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

If you’ve stumbled across a 1937 Buffalo Nickel and want to know what it’s really worth, you’re in exactly the right place.

The 1937 Nickel value spans a wide range — a heavily worn example in Good condition starts around $1.25, while a pristine uncirculated gem can climb to $53 or more. Rare proof versions? Those can command over $1,800. And the legendary 1937-D Three-Legged error? That coin has sold for over $85,000 at auction.

Whether you’re brand new to coin collecting or have been at it for years, knowing what drives value on these coins is both accessible and genuinely rewarding. Let’s break it all down.

 

1937 Nickel Value By Variety

The 1937 Buffalo Nickel’s value varies significantly depending on the mint mark and condition, with Proof and Proof CAM (Cameo) specimens being exceptionally rare and commanding the highest premiums among collectors.

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 auction records for the most valuable 1937 nickels reveal how grade scarcity, strike type, and mint origin each drive value in distinct ways.

The 1937-D 3 Legs error variety commands the top positions on the chart, a result of its production from a single overpolished die and an estimated surviving population of roughly 20,000 pieces — with only a small fraction reaching gem uncirculated grades.

Beyond the error coins, the chart reflects a consistent pattern: value escalates sharply at the upper end of the grading scale due to steep population drop-offs. The 1937-D regular strike is a common coin across most grades, but at MS68 (Mint State 68 — essentially perfect), only two certified examples exist. One sold for $35,250 in March 2015 at auction, setting a record for any late-date Buffalo Nickel at the time.

The 1937 Proof entry reflects a different value driver: intentional scarcity by design. With a mintage of 5,769, the 1937 Proof was the largest proof Buffalo nickel production in the entire series, and the majority survive today in PR65 or better. Its top auction result at PR68 is therefore not driven by rarity of the issue itself, but by the near-perfect preservation required to reach that grade. 1937 also marked the final year of proof production for the Buffalo nickel series, giving top-grade specimens added historical significance as the last of their kind.

The 1937-S, produced at the San Francisco Mint with the smallest business-strike mintage of the three mints that year, recorded an MS68 auction result of $29,900 at Heritage Auctions in September 2007. Despite having more mint-state survivors than Denver-struck coins, the condition ceiling is lower, with only three coins certified at MS68 — making the top of the population comparably tight.

Taken together, the chart demonstrates that across all 1937 nickel varieties, auction performance at the highest levels is governed less by original mintage and more by the size of the surviving certified population at elite grades.

 

History of the 1937 Nickel

The 1937 nickel is one of the most celebrated coins in American numismatic history, belonging to the iconic Buffalo Nickel series that ran from 1913 to 1938.

The Buffalo Nickel was designed by sculptor James Earle Fraser, who grew up on the American frontier and witnessed firsthand the decline of both the bison and Native American communities. 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 American West gave his coin design an authenticity that set it apart from anything before it.

The design features a Native American portrait on the obverse and an American bison on the reverse. The portrait was not based on a single individual, but was an amalgamation of features from 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 who lived at the New York Central Park Zoological Garden.

It’s worth noting that the coin officially bore no “In God We Trust” motto — a detail confirmed in a letter from Mint Director George Roberts to Fraser, stating the motto was “not required upon this coin.”

The Buffalo Nickel went through a significant design modification in its very first year. The original 1913 reverse showed the bison standing on a raised mound with “FIVE CENTS” sitting atop it — a raised surface that wore away rapidly in circulation. Chief Engraver Charles Barber pointed out that the mint was burning through dies at an alarming rate. The mound was recessed to give the denomination a protected area, creating the Type 2 reverse used for all coins from 1913 onwards, including 1937.

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

The following year, the Mint announced an open competition for a new nickel design, won by sculptor Felix Schlag in April 1938 — and the Jefferson Nickel replaced the Buffalo design from October 3, 1938 onward. The last Buffalo nickels were actually struck in April 1938 at the Denver Mint, meaning 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 Value Checker App, your ultimate guide to coin value and collectibility.

 

Key Features of the 1937 Nickel

The US Mint issued Buffalo nickels for only 25 years, with 1937 marking the second-to-last year of production. The series came to an end just 25 years after the first coins rolled out — the quickest a coin could be replaced without gaining the agreement of Congress for a redesign.

Due to its highly detailed design, the 1937 Buffalo nickel was demanding to strike cleanly and prone to rapid wear, making well-preserved examples especially prized by collectors. For type collectors — those who collect one example of each design — the 1937 Philadelphia issue is widely considered the preferred choice for the series, given its generally sharp strikes and brilliant luster compared to other dates.

The Obverse of the 1937 Nickel

The obverse of the 1937 Buffalo nickel features an oversized bust of a Native American warrior. Unlike later coin designs, it was not based on a single model or historical figure. The portrait was modeled after three aged chiefs: Iron Tail, Two Moons, and John Big Tree, with emphasized details such as cheekbones, hair texture, and headdress feathers. The word “LIBERTY” is inscribed on the upper right of the obverse, the mint year 1937 appears on the lower left below the man’s neck, and the letter “F” for designer Fraser is raised just below the mint date.

The Reverse of the 1937 Nickel

The reverse depicts an American bison standing on a raised mound, with “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” written above. Fraser modeled the bison after Black Diamond, observed at the New York Central Park Zoo. The denomination “FIVE CENTS” is written below the buffalo, and coins from Denver and San Francisco carry a “D” or “S” mint mark just beneath it.

On well-struck examples, collector attention focuses on the sharpness of the buffalo’s horn — one of the highest points of the design and the first area to show wear. A fully defined horn with no flattening represents the standard for premium quality on this coin. Similarly, on the obverse, sharp hair braids on the portrait indicate a better-than-average strike, and examples showing full braid definition alongside a complete horn command a meaningful premium over softly struck counterparts.

Other Features of the 1937 Nickel

The 1937 Buffalo nickel is a round coin composed of 75% copper and 25% nickel — despite its silver-like appearance, it contains no silver whatsoever. 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 — standard specifications shared across the entire Buffalo nickel series.

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

 

1937 Nickel Mintage & Survival Data

In 1937, Philadelphia struck 79,480,000 Buffalo nickels, Denver produced 17,826,000, and San Francisco contributed 5,635,000. Additionally, the Philadelphia Mint struck just 5,769 proof coins, targeted specifically at collectors. The total output across all facilities came to nearly 103 million coins — a strong showing for the era, though below the record-breaking 1936 mintage.

Despite Philadelphia’s massive production, survival rates tell a more nuanced story. PCGS estimates around 50,000 Philadelphia survivors at all grades, with almost a third in mint state and roughly 8,000 reaching gem quality at MS65 (Mint State 65 — the threshold for “Gem” quality) or better. Denver and San Francisco survivors are comparably scarce 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 accessibility makes it a popular entry point for new collectors — but don’t let commonality fool you at the top of the grade scale: at MS68, only a handful of examples are known for any 1937 variety.

The Buffalo nickel’s high-relief design accelerated die wear, meaning many coins left the press with already-softened details — a key reason why high-grade survivors command strong premiums. The 1937 Proof edition, with its tiny mintage of 5,769, makes any surviving example genuinely scarce and highly desirable today.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1937 Nickel Value

Knowing your 1937 nickel’s value comes down to three key factors. First, check the mint mark on the reverse — Philadelphia coins carry none, while Denver and San Francisco pieces bear a “D” or “S” below the denomination.

Next, examine condition: coins with minimal wear, sharp details, and no signs of cleaning are worth significantly more. Finally, inspect the buffalo’s legs — a missing front leg could indicate the legendary 1937-D Three-Legged error, one of the most valuable varieties in American coinage.

Knowing these details can mean the difference between a $2 coin and a $100,000 treasure — and the Coin Value Checker 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 penultimate year of the Buffalo Nickel series, with coins produced across three mint facilities — Philadelphia, Denver, and San Francisco — totaling nearly 103 million pieces. Proof nickels were struck exclusively at Philadelphia that year, making it the last time a proof Buffalo nickel would ever be issued.

The Philadelphia Mint also produced a small number of special Proof and Proof Cameo (CAM) coins exclusively for collectors. CAM designation means the coin displays frosted, white devices (design elements) against highly polished mirror-like fields — a visually striking contrast that only forms on coins struck from freshly prepared dies. 1937 was the last year proof Buffalo Nickels were ever issued, giving this category unique historical and numismatic importance.

 

1937 No Mint Mark Nickel Value

The 1937 No Mint Mark Buffalo Nickel — struck at the historic Philadelphia Mint — holds a genuinely interesting place in American numismatics. The absence of a mint mark is itself a story: Philadelphia was the original U.S. Minting location, so coins struck there carried no mint mark at all until the 1940s, meaning this coin’s blank reverse tells you exactly where it came from.

The Philadelphia Mint produced 79,480,000 units in 1937, making it the most available of the three mint varieties. That accessibility makes it a great starting point for collectors entering the Buffalo Nickel series — but it doesn’t mean the coin lacks depth.

Philadelphia coins tend to show sharper strikes than their Denver and San Francisco counterparts, and luster is typically described as “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 — showing just how dramatically condition impacts price at the top of the scale.

The Greysheet (CDN Publishing), which serves as the dealer-to-dealer pricing guide for U.S. coins, lists the 1937 Philadelphia issue among the highest-volume circulated Buffalo nickels. While common below gem grades, its sharp-strike reputation makes it a coin worth examining closely — not all examples are equal.

For collectors, the real challenge lies in hunting down a sharply struck, fully original example. Strike quality varies widely on Buffalo Nickels, and a coin with crisp hair braids on the obverse and a well-defined buffalo horn on the reverse commands a clear premium over a softly struck counterpart.

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.

 

1937-D Nickel Value

The 1937-D Buffalo Nickel carries a noticeably different profile from its Philadelphia counterpart — and that difference matters to collectors. The Denver Mint produced 17,826,000 units in 1937, making D-mint examples comparatively rarer and slightly more valuable across grades.

What makes this coin particularly interesting from a collecting standpoint is its condition rarity at the top end of the scale. While thousands of examples have been certified in MS64, MS65, and MS66, the population drops off dramatically at MS67 — and MS68 is where this coin truly stands out.

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.

Regular 1937-D nickels also tend to show weaker strikes than Philadelphia coins, particularly on the buffalo’s head and the Native American’s hair details — meaning well-struck examples with sharp, full details command meaningful premiums. The luster on Denver coins is typically frostier than Philadelphia, but die quality was more variable.

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.

 

1937-S Nickel Value

Of the three circulating varieties from 1937, the 1937-S Buffalo Nickel stands out as the scarcest by mintage. The San Francisco Mint produced only 5,635,000 1937-S nickels — making it considerably harder to find than its Philadelphia or Denver counterparts, especially in higher grades.

PCGS CoinFacts notes that the 1937-S tends to show a “grey brilliant” type of luster, which is distinctive to many San Francisco-struck Buffalo nickels and differs from the warmer, frostier surfaces typical of Philadelphia and Denver. Strike quality is usually described as “decent for an S Mint Buffalo” — meaning it’s better than many other S-mint dates, but still trails the sharp Philadelphia issues.

That lower mintage directly translates into stronger premiums across the board. Many 1937-S nickels suffer from weak strikes, particularly on the buffalo’s head and the Native American’s hair details, so well-struck examples with sharp details and full horn definition command substantial premiums.

Top-graded examples have sold for $29,900 in MS68 — the auction record set at Heritage Auctions in September 2007 — with only three coins certified at that elite level, making the top of the population comparably tight.

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.

 

1937 Proof Nickel Value

The 1937 Proof Buffalo Nickel holds a uniquely final status in American numismatic history. The last proof Buffalo nickels were ever made in 1937 — while the series continued into 1938, proof production had already ended, meaning no proof Buffalo nickels exist for the final year of the design.

That makes the 1937 Proof not just a collector’s piece, but a genuine closing chapter of an era. Nearly all of the 5,769 examples struck that year feature the fully brilliant mirror finish that collectors had pushed for — an improvement directly shaped by collector feedback from the previous year.

Most examples are found in the PR64 to PR67 range. 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.

What makes collecting this coin genuinely challenging is surface quality. Finding one with deep, original luster and no hazy spots or hairlines from improper handling is harder than the mintage figure might suggest. Many 1937 Proofs also exhibit original toning in shades of blue, gold, or violet, which can add significant value when the color is attractive and even.

At the auction podium, the all-time record for this issue reached $40,250 at Heritage Auctions in January 2012 — nearly double what the same coin fetched just two years earlier at $20,700, a striking example of how quickly collector demand can move the market.

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.

 

1937 Proof CAM Nickel Value

The 1937 Proof Cameo Buffalo Nickel is the rarest designation within the entire 1937 nickel lineup. The term Cameo — abbreviated CAM — refers to coins where the raised design elements show a frosty, white contrast against mirror-polished fields. Only a handful of coins struck with the very first impressions from fresh dies show any cameo contrast at all, meaning the Cameo population is a tiny subset of the already limited 5,769 proof mintage.

Certified examples with the Cameo designation are extremely low in population, with only a handful known at the PR66 level and just a few more at PR67. The Deep Cameo (DCAM) designation — which requires even more dramatic frosted contrast — is essentially non-existent for 1937 Buffalo Nickels, as the minting technology of the era didn’t produce the intense die frosting seen on modern proof coins.

At auction, a PR67 CAM example sold for $13,200 at Heritage Auctions in October 2022 — a significant premium over standard proof examples at the same grade. For collectors building a complete 1937 set, this is the toughest piece to source in any meaningful quality. The low certified population also makes registry competition for top spots unusually intense.

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.

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

 

Rare 1937 Nickel Error List

Not every 1937 Buffalo Nickel is created equal. Beyond the standard varieties, a small number of coins escaped the mint with notable production mistakes — from missing legs to misaligned strikes. These error coins hold a distinct place in American numismatics, each telling a unique story of what went wrong on the mint floor and why collectors are still hunting for them today.

1. 1937-D 3 Legs Nickel Error

The 1937-D Three-Legged Buffalo Nickel is one of the most well-known error coins in all of American numismatics. The error occurred when a press operator at the Denver Mint — identified by numismatic researcher Walter Breen as one Mr. Young — used a polishing rod to remove clash marks from a damaged die, instead of replacing it as protocol required. In doing so, he accidentally ground off the buffalo’s front right foreleg, leaving only the hoof.

The Denver Mint was under immense production pressure at the time, leading staff to use dies far beyond their standard service life. PCGS CoinFacts confirms all known examples were struck from this single compromised reverse die, making the population traceable 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.

The coin is also known by an unofficial nickname among specialists: the “Urinating Buffalo.” All genuine examples show a distinctive arcing raised area between the bison’s back legs caused by die rust — a reliable authentication marker. Other diagnostics on authentic coins include: the “E” and “P” of “E Pluribus Unum” positioned away from the bison’s back (they touch on normal 1937-D coins); a raised series of dots under the belly; a rough, pock-marked appearance on the rear right leg; and an eroded, “moth-eaten” look at the top of the Indian’s neck.

Authentication is essential here because counterfeit examples — made by physically grinding off the foreleg of a regular 1937-D — are common. A genuine coin must show no tooling or file marks at the site of the missing leg. Professional certification by PCGS or NGC (both third-party grading services that authenticate and encapsulate coins) is strongly recommended before any serious purchase.

2. 1937 Nickel Clipped Planchet Error

A clipped planchet error happens before the coin is even struck — when the metal strip feeding into the press overlaps itself, punching out a blank with a curved section missing. The key diagnostic is the absence of a raised rim along the clipped edge — genuine clips show a smooth, arc-shaped indentation on both sides of the coin in exactly the same location.

Small clips removing 5–10% of the planchet start around $50–$100, while dramatic clips removing 20–30% or more can reach $200–$400, especially when the date and mint mark remain fully visible. On a coin as visually bold as the Buffalo Nickel, a clean clipped planchet creates a striking contrast between the missing metal and the remaining design, making these errors particularly appealing in any collection.

3. 1937 Nickel Die Break / Cud Error

As coin dies age under the intense pressure of repeated striking, they develop cracks — and when a piece of the die actually breaks away, it leaves a raised, featureless lump on the coin called a “cud.” Major die breaks create cuds — blank, raised areas where the die piece fell away — typically appearing along the rim.

These are permanent, repeatable errors, meaning every coin struck from that damaged die carries the exact same flaw. The size and location of the cud directly affects value — a large cud overlapping a key design element like the date or the buffalo is especially desirable. Collectors in the error coin community actively seek out well-defined, dramatic examples.

4. 1937 Nickel Struck Off-Center Error

An off-center strike occurs when the planchet shifts out of position between the dies at the moment of striking, leaving part of the coin blank and the design noticeably displaced. Minor off-center strikes showing 5–15% displacement typically sell for $50–$150, while examples showing 30–50% off-center command $200–$500 or more.

The most desirable examples are those where the date “1937” remains fully visible despite the misalignment — a complete date on a heavily off-center coin is what separates a modest find from a genuinely premium error. The struck portion must show sharp, complete details where the die made contact, with a distinct 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 Value

1. What is a 1937 Buffalo Nickel?

The 1937 Buffalo Nickel is a five-cent coin produced by the U.S. Mint as part of the Buffalo Nickel series, which ran from 1913 to 1938. The obverse features 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?

The 1937 Buffalo Nickel was struck at three different mints, each identified by a small mint mark on the reverse below the denomination — Philadelphia (no mint mark), Denver (D), and San Francisco (S). Philadelphia also produced a small number of special Proof coins that year, totaling just 5,769 pieces.

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

Flip the coin over to the reverse side and look directly below the words “FIVE CENTS.” A “D” means Denver, an “S” means San Francisco, and if there is no letter present, the coin was struck at Philadelphia, which did not use a mint mark on Buffalo Nickels.

4. Is a 1937 Nickel silver?

No. The 1937 Buffalo Nickel is composed of 75% copper and 25% nickel — despite its silver appearance, it contains no silver content whatsoever. U.S. nickels were only struck in silver (35% silver alloy) during the wartime years of 1942–1945, and those “War Nickels” have a large mint mark above Monticello for identification.

5. How much is a 1937 Nickel worth?

The 1937 Buffalo Nickel value ranges from approximately $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) is worth roughly $50–$150, while 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 factors drive value: mint mark, condition (grade), and whether the coin is 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 is the most valuable 1937 variety. A PCGS MS66+ example sold for $85,187.50 at Heritage Auctions in April 2016. In top circulated grades, the coin typically ranges from $500–$5,000, and 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?

Examine the buffalo’s front right leg — on genuine examples, the leg is missing but the hoof remains. Look for these additional authentication markers: the “E” and “P” of “E Pluribus Unum” should not touch the bison’s back (they do on normal 1937-D coins); there should be raised dots or an arc-shaped mark under the belly; the rear right leg should appear rough and pock-marked; and the top of the Indian’s neck should look 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 the series’ first four years (1913–1916) and then again only in 1936 and 1937. While the Buffalo Nickel series continued into 1938, proof production ended with the 1937 issue — so no proof Buffalo Nickels exist dated 1938. This makes the 1937 Proof the definitive final chapter of proof Buffalo nickel production.

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 of the design and the first area to flatten from die wear or circulation. Unlike Jefferson Nickels (which use “Full Steps” as a strike designation), Buffalo Nickels do not have a formal Full Horn designation from PCGS or NGC, but a sharply struck horn is considered a premium quality indicator by experienced collectors. On the 1937 issue, well-struck Philadelphia coins are most likely to show full horn definition, and such examples sell for meaningfully more than softly struck equivalents at the same certified grade.