Buffalo Nickels were struck as Proofs during the series’ first four years (1913-1916) and its final two years (1936-1937). However, aside from the label “Proof,” the coins from 1913-1916 and most of those from 1936-1937 have little in common. The designs and finishes evolved significantly, influenced by changes in the Mint’s production techniques and market demands.
The Shift in Minting Techniques
In the early 1900s, President Theodore Roosevelt’s reforms, known as the “Pet Crime,” sought to enhance coin aesthetics by introducing more sophisticated Proof coin finishes. Initially, these Proofs had brilliant, high-contrast cameo designs. However, during the mid-1930s, the Mint shifted to a satin finish, popular in Europe but unpopular with American collectors.
This shift led to a dip in collector interest, prompting the Mint to cancel Proof coin production altogether. But by 1936, the decision was reversed, and the Mint produced a five-coin Proof Set, including the Buffalo Nickel, to meet demand. The 1936 set debuted Proof versions of several coins, including the Lincoln Wheat Cent, Mercury Dime, Washington Quarter, and Walking Liberty Half Dollar.
The 1937 Buffalo Nickel Proof: A Collector’s Favorite
By 1937, the Mint reverted to the brilliant finish collectors preferred, significantly improving upon the 1936 production. The 1937 Buffalo Nickel Proof set is the most common of the seven Buffalo Nickel Proofs, with a mintage of just 5,769 coins. Almost all of the 1937 Proofs are fully brilliant, though a few exhibit a light cameo finish. However, none have enough frost on both the obverse and reverse to earn an “Ultra Cameo” (NGC) or “Deep Cameo” (PCGS) designation.
Collectors seeking a 1937 Buffalo Nickel Proof should look for coins with deep mirrors, minimal hairlines, and minimal handling marks. A diagnostic feature for 1937 Buffalo Nickel Proofs is the thick, flat rim, which helps distinguish them from business strikes that may appear similar.
Market Trends for 1937 Buffalo Nickel Proofs
The value of the 1937 Buffalo Nickel Proof has fluctuated over the years, particularly for higher-grade specimens like Proof 68. The highest price ever recorded for a 1937 Buffalo Nickel Proof in Proof 68 was $40,250, achieved at a 2012 Heritage Auctions sale. However, as the population of Proof 68 examples continues to rise, the value has decreased. In 2024, it is unlikely that a Proof 68 example would sell for more than $5,000.
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Noteworthy Sales and Trends
- Top Population: As of November 2024, the top population for 1937 Buffalo Nickel Proofs includes two examples graded PCGS PR69 and several NGC PF68+ examples.
- Recent Auction Results:
- NGC PF68+ CAC example sold for $8,580 at Heritage Auctions in December 2022.
- PCGS PR68 example with rainbow toning fetched $13,200 at a 2020 Heritage Auctions sale.
The 1937 Buffalo Nickel Proof is a key piece in the history of U.S. coinage. Although it is the most common of the Proof series, the coin’s popularity among collectors remains strong. For those looking to add a 1937 Buffalo Nickel Proof to their collection, focusing on high-quality examples with deep mirror finishes and minimal marks is essential.
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