1937 Buffalo Nickel Error : In the fascinating world of rare coins, few stories capture the imagination quite like that of the legendary 1937 Buffalo Nickel error.

Rumors have swirled for decades about an extraordinarily rare minting mistake that created what some enthusiasts claim could be the most valuable coin in existence—potentially worth an astonishing $300 million.

But is this elusive numismatic treasure genuine, or simply another coin collecting myth that’s grown larger than life? Let’s examine the facts behind this compelling story that continues to drive treasure hunters to scrutinize their pocket change and inherited collections.

1937 Buffalo Nickel Error The Origin Story: How a Mint Mistake Created History

The Buffalo Nickel, officially known as the Indian Head Nickel, was minted from 1913 to 1938, featuring the distinctive profile of a Native American on the obverse and an American bison on the reverse. Designer James Earle Fraser’s iconic creation has long been a favorite among collectors, but the 1937 issue holds a special place in numismatic lore.

According to coin historians, during a production run at the Denver mint in early 1937, a perfect storm of manufacturing errors allegedly created what would become known in collecting circles as the “Three-Legged Perfect Mirrored Buffalo.”

Walter Greenfield, whose grandfather worked at the Denver Mint during this period, shared a story passed down through his family: “My grandfather would tell us about the day they discovered something had gone terribly wrong with one of the dies. There was panic on the floor because they knew they’d created something unprecedented, but a few examples had already left the mint.”

Unlike the relatively common “Three-Legged Buffalo” variety (where the bison appears to have only three legs due to an over-polished die), this legendary error reportedly combined multiple striking abnormalities:

1. The missing foreleg typical of the Three-Legged variety

2. A dramatic die rotation of approximately 180 degrees

3. Double-die obverse affecting the date and lettering

4. A mirrored finish typically reserved for proof coins

5. Struck on a planchet (coin blank) with an atypical silver content

“If such a coin exists exactly as described, it would represent a ‘perfect storm’ of minting errors that simply shouldn’t happen together,” explains Dr. Eleanor Richardson, curator of American coinage at the National Numismatic Museum. “That’s part of what drives the mystique and the astronomical valuation some have placed on it.”

1937 Buffalo Nickel Error The $300 Million Valuation: Dissecting the Claim

The eye-popping $300 million figure attached to this coin requires careful examination. While this valuation has been repeated in collector circles and sensational media reports, it far exceeds the prices achieved by any coin in history.

For context, the current record holder for the most expensive coin ever sold is the 1933 Double Eagle gold coin, which fetched $18.9 million at auction in 2021. The most valuable nickel is the 1913 Liberty Head V-Nickel, with examples selling for around $5 million.

James Winters, who has appraised rare coins for over four decades, offers perspective: “When we’re talking about a theoretical value of $300 million, we’re not discussing market reality. We’re discussing a mythological status that transcends normal collecting parameters. It’s like discussing the value of the Holy Grail.”

Several factors would influence such an extraordinary valuation:

Extreme Rarity

Reports suggest that fewer than five examples of this specific error combination might exist, with possibly only one in private hands. The others are either lost to history or, as some rumors suggest, secured in anonymous private collections.

Historical Significance

The 1937 date holds particular importance as one of the final years of Buffalo Nickel production, occurring during the Great Depression recovery period and shortly before America’s entry into World War II.

Condition

The legendary specimen is reported to be in pristine mint state condition, somehow avoiding circulation damage despite entering the money supply.

The Mystique Factor

After decades of speculation and treasure hunting, the coin has developed an almost mythological status that adds a significant premium beyond its technical characteristics.

Documented Sightings and Claims

Through the decades, there have been several claimed sightings and ownership assertions regarding this legendary coin.

Margaret Davidson of Tulsa, Oklahoma, made headlines in 1977 when she claimed to have discovered the coin in her father’s collection. “It looked different than the other nickels right away,” she told the Tulsa Tribune at the time.

“The buffalo seemed to be floating above the surface, and the Indian’s profile was doubled in places.” After considerable media attention, the coin was eventually determined to be an altered regular specimen.

More credibly, coin dealer Vincent Harlow claimed to have authenticated a genuine example in 1982 for a private collector who wished to remain anonymous. “I examined it under proper magnification and confirmed the unique combination of errors,” Harlow wrote in his memoirs.

“The owner declined an offer of $1.2 million, which was an astronomical sum for any coin at that time.” The current whereabouts of this specimen, if it was indeed genuine, remain unknown.

In 2003, a coin matching the description briefly appeared at a major numismatic convention before being quickly withdrawn from display. Rumors suggested the owner had received a private offer exceeding $40 million, though this was never confirmed.

Valuable Buffalo Nickel Errors That Actually Exist

While the $300 million “perfect error” may be more legend than reality, several documented Buffalo Nickel errors command impressive premiums:

The 1937-D Three-Legged Buffalo

This verified error, where the buffalo appears to have only three legs due to an over-polished die, regularly sells for $1,000 to $50,000 depending on condition. It’s the most famous Buffalo Nickel error and has been extensively documented.

“The Three-Legged Buffalo is the error that launched a thousand treasure hunts,” says Caroline Zhang, author of “America’s Most Valuable Pocket Change.” “It’s valuable enough to be life-changing money for most people, but common enough that new examples are still occasionally discovered in old collections.”

1937 Double-Die Obverse

Examples showing significant doubling in the date and lettering can fetch $1,000 to $7,500 in higher grades.

1937-D “D Over D” Repunched Mintmark

This variety, where the Denver mintmark was stamped twice in slightly different positions, can be worth $200 to $2,500 depending on condition and the clarity of the error.

Off-Center Strikes

Buffalo Nickels struck significantly off-center (where part of the design is missing and there’s a blank crescent on part of the coin) can bring $100 to $1,000 depending on how dramatic the misalignment is.

1937 Buffalo Nickecl Error Examining Your Change: What to Look For

While finding a $300 million coin might be as likely as winning consecutive lotteries, discovering valuable Buffalo Nickel varieties remains entirely possible. Here’s what collectors should examine:

1. Check the date first – Focus on 1937 Buffalo Nickels, particularly those from the Denver mint (with a small “D” mintmark below the denomination on the reverse)

2. Examine the buffalo’s legs – On the genuine Three-Legged Buffalo error, the front leg appears to be missing, while the shoulder muscle where the leg should attach remains visible

3. Look for doubling – Using magnification, examine the date, lettering, and profile for signs of a double-struck appearance

4. Check for rotation – On normal coins, the reverse should be oriented 180 degrees from the obverse when you flip the coin over like a page in a book. Significant deviation could indicate a valuable rotation error

5. Preserve the condition – If you suspect you have a valuable variety, avoid cleaning it and consider placing it in a proper coin holder

1937 Buffalo Nickel Error The Appeal of the Unattainable

Whether or not the $300 million Buffalo Nickel actually exists in exactly the form described, its legend serves an important purpose in the collecting community.

“Every hobby needs its white whales,” reflects Thomas Blackwell, who has been collecting Buffalo Nickels since childhood. “The story of the ultimate error Buffalo gives collectors something to dream about.

It’s why people still hand-check rolls of nickels and attend estate sales in small towns across America. That sense of possibility—that the next coin you examine could be the one—it keeps the passion alive.”

Dr. Richardson agrees: “The history of numismatics is filled with coins that were once considered myths until they suddenly appeared at auction. The 1913 Liberty Head Nickel was considered a rumor until five legitimate examples emerged. The 1804 Silver Dollar was struck decades after its date. Our understanding of what exists continues to evolve.”

1937 Buffalo Nickel Error Could It Still Be Out There?

The most tantalizing aspect of the story is the possibility, however remote, that this coin could still be discovered. Countless Buffalo Nickels circulated for decades before collectors began systematically removing them from circulation. Many sit unexamined in jars, drawers, and inherited collections across the country.

Frank Miller, who operates a coin shop in Chicago, shares: “At least once a month, someone brings in what they believe is the legendary error Buffalo. So far, none have been genuine, but I never discourage anyone. This hobby was built on hope and discovery.”

Whether valued at $300 million or something considerably less, the hunt for numismatic treasures continues to captivate Americans. The legendary 1937 Buffalo Nickel error—whether real or mythical—represents the ultimate prize in a hobby where history, artistry, and the thrill of the hunt converge in a single, small disk of metal that might just be hiding in plain sight.

“Check your change, check your grandparents’ collections,” advises Zhang. “The next great discovery is waiting for someone observant enough to recognize it. That’s what makes coin collecting eternally fascinating—the possibility that extraordinary value might be hiding in ordinary places.”

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