Among the most fascinating tales in American numismatics lies the story of the 1937-D Three-Legged Buffalo Nickel. Originally part of the iconic Buffalo Nickel series minted from 1913 to 1938, this coin stands out not for its design intentions, but due to a noticeable error. One of the buffalo’s legs is visibly missing—an anomaly that has since transformed this coin from a simple misprint into a national treasure among collectors.
This minting error occurred at the Denver Mint when a worker over-polished a reverse die to remove clash marks. Unfortunately, the excessive polishing wiped out the front right leg of the buffalo design. The flaw, easily visible without magnification, gave rise to an unmistakable variety of the 1937-D nickel. Although the issue was identified quickly and corrected, a limited number of flawed coins had already entered circulation, cementing their place in history and sparking immense interest in the coin-collecting community.
Today, the 1937-D Three-Legged Buffalo Nickel symbolizes more than just a minting mishap—it embodies the human element of early 20th-century coin production, the popularity of the Buffalo Nickel series, and the enduring appeal of rare collectibles. Its scarcity, unique appearance, and backstory have made it one of the most coveted coins in American numismatic history, commanding high prices and intense interest among collectors.
A Rare Minting Mistake That Became a Collector’s Favorite
Unlike common minting errors like off-center strikes or doubled dies, the Three-Legged Buffalo Nickel owes its fame to an over-polished reverse die. During routine maintenance at the Denver Mint in 1937, a worker attempted to remove die clash marks and ended up erasing the front right leg of the buffalo from the die. Additionally, the back right leg appears weak and faded, adding to its distinctiveness. Because the flaw is so apparent, the coin became widely recognized—even by casual collectors—and immediately garnered attention within numismatic circles.
Limited Number of Surviving Coins
While exact mintage numbers for the error coin remain unknown, experts agree that only a few thousand made it into circulation before the mistake was identified and corrected. Many of those coins were used in everyday transactions, leading to significant wear and tear. Others were either lost or melted down over the years. The combination of limited production, natural attrition, and collector interest has made high-grade versions of this coin exceptionally rare and highly valued.
Strong Collector Demand
The 1937-D Three-Legged Buffalo Nickel is highly sought after due to its rarity, distinct look, and its historical context. Many collectors aiming to complete a full set of Buffalo Nickels see this particular variant as a must-have. Its unmistakable missing leg, the story of the minting error, and the difficulty of locating a well-preserved example contribute to sustained demand. Even well-worn coins are valued, while uncirculated pieces are exceptionally rare and sell for large sums.
Consistently High Market Value
Over the years, the coin has proven to be a solid investment. As of 2025, even circulated versions can fetch between $350 and $1,950 depending on wear. Lightly circulated or uncirculated examples are typically worth between $5,000 and $9,000. The rarest high-grade specimens, particularly those graded Mint State 67 or higher, can command prices up to $85,000. One such coin sold for that amount in 2016, setting a benchmark that continues to attract serious collectors.
A Unique Piece of American Coinage History
The 1937-D Three-Legged Buffalo Nickel tells a story that extends beyond its error. It is a testament to the manual processes of early U.S. coin production, where human error could lead to historical artifacts. Designed by James Earle Fraser, the Buffalo Nickel series was a tribute to Native American heritage and the American West. The Three-Legged variety, minted near the end of the series, provides a compelling chapter in the coin’s broader narrative.
Why This Coin Will Remain Valuable
Looking ahead, this coin is expected to retain and possibly increase in value. Its unique minting error, limited availability, consistent demand, and historical appeal ensure that it will always be a prized item among numismatists. As high-quality examples become even scarcer over time, their market value is likely to grow, making the 1937-D Three-Legged Buffalo Nickel both a historical artifact and a lasting investment.