The 1920 Buffalo nickel stands out as one of the most iconic designs in U.S. coinage history. While many of these nickels are common, some can be extremely valuable, especially those in high grades or with rare mint errors.
In this guide, we’ll explore the value of the 1920 Buffalo nickel, what makes certain examples more desirable than others, and how mint marks and condition play a major role in determining price. We’ll also touch on some of the notable mint errors that can boost a coin’s worth significantly.
So, if you’re curious about what your 1920 nickel might be worth — or you’re hunting for one to add to your collection — you’re in the right place!
1920 Buffalo Nickel Value Chart
| Mint Mark | XF45 | MS60 | MS65 | MS67 |
|---|---|---|---|---|
| 1920 (No Mint Mark) | $30 | $85 | $650 | $6,500 |
| 1920-D | $360 | $900 | $5,750 | $100,000 |
| 1920-S | $300 | $975 | $12,500 | n/a |
History of the 1920 Buffalo Nickel
The Buffalo nickel, first introduced in 1913, is one of the most iconic and visually striking coins in American history. Its popular nickname comes from the large animal featured on the reverse, although technically, it’s not a buffalo — it’s an American bison.
The idea to redesign the nickel is believed to have stemmed from a bit of personal ambition. According to a letter written by Eames MacVeagh, son of then-Treasury Secretary Franklin MacVeagh, updating the coin’s design would serve as a lasting legacy of his father’s term.
While the new design was admired by many for its artistry, it wasn’t universally well-received. One major critic was the Hobbs Manufacturing Company, which specialized in anti-counterfeiting devices for vending machines. The company argued that the Buffalo nickel’s intricate design would make it difficult to detect counterfeits.
In response, the U.S. Mint made some modifications, but Hobbs remained unsatisfied and requested further changes. Eventually, the Treasury lost patience and pushed forward with production anyway.
Unfortunately, striking the new design proved to be a technical challenge. Many Buffalo nickels display weak strikes, especially in circulated grades. The date was particularly prone to wear, often becoming illegible over time. To address this, the Mint revised the reverse design midway through 1913, changing the bison’s raised mound to a straight platform and recessing the date slightly to improve durability.
These ongoing issues contributed to the short lifespan of the series. The Buffalo nickel was retired in 1938, reaching the 25-year minimum required before a coin could be redesigned without needing Congressional approval.
In 1920, Buffalo nickels were struck at three different mints:
- Philadelphia (no mint mark)
- Denver (marked “D”)
- San Francisco (marked “S”)
All coins from that year were business strikes — no proofs or Special Mint Sets were produced in 1920.
Features of the 1920 Buffalo Nickel
The Obverse of the 1920 Buffalo Nickel
The obverse (or “heads” side) of the 1920 Buffalo nickel features a powerful portrait of a Native American man, a design created by sculptor James Earle Fraser. The identity of the figure has been a topic of debate for decades.
Fraser explained that the image was not based on a single person, but rather a composite of several Native American individuals, representing a cultural type rather than an exact likeness. Nonetheless, multiple people later claimed to be the inspiration, including John Big Tree, a Seneca, and Two Guns White Calf, a Blackfoot chief.
To the right of the portrait, the word “LIBERTY” is inscribed in a curve, following the coin’s edge. On the left side, you’ll find the date “1920” engraved on the Native American’s shoulder. Just beneath the date is a small “F”, the initial of James Earle Fraser, subtly marking his authorship of the design.
The portrait itself dominates much of the coin’s surface — a bold choice that drew criticism from some quarters. The Hobbs Manufacturing Company, in particular, argued that the large design left no flat edge for its counterfeit detection devices to function properly. They also objected to the high relief of the cheekbone, which they believed would interfere with machine readings.
Despite their objections, the Treasury Department opted not to compromise the artistic integrity of the design. It was also noted that the Hobbs machine had performance issues with the previous Liberty Head nickels, casting further doubt on its reliability.
The Reverse of the 1920 Buffalo Nickel
The reverse of the 1920 Buffalo nickel was also crafted by James Earle Fraser, and just like the Native American figure on the obverse, the bison on the reverse sparked debate about its true origin.
Fraser claimed the animal was modeled after a bison he observed at the Bronx Zoo, named Black Diamond. However, records show that a bison named Black Diamond actually resided at the Central Park Zoo, not the Bronx. Tragically, Black Diamond was later sold and slaughtered, but his mounted head still exists and is occasionally exhibited at coin shows.
Interestingly, when compared to the image on the coin, Black Diamond’s horn structure doesn’t quite match, leading many to believe Fraser may have used artistic license—or possibly confused him with another bison. The Bronx Zoo did house American bison at the time, including a notable specimen named Bronx, which may have influenced the final design.
Regardless of the exact inspiration, the coin features a majestic American bison, standing on uneven terrain, head lowered as if moving forward with quiet strength.
Above the animal’s back, the inscription “UNITED STATES OF AMERICA” follows the curvature of the coin’s upper rim. Beneath that is the Latin motto “E PLURIBUS UNUM”, which appears stacked over three lines. This phrase, meaning “Out of many, one,” symbolizes the unity of the states forming the nation.
At the bottom of the reverse, you’ll find the coin’s denomination, written as “FIVE CENTS.” If the coin was minted in Denver or San Francisco, a “D” or “S” mint mark will be visible just below the denomination. Coins struck in Philadelphia bear no mint mark.
Other Features of the 1920 Buffalo Nickel
Although we commonly refer to 5-cent coins as “nickels,” the Buffalo nickel is actually made up of more copper than nickel. The composition is 75% copper and 25% nickel — the latter being responsible for the coin’s silvery appearance.
Each coin has a diameter of 21.2 millimeters, weighs 5 grams, and features a plain edge when viewed from the side.
One interesting aspect of the Buffalo nickel series is that it comes in two reverse design types:
- Type 1 was used only in early 1913, the debut year of the series. It shows the bison standing on a raised mound, with the date and denomination inscribed directly on that raised area.
- Type 2, introduced later in 1913, featured a modified design for improved durability. In this version, a flat platform replaces the mound beneath the bison, and the date is moved to a recessed area below, helping protect it from wear.
All 1920 Buffalo nickels use the Type 2 reverse, which became the standard for the remainder of the series.
1920 Buffalo Nickel Grading Guide
Understanding your coin’s grade is essential to determining its true market value. Grading is based on the Sheldon Scale, which ranges from heavily worn coins to flawless mint-state examples. Here’s a simplified breakdown of the key grades:
| Grade Number | Grade Description |
|---|---|
| 1 | Basal State-1 |
| 2 | Fair |
| 3 | Very Fair |
| 4, 5, 6 | Good (G) |
| 7, 8, 10 | Very Good (VG) |
| 12, 15 | Fine (F) |
| 20, 30 | Very Fine (VF) |
| 40 | Extremely Fine (XF) |
| 50 | About Uncirculated (AU) |
| 60 | Mint State (MS-60) |
| 65 | Mint State (MS-65) |
| 70 | Perfect Mint State (MS-70) |
Before assessing your coin’s worth, it’s important to accurately identify its grade. Even small differences in condition can dramatically impact value — especially for rarer mint marks like 1920-D or 1920-S.
Tip: Use a magnifying glass and compare your coin to certified examples, or consult a professional grading service if you’re unsure.
1920 Buffalo Nickel Value Guides
1920 No Mint Mark Buffalo Nickel Value
In 1920, the Philadelphia Mint struck over 63 million Buffalo nickels. Compared to earlier issues in the series, most of these coins are fairly well struck, making them more appealing to collectors.
According to estimates from PCGS (Professional Coin Grading Service), around 8,000 examples of the 1920 no mint mark Buffalo nickel are believed to survive across all grades today. In circulated condition, this puts them on par in rarity with issues from 1914 to 1924.
However, finding this coin in uncirculated (mint state) condition—graded MS60 or higher—is significantly more difficult. Fewer than 2,000 mint-state coins are thought to remain, making them rarer than most Philadelphia issues from 1914–1919, except for 1918.
For collectors chasing coins in gem condition (MS65 or better), the challenge is even greater. PCGS estimates there are only around 300 known survivors at this grade level.
Value Breakdown (1920 No Mint Mark Buffalo Nickel)
| Grade | Estimated Value |
|---|---|
| XF45 | $30 |
| MS60 | $85 |
| MS65 | $650 |
| MS67+ | $25,000 (top known examples) |
Two coins graded MS67+ currently represent the finest known specimens of this issue—and each is valued at a remarkable $25,000.
1920 D Buffalo Nickel Value
The 1920-D Buffalo nickel, struck at the Denver Mint, is far scarcer than its Philadelphia counterpart. Just under 10 million coins were minted that year, and today, the PCGS estimates only about 4,500 surviving examples across all grades.
Finding one in mint state condition is especially difficult. Fewer than 800 uncirculated specimens are believed to exist, and only about 80 qualify as gems (MS65 or higher)—making this one of the toughest dates in the entire Buffalo nickel series.
Even coins in low grades carry noticeable value:
- A coin graded G-3 (Good) is worth around $15
- In VF20 (Very Fine), it climbs to approximately $125
- At XF45 (Extremely Fine), expect a value around $360
In mint state, prices jump significantly:
- MS60 examples start at about $900
- MS65 coins command at least $5,750
The highest-graded known example is a single 1920-D Buffalo nickel graded MS67 by NGC. This stunning coin sold for an astounding $138,000 at auction back in 2008—a record that still stands today.
1920 S Buffalo Nickel Value
The San Francisco Mint struck slightly more Buffalo nickels in 1920 than the Denver Mint, with a total mintage of approximately 9.7 million coins—about 250,000 more than the 1920-D issue.
Today, an estimated 5,500 examples of the 1920-S survive in all grades. While that’s marginally higher than the Denver total, coins in gem condition are even scarcer. According to PCGS, only about 30 coins graded MS65 or better are known to exist.
Circulated Coin Values
In lower grades, the 1920-S Buffalo nickel is slightly less valuable than the 1920-D. For example:
- G-3 (Good): Worth around $8
- VF20 (Very Fine): Valued at about $110
- XF45 (Extremely Fine): Roughly $300 (vs. $360 for the 1920-D)
Mint State and Gem Value
Where the 1920-S really stands out is in uncirculated grades. Despite the lower circulated value, high-grade coins carry a significant premium:
- MS60: Starts at about $975
- MS65 (Gem): Valued around $12,500
This makes the 1920-S Buffalo nickel one of the most challenging mint state issues in the entire series — especially for collectors aiming for gem-quality coins.
Rare 1920 Buffalo Nickel Errors List
1920 (P) No Mint Mark Buffalo Nickel, Struck on a Lincoln Cent Planchet
Every now and then, a rare Mint error occurs when a coin is struck on a planchet meant for a different denomination. These errors are highly sought after by collectors due to their rarity and uniqueness.
One notable example is a 1920 Buffalo nickel from the Philadelphia Mint that was accidentally struck on a Lincoln cent planchet. This smaller copper planchet slipped into the nickel press, resulting in a coin featuring the nickel’s design but missing large portions of its details due to the reduced size.
This mistake also gave the coin a distinctive bronze color, making it unlike any typical Buffalo nickel.
The coin was found in uncirculated condition and graded MS61 by PCGS. When it sold at auction in 2014, it commanded a remarkable price of $4,400.
1920 Buffalo Nickel, Struck 40% Off-Center on a Lincoln Cent Planchet
The previously mentioned example isn’t the only case where a 1920 Buffalo nickel was mistakenly struck on a Lincoln cent planchet. Another remarkable coin combined this unusual planchet error with an additional striking mistake — it was struck about 40% off-center.
Due to this misalignment, the obverse only shows the chin, neck, and shoulder of the Native American portrait, while the rest of the planchet remains blank. On the reverse, only the top left portion of the design is visible, with the letters “UM” from “E PLURIBUS UNUM” and the bison’s legs completely missing.
This coin was graded MS64 brown by PCGS, reflecting its excellent condition despite the error. When it went up for auction, it sold for over $12,000 — a testament to the high value collectors place on rare mint mistakes.
Where to sell your nickel?
Now that you’re aware of your nickel’s value, you may be curious about the best places to sell it. Don’t worry: here’s a rundown of some top online marketplaces where you can conveniently sell your nickels, along with their benefits and drawbacks.
Explore the best platforms for selling nickels online (advantages and disadvantages).
FAQ about the 1920 Buffalo Nickel
1. How do the subtle design variations and die states between the 1920 Philadelphia, Denver, and San Francisco mint Buffalo Nickels affect their rarity and collector value?
The 1920 Buffalo Nickels from Philadelphia (no mint mark), Denver (“D”), and San Francisco (“S”) each show slight variations in die wear and design details due to different die usage and minting processes. Denver coins are generally scarcer, especially in higher grades, making them more valuable. Philadelphia issues are more common but can be highly prized in mint state condition. San Francisco coins often appear in proof sets and have unique die polishing marks. Collectors value the subtle differences in strike quality and die states, which can influence rarity and price significantly.
2. What role do die cracks, die clashes, and other minting anomalies play in distinguishing high-grade 1920 Buffalo Nickels from standard circulation strikes?
Die cracks and clashes are small imperfections formed on the dies themselves, which transfer onto coins. For 1920 Buffalo Nickels, these anomalies can create unique patterns or marks that help identify specific die pairs and sometimes increase collectible value. In high-grade coins, the presence of certain die cracks or clashes can serve as a hallmark of authenticity and rarity, while in circulation strikes they are often masked by wear. Serious collectors seek these varieties as part of advanced collections.
3. How can one authenticate a 1920 Buffalo Nickel struck on an off-metal planchet, and what impact does this rare error have on the coin’s historical significance and market value?
Authenticating a 1920 Buffalo Nickel struck on an off-metal planchet (such as a Lincoln cent planchet) requires close examination by experts using magnification and sometimes X-ray fluorescence (XRF) analysis to verify metal composition. This error is extremely rare and highly sought after because it represents a significant minting anomaly. Historically, it reveals mint quality control challenges of the era. Market-wise, such coins command premium prices, often reaching thousands of dollars, due to their rarity and appeal to error collectors.
4. In what ways did the economic and historical context of 1920 influence the production volumes and quality control of Buffalo Nickels minted that year?
The post-World War I economic environment in 1920 brought inflation, labor unrest, and transitioning industrial capacity. These factors pressured mint production schedules and sometimes affected die quality and planchet availability. This context explains variations in strike quality, increased minting errors, and irregularities in coin appearance. Economic constraints likely led to reusing worn dies longer than usual, influencing the coin’s overall quality and rarity of certain varieties.
5. How do cleaning, environmental damage, and improper storage affect the long-term preservation and grading reliability of 1920 Buffalo Nickels?
Cleaning can severely reduce a coin’s numismatic value by removing original patina and causing scratches or unnatural luster. Environmental damage such as corrosion, toning, or staining from moisture and pollutants can degrade surface quality. Improper storage (exposure to air, humidity, or acidic materials) accelerates deterioration. For 1920 Buffalo Nickels, preservation of original surfaces is crucial, as grading relies heavily on eye appeal and strike clarity. Well-preserved coins retain higher grades and market values.
6. What advanced grading criteria do experts use to evaluate the eye appeal and strike quality of 1920 Buffalo Nickels, particularly when differentiating between AU (About Uncirculated) and MS (Mint State) grades?
Experts assess strike sharpness, including details in the buffalo’s fur and the Native American’s facial features, alongside surface preservation. AU coins show slight wear but retain most design details, whereas MS coins have full detail with no wear but must be free from significant contact marks or imperfections. Eye appeal includes luster, toning, and absence of distractions. Graders also consider die state and any minting flaws to determine coin rarity within each grade.
7. How have auction records and market trends for the 1920 Buffalo Nickel evolved over the past decades, and what predictions can be made for its future investment potential?
Over the past decades, the 1920 Buffalo Nickel has seen steady appreciation, especially in higher grades and rarer mint marks like Denver. Market interest has grown as collectors pursue complete Buffalo Nickel sets and specialized varieties. Auction records reflect increasing prices for well-preserved coins and rare errors. Future investment potential appears positive but moderate; demand may rise with growing awareness, but the large mintage of Philadelphia issues keeps common prices stable. Error coins and rare varieties will likely appreciate faster.
