1937 Buffalo Nickel Proof : A Collector’s Guide

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

Buffalo Nickels were struck as Proofs in the series’ first four years and the final two. Other than the notation of the coins as Proofs, the 1913-1916 coinage and the majority of the Proofs struck in 1936 and 1937 have little in common.

With the redesigns of President Theodore Roosevelt’s so-called “Pet Crime,” the process of striking Proofs with brilliant finishes and cameo contrast gave way to a satin finish that was en mode in Europe but failed to catch on with collectors in America. Diminished interest in this format prompted the United States Mint not to revert to its previous style but to cancel Proof production altogether.

That decision was reversed in 1936 when the Mint produced a five-coin Proof Set containing Proof versions of that year’s Lincoln Wheat Cent, Buffalo Nickel, Mercury Dime, Washington Quarter, and Walking Liberty Half Dollar. For the Mercury Dime, Washington Quarter, and Walking Liberty Half Dollar, 1936 was the series’ Proof debut.

The first Proofs struck that year exhibited a satin finish, much to the dissatisfaction of collectors. The Mint quickly responded, and adjusted production to allow for the brilliant finish that collectors wanted. This brilliant finish was continued, and improved upon, in 1937.

Nearly all of the 5,769 Buffalo Nickel Proofs struck in 1937 are fully brilliant, but only a few struck with the first few impressions from fresh dies exhibit some degree of cameo finish. In all of the years of commercial third-party grading, not one coin has exhibited enough frost on both obverse and reverse to qualify for an Ultra Cameo (NGC) or Deep Cameo (PCGS) designation.

For those interested in a Buffalo Nickel Proof, the 1937 is the most common of the seven dates, followed by the brilliant 1936. Collectors should look for coins with deep mirrors and minimal hairlines and handling marks.

Some sharply impressed business strikes may resemble Proofs. In this event, look for thick flat rims. This is diagnostic for all 1937 Buffalo Nickel Proofs.

The Declining Value of Proof 68 Nickels

The record price paid for a 1937 Buffalo Nickel Proof in Proof 68 was the $40,250 paid for a PCGS-graded example at a January 6, 2012, Heritage Auctions sale. Two years before, that same coin sold for $20,700.

In both sales, the coin was among 10 graded Proof 68 by PCGS with one finer. Without knowing the motivation of either buyer, we assume that the premium price was paid because of the potential to upgrade the coin to Proof 69.

The coin’s subsequent sales history shows that this speculative buying (that we speculate occurred) did not pan out. It sold in 2015 as part of SilverTowne founder Leon Hendrickson’s collection for $11,750, before selling in 2016 and 2017 for $7,637.50 and $7,750, respectively.

With Proof 68 populations continuing to rise (as of November 4, 2024, PCGS reports 54 examples in Proof 68, with six in Proof 68+ and two in Proof 69), it is doubtful that this coin, if offered today, would sell for more than $5,000.

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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.

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Coin Specifications

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