Among coin collectors, few error coins are as famous as the 1937-D Three-Legged Buffalo Nickel. Struck at the Denver Mint, this version of the Buffalo nickel is instantly recognizable for its missing front leg—a result of over-polishing of one of the dies.
While many examples are moderately valuable, top-graded specimens in pristine condition can fetch prices near $270,000.
This article explores how this error came to be, what makes it rare, how to identify an authentic piece, and what kind of money collectors are paying for it today.
What Caused the “Three-Legged” Error
- The Denver Mint produced Buffalo nickels in 1937, including a reversed die that had developed damage from die-clashes.
- To correct it, mint workers polished the die to remove imperfections. One of those imperfections was near where the buffalo’s front leg appears. Overzealous polishing removed almost all trace of the front (fore) leg.
- The remainder of the coin’s reverse shows the buffalo with just its hoof and some portions of the shoulder. The rest of the design remains largely intact.
- This defect was not immediately caught; thousands of these nickels entered circulation before the anomaly was noticed.
How Many Survive & Grading Distribution
| Classification | Estimated Number or Proportion | Condition Notes |
|---|---|---|
| Total survivors (all grades) | ~ 10,000 pieces believed to survive | Most are in circulated grades (worn) |
| Circulated grades (XF-AU range) | Vast majority | Weaker detail, much wear, leg very faint or missing completely |
| Uncirculated (MS60–MS64) | Fewer — under 15% of known specimens | Sharper detail, better surfaces, more desirable |
| High uncirculated (MS65+) | Very rare | A few MS66 / MS66+ known examples with auction records |
Value by Grade & Auction Records
This error coin’s value depends heavily on grade (condition), certification, and overall rarity of high-grade survivors. Below are recent recorded prices and estimates:
| Grade / Type | Approximate Value |
|---|---|
| Circulated, low grade (e.g. XF / AU) | A few hundred to a few thousand dollars |
| Mid-grade uncirculated (MS60-MS64) | $3,000-$10,000+ depending on eye appeal and certification |
| MS65+ / high uncirculated | Tens of thousands of dollars |
| Top known examples (MS66 / MS66+) | Around $100,000 or more at auction |
| Exceptional specimens (highest known condition) | Approaching $150,000–$270,000 in rare auctions or private deals |
One MS66+ coin sold for nearly $100,000 a few years ago. More recently, similarly graded examples have been valued much higher, especially in major auctions.
Authentication: How to Know You Have the Real Thing
Because the Three-Legged Buffalo is very popular, there are many counterfeits and altered coins trying to mimic the error. To be confident yours is genuine, look for:
- True missing front foreleg: almost all of it missing, only little trace or hoof remaining.
- The rear leg should be intact and detailed; hooves visible.
- Weak or “mushy” detail in other parts of the reverse around the buffalo’s stomach and belly, due to die polishing.
- Correct mint mark “D” under “FIVE CENTS” on reverse.
- Strike quality, color, and surface condition consistent with known genuine high-grade examples.
- Grading and certification by respected agencies (e.g., PCGS, NGC) with high resolution photos and clear provenance.
What Drives the Price So High?
- Rarity of high-grade specimens. Most examples are worn; few survive in mint or near mint state.
- Collector demand for one of the most famous Buffalo Nickel error varieties. It’s a “key date” or signature error in error coin collecting.
- Historical intrigue: the story behind the error (die polishing) is well documented and adds to its lore.
- Condition sensitivity: small differences in grade lead to large differences in price; e.g., MS65 vs MS66 can multiply value significantly.
The 1937-D Three-Legged Buffalo Nickel remains one of the most iconic error coins in U.S. history. What began as a minting mistake due to over-polishing turned into a numismatic legend that commands high prices—especially in pristine, certified condition.
Whether you’re a collector or an investor, owning one in good grade can be very rewarding. But be cautious: verifying authenticity, grade, and condition are essential.
If you find one with excellent detail, sharp strike, and in excellent condition, it might very well be worth six figures—perhaps even near $270,000 in rare circumstances
FAQs
Why is it called the “Three-Legged” Buffalo Nickel?
Because due to over-polishing of a damaged reverse die, the front foreleg of the buffalo figure was largely removed, making it appear as though the buffalo has only three legs.
Can a low-grade example still be valuable?
Yes. Even circulated, lower-grade examples are sought after. Their value may be in the hundreds to low thousands depending on how worn they are and how well the three-legged error still shows.
Has any 1937-D Three-Legged Buffalo Nickel sold for $270,000?
While most auction records for even outstanding examples are below that (often around $100,000+ for high MS grades), estimates and private sales may approach $150,000–$270,000 for exceptionally perfect specimens with strong provenance.
