleanly and wore down fast, so well-preserved examples are especially prized. If you’re a type collector looking for one good Buffalo nickel, the 1937 Philadelphia issue is widely considered the best pick. It tends to come sharply struck with brilliant luster.

The Obverse of the 1937 Nickel

The obverse shows an oversized bust of a Native American warrior. It wasn’t based on a single person — Fraser modeled it after three aged chiefs: Iron Tail, Two Moons, and John Big Tree. The details are bold: prominent cheekbones, textured hair, and individual headdress feathers. “LIBERTY” sits on the upper right, the date 1937 appears below the neck on the lower left, and Fraser’s initial “F” is raised just below the date.

The Reverse of the 1937 Nickel

Flip it over and you’ll see an American bison standing on a raised mound, with “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” above. Fraser modeled the bison after Black Diamond at the New York Central Park Zoo. “FIVE CENTS” appears below the buffalo, and Denver or San Francisco coins carry a “D” or “S” mint mark just beneath it.

When you’re evaluating a 1937 nickel, look at the buffalo’s horn first. It’s the highest point of the design and the first spot to show wear. A fully defined horn with no flattening is the standard for premium quality. On the obverse, check the hair braids — sharp braid definition alongside a complete horn commands a real premium over softly struck pieces.

Other Features of the 1937 Nickel

The 1937 Buffalo nickel is composed of 75% copper and 25% nickel — despite looking silver, it contains none. It weighs 5 grams (0.17637 oz), measures 21.2 millimeters (0.83465 inches) in diameter, and is 1.95 millimeters (0.07677 inches) thick. These specs are standard across the entire Buffalo nickel series.

Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)

 

1937 Nickel Mintage & Survival Data

Philadelphia struck 79,480,000 Buffalo nickels in 1937. Denver added 17,826,000, and San Francisco contributed 5,635,000. The Philadelphia Mint also struck just 5,769 proofs for collectors. Total output across all facilities: nearly 103 million coins.

Survival rates tell a different story than mintage numbers. PCGS estimates around 50,000 Philadelphia survivors across all grades. Almost a third are mint state, and roughly 8,000 reach gem quality at MS65 (Mint State 65 — the threshold for “Gem” quality) or better. Denver and San Francisco survivors are much scarcer in high grades, with the “S” mint mark being the rarest business strike of the three.

PCGS Co-founder David Hall has noted that the 1937 Philadelphia issue is the most common Buffalo nickel in circulated grades and the second most common in mint state (behind only the final-year 1938-D). That makes it a great entry point for new collectors. But don’t let that fool you at the top of the scale — at MS68, only a handful of examples are known for any 1937 variety.

The Buffalo nickel’s high-relief design chewed through dies quickly. Many coins left the press with already-softened details, which is why high-grade survivors pull strong premiums. The 1937 Proof edition, with its tiny mintage of 5,769, makes any surviving example genuinely scarce and highly desirable.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1937 Nickel Value

Three things determine your 1937 nickel’s value. First, check the mint mark on the reverse — Philadelphia coins have none, while Denver and San Francisco pieces show a “D” or “S” below the denomination.

Next, look at condition. Coins with minimal wear, sharp details, and no cleaning are worth significantly more. Finally, examine the buffalo’s legs — a missing front leg could mean you’re holding the legendary 1937-D Three-Legged error, one of the most valuable varieties in American coinage.

These details can mean the difference between a $2 coin and a $100,000 treasure — and the Coin Identifier and Value App puts that knowledge right in your pocket, with instant value, grade, and error detection in seconds.

 

 

1937 Nickel Value Guides

• 1937 No Mint Mark (Philadelphia)
• 1937-D (Denver)
• 1937-S (San Francisco)
• 1937 Proof
• 1937 Proof Cameo

1937 was the next-to-last year for the Buffalo Nickel, with coins struck at Philadelphia, Denver, and San Francisco — nearly 103 million pieces total. Proof nickels were struck exclusively at Philadelphia, making 1937 the last time a proof Buffalo nickel would ever be issued.

Philadelphia also produced special Proof and Proof Cameo (CAM) coins for collectors. The CAM designation means the raised design elements look frosty and white against deeply mirrored fields — a contrast that only forms on coins struck from freshly prepared dies. Since 1937 was the final year for proof Buffalo Nickels, this category carries unique historical and numismatic importance.

 

1937 No Mint Mark Nickel Value

Most collectors don’t realize the blank reverse is itself a mint mark. Philadelphia was the original U.S. Mint, so its coins carried no letter until the 1940s. No letter = Philly.

With 79,480,000 struck, this is the most available of the three 1937 varieties. That makes it a natural starting point for anyone building a Buffalo Nickel set — but don’t write it off as boring.

Philadelphia coins tend to come sharper than Denver or San Francisco strikes. The luster is typically frosty — a warm, satiny glow across the surfaces. At MS68, only a single example graded by Goldberg Auctioneers in June 2014 holds the auction record at $18,212.50. That’s the kind of price jump that condition rarity creates.

The Greysheet (CDN Publishing) lists the 1937 Philadelphia issue among the highest-volume circulated Buffalo nickels. Common below gem grades, sure. But strike quality varies widely, and that’s where cherrypicking pays off.

Look for crisp hair braids on the obverse and a well-defined buffalo horn on the reverse. A sharply struck, fully original example commands a clear premium over a mushy one at the same certified grade.

To get a clearer picture of how these grades translate into real-world prices over time, take a look at the Auction Record Chart below — it’s a great way to see where the market has actually moved.

And to understand just how actively this coin is being bought and sold right now, the Market Activity section will give you a solid sense of current collector demand.

Market activity score: 79/100 as of Sep 2026 — up 16 points from Jun 2026. 12-month peak: 86 (Aug 2026).

 

1937-D Nickel Value

Here’s a question worth asking: why does a coin with 17,826,000 minted get so expensive at the top? Because the population cliff at MS67 and above is brutal.

Denver struck far fewer nickels than Philadelphia in 1937, so D-mint examples carry a slight premium across most grades. Thousands have been certified at MS64, MS65, and MS66. Then the numbers fall off a cliff.

According to numismatic expert Ron Guth’s PCGS analysis, in March 2015, one of the only two PCGS MS68 examples sold for an amazing $35,250, setting a new record for the date and essentially for any late-date Buffalo Nickel at the time.

Denver strikes also tend to come weaker than Philly coins, especially on the buffalo’s head and the portrait’s hair details. That means a well-struck 1937-D with sharp, full details is worth hunting for — those examples pull meaningful premiums. Luster is typically frostier than Philadelphia, but die quality was more hit-or-miss.

The Auction Record Chart below captures exactly how these top-grade examples have performed at the podium over the years.

To see how actively this coin trades hands today, the Market Activity section tells the full story.

Market activity score: 81/100 as of Sep 2026 — up 18 points from Jun 2026. Currently at its 12-month peak.

 

1937-S Nickel Value

Only 5,635,000 made. That’s the lowest business-strike mintage of any 1937 variety by a wide margin, and you’ll feel it in the prices.

PCGS CoinFacts describes the 1937-S as having a “grey brilliant” type of luster — distinctive to many San Francisco Buffalo nickels and noticeably different from the warmer, frostier surfaces you see on Philadelphia and Denver coins. Strike quality is usually called “decent for an S Mint Buffalo,” which means better than many other S-mint dates but still trailing the sharp Philly issues.

That lower mintage translates into stronger premiums across the board. Many 1937-S nickels come weakly struck, especially on the buffalo’s head and the portrait’s hair details. If you find one with sharp details and full horn definition, you’ve got something special.

The top auction result? $29,900 in MS68 at Heritage Auctions in September 2007. Only three coins are certified at that level. I think the 1937-S is one of the more underappreciated coins in the late Buffalo series.

The Auction Record Chart below shows how these premium examples have fared at major sales over time.

And if you’re curious about how frequently this coin changes hands in today’s market, the Market Activity section has you covered.

Market activity score: 77/100 as of Sep 2026 — up 32 points from Jun 2026. Currently at its 12-month peak.

 

1937 Proof Nickel Value

This is the last proof Buffalo nickel ever made. While the series continued into 1938, proof production had already ended — no proof Buffalo nickels exist dated 1938. That makes the 1937 Proof a genuine closing chapter.

Nearly all of the 5,769 examples struck that year show the fully brilliant mirror finish collectors had pushed for — a direct improvement driven by collector feedback from 1936 proofs. Most grade between PR64 and PR67. According to data from Rarest.org, more than half of all certified 1937 Proofs grade PR65 or above, and PCGS has certified a small number at the exceptional PR68 and PR69 levels.

The real challenge? Surface quality. Finding one with deep, original luster and no hazy spots or hairlines from improper handling is tougher than the mintage suggests. Many 1937 Proofs show original toning in shades of blue, gold, or violet, which can add serious value when the color is attractive and even.

The all-time auction record hit $40,250 at Heritage Auctions in January 2012 — nearly double the $20,700 the same coin brought just two years earlier. That kind of swing shows how fast collector demand can move the market on these.

The Auction Record Chart below traces how top-grade examples have performed at major sales over the years.

To get a sense of how this coin moves in today’s market, the Market Activity section breaks it all down.

Market activity score: 71/100 as of Sep 2026 — up 15 points from Jun 2026. 12-month peak: 79 (Aug 2026).

 

1937 Proof CAM Nickel Value

Good luck finding one of these. The 1937 Proof Cameo Buffalo Nickel is the rarest designation in the entire 1937 lineup. Cameo — abbreviated CAM — means the raised design elements look frosty and white against mirror-polished fields. Only the very first strikes from fresh dies show any cameo contrast at all, so the Cameo population is a tiny sliver of the already limited 5,769 proof mintage.

Certified Cameo examples are extremely scarce. Only a handful are known at PR66, and just a few more at PR67. Deep Cameo (DCAM) — which requires even more dramatic frosted contrast — is essentially non-existent for 1937 Buffalo Nickels. The minting technology of the era simply didn’t produce the intense die frosting you see on modern proofs.

A PR67 CAM example sold for $13,200 at Heritage Auctions in October 2022 — a big premium over standard proofs at the same grade. If you’re building a complete 1937 set, this is the toughest piece to source. We think the low certified population also makes registry set competition for top spots unusually fierce.

The Auction Record Chart below shows how Cameo examples have traded over time.

For current trading activity, the Market Activity section has the latest data.

Market activity score: 54/100 as of Sep 2026 — up 11 points from Jun 2026. Currently at its 12-month peak.

Also Read: 22 Rare Nickel Errors List with Pictures (By Year)

 

Rare 1937 Nickel Error List

Not every 1937 Buffalo Nickel left the mint the way it was supposed to. A small number escaped with production mistakes — missing legs, misaligned strikes, broken dies. These error coins are some of the most exciting finds in the series, and collectors are still actively hunting for them.

1. 1937-D 3 Legs Nickel Error

This is the error coin. The 1937-D Three-Legged Buffalo Nickel is one of the most famous mistakes in all of American coinage. A press operator at the Denver Mint — identified by researcher Walter Breen as one Mr. Young — used a polishing rod to remove clash marks from a damaged die instead of replacing it. He accidentally ground off the buffalo’s front right foreleg, leaving only the hoof.

Denver was under heavy production pressure that year, so staff ran dies far beyond their normal service life. PCGS CoinFacts confirms every known example came from this single compromised reverse die. You can trace them all by shared die-state markers.

As of March 2025, PCGS has certified this variety at a top population of MS66+ (5 coins), while NGC’s top grade is MS67 (2 coins). A CAC-stickered MS66 example sold at Heritage Auctions in April 2016 for $85,187.50 — the highest recorded price for this variety as of that date. A Stack’s Bowers auction in August 2023 realized $84,000 for another top-tier example.

Collectors sometimes call this the “Urinating Buffalo.” All genuine examples show a distinctive arcing raised area between the bison’s back legs caused by die rust — that’s your most reliable authentication marker. Other diagnostics: the “E” and “P” of “E Pluribus Unum” sit away from the bison’s back (they touch on normal 1937-D coins); raised dots appear under the belly; the rear right leg looks rough and pock-marked; and the top of the Indian’s neck has an eroded, “moth-eaten” appearance.

Watch out for fakes. Counterfeit examples made by physically grinding the foreleg off a regular 1937-D are everywhere. A genuine coin shows no tooling or file marks where the leg is missing. Get PCGS or NGC certification (third-party grading services that authenticate and encapsulate coins) before any serious purchase.

2. 1937 Nickel Clipped Planchet Error

This error happens before the coin is even struck. The metal strip feeding into the press overlaps itself, punching out a blank with a curved chunk missing. The telltale sign: no raised rim along the clipped edge. Genuine clips show a smooth, arc-shaped indentation on both sides in exactly the same spot.

Small clips removing 5–10% of the planchet start around $50–$100. Dramatic clips taking out 20–30% or more can reach $200–$400, especially when the date and mint mark stay fully visible. On a design as bold as the Buffalo Nickel, a clean clip creates a striking visual contrast that makes these errors especially appealing.

3. 1937 Nickel Die Break / Cud Error

Dies take a beating. Under repeated striking pressure, they crack — and when a chunk of the die actually breaks away, it leaves a raised, featureless blob on the coin called a “cud.” These usually show up along the rim.

Every coin struck from that damaged die carries the exact same flaw, so cuds are repeatable errors. Size and location drive value — a large cud overlapping the date or the buffalo is especially desirable. Error collectors actively hunt for dramatic, well-defined examples.

4. 1937 Nickel Struck Off-Center Error

When the planchet shifts out of position between the dies at the moment of striking, you get a coin that’s partly blank with the design shoved to one side. Minor off-center strikes at 5–15% displacement typically sell for $50–$150. Hit 30–50% off-center and you’re looking at $200–$500 or more.

The key to a premium off-center error? The date “1937” must remain fully visible despite the misalignment. A complete date on a heavily off-center coin is what separates a modest find from a genuinely valuable one. The struck portion should show sharp, complete details with a clean transition between the struck and unstruck areas.

 

Where to Sell Your 1937 Nickel?

After determining what your coins are worth, you’re probably wondering about convenient online selling options. I’ve researched and compiled a guide to the best platforms, outlining their services, pros, and cons.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

FAQ About the 1937 Nickel

1. What is a 1937 Buffalo Nickel?

It’s a five-cent coin from the Buffalo Nickel series (1913–1938). The obverse shows a composite portrait of a Native American warrior based on three chiefs — Iron Tail of the Sioux, Two Moons of the Cheyenne, and John Big Tree of the Kiowa. The reverse depicts a bison named Black Diamond, who lived at the New York Central Park Zoological Garden.

2. Where was the 1937 Nickel made?

Three mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The mint mark sits on the reverse below the denomination. Philadelphia also produced 5,769 special Proof coins that year.

3. How do I find the mint mark on a 1937 Nickel?

Flip the coin over and look directly below “FIVE CENTS.” A “D” means Denver, an “S” means San Francisco. No letter at all? That’s Philadelphia — it didn’t use a mint mark on Buffalo Nickels.

4. Is a 1937 Nickel silver?

No. It’s 75% copper and 25% nickel — zero silver content despite the appearance. U.S. nickels were only struck in silver (35% silver alloy) during 1942–1945, and those “War Nickels” have a large mint mark above Monticello for easy identification.

5. How much is a 1937 Nickel worth?

Anywhere from about $1.25 for a heavily worn circulated coin up to $85,000+ for rare error varieties. A standard Philadelphia issue in MS65 (Gem Mint State) runs roughly $50–$150. The 1937 Proof in PR67 can bring $600–$1,200. The 1937-D Three-Legged error in MS65 has sold for over $30,000 at major auctions.

6. What makes the 1937 Nickel valuable?

Three things: mint mark, condition (grade), and whether it’s an error or proof variety. The 1937-S has the lowest business-strike mintage and commands premiums. High grades (MS67 and above) are extremely rare across all 1937 varieties because the high-relief design wore quickly, and many were struck on overworked dies. The famous 1937-D Three-Legged Buffalo error is the most valuable variety.

7. What is the most valuable 1937 Nickel?

The 1937-D Three-Legged Buffalo Nickel. A PCGS MS66+ example sold for $85,187.50 at Heritage Auctions in April 2016. In top circulated grades, expect $500–$5,000. Uncirculated examples regularly bring $10,000–$85,000+ depending on grade and eye appeal.

8. How do I know if my 1937-D Nickel is the Three-Legged error?

Check the buffalo’s front right leg — on genuine examples, the leg is missing but the hoof remains. Then look for these markers: the “E” and “P” of “E Pluribus Unum” should not touch the bison’s back (they do on normal 1937-D coins); you should see raised dots or an arc-shaped mark under the belly; the rear right leg should look rough and pock-marked; and the top of the Indian’s neck should appear eroded, not smooth. Any tooling or file marks at the missing leg site suggest a fake. Always get PCGS or NGC certification before buying or selling.

9. Was 1937 the last year Proof Buffalo Nickels were made?

Yes. Proof Buffalo Nickels were struck in 1913–1916 and then again only in 1936 and 1937. The series continued into 1938, but proof production ended with the 1937 issue — no proof Buffalo Nickels exist dated 1938.

10. What does “Full Horn” mean on a Buffalo Nickel, and does it affect 1937 Nickel value?

“Full Horn” refers to the sharpness of the bison’s right horn on the reverse — the highest relief point and the first area to flatten from die wear or circulation. Unlike Jefferson Nickels (which use “Full Steps”), Buffalo Nickels don’t have a formal Full Horn designation from PCGS or NGC. But experienced collectors treat a sharply struck horn as a premium quality indicator. On the 1937 issue, Philadelphia coins are most likely to show full horn definition, and those examples sell for meaningfully more than softly struck equivalents at the same certified grade.