1937 Buffalo Nickel Proof: The 1937 Buffalo Nickel Proof stands as a significant collectible, combining historical intrigue and artistic merit. Collectors treasure this coin not only for its striking design but also for its rarity and the craftsmanship associated with its production. For numismatists, understanding the nuances of the 1937 Proof is essential to appreciate its place in the history of U.S. coinage.
This article explores the history, unique features, and market trends of the 1937 Buffalo Nickel Proof. We’ll discuss its production, specifications, and the factors contributing to its enduring appeal among collectors. Whether you’re a seasoned numismatist or a beginner, this guide will provide valuable insights into one of the most sought-after Proof coins.
The Historical Background of the 1937 Buffalo Nickel Proof
The Buffalo Nickel, designed by James Earle Fraser, is an iconic representation of early 20th-century American coinage. Proof versions of the Buffalo Nickel were issued sporadically, with the 1937 Proof marking the series’ final year of production. Unlike earlier Proofs with satin finishes, the 1937 edition featured a brilliant finish that catered to collectors’ preferences for a lustrous and reflective surface.
The decision to produce Proof coins was a response to evolving collector tastes during the 1930s. The brilliant finish introduced in 1936 and perfected in 1937 reflected advancements in minting techniques. This shift represented a departure from the matte and satin finishes previously favored.
Specifications and Design Features
Key Specifications of the 1937 Buffalo Nickel Proof:
- Country: United States
- Mintmark: None (Philadelphia Mint)
- Mintage: 5,769 coins
- Composition: 75% Copper, 25% Nickel
- Weight: 5 grams
- Diameter: 21.2 mm
- Edge: Plain
Notable Design Elements:
- Obverse: Features a Native American profile, designed by James Earle Fraser, representing a composite of real-life tribal leaders.
- Reverse: Displays an American bison, often referred to as a buffalo, standing atop a mound.
The brilliance of the 1937 Proof coins makes them particularly striking, with deep mirrors and reflective surfaces distinguishing them from business strikes. Coins with cameo contrast, where the design elements exhibit a frosted appearance against a mirrored field, are exceptionally rare.
Diagnostic Features of the 1937 Buffalo Nickel Proof
Determining the authenticity and grade of a 1937 Buffalo Nickel Proof requires careful attention to its diagnostic features:
- Thick Flat Rims: Proof coins from 1937 exhibit thicker and more defined rims than regular business strikes.
- Mirror-Like Fields: The brilliant finish creates a highly reflective surface.
- Absence of Wear: As these coins were not circulated, they should show no signs of wear.
- Sharp Strike: Proofs are struck with greater pressure, resulting in sharply defined details.
Collectors must differentiate genuine Proofs from high-quality business strikes, which can sometimes appear similar at first glance.
Rarity and Market Trends
The 1937 Buffalo Nickel Proof is the most common Proof in the series, with 5,769 examples minted. Despite its relative abundance, its appeal lies in its brilliance and the precision of its strike. Coins graded Proof 68 or higher are particularly prized.
Price Trends:
- Record Sale: $40,250 for a PCGS-graded Proof 68 in 2012.
- Recent Values: Proof 68 examples now range between $5,000 and $10,000, depending on toning and eye appeal.
Factors Influencing Value:
- Toning: Coins with attractive rainbow or pastel toning command premium prices.
- Grade: Higher grades, especially Proof 68+ and Proof 69, significantly boost value.
- Cameo Contrast: While exceedingly rare, any degree of cameo finish increases a coin’s desirability.
Tips for Collecting the 1937 Buffalo Nickel Proof
- Look for Clean Surfaces: Prioritize coins with minimal hairlines or handling marks, as these flaws detract from a coin’s grade.
- Verify Authenticity: Ensure the coin exhibits the diagnostic features of a Proof, especially the thick rims and mirror-like fields.
- Check for Certification: Purchase coins certified by reputable grading services such as PCGS or NGC to guarantee authenticity and condition.
Two Essential Tips for Buyers:
- Beware of Overpriced Coins: Familiarize yourself with recent auction results to avoid paying inflated prices.
- Invest in Quality: Opt for the highest grade you can afford, as top-tier coins tend to appreciate more over time.
1937 Buffalo Nickel Proof Market Data and Noteworthy Specimens
Top Population: PCGS PR69 (2, 11/2024), NGC PF68+ (4, 11/2024), and CAC PR67 (4:0 stickered:graded, 11/2024).
NGC PF68+ CAC #6101132-005: Heritage Auctions, December 15, 2022, Lot 3407 – $8,580. Pastel toning.
NGC PF68+ #4228081-001: Stack’s Bowers, March 25, 2021, Lot 4052 – $8,400; Stack’s Bowers, April 4, 2022, Lot 1541 – $7,800; Heritage Auctions, May 4, 2023, Lot 3702 – $7,500.
PCGS PR68+ #40323795: “The Bob R. Simpson Collection, Part I,” Heritage Auctions, September 17, 2020, Lot 10037 – $13,200. Simpson novelty insert. Pastel toning.
PCGS PR68 CAC #3156769: “The Greensboro Collection, Part XI,” Heritage Auctions, November 20, 2024, Lot 3101 – View. Old Green Holder. Rainbow toning.
PCGS PR68 #50398718: Heritage Auctions, August 12, 2024, Lot 3202 – $3,720. Rainbow toning. Magenta across jaw and bison.
PCGS PR68 CAC #25209515: Legend Rare Coin Auctions, July 27, 2023, Lot 33 – $8,518.75.
PCGS PR68 #38304940: As NGC PF68 #693641-008: Heritage Auctions, January 2012, Lot 5366; “The Laguna Collection,” Heritage Auctions, April 27, 2018, Lot 4748 – $3,720. As PCGS PR68 #38304940. Heritage Auctions, February 21, 2020, Lot 3580 – $3,840; Heritage Auctions, October 14, 2024, Lot 52014 – $6,300. Rainbow toning. Peacock toning in hair and lower feather. Splotches of blue and magenta on hair and jaw. Streaky toning on the reverse.
PCGS PR68 #49545848: Heritage Auctions, June 14, 2024, Lot 3305 – $4,080. Toned.
PCGS PR68 CAC #06777710: Heritage Auctions, April 29, 2010, Lot 2044 – $20,700; Heritage Auctions, January 6, 2012, Lot 5368 – $40,250. Record price paid. Pop 10, none finer when offered; “The Leon Hendrickson Collection,” Heritage Auctions, December 3, 2015, Lot 3081 – $11,750; Heritage Auctions, April 28, 2016, Lot 4054 – $7,637.50; Legend Rare Coin Auctions, March 24 – April 6, 2017, Lot 36 – $7,750. Gold, blue, and purple toning.
PCGS PR66+CAM CAC #44652498: As NGC PF66CAM #1654416-001. Stack’s Bowers, August 7, 2020, Lot 2515 – $8,400. As PCGS PR66+CAM CAC #44652498. Legend Rare Coin Auctions, May 2022, Lot 112; Heritage Auctions, July 20, 2023, Lot 3023 – $10,800. Crossed to PCGS and upgraded by 1/2 point.
Final Thoughts
The 1937 Buffalo Nickel Proof remains a cornerstone for collectors of American coinage, celebrated for its beauty and historical significance. Its brilliant finish and relatively accessible mintage make it a must-have for enthusiasts seeking to own a piece of numismatic history.
If you’re considering adding this coin to your collection, take the time to research, verify authenticity, and focus on quality. Share your thoughts and experiences with this coin in the comments below, and explore more content to deepen your numismatic knowledge. Happy collecting!
FAQs About the 1937 Buffalo Nickel Proof
Q1: How many 1937 Buffalo Nickel Proofs were minted?
A: The Philadelphia Mint produced 5,769 examples, making it the most common Proof in the Buffalo Nickel series.
Q2: What makes the 1937 Proof different from earlier versions?
A: The 1937 Proof features a brilliant finish, as opposed to the satin or matte finishes of earlier issues.
Q3: How can I tell if my 1937 Buffalo Nickel is a Proof?
A: Look for thick flat rims, a mirror-like surface, and sharp design details indicative of a Proof strike.
Q4: What is the highest grade achieved by a 1937 Buffalo Nickel Proof?
A: The highest grade is PCGS PR69, with only two examples known to exist.
Q5: Are toned 1937 Buffalo Nickel Proofs more valuable?
A: Yes, coins with attractive toning, such as rainbow or pastel hues, often fetch higher prices.
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