The 1937-D Three-Legged Buffalo Nickel stands as one of the most intriguing and valuable coins in American numismatics. This unique error coin, resulting from a minting mishap, has captivated collectors and investors alike, with pristine examples fetching prices up to $200,000 at auction.
Origins of the Three-Legged Buffalo Nickel
In 1937, at the Denver Mint, a routine die maintenance procedure led to an extraordinary error. Overzealous polishing of a worn reverse die inadvertently removed the buffalo’s front right leg, leaving only three legs visible. This mistake went unnoticed initially, and a number of these error coins entered circulation before the issue was detected.
Key Features and Identification
Identifying a genuine 1937-D Three-Legged Buffalo Nickel involves noting several distinct characteristics:
- Missing Front Leg: The buffalo’s front right leg is absent, though the hoof remains visible.
- Weak Hind Leg: The rear leg appears weakened or “moth-eaten” due to die polishing.
- Die Polishing Marks: Fine lines from die polishing may be present, especially beneath the buffalo’s belly.
- Denver Mint Mark: A “D” mint mark below the denomination indicates production at the Denver Mint.
Market Value and Auction Records
The value of a 1937-D Three-Legged Buffalo Nickel varies based on its condition and rarity. In circulated grades, these coins can command several hundred to a few thousand dollars. However, in mint state, especially those graded MS-66 or higher, prices can soar. Notably, an MS-66+ example sold for $99,875 in October 2021.
Factors Influencing Value
Several elements contribute to the coin’s value:
- Condition: Coins in higher grades, with minimal wear, are more valuable.
- Rarity: The limited number of surviving specimens, especially in mint state, enhances desirability.
- Market Demand: The coin’s storied history and unique error make it highly sought after among collectors.
Auction Prices for 1937-D Three-Legged Buffalo Nickels
| Grade | Auction Price | Date | Auction House |
|---|---|---|---|
| MS-66+ | $99,875 | October 2021 | Legend Rare Coin Auctions |
| MS-64 | $8,820 | Recent | APMEX |
| AU-55 | $1,320 | November 2022 | Stack’s Bowers |
| VF-20 | $720 | August 2023 | Stack’s Bowers |
Note: Prices are subject to change based on market conditions.
Collecting and Investing Tips
For those interested in acquiring a 1937-D Three-Legged Buffalo Nickel:
- Authentication: Due to the coin’s value, counterfeits exist. Ensure purchases are authenticated by reputable grading services like PCGS or NGC.
- Condition Assessment: Aim for the highest grade affordable, as condition significantly impacts value.
- Market Research: Stay informed about current market trends and recent auction results to make educated purchasing decisions.
Conclusion
The 1937-D Three-Legged Buffalo Nickel remains a testament to the allure of numismatic errors. Its unique history, combined with its rarity and distinctive features, continues to captivate collectors and investors, solidifying its status as a prized piece in American coinage.
FAQs
What caused the three-legged error on the 1937-D Buffalo Nickel?
Excessive polishing of a worn reverse die at the Denver Mint removed the buffalo’s front right leg, leading to the error.
How can I verify the authenticity of a 1937-D Three-Legged Buffalo Nickel?
Look for the missing front leg, weak hind leg, die polishing marks, and the “D” mint mark. For certainty, have the coin authenticated by reputable grading services like PCGS or NGC.
What is the highest recorded auction price for this coin?
An MS-66+ graded 1937-D Three-Legged Buffalo Nickel sold for $99,875 in October 2021.
Are there many of these error coins in existence?
While exact numbers are unknown, the coin is considered scarce, especially in higher grades, due to its unique error and historical significance.
Why is the 1937-D Three-Legged Buffalo Nickel so valuable?
Its value stems from its unique minting error, historical context, limited availability, and high demand among collectors.
