The 1937 Buffalo Nickel Proof is a highly sought-after coin for collectors and numismatists alike. This coin, also known as the Indian Head Nickel, is one of the most famous and iconic designs in American numismatics. Its rarity, unique design, and historical significance make it a prized possession in the world of coin collecting. In this guide, we’ll explore everything you need to know about the 1937 Buffalo Nickel Proof, from its origins and design to its current market value and tips for collectors.
What Is a 1937 Buffalo Nickel Proof?
The 1937 Buffalo Nickel Proof is a special edition of the popular Buffalo Nickel series, which was first minted in 1913. Unlike regular coins that were struck for circulation, proof coins like the 1937 Buffalo Nickel were specifically created for collectors. Proof coins are known for their high-quality strikes, sharper details, and mirror-like surfaces. These coins were produced in limited quantities and were often sold directly to collectors or kept for special purposes.
The Buffalo Nickel Proof was issued by the United States Mint and features an iconic design that has been admired for its intricate details. It was part of a series of coins minted to commemorate the American West and the Native American heritage, and it continues to hold historical significance today.
The Design of the 1937 Buffalo Nickel Proof
Obverse (Front)
The obverse of the 1937 Buffalo Nickel Proof features a profile of a Native American, widely believed to be modeled after a combination of three Native American leaders: Chief Iron Tail, Chief Two Moons, and Chief John Big Tree. The portrait is accompanied by the word “LIBERTY” and the year of mintage, “1937.”
The strong, detailed image of the Native American has become one of the most recognizable features of the Buffalo Nickel. The use of a profile view adds depth to the design, enhancing the overall aesthetic appeal of the coin.
Reverse (Back)
On the reverse side, the coin displays an image of an American bison, often referred to as a buffalo. The buffalo stands on a mound of dirt, representing the American frontier. Above the buffalo are the words “UNITED STATES OF AMERICA,” with “E PLURIBUS UNUM” and “FIVE CENTS” inscribed around the lower edge of the coin.
The reverse design was created by artist James Earle Fraser and has become an enduring symbol of the American West. The buffalo itself was chosen as a representation of strength and resilience.
Why Is the 1937 Buffalo Nickel Proof So Rare?
Several factors contribute to the rarity of the 1937 Buffalo Nickel Proof:
- Limited Production: Unlike regular coins, which were minted in large quantities for circulation, proof coins were produced in much smaller numbers. In fact, only a few thousand 1937 Buffalo Nickel Proofs were minted, making them significantly rarer than their regular counterparts.
- Higher Demand: The beauty and historical significance of the Buffalo Nickel have made it highly desirable among collectors. As a result, the demand for well-preserved examples of the 1937 proof coin has driven up its value over time.
- Condition and Preservation: Proof coins, including the 1937 Buffalo Nickel, are prized for their high-quality finish. However, because of their delicate surfaces, proof coins were often mishandled or improperly stored, leading to wear and tear. Finding one in pristine condition can be extremely difficult, which further enhances its rarity.
How Much Is the 1937 Buffalo Nickel Proof Worth?
The value of a 1937 Buffalo Nickel Proof can vary depending on several factors, including its condition, grading, and the current market demand. Coins that are well-preserved, graded highly, and are in near-perfect condition tend to fetch higher prices at auctions.
Pricing Breakdown:
- Low-Grade (PR-60 to PR-63): A 1937 Buffalo Nickel Proof in lower grades, with some wear and minor imperfections, can be worth around $300 to $400.
- Mid-Grade (PR-64 to PR-65): In better condition, with minimal imperfections, the value can range from $500 to $700.
- High-Grade (PR-66 and Above): Coins that are graded PR-66 or higher, with exceptional quality and detail, can command prices upwards of $1,000 to $2,000, or even higher in some cases.
Keep in mind that these values can fluctuate based on market trends, so it’s always a good idea to stay up to date with current auction results and price guides.
How to Buy or Sell a 1937 Buffalo Nickel Proof?
If you’re looking to purchase or sell a 1937 Buffalo Nickel Proof, there are several avenues you can explore:
- Coin Dealers: Reputable coin dealers are a good place to start when buying or selling rare coins like the 1937 Buffalo Nickel Proof. They can help you assess the coin’s authenticity and provide a fair market price.
- Auction Houses: Auctions, both online and in person, are another option for purchasing or selling rare coins. Major auction houses like Heritage Auctions or Stack’s Bowers hold regular auctions where valuable coins like the 1937 Buffalo Nickel Proof can be bought and sold.
- Online Marketplaces: Websites like eBay also provide a platform for buying and selling rare coins. However, when buying online, it’s crucial to verify the coin’s authenticity and ensure that the seller has a good reputation.
- Coin Shows: Attending coin shows is an excellent way to meet dealers, collectors, and experts. Many collectors bring rare coins like the 1937 Buffalo Nickel Proof to coin shows for sale or trade.
Why Collect the 1937 Buffalo Nickel Proof?
There are many reasons why collectors seek out the 1937 Buffalo Nickel Proof:
- Historical Significance: The Buffalo Nickel was first minted in 1913, making it an important part of American numismatic history. The 1937 Proof issue serves as a reminder of the American West and the nation’s development during that time.
- Unique Design: The stunning design, featuring a Native American on the obverse and a buffalo on the reverse, is one of the most recognized and beloved designs in U.S. coinage.
- Investment Potential: Due to its rarity and demand, the 1937 Buffalo Nickel Proof has the potential to appreciate in value over time, making it a solid investment for those who want to add rare coins to their portfolio.
- Aesthetic Appeal: Beyond its historical value, the 1937 Buffalo Nickel Proof is simply a beautiful coin. Its detailed design and proof-like finish make it a highly prized addition to any collection.
Conclusion
The 1937 Buffalo Nickel Proof is a rare and valuable coin that holds significant historical importance. Its beautiful design, limited mintage, and high demand make it a treasure for coin collectors and investors. Whether you’re a seasoned numismatist or just starting to build your collection, the 1937 Buffalo Nickel Proof is a must-have for anyone passionate about American coinage.
FAQs
1. What is the 1937 Buffalo Nickel Proof worth?
Depending on its condition, a 1937 Buffalo Nickel Proof can range in value from $300 to over $2,000.
2. Why is the 1937 Buffalo Nickel Proof so rare?
The coin was minted in limited quantities for collectors, making it rarer than regular circulation coins. Its delicate proof finish also makes it hard to find in perfect condition.
3. How can I tell if my Buffalo Nickel is a proof coin?
Proof coins have a mirror-like finish and sharper details compared to regular coins. You can also check for a “Proof” mark or have the coin professionally graded.
4. Where can I buy or sell a 1937 Buffalo Nickel Proof?
You can buy or sell the coin through reputable coin dealers, online auction houses, and marketplaces like eBay, or by attending coin shows.
5. What’s the design of the 1937 Buffalo Nickel Proof?
The obverse features a Native American’s profile, and the reverse showcases a buffalo. Both designs are iconic symbols of the American West.