The 1916 Buffalo Nickel, featuring a Native American on the front and a bison on the back, recently made headlines by selling for $105,000 at auction. This high price was due to a rare “doubling” error, which can make this coin a treasure for collectors. Let’s explore the unique details of this historic coin and what makes it so valuable.
What is the 1916 Buffalo Nickel?
The Buffalo Nickel, also known as the Native American Head nickel, was minted in the United States from 1913 to 1938. Designed by sculptor James Earle Fraser, this coin features an iconic design. On the front (obverse) is a Native American facing right, with the word “LIBERTY” at the upper edge and the date at the lower left. The back (reverse) shows a bison, often referred to as a buffalo, standing on a mound, with “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” above, and “FIVE CENTS” below.
The 1916 Buffalo Nickel is particularly rare because it has a unique error called a “doubling” or “double die,” making it one of the most sought-after coins by collectors.
What is a Doubling Error?
A doubling error, also known as a “double die,” is a minting mistake that occurs when the die used to stamp the coin strikes twice. When this happens, letters, numbers, or other features may appear twice in slightly different places. On the 1916 Buffalo Nickel, this doubling can be seen on the numbers “1,” “9,” and “6” in the date. This error is highly prized by collectors because it makes the coin unique and adds significant value.
Why Did This Coin Sell for $105,000?
The recent auction by Heritage Auctions saw this 1916 Buffalo Nickel sell for $105,000, mainly due to the doubling error on the date and its well-preserved condition. When rare coins have errors, they become more valuable because they are harder to find. Since many Buffalo Nickels were minted without this error, having one with a clear doubling error can make it worth a lot of money.
1916 Buffalo Nickel
| Feature | Description |
|---|---|
| Year | 1916 |
| Type | Buffalo Nickel, Native American Head |
| Error | Doubling on the “1,” “9,” and “6” in the date |
| Designer | James Earle Fraser |
| Auction Price | $105,000 |
| Additional Design Info | Native American on obverse, Bison on reverse |
A Brief History of the Buffalo Nickel
The Buffalo Nickel was designed by James Earle Fraser, who used three Native American models to create the portrait. The reverse design, showing a bison, was based on a bison at the Bronx Zoo. This design choice added a unique touch that represents both Native American heritage and American wildlife.
While the Buffalo Nickels were mainly minted in Philadelphia, these coins do not have a mint mark. The coin became one of the most iconic and recognizable U.S. coin designs, appreciated for its historical and cultural significance.
Other Valuable Coins
Collectors are willing to pay high prices for rare coins with unique characteristics or errors. For example:
- A 1920 Lincoln cent, struck on a dime blank instead of a penny blank, recently sold for $26,000.
- The 1889-CC Morgan Dollar, with a unique historical background and limited production, sold for $660,000.
FAQ’s
What makes the 1916 Buffalo Nickel so valuable?
The coin’s doubling error on the date and its well-preserved condition make it highly valuable.
How can I check if my Buffalo Nickel has a doubling error?
You can send your coin to a professional grading service to have it examined for errors.
Are all Buffalo Nickels worth a lot of money?
No, only specific ones with rare errors or in exceptional condition tend to fetch high prices.