1914 Buffalo Nickel : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

1914 was the second year of James Earle Fraser’s Buffalo Nickel design. After a substantial post-release reworking in 1913, only a minor edit of the date was made for the 1914 issue. Philadelphia struck significantly more nickels than Denver and San Francisco; in fact, the 1914 Buffalo Nickel struck at Philadelphia was the only issue of the year with a mintage of over four million. Curiously, the 1914 is only slightly scarcer than the 1914-S, despite a disparity of over 17 million coins. The 1914-D is tougher in all grades, but is overshadowed by the rare 1914/3 overdate, which we discuss later in this guide.

Just under 4,000 examples of this date have been certified in Mint State by NGC and PCGS, with the typical grade reported by both services being MS64. The date is reasonably well struck. It is not unusual to find Mint State examples with fully detailed horns and fur. The occasional die clash image from the motto E PLURIBUS UNUM is noted on a few of the condition census examples in our data set.

It is unusual to find untoned examples. This is typical for nickel coins of any type. Many 1914 Buffalo Nickels display a golden or yellow appearance. Ice blue toning is also common.

The top population grade for the 1914 Buffalo Nickel is currently MS67+, with examples certified at NGC and PCGS. 1914 nickels in this grade first appeared in the PCGS population report in 2019. The previous top pop grade of MS67 has seen its population rise steadily over the past 25 years.

As a result of this increase in population, prices realized at auction for the 1914 Buffalo Nickel have declined steadily over the past 20 years. The table above shows prices realized in 2024 inflation-adjusted dollars. A $15,000 outlier in 2019 was a CAC-approved specimen with gold and purple toning. Perhaps this coin was protected by the consignor, or bidders believed the coin to be a shot 67+ or 68. Regardless, subsequent sales followed an expected downward trend.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS67+ (5, 10/2024), NGC MS67+ (2, 10/2024), and CAC MS67 (18:1 stickered:graded, 10/2024).

• PCGS MS67+ CAC #47894404: As NGC MS67+ CAC #5845788-004. Heritage Auctions, January 13, 2022, Lot 3272 – $8,700; GreatCollections, November 6, 2022, Lot 1260917 – View. As PCGS MS67+ CAC #47894404. GreatCollections, June 25, 2023, Lot 1268980 – $27,337.50. Crossed to PCGS. Apricot toning throughout.
• PCGS MS67 #49920625: Listed online by DLRC, October 2024 – $5,750. Bright iridescent toning in pale yellow, green, and orange.
• NGC MS67 #6819317-001: GreatCollections, September 3, 2023, Lot 959349 – View; Heritage Auctions, March 29, 2024, Lot 3222 – $3,120. Iridescent gold, green, blue, and orange toning. Pop 13, 1 in 67+. 
• PCGS MS67 #50067810: Heritage Auctions, May 4, 2022, Lot 3271 – $7,809.60. Apricot and violet toning. Pop 44, three finer.
• PCGS MS67 CAC #60190039: GreatCollections, February 28, 2021, Lot 935921 – View; Heritage Auctions, February 25, 2022, Lot 3479 – $6,900. Golden toning. Sharply clashed PLURIBUS UNUM. Pop 44, three finer.
• PCGS MS67 #81464815: Heritage Auctions, January 4, 2017, Lot 3584 – $4,700; Heritage Auctions, July 6, 2017, Lot 3040 – $3,995; Heritage Auctions, December 7, 2017, Lot 3033 – $3,600; Heritage Auctions, January 13, 2022, Lot 3271 – $3,675.60. Violet and gold toning.
• PCGS MS67 #42723565: Heritage Auctions, October 7, 2021, Lot 3073 – $3,120. Pop 43, three finer.
• PCGS MS67 #39320161: GreatCollections, August 23, 2020, Lot 816511 – View; “The Silver Springs Collection,” Stack’s Bowers, August 16, 2021, Lot 1318 – $4,560. Dusting of copper-rose toning. Dark spot above R of LIBERTY. Pop 41, two finer.
• PCGS MS67 CAC #40440043: Heritage Auctions, November 20, 2020, Lot 3543 – $5,520. Pop 41, two finer.
• PCGS MS67 #4386855: McCarroll Collection; Heritage Auctions, January 8, 2020, Lot 3391 – $6,600. Pop 38, two finer. Gold and violet toning. McCAROLL on insert. Old Green Holder.
• PCGS MS67 CAC #36812718: Heritage Auctions, March 14, 2019, Lot 3051 – $15,000. Gold and purple toning. Pop 35, 1 finer.
• PCGS MS67 #25786411: Stack’s Bowers, November 9, 2017, Lot 1262 – $4,080.
• PCGS MS67 #25786410: Heritage Auctions, January 4, 2017, Lot 3583 – $4,935. Pop 30, one finer. Apricot and ice blue toning; Heritage Auctions, June 8, 2017, Lot 3574 – $4,230; “The Digiovanni de Abruzzi Collection,” Heritage Auctions, January 4, 2018, Lot 4336 – $3,099.60. Pop 31, one finer; Heritage Auctions, April 27, 2018, Lot 4686 – $2,400. V-shaped cut on the buffalo’s foreleg.

• NGC MS67 #604564-005: “The Teton Ranch Collection,” Heritage Auctions, January 6, 2012, Lot 5235 – $3,450; “The Soquel Creek Collection,” Heritage Auctions, June 8, 2016, Lot 3365 – $4,230. Iridescent peacock toning. Large streak of red toning on the reverse. PQ eye appeal.
• PCGS MS67 #25651177: Heritage Auctions, January 7, 2016, Lot 4796 – $5,875. Pop 25.
• PCGS MS67 #25218575: Heritage Auctions, April 22, 2015, Lot 3587 – $5,640. Ice blue and violet toning. Dark spot in hair near feather. Three spots on buffalo’s hind leg. Pop 23.
• PCGS MS67 CAC #3594322: Heritage Auctions, January 7, 2015, Lot 3618 – $8,225. Apricot toning on the obverse. Ice blue toning on the reverse. Pop 22.
• NGC MS67* CAC #1964590-006: Heritage Auctions, April 16, 2008, Lot 421 – $3,737.50; Heritage Auctions, July 31, 2008, Lot 1328 – $4,312.50; “The Brenda John Collection,” Heritage Auctions, June 2010, Lot 383 – $3,450; Heritage Auctions, December 4, 2014, Lot 3272 – $7,050. Clash LU under chin. Gold and lime green toning.
• PCGS MS67 CAC #06662405: “The Ray Levoi Collection,” Heritage Auctions, April 23, 2014, Lot 3311 – $7,637.50. Gold obverse toning. Violet and blue reverse toning. Pop 22.
• PCGS MS67 CAC #25325657: Heritage Auctions, April 23, 2014, Lot 3310 – $7,637.50. Pop 22.
• PCGS MS67 CAC #06864385: Heritage Auctions, May 28, 2009, Lot 310 – $4,887.50. Pop 16; Heritage Auctions, April 29, 2010, Lot 1125 – $6,900. Lustrous, pale gold toning with peach centers. Speckled.
• PCGS MS67 #08894075: “The Troy Wiseman Collection,” Heritage Auctions, September 14, 2006, Lot 989 – $6,325; “The Joseph C. Thomas Collection,” Heritage Auctions, April 30, 2009, Lot 1473 – $4,600. Troy Wiseman Collection on insert. Violet and rose toning.
• NGC MS67 #1576025-002: Heritage Auctions, April 16, 2008, Lot 422 – $2,760; Heritage Auctions, August 24, 2008, Lot 64147 – $3,737.50. Pop 9.
• NGC MS67 #398181-001: Heritage Auctions, October 11, 2005, Lot 11160 – $3,175; Heritage Auctions, January 4, 2007, Lot 2243 – $3,220. Streaky toning on the obverse. Localized dark toning area in red and green in the lower right obverse field. Violet and red toning on the reverse.
• NGC MS67 #2024022-005: Heritage Auctions, November 29, 2006, Lot 356 – $3,737.50.
• PCGS MS67: “The Robert Michael Prescott Collection,” American Numismatic Rarities, January 3, 2006, Lot 143 – $7,475. Dusting on caramel toning. Pop 14.
• NGC MS67: Stack’s, September 13, 2003, Lot 176 – $6,210. Golden toning throughout. Pop 6.
• PCGS MS67 #50048580: Heritage Auctions, July 26, 2003, Lot 6145 – $9,200. Pop 10; Heritage Auctions, July 27, 2005, Lot 5656 – $5,462.50. Pop 14; Heritage Auctions, June 1, 2006, Lot 758 – $5,750. Pop 15; Heritage Auctions, April 30, 2009, Lot 1472 – $4,600. Pop 16. Two diagonal cuts below part in hair.
• PCGS MS67 #50014534: “The BTB Collection of Buffalo Nickels,” Heritage Auctions, February 27, 2003, Lot 5874 – $9,200.

1914/3 Buffalo Nickel, FS-101

The 1914/3 is one of two Guide Book Buffalo Nickel overdate varieties. It was likely the result of a 1913 working hub being repurposed for 1914. The variety was discovered in 1996 by collector R.A. Medina. Researchers John Wexler, Ron Pope, and Kevin Flynn identified three or possibly four different 1914/3 dies in Treasure Hunting Buffalo Nickels (1999). A detail shared by all is the bulbous shape of the top of the numeral “3” visible in the field underneath the top of the “4”. This is a scarce variety with high collector demand.

In February 2021, a nicely toned PCGS MS66 CAC example sold at GreatCollections for $84,375. This is the highest price paid at auction for the variety. Most Mint State examples sold at auction over the past 20 years have graded no higher than MS64.

Top Population: PCGS MS66 (3, 10/2024), NGC Not Specified (10/2024), and CAC MS66 (1:0 stickered:graded, 10/2024).

• PCGS MS66 CAC #40502421: GreatCollections, February 14, 2021, Lot 910551 – $84,375. Streaky gold toning.
• PCGS MS65+ CAC #21399893: GreatCollections, February 25, 2018, Lot 549130 – View.
• NGC MS64 #7001040-002: Heritage Auctions, July 27, 2002, Lot 6460 – $2,645; Stack’s Bowers, August 7, 2012, Lot 5261 – $3,965.63; Stack’s Bowers, August 1, 2017, Lot 345 – $3,877.50. Golden toning. Cut on nose. Two diagonal cuts on braid. Two long untoned streaks on the buffalo.
• PCGS MS64 #21699881: Heritage Auctions, January 13, 2005, Lot 5849 – $4,887.50.
• NGC MS64 #1803332-001: Heritage Auctions, August 18, 2004, Lot 5524 – $5,290.
• PCGS MS64: Stack’s, June 23, 2004, Lot 2571 – $8,625. Salmon and apricot toning.

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Design

Obverse:

The 1914 Buffalo Nickel features an oversized bust of a Native American warrior as the central motif on the obverse. For this effigy, sculptor James Earle Fraser made a composite image of three well-known men: Chief Iron Tail of the Sioux, Big Tree of the Kiowa, and Two Moons of the Cheyenne. The composite Indian wears two feathers in his hair and a braid running down the side of his head. The date 1914 is superimposed over the truncation of the bust, and the legend LIBERTY is off to the side at 2 o’clock on the rim.

Reverse:

The central motif on the reverse was supposedly based on a buffalo named Black Diamond that lived at the New York Central Park Zoological Garden; this buffalo happened to die in 1915, the design’s third year of issue. Standard types display all of the animal’s four legs. The buffalo stands on a small strip of land, below which is the denomination FIVE CENTS. Arcing above the animal’s back around the rim is the legend UNITED STATES OF AMERICA. The motto E PLURIBUS UNUM is squeezed between AMERICA and the animal’s back.

This design does not include the national motto IN GOD WE TRUST. According to numismatist and CoinWeek contributor Roger Burdette (2007), Mint Director George Roberts informed Fraser that “the motto, ‘In God We Trust,’ is not required upon this coin.”

Edge:

The edge of the 1914 Buffalo Nickel is plain or smooth.

Designer

An American sculptor, James Earle Fraser was active during the first half of the 20th century. Born in Minnesota, Fraser attended the Art Institute of Chicago and displayed some of his earliest artwork at the 1893 World’s Columbian and 1915 Panama Pacific Expositions, including his piece entitled End of the Trail. Much of his work centered around Native American themes and is embodied in his 1913 Indian Head Nickel design.

Coin Specifications

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Sources

Burdette, Roger W. Renaissance of American Coinage: 1909–1915. (2007)
 

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