The Buffalo Nickel is widely regarded as one of the most beautiful coins in American history. Its iconic design has even been immortalized on the $50 Gold Bullion coin issued since 2006. However, our focus here is on the original five-cent piece, particularly the 1926 Buffalo Nickel. Let’s delve into its background and discover how its history and condition influence its market value.
1926 Buffalo Nickel Value Chart
| Coin | XF 40 | AU 50 | MS 60 | MS 65+ | MS 67 | MS 68 |
|---|---|---|---|---|---|---|
| 1926 No Mint Mark Buffalo Nickel | $18 | $25 | $60 | $475 | $2,500 | $45,000 |
| 1926-D Buffalo Nickel | $180 | $375 | $550 | $8,500 | $80,000 | – |
| 1926-S Buffalo Nickel | $1,125 | $2,600 | $5,500 | $260,000 | – | – |
History of the 1926 Buffalo Nickel
The Buffalo Nickel is a fascinating coin, partly because both of its common nicknames are somewhat inaccurate. Many call it the Indian Head Nickel, but a more fitting name today might be the Native American Head Nickel. As for its other name, the Buffalo Nickel, that’s technically incorrect since the animal depicted on the reverse is actually a bison, not a true buffalo.
Although buffalo and bison are related and share some similarities—they both belong to the bovine family—they are different species. Buffaloes are native to Africa and Asia, while bison are native to North America. Visually, bison have a larger, shaggier head, hunched shoulders, and smaller horns compared to buffalo.
The Buffalo Nickel was minted from 1913 through 1938 and was designed by James Earle Fraser, who had worked as an assistant to the famous sculptor Augustus Saint-Gaudens.
In the early days, US coin designs were created by engravers employed directly by the Mint, many of whom trained in England as medal makers. Their coins were practical, simple, and cost-effective, but lacked artistic flourish. Around the early 1900s, there was a movement to elevate the beauty of American coinage to rival the elegance of foreign coins.
The Push for More Artistic U.S. Coins
This effort began in 1904 under President Theodore Roosevelt, who commissioned Augustus Saint-Gaudens—a renowned sculptor and Roosevelt’s friend—to redesign several American coins. Sadly, Saint-Gaudens passed away before completing the project, and his students and assistants carried on his work. Among them was James Earle Fraser, who designed the Buffalo Nickel.
Other notable artists from this era include Victor David Brenner, who created the Lincoln Penny, and Adolph Weinman, who designed the Mercury Dime and Walking Liberty Half Dollar. Laura Gardin Fraser, James Fraser’s wife and former student, won a contest to design the Washington Quarter, but her design was ultimately set aside in favor of John Flanagan’s.
When Fraser first revealed his Buffalo Nickel design, it was warmly received by the public. However, some experts in numismatics—the study and collection of coins—expressed concerns. They believed the high relief of the design would wear down quickly in circulation. Unfortunately, they were right.
Key Dates and Design Issues
Because of its intricate and raised design, crucial features like the date, the Native American’s cheekbone, and the bison’s tail and horn tended to wear off rapidly. Additionally, the dies needed to be struck multiple times to properly imprint the design, causing them to wear out faster and require more frequent replacement.
The year 1926 is considered a semi-key date for Buffalo Nickels because many coins minted in Denver and San Francisco that year exhibit these wear problems. Notable errors like the “3 ½ legs” and the “2 feathers” variations first appeared in 1926 and can sometimes command high prices among collectors. Similar errors appeared in later years such as 1927, 1936, and 1937.
For instance, the famous “3-legged buffalo” error of 1937 occurred when the front leg of the bison was missing due to a die defect. Because this error stemmed from the die itself, many coins were produced with the flaw, creating a well-known variety.
We will explore these and other coin errors in detail later. But first, let’s take a closer look at the features of the 1926 Buffalo Nickel.
Features of the 1926 Buffalo Nickel
The Obverse of the 1926 Buffalo Nickel
The obverse side features a detailed portrait of a Native American Chief adorned with feathers in his hair. The design is intricately crafted, with the image almost reaching the coin’s rims.
On the upper right, just in front of the chief’s forehead and nose, you’ll find the word LIBERTY inscribed.
At the lower left, the minting date is located, although it is often worn away on many coins due to circulation. Just below the date is the letter F, which stands for James Earle Fraser, the talented artist who designed the coin.
The Reverse of the 1926 Buffalo Nickel
The reverse side displays an American bison, depicted with the same tight framing as the obverse. There are two main types: Type 1 coins show the bison standing on a hill, while Type 2 coins feature the bison on flatter terrain.
Along the top edge of the coin is the inscription “UNITED STATES OF AMERICA.” Just above the bison’s lower back, you’ll find the motto “E PLURIBUS UNUM.”
At the bottom, the coin’s denomination, “FIVE CENTS,” is prominently displayed, with the mint mark positioned between the words “FIVE” and “CENTS.”
Other Features of the 1926 Buffalo Nickel
The 1926 Buffalo Nickel has a plain (smooth) edge, meaning it does not have any reeds or grooves. The coin measures 21.21 millimeters in diameter, has a thickness of 1.95 millimeters, and weighs exactly 5 grams.
Its composition consists of 75% copper and 25% nickel, an alloy known as cupronickel, which is still used today as the outer cladding on many US coins.
For historical context, the earliest 5-cent coins were called half dismes (pronounced “dimes,” with the ‘s’ silent). These were made from silver, before the transition to the copper-nickel blend.
1926 Buffalo Nickel Grading Guide
Grading Buffalo Nickels can be challenging because these coins wear down quickly. Since they were minted for circulation and widely used, high-grade specimens are relatively rare. The Sheldon Scale is the standard system used, ranging from Poor (PO-1) all the way to Mint State (MS-70).
Coins graded between 50 and 58 are officially classified as Uncirculated, but most collectors refer to these as About Uncirculated (AU).
| # | Grade |
|---|---|
| 1 | Basal State-1 |
| 2 | Fair |
| 3 | Very Fair |
| 4,5,6 | Good |
| 7,8,10 | Very Good |
| 12,15 | Fine |
| 20,30 | Very Fine |
| 40 | Extremely Fine |
| 50 | About Uncirculated |
| 60 | Mint State |
| 65 | Mint State |
| 70 | Mint State |
Consult our grading guides to accurately determine your coin’s grade. This step is essential for understanding the true value of your 1926 Buffalo Nickel.
1926 Buffalo Nickel Value Guide
In 1926, Buffalo Nickels were produced at three mints: Philadelphia, Denver, and San Francisco. It’s important to note that throughout the Buffalo Nickel series’ entire production, no proof coins were ever minted. All coins from 1926 are regular business strikes made for circulation.
For context, the only years when nickels had proof issues before the modern era were 1877 and 1878, and those were not circulated coins. It wasn’t until 1971, with the Jefferson Nickel series, that proof coins began being produced regularly with various proof styles.
Understanding this helps collectors focus on condition and mint marks when assessing the value of a 1926 Buffalo Nickel.
1926 No Mint Mark Buffalo Nickel Value
The Philadelphia Mint produced approximately 44,693,000 Buffalo Nickels without a mint mark in 1926. These coins remain highly collectible, especially in top grades.
Notably, an MS 67+ 1926 no mint mark Buffalo Nickel sold for $16,450 in September 2018. Subsequent sales include an MS 67+ coin fetching $10,575 in March 2020, and another at $9,120 in April 2021. As of now, PCGS has graded 17 coins at MS 67+, which has stabilized their market value at around $10,000.
Even more impressive, two coins graded MS 68 have been identified but remain unsold. PCGS projects their value at $45,000 each as of January 2025.
To understand pricing better, consider coins graded MS 67 and MS 66+. Over 70 coins have been graded at each level, making them more common and consequently valued lower at $2,500 and $800 respectively.
This illustrates how rarity and grading volume directly impact the market value of the 1926 no mint mark Buffalo Nickel.
1926-D Buffalo Nickel Value
The Denver Mint struck approximately 5,638,000 Buffalo Nickels in 1926, all bearing the D mint mark. This coin is notably scarce in high grades, with the highest known grade being MS 67. One such coin sold for an impressive $70,500 on October 8, 2020.
To date, only three coins have been graded MS 67 by PCGS, which estimates their value at around $80,000 as of January 2025. Additionally, eight coins graded MS 66+ are valued at about $25,000.
Moving down the scale, nearly 25 coins in MS 66 have been submitted to PCGS, with an estimated value of $11,500 as of 2025.
There’s a significant value gap between MS 65 and MS 65+. Around 100 coins have been graded MS 65, with an appraisal price near $5,250. In contrast, roughly 10 coins graded MS 65+ command a higher valuation of $8,500 in 2025.
This highlights the importance of even slight differences in grading for the 1926-D Buffalo Nickel’s market value.
1926-S Buffalo Nickel Value
The 1926-S Buffalo Nickel is considered a semi-key date coin, primarily due to its very low mintage. Only 970,000 Buffalo Nickels were struck at the San Francisco Mint that year, all featuring the distinctive S mint mark. Notably, no proof coins were produced in 1926.
This rarity significantly boosts its value. For example, on April 1, 2008, an MS 66 graded coin sold for an astonishing $322,000. Although PCGS has not graded any coins at the MS 66 level, the three known examples have been graded and sold by NGC.
PCGS has graded four coins as MS 65+, with a January 2025 estimated value of $260,000. The last recorded sale of an MS 65+ was in September 2019 for $246,750, while in 2018, NGC sold a coin of the same grade for $64,625.
At a slightly lower grade, MS 65, PCGS has graded 15 coins, with a valuation estimate of approximately $130,000 as of 2025.
These figures highlight how rarity and grade dramatically influence the market value of the 1926-S Buffalo Nickel.
Rare 1926 Buffalo Nickel Errors List
1926 (P) Buffalo Nickel DDO and DDR
The 1926 Philadelphia Buffalo Nickel is known for its Doubled-Die Obverse (DDO) and Doubled-Die Reverse (DDR) errors, which are collectively called hub doubling. These errors occur during the minting process when the die receives multiple impressions from the hub but is slightly misaligned on the second strike. As a result, the doubling effect is permanently engraved on the die, causing every coin struck from that die to exhibit the doubled features.
Having doubled-die errors on both the obverse and reverse of the same coin is extremely rare and highly prized by collectors.
- A 1926 (P) Buffalo Nickel with both DDO and DDR errors graded MS 65 fetched $3,120 at auction in 2018.
- To date, only three coins graded MS 66 with these errors are known to exist, making them exceptionally valuable and sought-after.
Collectors eager to add a unique piece to their collection should watch closely for these rare doubled-die varieties from 1926.
1926-D Buffalo Nickel 3 ½ Leg Error
The 1926-D Buffalo Nickel is famous for the intriguing 3 ½ Leg error, a notable minting flaw that occurred during the coin’s production. This error happened when a mint worker attempted to extend the lifespan of an old die by polishing away imperfections. Unfortunately, this process inadvertently removed the lower half of the buffalo’s front leg on the die.
As a result, every nickel struck from that die is missing half of the front leg, giving rise to the distinctive “3 ½ Leg” variety.
- An MS 66 graded coin with the 3 ½ Leg error sold for $9,400 in 2015, showcasing the significant premium this error commands.
- Even coins in lower grades have value; for instance, an AG 3 (About Good) coin sold for $85 as of September 2003.
- The only known MS 66 coin of this variety is highly prized and was valued at $9,250.
Collectors highly seek this error for its rarity and unique story, making it a standout piece in any Buffalo Nickel collection.
1926-D Buffalo Nickel 2 Feathers Error
The 1926-D Buffalo Nickel 2 Feathers Error is a subtle but fascinating mint mistake that can easily be missed unless you’re paying close attention. On the obverse side, the Native American chief typically has three feathers in his hair—two fully visible on top and a third feather partially tucked underneath.
However, on certain coins, the third feather is barely visible or completely missing, due to over-polishing of the die during production. This polishing wore away the detail of the third feather, resulting in what collectors now call the “2 Feathers Error.”
- This error is harder to detect but is highly valued by numismatists for its rarity.
- An uncirculated specimen with this error sold for $545 on eBay in 2021, illustrating its collector demand.
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 1926 Buffalo Nickel
1. What is the composition of the 1925 Buffalo Nickel?
The 1925 Buffalo Nickel is composed of 75% copper and 25% nickel, the standard alloy used from 1913 to 1938.
2. What designs are featured on the 1925 Buffalo Nickel?
- Obverse: Profile of a Native American chief, designed by James Earle Fraser
- Reverse: American bison (buffalo) standing on a mound
3. Which mints produced the 1925 Buffalo Nickel?
The 1925 Buffalo Nickels were minted at:
- Philadelphia (no mint mark)
- Denver (“D” mint mark)
- San Francisco (“S” mint mark)
4. Are there any notable varieties or errors for the 1925 Buffalo Nickel?
Yes, some varieties and errors to watch for include:
- Doubled dies and repunched mint marks on Denver and San Francisco issues
- Weak strikes, especially on the buffalo’s horns and Native American details
- Off-center strikes and die cracks
5. How rare is the 1925 Buffalo Nickel?
Philadelphia mint coins are generally more common, while Denver and San Francisco minted coins, especially in higher grades or with errors, are scarcer and more valuable.
6. What is the typical value of a 1925 Buffalo Nickel?
Values depend on mint mark and condition:
- Circulated Philadelphia coins: $5 to $50+
- Denver and San Francisco coins: $50 to several hundred dollars in higher grades
- Error coins and rare varieties can fetch significantly higher prices
7. What should collectors look for when purchasing a 1925 Buffalo Nickel?
- Clear strike detail on both obverse and reverse
- Authentic and well-placed mint marks
- Signs of wear, cleaning, or damage that could reduce value
- Any known error varieties or anomalies that increase rarity
