Why the 1937-D Three-Legged Buffalo Nickel Could Fetch $270,000

The 1937-D Three-Legged Buffalo Nickel stands as one of the most intriguing and sought-after coins among collectors.

This unique variant, distinguished by the absence of one of the buffalo’s front legs, offers both a captivating history and substantial value.​

Understanding the 1937-D Three-Legged Buffalo Nickel

Minting Error Origins

In 1937, while minting Buffalo Nickels at the Denver Mint, an overzealous polishing of a worn reverse die led to the unintended removal of the buffalo’s right front leg.

This die alteration resulted in the distinctive “three-legged” appearance, making these coins particularly rare and valuable. ​

Identifying the Three-Legged Variety

To identify a 1937-D Three-Legged Buffalo Nickel, examine the reverse side of the coin. The buffalo should have three legs: the left front leg, the left rear leg, and the right rear leg. The right front leg is noticeably absent due to the die error. ​

Factors Influencing Value

The value of the 1937-D Three-Legged Buffalo Nickel is influenced by several key factors:

1. Condition (Grade): Coins are graded based on their preservation, with higher grades commanding higher values.​
2. Rarity: Fewer than 10,000 of these error coins are believed to have survived, enhancing their rarity. ​
3. Demand: High demand among collectors drives up the market value.

Estimated Values Based on Grade

Grade	Estimated Value
Fine (F-12)	$500 – $1,000
Very Fine (VF-20)	$1,000 – $2,000
Extremely Fine (XF-40)	$2,000 – $5,000
About Uncirculated (AU-50)	$5,000 – $10,000
Mint State (MS-60)	$10,000 – $20,000
Gem Mint State (MS-65)	$50,000 – $100,000

Notable Auction Records

Exceptional specimens have fetched impressive prices at auctions. For instance, a 1937-D Three-Legged Buffalo Nickel graded MS66+ sold for nearly $100,000 in 2021. ​

Tips for Collectors

• Authentication: Given the coin’s value, ensure authenticity by consulting reputable dealers or professional grading services.​
• Storage: Store the coin in a controlled environment to prevent deterioration.​
• Market Research: Regularly check auction results and dealer listings to stay informed about current market trends.​

The 1937-D Three-Legged Buffalo Nickel is more than just a coin; it’s a piece of numismatic history that continues to captivate collectors worldwide. Its unique origin, coupled with its rarity and demand, ensures its place as a prized possession in any collection.

FAQs

What causes the three-legged appearance on the 1937-D Buffalo Nickel?

The three-legged appearance results from excessive polishing of the reverse die during minting, which inadvertently removed one of the buffalo’s front legs. ​

How can I verify the authenticity of my 1937-D Three-Legged Buffalo Nickel?

Consulting reputable coin dealers or submitting the coin to professional grading services like PCGS or NGC can authenticate your coin.​

Are all 1937-D Buffalo Nickels three-legged?

No, only a small fraction of 1937-D Buffalo Nickels exhibit the three-legged error due to the die polishing incident.

What is the most valuable grade for this coin?

Gem Mint State (MS-65) specimens are among the most valuable, often reaching prices between $50,000 and $100,000.