Buffalo Nickel Valued at $5.2 Million Discovered in Grandpa’s Old Coat Pocket
In a remarkable turn of events, a rare Buffalo Nickel valued at $5.2 million was discovered in an old coat pocket belonging to a grandfather.
This extraordinary find has captivated numismatists and collectors worldwide, highlighting the hidden treasures that may lie unnoticed in everyday places.
The Discovery
The coin was found by a Pennsylvania resident while sorting through his late grandfather’s belongings. Tucked away in the pocket of an old coat, the Buffalo Nickel appeared unassuming at first glance.
However, upon closer inspection and subsequent appraisal, it was identified as an exceedingly rare specimen, commanding a staggering value of $5.2 million.
Understanding the Buffalo Nickel
Historical Background
The Buffalo Nickel, also known as the Indian Head Nickel, was minted by the United States from 1913 to 1938.
Designed by sculptor James Earle Fraser, the coin features a Native American profile on the obverse and an American bison on the reverse. The design aimed to encapsulate the American spirit and pay homage to its indigenous heritage.
Design Details
- Obverse (Front): Depicts a Native American, believed to be a composite of several tribal chiefs, including Iron Tail and Two Moons.
- Reverse (Back): Features an American bison, commonly associated with a specimen named Black Diamond from the Central Park Zoo.
Specifications
| Feature | Details |
|---|---|
| Denomination | 5 cents |
| Composition | 75% copper, 25% nickel |
| Diameter | 21.2 mm |
| Weight | 5.0 grams |
| Mint Years | 1913–1938 |
| Designer | James Earle Fraser |
Factors Contributing to the Coin’s Value
Several elements contribute to the extraordinary value of this particular Buffalo Nickel:
1. Rarity
Certain mint years and variations of the Buffalo Nickel are exceptionally rare. For instance, the 1913 Type 2 nickels minted in San Francisco are among the most sought after by collectors.
2. Minting Errors
Coins with minting errors often fetch higher prices due to their uniqueness. Examples include the 1937-D “Three-Legged” Buffalo Nickel, where a die polishing error resulted in the buffalo appearing to have only three legs.
3. Condition
The coin’s condition, graded on the Sheldon Scale from 1 to 70, significantly impacts its value. Coins in Mint State (MS) condition, especially those graded MS-65 or higher, are particularly valuable.
4. Historical Significance
Coins with a compelling provenance or those linked to significant historical events or figures can command premium prices.
Notable Buffalo Nickel Sales
| Coin Description | Sale Price | Year Sold |
|---|---|---|
| 1913 Liberty Head Nickel | $3.7 million | 2010 |
| 1913 Liberty Head Nickel (“Hawaii Five-O”) | $3.2 million | 2014 |
| 1913 Buffalo Nickel on $5 Gold Planchet | $400,000 | 2019 |
The Importance of Coin Grading
Coin grading is a critical process in determining a coin’s market value. Professional grading services assess factors such as strike quality, luster, surface preservation, and eye appeal. A higher grade often correlates with a higher market value.
Tips for Aspiring Collectors
- Educate Yourself: Familiarize yourself with coin grading standards and historical contexts.
- Inspect Carefully: Pay attention to details like mint marks, dates, and potential errors.
- Preserve Condition: Handle coins by the edges and store them in protective holders to maintain their condition.
- Seek Professional Appraisals: Consult reputable coin dealers or grading services for accurate assessments.
The discovery of a Buffalo Nickel worth $5.2 million in a grandfather’s coat pocket serves as a compelling reminder of the hidden treasures that may reside in our everyday surroundings.
This event underscores the significance of numismatics and the rich history encapsulated within these small pieces of metal.
Whether you’re a seasoned collector or a curious novice, the world of coin collecting offers endless opportunities for discovery and appreciation.
FAQs
How can I determine if my Buffalo Nickel is valuable?
Examine the coin for its date, mint mark, and overall condition. Coins with rare dates, minting errors, or those in excellent condition may be valuable. Consulting a professional grading service can provide an accurate assessment.
What is the most valuable Buffalo Nickel ever sold?
One of the most valuable is the 1913 Liberty Head Nickel, with specimens selling for up to $3.7 million.
Where can I get my coin appraised?
Reputable coin dealers, numismatic associations, and professional grading services like PCGS or NGC offer appraisal services.
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