Walk into any coin shop from Des Moines to Denver and you’ll see the same thing. People aren't huddled over the shiny new proof sets. They’re digging through "junk" bins looking for a specific, rugged profile. It’s the Indian Head nickel. Or, if you want to be a stickler for numismatic accuracy, the Buffalo nickel. Honestly, there is just something about this hunk of cupronickel that feels more American than almost anything else the U.S. Mint ever produced. It’s messy. It’s beautiful. It’s a total pain to find with a readable date.
Most folks call it the Indian Head nickel because, well, there’s a massive, dignified profile of a Native American on the obverse. It replaced the Liberty Head nickel in 1913, and things haven't been the same since. James Earle Fraser, the sculptor behind the design, didn't just want to make a coin; he wanted to capture the essence of a disappearing frontier. He succeeded. Maybe too well. The design was so three-dimensional that the high points wore down almost immediately in circulation. If you find one in your change today, chances are the date is a smooth, silvery blur.
The Story Behind the Three Chiefs
Fraser was a student of Augustus Saint-Gaudens, which basically means he was trained by the best of the best. When he sat down to design the Indian Head nickel, he didn't want to use a single model. He thought that would be too narrow. Instead, he combined the features of three different men to create a composite image that represented the "type" rather than an individual.
Iron Tail, a Cheyenne chief, was one of them. He was a performer in Buffalo Bill’s Wild West show and apparently had one of the most photographed faces of his era. Then there was Two Moons, a Cheyenne chief who actually fought at the Battle of the Little Bighorn. The third man is a bit of a mystery, though Fraser later identified him as Big Tree, a Kiowa. Over the years, plenty of other men claimed they were the "real" face on the nickel, but Fraser’s own accounts are what we generally stick to. It's a heavy history for a five-cent piece.
The flip side of the coin is just as iconic. Black Diamond. That was the name of the bison—not a buffalo, technically, but we all call it that—housed at the Central Park Zoo. Fraser spent hours sketching him. If you look closely at a well-preserved Indian Head nickel, you can see the sheer bulk of the animal. It barely fits within the circular frame of the coin. It’s cramped. It’s powerful. It’s also the reason these coins are so hard to grade today.
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Why the Date Disappears
If you’ve ever looked at a handful of these, you’ve noticed the problem. The date is positioned on a raised mound at the bottom of the Indian’s shoulder. Bad move. Because that area is one of the highest points on the coin, it’s the first thing to rub against fingers, pockets, and cash drawers. By the time a 1920s nickel had been in circulation for a decade, the date was often gone.
Collectors call these "dateless" Buffaloes. For a long time, they were worth exactly five cents. Then, someone figured out you could drop a bit of ferric chloride—sold under the name Nic-A-Date—onto the spot where the date used to be. The acid eats away the metal, but because the metal was compressed differently when the date was stamped, the numbers magically reappear as a ghostly, frosted image. It’s cool to watch, but keep this in mind: it ruins the coin’s value for serious collectors. An acid-restored 1913-S Type 2 is better than a dateless one, sure, but it will always be labeled "Details - Acid Restored" by grading services like PCGS or NGC.
The 1937-D Three-Legged Buffalo: A Mint Mistake
Errors are where the real money is. You’ve probably heard of the Three-Legged Buffalo. It’s the stuff of playground legends, but it’s 100% real. In 1937, a pressman at the Denver Mint named Mr. Young was trying to fix some "clash marks" on a die. These marks happen when the dies hit each other without a coin blank in between.
He got a bit overzealous with his polishing tool. He polished so much metal off the die that he accidentally erased the bison’s front right leg. He didn't notice. Thousands of these coins were struck and released into circulation before anyone realized the poor animal was missing a limb. Today, a decent specimen can fetch hundreds, even thousands of dollars. But be careful. Scammers love to grind the leg off a normal 1937 nickel to fool people. A real three-legger has specific "die markers," like a stream of "pepper" (tiny dots) under the belly and a very specific shape to the remaining stump.
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Key Dates and What to Look For
If you're hunting through a jar of old coins, you aren't just looking for any Indian Head nickel. You're looking for the unicorns. Most of these coins saw heavy use during the Great Depression. Money was tight; people didn't save nickels for their collections; they bought bread with them.
- 1913-S Type 2: This is the big one. In early 1913, the bison stood on a mound. They realized the "FIVE CENTS" text would wear off too fast, so they changed it to a flat line (Type 2). The San Francisco mint didn't make many of the Type 2 version that year.
- 1918/7-D Overdate: This is a classic "oops" from the Mint. They hubbed a 1918 die with a 1917 hub. You can see the 7 peeking out from under the 8. It’s subtle, but to a collector, it’s a gold mine.
- 1921-S: Just a low-mintage year. San Francisco was stingy with their nickels that year, and finding one in high grade is incredibly tough.
- 1926-S: Another San Francisco rarity. It has the lowest mintage of the entire regular series.
Most people don't realize that the "Indian" on the coin wasn't actually meant to be a specific person until much later. Fraser was focused on the art. He wanted to move away from the "European" style of the Liberty Head coins. He wanted something uniquely American. Even the texture of the coin's field is rough and grainy, unlike the smooth, mirrored surfaces of modern coins. It feels like the earth.
The Hobo Nickel Phenomenon
You can't talk about the Indian Head nickel without mentioning hobo nickels. During the Depression, jobless men traveling the rails had a lot of time and very little money. The nickel was the perfect canvas. The metal was soft enough to be carved with a sharpened pocketknife or a filed-down nail, but hard enough to hold detail.
These artists would transform the Indian into a self-portrait, a skeleton, a Viking, or even a famous politician. They’d trade these carved coins for a hot meal or a place to sleep. What started as a survival tactic became a legitimate folk art form. Today, "original" hobo nickels from the 1930s are highly collectible. George Washington "Bo" Hughes and Bertram "Bert" Wiegand are the legends of this craft. If you find a nickel where the Indian is wearing a bowler hat, don't spend it. You might have a piece of Americana worth more than a mint-condition rarity.
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Grading and Authenticity
Condition is everything. In the world of coin collecting, we use a 70-point scale. A "Good-4" nickel is well-worn but has a full rim. An "MS-65" (Mint State) nickel looks like it just popped out of the press yesterday, with full luster and every hair on the Indian’s head visible.
If you’re buying an expensive Indian Head nickel, especially a key date like the 1913-S Type 2 or a Three-Legged Buffalo, do not buy it "raw." Buy it in a slab from PCGS or NGC. The market is flooded with counterfeits from overseas that look remarkably convincing to the naked eye. These fakes often have the wrong weight or use "transfer dies" that replicate the exact scratches of a genuine coin.
How to Start Your Own Collection
Honestly, the best way to get into this is to buy a Whitman folder or a Dansco album. There’s a specific thrill in filling those little circular holes. You can still buy "unsearched" rolls of Buffalo nickels online, though "unsearched" is usually a marketing lie. Most have been picked through for key dates. Still, you’ll likely find plenty of 1930s dates to get you started.
Don't clean them. That is the number one rule. Never, ever use silver polish, baking soda, or even a soft cloth on an old coin. Collectors want "original skin"—the natural patina that forms over decades. A cleaned coin is a devalued coin. If it’s dirty, leave it dirty. The grime is part of its history.
Practical Steps for the Aspiring Collector
If you've found an Indian Head nickel and you're wondering what to do next, don't just rush to a pawn shop. They’ll likely offer you a fraction of its worth.
- Identify the Date and Mint Mark: Use a magnifying glass. The mint mark (D for Denver, S for San Francisco, or blank for Philadelphia) is located on the reverse, right under the words "FIVE CENTS."
- Check for "The Big Ones": Look for the 1937-D three-leg error or any 1913-S or 1921-S marks. If you can't see a date, it's likely a common date worth less than a dollar.
- Invest in a "Red Book": "A Guide Book of United States Coins" (The Red Book) is the bible of the hobby. It’s updated every year and gives you a ballpark idea of values based on condition.
- Visit a Local Coin Club: Most major cities have them. These are groups of older folks who genuinely love the history and will usually help you identify a coin for free. They love seeing young or new collectors taking an interest.
- Focus on "Type": If you aren't trying to find every single date, try to find one perfect example of a "Type 1" (mound) and a "Type 2" (line). It’s a great way to appreciate the design without breaking the bank.
The Indian Head nickel is more than just five cents. It’s a 100-year-old piece of art that survived the toughest years of American history. Whether it’s a carved hobo nickel or a pristine 1913-S, these coins tell a story that a digital bank balance never will. Keep your eyes on your change. They’re still out there, hiding in plain sight, waiting for someone to notice the profile of a chief and the bulk of a bison.