The 1937‑D Three‑Legged Buffalo Nickel is more than just a simple mint error—it’s an American numismatic icon. Born out of an unintentional mistake at the Denver Mint, this coin has become a highly sought-after treasure for collectors and investors.
With its distinctive missing leg and historical appeal, this rare coin combines rarity, artistry, and intrigue in one remarkable piece of U.S. coinage history.
This article uncovers the details, background, rarity, values, and how to authenticate this remarkable error.
Background of the Buffalo Nickel
The Buffalo Nickel, also known as the Indian Head Nickel, was minted from 1913 to 1938 and designed by James Earle Fraser.
The coin features a Native American profile on the obverse and a bison (buffalo) on the reverse, symbolizing the spirit of the American frontier.
How the 3-Legged Error Happened
In 1937, at the Denver Mint, a reverse die became damaged due to die clash (when dies strike each other without a planchet in between).
To repair the damage, mint workers excessively polished the die, unintentionally removing the buffalo’s front right leg. The result: a striking visual error where the buffalo appears to have only three legs.
Thousands of these error coins were struck before the die was replaced, and although no exact number is known, estimates place the survival rate of genuine examples at around 10,000.
Key Specifications of the 1937-D 3-Legged Buffalo Nickel
| Feature | Details |
|---|---|
| Year | 1937 |
| Mint | Denver (D) |
| Mintage (normal nickels) | 17,826,000 |
| Estimated survival (error) | ~10,000 coins |
| Composition | 75% Copper, 25% Nickel |
| Weight | 5.00 grams |
| Diameter | 21.2 mm |
| Designer | James Earle Fraser |
| Error Type | Over-polishing of reverse die |
| Variety ID | FS‑901 |
| Nickname | Three‑Legged Buffalo Nickel |
What Makes the Coin So Unique?
The appeal of this coin comes from a combination of rarity and visual oddity. The missing front leg is clearly visible with the hoof still present, making it one of the most distinct mint errors in U.S. coinage.
It’s not just a minor die crack or a faint doubling—this is a bold, undeniable error visible even without magnification.
What elevates the coin’s value is that it is an intentional mistake caused by the mint, and not post-mint damage or a random flaw.
The error’s wide recognition among collectors also contributes to its status as a “must-have” for serious numismatists.
Market Value and Auction Records
The value of the 3-Legged Buffalo Nickel varies greatly depending on its condition. Here’s a breakdown of price estimates based on grade:
| Grade | Estimated Value |
|---|---|
| Very Fine (VF-20) | $750 – $1,200 |
| Extremely Fine (EF-40) | $1,200 – $2,000 |
| About Uncirculated (AU-55) | $2,500 – $4,000 |
| Mint State (MS-60 to MS-64) | $5,000 – $15,000 |
| Gem Mint State (MS-65+) | $33,000 – $85,000+ |
Notable Sales
- In 2025, an MS-66+ certified example sold for $57,500.
- A coin graded MS-67, considered one of the finest known, fetched nearly $100,000 at auction.
- Even in circulated condition, prices regularly exceed $700 to $1,000.
How to Spot a Genuine 3-Legged Buffalo Nickel
Because of its value and popularity, this coin is one of the most commonly counterfeited U.S. error coins. Here are key indicators of authenticity:
Key Features of a Genuine Example
- Missing front right leg, but hoof remains visible.
- Raised area or “arc” near the hind legs (from die polishing).
- Clean, smooth field around the missing leg—no scratches or tooling marks.
- The phrase “E PLURIBUS UNUM” should not touch the buffalo’s back—if it does, it’s likely a fake.
- Mintmark “D” should be visible on the reverse, to the left of the words “FIVE CENTS.”
Common Red Flags for Counterfeits:
- Tool marks or filed-down areas where the leg should be.
- Poor detail in the buffalo’s fur or the Native American’s hair.
- Incorrect weight or diameter.
- No “F” initial under the date on the obverse (designer’s signature).
For best assurance, buyers should always purchase coins graded and authenticated by professional services like PCGS, NGC, or CAC.
Why Collectors Love the 3-Legged Buffalo Nickel
There are several reasons why this coin remains a favorite:
- Dramatic Error: Unlike other minor errors, this is a major visual anomaly.
- Strong Market Demand: It appears frequently in auctions, attracting competitive bids.
- Historically Significant: Represents a rare lapse in U.S. Mint quality control during a key era.
- Accessible Yet Valuable: Affordable in lower grades, but investment-worthy in higher ones.
- Essential for Series Collectors: Anyone assembling a full Buffalo Nickel set must have it.
Investment Potential
The 3-Legged Buffalo Nickel has demonstrated long-term value appreciation, especially in Mint State grades. Coins graded MS-65 and above have steadily climbed in price, with some doubling over the last 15 years.
With a limited supply and growing demand, this error coin remains an excellent store of value for collectors and investors.
Tips for Buyers and Collectors
- Buy certified examples only. Avoid raw coins unless you’re highly experienced in authentication.
- Inspect under magnification for smoothing or tooling around the leg area.
- Be cautious of unusually low prices—if it’s too good to be true, it probably is.
- Track market trends by following major auction house results.
- Maintain the coin in a protective holder to prevent damage and retain its value.
Recent Trends and Insights (as of 2025)
- The number of certified coins graded MS-65 and higher remains limited, driving strong premiums.
- Coin shows and major auctions consistently include this coin in highlight sales.
- Interest in Buffalo Nickels overall is on the rise, increasing visibility for the 3-legged variety.
- Online marketplaces list examples in mid-to-high circulated grades starting at $800 to $1,200, and demand appears steady despite market fluctuations.
The 1937-D 3-Legged Buffalo Nickel remains one of the most iconic U.S. error coins ever struck. Its compelling backstory, bold visual anomaly, and enduring collector demand have cemented its status in the numismatic world.
Whether you’re a seasoned coin investor or a beginner enthusiast, owning one of these fascinating pieces is both a historical experience and a smart addition to any collection.
Its mix of scarcity, story, and style makes it more than just a coin—it’s a conversation starter, a collector’s prize, and a window into the unintentional artistry of U.S. Mint errors.
FAQs
1. What caused the buffalo’s leg to disappear on the 1937-D nickel?
The leg was removed due to over-polishing of the reverse die after a die clash incident at the Denver Mint. In trying to fix damage, mint workers accidentally erased the front right leg of the buffalo.
2. Is the 3-legged Buffalo Nickel a rare coin?
Yes, while millions of Buffalo Nickels were minted in 1937 at Denver, only a small fraction display the 3-legged error. It’s estimated that around 10,000 genuine examples still exist today, making it highly collectible.
3. How can I verify if my Buffalo Nickel is the rare 3-legged version?
Check for the missing front right leg, a visible hoof, and a raised arc behind the rear legs. Also, ensure the motto “E PLURIBUS UNUM” does not touch the buffalo’s back. For full assurance, seek authentication from PCGS, NGC, or CAC.