The Buffalo nickel, also known as the Indian Head nickel, was produced by the U.S. Mint from 1913 to 1938. Today, these coins are among the most beloved and collectible American coins, known for their artistic tribute to Native American culture on the obverse and the American bison on the reverse.
In 1923, Buffalo nickels were struck at two different mints, with a combined mintage of just under 42 million coins. However, one mint had a much smaller output, making those nickels significantly rarer and more valuable today.
As a result, the mint mark — identifying where the coin was produced — is a crucial factor in determining the value of a 1923 Buffalo nickel, along with its condition and grade.
1923 Buffalo Nickel Value Chart
| Condition | 1923 (No Mint Mark) | 1923-S (San Francisco Mint) |
|---|---|---|
| Good (G-4) | $5 | $14 |
| Very Good (VG-8) | $7 | $28 |
| Fine (F-12) | $9 | $80 |
| Very Fine (VF-20) | $14 | $135 |
| Extra Fine (XF-40) | $20 | $260 |
| About Uncirculated (AU-50) | $40 | $350 |
| Mint State 60 (MS60) | $90 | $700 |
| Mint State 63 (MS63) | $225 | $1,125 |
History of the 1923 Buffalo Nickel
The Buffalo nickel, also known as the Indian Head nickel, was produced by the U.S. Mint between 1913 and 1938, with a total mintage of 1,212,995,919 coins. This coin emerged during a time when American coin design was undergoing a renaissance, driven by a desire to infuse more artistry and national symbolism into U.S. currency.
In 1904, President Theodore Roosevelt criticized the lackluster designs of American coins and urged the U.S. Mint to make them more visually impactful. He commissioned famed sculptor Augustus Saint-Gaudens to spearhead this transformation. Unfortunately, Saint-Gaudens passed away before he could redesign the Liberty Head nickel, which became legally eligible for replacement in 1912.
The task of redesigning the new 5-cent coin was assigned to James Earle Fraser, a former student of Saint-Gaudens and an accomplished sculptor in his own right. Fraser’s vision honored the nation’s Native American heritage.
- The obverse featured a bold Native American profile, said to be a composite portrait of three tribal leaders from the Cheyenne, Seneca, and Sioux nations.
- The reverse depicted a majestic American bison, often mistaken for a buffalo, standing on a mound.
1923 Buffalo Nickel Mintage Figures
| Mint Location | Coin | Mintage |
|---|---|---|
| Philadelphia | 1923 (No Mint Mark) | 35,715,000 |
| San Francisco | 1923-S | 6,142,000 |
| Total | 41,857,000 |
Although not officially released until later, the first appearance of the Buffalo nickel was during a symbolic event: the groundbreaking ceremony for the National American Indian Memorial in New York in 1913. President William Howard Taft presented forty brand-new Buffalo nickels to a group of Native American chiefs who attended the event.
Ironically, while the coin became an iconic tribute to Native American culture, the memorial itself was never built.
Features of the 1923 Buffalo Nickel
The obverse of the 1923 Buffalo nickel
The obverse (front side) of the 1923 Buffalo nickel features a powerful profile of a Native American chief facing right. While it may appear to be a portrait of a single individual, artist James Earle Fraser created it as a composite—a blend of features drawn from three different tribal chiefs, representing the Cheyenne, Seneca, and Sioux nations.
Fraser emphasized prominent facial characteristics such as high cheekbones, textured hair, and decorative feathers in the chief’s braided headdress to create a dignified and iconic representation of Native American identity.
You’ll find the word “LIBERTY” inscribed along the right rim, positioned just in front of the chief’s forehead. Below the neckline, on the shoulder, is the minting year “1923” along with a small “F”, standing for Fraser, the coin’s designer.
The reverse of the 1923 Buffalo nickel
The reverse of the 1923 Buffalo nickel features the image of a majestic American bison standing calmly atop a raised mound. While not officially confirmed, it’s widely believed that the model for this design was Black Diamond, a well-known bison from the Central Park Zoo in New York City — a favorite of visitors and a fitting symbol of American wildlife.
Fraser’s design captures the rugged strength of the animal, making it one of the most recognizable reverses in U.S. coin history.
Along the upper rim, you’ll see the inscription “UNITED STATES OF AMERICA”. Just beneath that, on the right side, is the Latin motto “E PLURIBUS UNUM”, meaning “Out of many, one.”
The coin’s denomination, “FIVE CENTS”, is struck along the bottom rim. If the coin was minted in San Francisco, you’ll find a small “S” mint mark located just below the denomination. Coins from Philadelphia have no mint mark.
1923 Buffalo Nickel – Specifications and Features
The 1923 Buffalo nickel follows the standard specifications for 5-cent pieces of its time. Below are the key details:
- Face Value: Five cents ($0.05)
- Shape: Round
- Edge: Plain (no reeding)
- Composition: 75% copper, 25% nickel
- Diameter: 0.83465 inches (21.2 mm)
- Weight: 0.17637 ounces (5 grams)
- Thickness: 0.07677 inches (1.95 mm)
Additional Characteristics
These 1923 nickels are made mostly of copper, with nickel giving the coin its silvery tone. The coin’s plain edge, durable alloy, and compact size and weight made it practical for circulation while also visually appealing thanks to its bold Native American and bison imagery.
Grading the 1923 Buffalo Nickel
If you’re fortunate enough to find a 1923 Buffalo nickel for your collection, its condition is one of the most important factors in determining its value. That’s where grading comes into play.
Coin grading evaluates the preservation level of a coin, from heavily worn to flawless mint condition. While you can do a rough self-assessment using visual guides, it’s recommended to consult professional grading services—especially if the coin might be valuable.
Most grading is done using the Sheldon Scale, developed by numismatist Dr. William Sheldon. This numerical system ranges from 1 to 70, with higher numbers representing better-preserved coins.
1923 Buffalo Nickel Grading Scale
| Grade Number | Grade Description |
|---|---|
| 1 | Basal State-1 |
| 2 | Fair |
| 3 | Very Fair |
| 4 – 6 | Good |
| 7 – 10 | Very Good |
| 12 – 15 | Fine |
| 20 – 30 | Very Fine |
| 40 | Extremely Fine |
| 50 | About Uncirculated (AU) |
| 60 | Mint State (MS60) |
| 65 | Mint State (MS65) |
| 70 | Perfect Mint State (MS70) |
Tip: Always refer to a trusted grading guide or submit your coin to a certified service like PCGS or NGC to determine its exact grade — it’s a crucial step in understanding the true market value of your coin.
1923 Buffalo Nickel Value Guides
1923 Buffalo No Mint Mark nickel Value
In 1923, the Philadelphia Mint struck the majority of that year’s Buffalo nickels—an impressive 35,715,000 coins in total. These pieces do not bear a mint mark, making them easy to distinguish from their San Francisco counterparts.
Because no Buffalo nickels were minted in 1922, the entire 1923 production was released into circulation, leading to a high level of wear across surviving examples. Despite this, the 1923 (P) Buffalo nickel still holds value, even in heavily circulated condition.
Circulated Value Range
- Low-grade coins (heavily worn):
➤ Worth around $0.65 to $0.78 - Good to About Uncirculated (AU):
➤ Typically range from $5 to $40, depending on detail and eye appeal
Uncirculated (Mint State) Value Estimates
| Grade | Estimated Value |
|---|---|
| MS60 | $90 |
| MS61 | $115 |
| MS62 | $175 |
| MS63 | $225 |
| MS64 | $350 |
| MS65 | $625 |
| MS66 | $1,150 |
| MS67 | $5,000+ |
Top Sale:
The highest known price paid for a 1923 (P) Buffalo nickel was a superb MS67 example that sold for $18,400 at auction in 2003.
1923 S Buffalo nickel Value
In 1923, the San Francisco Mint struck just 6,142,000 Buffalo nickels, making them far scarcer than their Philadelphia counterparts. Each of these coins carries the “S” mint mark, located on the reverse below the denomination.
Due to its low mintage and limited surviving examples, the 1923-S Buffalo nickel is considered semi-key and is highly sought after by collectors—especially in better grades.
Circulated Value Range (1923-S Buffalo Nickel)
Even in worn condition, this coin holds solid value:
- Low-grade coins (heavily circulated):
➤ Worth about $2.50 to $3.00 - Good to About Uncirculated (AU):
➤ Range from $14 to $350, depending on condition and detail
Uncirculated (Mint State) Value Estimates
| Grade | Estimated Market Value |
|---|---|
| MS60 | $700 |
| MS61 | $750 |
| MS62 | $900 |
| MS63 | $1,125 |
| MS64 | $2,000 |
| MS65 | $6,500 |
| MS66 | $47,500 |
Auction Record:
A spectacular MS66 1923-S Buffalo nickel set a record price of $67,563 at auction in 2013, making it the most valuable coin of this issue ever sold.
Rare 1923 Buffalo Nickel Errors List
Two Feathers
One of the most common minting errors in the Buffalo nickel series—including the 1923 issue—is the “Two Feathers” error. Normally, the obverse design depicts a Native American chief wearing three feathers in his headdress. However, in this error variety, one feather—located near the neck and below the longest feather—is missing.
Cause of the Error:
While the exact reason is unknown, most numismatists believe this anomaly is the result of over-polishing the die, which caused the third feather to fade or disappear entirely.
Collector Interest & Value:
Despite being a known and identifiable variation, collector interest in the Two Feathers error remains relatively low. As a result, these coins do not command high premiums. Their market value largely depends on the coin’s grade and overall eye appeal.
Off-center
Occasionally, during the minting process, the planchet shifts, causing the design to be incompletely struck. This results in a portion of the coin’s rim remaining blank, with the missing design area varying widely—from as little as 1% up to 99% of the surface.
Value Factors
The value of coins with this error depends heavily on:
- How much of the design is visible
- Whether the date and mint mark are intact and legible
For 1923 Buffalo nickels exhibiting this off-center strike, prices generally range from $360 to $500. The final price primarily reflects the size of the error and the clarity of essential details on the coin.
Ragged end clip error
This error is identified by an irregular, uneven edge interrupting the coin’s normally round outline. The coin appears to be missing a portion of its outer rim, making the flaw very noticeable.
Value Range
1923 Buffalo nickels displaying the ragged end clip error typically sell for between $20 and $300, depending on the coin’s condition and the severity of the clip.
Lamination
Coins affected by lamination errors exhibit surface cracking and peeling, caused by impurities or contaminants in the metal alloy. This defect can occur either before or after the minting process, leading to the metal layers separating.
Value Range
1923 Buffalo nickels showing lamination flaws typically have a value between $150 and $230, depending on the extent of the damage and overall coin condition.
1923 Buffalo Nickel – Missing Designer’s Initials Error
On the obverse of Buffalo nickels, the designer’s initials (“F”) are typically located just below the minting year. Some 1923 Buffalo nickels are found without this “F” initial, which is considered a notable error.
Value Impact
Coins missing the designer’s initials often attract greater collector interest and can command prices of up to $270, depending on their overall condition and rarity.
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 1923 Buffalo Nickel
1. What is the composition of the 1923 Buffalo Nickel?
The 1923 Buffalo Nickel is made of 75% copper and 25% nickel, a standard alloy for nickels from 1913 to 1938.
2. What designs are featured on the 1923 Buffalo Nickel?
- Obverse: A Native American chief’s profile, designed by James Earle Fraser
- Reverse: An American bison (buffalo) standing on a mound
3. Which mints produced the 1923 Buffalo Nickel?
1923 Buffalo Nickels were minted at:
- Philadelphia (no mint mark)
- Denver (“D” mint mark)
- San Francisco (“S” mint mark)
4. Are there any rare varieties or errors for the 1923 Buffalo Nickel?
Yes, some notable varieties and errors include:
- 1923-D and 1923-S issues are scarcer than Philadelphia coins
- Doubled dies on some coins
- Overdates and repunched mint marks
- Off-center strikes and weak strikes that can increase collector interest
5. How rare is the 1923 Buffalo Nickel?
Philadelphia 1923 Buffalo Nickels are relatively common, but Denver and San Francisco mint issues are scarcer, especially in higher grades, increasing their value.
6. What is the typical value of a 1923 Buffalo Nickel?
Values vary widely based on condition and mint mark:
- Circulated Philadelphia coins: $5 to $50+
- Denver and San Francisco coins: $50 to several hundred dollars or more in better grades
- Rare errors or varieties can fetch higher prices in the collectors’ market
7. What should collectors look for when buying a 1923 Buffalo Nickel?
- Sharp details on the Native American profile and buffalo
- Clear and authentic mint marks
- Signs of wear or cleaning that might affect value
- Any mint errors or unique characteristics that enhance rarity
