1937-D 3 Legged Buffalo Nickel Value and Identification

The 1937 3 legged Buffalo nickel is one of the numismatic creations where an accidental minting error has created a legend. But how did it happen that the buffalo “lost” one of its legs? And why did this mistake turn an ordinary coin into an iconic piece? Let us reveal its secrets and check coin value, too.

A picture of a 1937 Buffalo Nickel, featuring the iconic American Indian profile on the obverse.

Characteristics and Main Specifications

Design Features

The obverse by sculptor James Fraser demonstrates the profile of an American Indian, inspired by renowned Native American chiefs (a composite picture a few personas in one), which is, on its part, surrounded by the inscription “LIBERTY” to the right and the year of issue “1937” below.

The reverse of the valuable buffalo nickel 1937 D is decorated with the figure of a buffalo, which is quite obvious. The prototype was a bison named Black Diamond, which lived in the New York Zoo. As for the inscriptions, the upper part of the reverse demonstrates “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM”, while the lower part reveals the denomination “FIVE CENTS” and a mint mark beneath.

A picture of a 1937 Buffalo Nickel graded PCGS Proof-64, showcasing its detailed design and lustrous finish.

Details and Specifications

The Main Features
Type	Buffalo Nickel (Indian Head Nickel)
Year	1937 (long before the 1971 Eisenhower Dollar was released)
Mint	Denver Mint*
Designer	James Earle Fraser
Composition	75% Copper, 25% Nickel
Weight	5.00 grams
Diameter	21.2 millimeters
Thickness	1.95 millimeters
Edge	Plain
Mintage	17,826,000 (only a small portion were “3 Legs”)
Strike Type	Business Strike

*The 1937 nickel 3 legged buffalo was minted only at the Denver mint, which is why it bears “D”, i.e., a mint mark that shows the identity of the coin. Other facilities, i.e., the San Francisco and Philadelphia Mints, did not issue the coin at all.

Minting Error: The Secret of the “Lost” Leg

A picture of a 1937-D/D Buffalo Nickel RPM-1, highlighting the prominent repunched mintmark.

The 1937 D Buffalo nickel became famous because of its unique minting error. Should we be more precise, in 1937, the mint experienced a failure of the dies when coins were being produced. Why does it happen? In fact, over time, equipment wears out and needs to be repaired. In order to correct existing defects in the die, it had to be polished, but had it been done properly? This is the question.

The Buffalo nickel three legs error occurred because of the over-polishing of the die used at the Denver Mint. Workers who noticed heavy wear on the die and consequent damage in the buffalo leg area decided that they should polish it to avoid further problems. However, during the polishing process, the workers overdid it and polished the worn part of the die too much, resulting in the disappearance of the right leg of the animal on the final prints.

Instead of creating a new die, the Mint continued to use the already repaired one. The result was a series of 3 legged buffalo coins.

“The 1937-D "three-legged" Buffalo nickel is one of the most famous and most important coins of the 20th century. It is arguably the classic Buffalo nickel.”
— David Hall, PCGS Authorized Dealer
PCGS CoinFacts

Price and Value

The 1937 D three legged Buffalo nickel is indeed interesting from the investment perspective, for the worth may be maintained for years (numismatists have proven it multiple times!). So, how much is a 3 legged Buffalo nickel worth? There are several factors to keep in mind:

Grade	Numerical Range	Approx. Value Range (USD)
Good (G)	G-4 to G-6	$475 – $500
Fine (F)	F-12 to F-15	$650 – $725
Extremely Fine	XF-40 to XF-45	$1,125 – $1,300
About Uncirculated	AU-50 to AU-58	$1,450 – $2,850
Mint State	MS-60 to MS-64	$3,250 – $9,000
Gem Mint State	MS-65 to MS-67+	$35,000+

Mind: The rarity of the coin is also vital. Opinions on the number of surviving specimens vary, but it is believed that there are only about 100-150 pieces left. However, most of these coins are already settled in private collections, so finding such an instance is not an easy task.

How to Recognize an Authentic Three-Legged Nickel?

A screenshot from the Coin ID Scanner app showcasing its primary tools and coin identification interface.

If you manage to find your treasure and intend to purchase it, follow some simple steps to avoid spending a fortune on a fake:

Check the mint mark. This coin should have a “D” (Denver) mint mark on the obverse.
Locate the missing leg. Carefully examine the reverse of the coin, for the front right leg of the buffalo should be completely missing, and in its place, there may be only a faint trace.
Observe the mound details. The ground beneath the buffalo’s hooves on an authentic creation, as a rule, appears smoother because of die over-polishing.
Avoid unnatural wear. Counterfeits sometimes show inconsistent wear patterns or artificial smoothing near the missing leg.
Use professional grading tools. Professionals regularly rely on coin analyzer apps like Coin ID Scanner to make sure their collections are authentic, coins are identified, and collections are managed (which is especially important for those who are going to invest in rare pieces).
Purchase from reputable dealers. Always buy certified examples from trusted dealers or coin auction platforms to reduce the risk of counterfeit or altered coins.

Perfection is not the definitive factor. Uniqueness is.

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