5 Reasons the 1937-D Three-Legged Buffalo Nickel Is Highly Valuable

The 1937-D Three-Legged Buffalo Nickel stands out as one of the most intriguing and sought-after coins among collectors. This unique coin, minted in Denver, has garnered significant attention due to its distinctive error and historical significance.

Here are five compelling reasons why this coin holds such high value:

1. Unique Minting Error

In 1937, during the production of Buffalo Nickels at the Denver Mint, an overzealous polishing of a worn reverse die led to the removal of the buffalo’s front right leg. This error resulted in the iconic “Three-Legged” appearance, making it a rare and fascinating find for numismatists.

The missing leg, combined with a “moth-eaten” appearance of the back leg, distinguishes this coin from standard issues.

2. Limited Quantity

While the exact number of 1937-D Three-Legged Buffalo Nickels produced remains uncertain, it’s estimated that thousands entered circulation before the error was detected.

Over time, many have been lost or damaged, further reducing the number of surviving specimens. This scarcity significantly enhances the coin’s desirability and market value.

3. High Collector Demand

The combination of a unique error and limited availability has made the 1937-D Three-Legged Buffalo Nickel a coveted piece among collectors. Its distinctive appearance and the story behind its creation add to its allure, driving demand and, consequently, its market price.

Even coins in circulated condition can fetch substantial sums, with values increasing dramatically based on grade and preservation.

4. Significant Market Value

The market value of the 1937-D Three-Legged Buffalo Nickel varies based on its condition. As of February 2025, coins in circulated condition are valued between $350 and $1,950. Uncirculated specimens, especially those with higher grades, can command prices ranging from $5,000 to $9,000.

Notably, a coin graded MS67 achieved a sale price of $85,000 in 2016, underscoring the premium placed on top-quality examples.

5. Historical Significance

The 1937-D Three-Legged Buffalo Nickel offers a glimpse into the minting practices of the early 20th century. The error serves as a testament to the challenges faced in coin production and the human element involved in the minting process. Collecting such coins allows enthusiasts to preserve and appreciate a tangible piece of American history.

Summary of Key Details

Below is a table summarizing the essential attributes of the 1937-D Three-Legged Buffalo Nickel:

Attribute	Description
Mint	Denver (D)
Error Type	Missing front right leg of the buffalo due to over-polishing of the die
Estimated Mintage	Thousands, with many lost or damaged over time
Value Range	$350 to $1,950 (circulated); $5,000 to $9,000 (uncirculated); up to $85,000 for top-grade specimens
Historical Context	Reflects minting challenges and practices of the 1930s, highlighting the human element in coin production

Frequently Asked Questions (FAQs)

1. How did the 1937-D Three-Legged Buffalo Nickel error occur?

The error resulted from excessive polishing of a worn reverse die at the Denver Mint, which inadvertently removed the buffalo’s front right leg, leading to the distinctive “Three-Legged” appearance.

2. How can I authenticate a 1937-D Three-Legged Buffalo Nickel?

Authentic coins exhibit a missing front right leg on the buffalo and a “moth-eaten” appearance on the back leg. Additionally, a raised line, often referred to as a “stream,” may appear beneath the buffalo’s belly. Consulting a reputable coin grading service is advisable for verification.

3. What factors influence the value of a 1937-D Three-Legged Buffalo Nickel?

The coin’s condition (grade), rarity, and demand among collectors significantly impact its value. Higher-grade coins with minimal wear command premium prices.

4. Are there counterfeit 1937-D Three-Legged Buffalo Nickels?

Yes, due to its high value, counterfeit versions exist. Some altered coins have had a leg removed to mimic the error. It’s essential to have potential purchases authenticated by a trusted numismatic expert or grading service.

5. Where can I sell a 1937-D Three-Legged Buffalo Nickel?

You can sell the coin through reputable coin dealers, auction houses, or online platforms specializing in numismatics. Obtaining a professional appraisal beforehand can help determine its market value.

The 1937-D Three-Legged Buffalo Nickel remains a fascinating and valuable piece for collectors, embodying a unique blend of historical significance and numismatic intrigue.