1920-D Buffalo Nickel : Among the most enduring American coin designs, the Buffalo Nickel (officially the Indian Head nickel) holds a special place in numismatic history.
Designed by James Earle Fraser and minted from 1913 to 1938, these distinctive five-cent pieces feature a Native American profile on the obverse and an American bison on the reverse.
Recently, sensational claims have circulated suggesting that the 1920-D Buffalo Nickel might be worth an extraordinary $250 million, with assertions that some specimens remain in circulation.
This article examines the reality behind these remarkable claims and provides context about what actually makes certain Buffalo Nickels valuable.
The 1920-D Buffalo Nickel: Production and Background
Before addressing the $250 million valuation claim, it’s important to understand the actual history and production facts about the 1920-D Buffalo Nickel.
Mintage and Production
The Denver Mint produced approximately 9,418,000 Buffalo Nickels in 1920, as indicated by the “D” mint mark located on the reverse below the denomination.
This mintage, while lower than some years, was still substantial and resulted in millions of these coins entering circulation.
These nickels were struck in a composition of 75% copper and 25% nickel, the standard for five-cent pieces of this era. The coins were designed with:
An obverse featuring a Native American portrait (often said to be a composite of several tribal chiefs)
A reverse depicting an American bison (commonly but incorrectly called a buffalo)
The mint mark “D” positioned on the reverse below “FIVE CENTS”
Historical Context
The 1920-D Buffalo Nickel was produced during the coin’s middle period, after the design had been modified slightly from its 1913 introduction to improve strike quality and extend die life.
By 1920, the United States was entering the post-World War I economic boom of the “Roaring Twenties,” and these nickels saw extensive circulation in everyday commerce.
Debunking the $250 Million Valuation
The claim that any 1920-D Buffalo Nickel could be worth $250 million is, to put it plainly, entirely unfounded in numismatic reality. This valuation appears to be a dramatic exaggeration that has propagated through various channels, particularly social media and clickbait articles.
Placing the Claim in Context
To understand how extraordinary—and unrealistic—a $250 million valuation is, consider these comparative facts:
The most expensive coin ever sold at auction is the 1933 Double Eagle gold coin, which reached $18.9 million in 2021
The most valuable nickel ever sold is the 1913 Liberty Head nickel, with a record price of approximately $4.2 million
The entire rare coin market in the United States is estimated at roughly $5-6 billion annually
Even the rarest, most exceptional coins in American numismatic history fall dramatically short of the claimed $250 million for a 1920-D Buffalo Nickel.
Origins of the Exaggerated Claim
The astronomical valuation likely emerged through a combination of:
Confusion with genuinely rare Buffalo Nickel varieties
Multiplication errors when converting between currencies
Incremental exaggeration as stories spread across social media
Deliberate sensationalism to generate clicks and engagement
Misunderstanding of auction results for other rare coins
This pattern of misinformation is unfortunately common with collectibles, where extraordinary claims attract attention regardless of their accuracy.
The Actual Value of 1920-D Buffalo Nickels
While the 1920-D Buffalo Nickel isn’t worth hundreds of millions, certain specimens do carry genuine numismatic value. Here’s a realistic assessment of what these coins are actually worth:
Circulated Specimens
Most 1920-D Buffalo Nickels found in circulation today would be heavily worn. Value ranges for circulated specimens include:
Good (G-4) condition: $7-$12
Very Good (VG-8) condition: $10-$20
Fine (F-12) condition: $20-$35
Very Fine (VF-20) condition: $40-$65
Extremely Fine (EF-40) condition: $85-$125
Uncirculated Specimens
Coins that never entered circulation or show minimal wear command higher premiums:
About Uncirculated (AU-50 to AU-58): $150-$450
Mint State (MS-60 to MS-62): $500-$1,200
Choice Uncirculated (MS-63 to MS-64): $1,500-$4,000
Gem Uncirculated (MS-65 and above): $7,000-$30,000
Even in pristine condition, the most exceptional examples of 1920-D Buffalo Nickels might reach $50,000-$75,000 at auction—a significant sum, but nowhere near the claimed $250 million.
Genuine Rare Varieties
Some specific varieties of the 1920-D Buffalo Nickel do command greater premiums:
Doubled Die Varieties: Where design elements appear doubled due to multiple impressions from the die
Repunched Mint Mark: Where the “D” mint mark shows evidence of being stamped multiple times in slightly different positions
Die Cracks and Cuds: Advanced die breaks that create distinctive raised lines or blobs on the coin
These varieties might sell for 2-10 times the values listed above, depending on the prominence of the error and the overall condition of the coin.
Why Buffalo Nickels Remain Collectible
Despite not being worth millions, Buffalo Nickels remain among the most popular and sought-after U.S. coins for several legitimate reasons:
Iconic American Design
The Buffalo Nickel represents a distinctly American aesthetic that broke from European-influenced coin designs. James Earle Fraser’s creation captures elements of the American frontier and indigenous heritage in a powerful, artistic manner that continues to resonate with collectors.
Historical Significance
These coins circulated during several pivotal periods in American history, including:
World War I and its aftermath
The Roaring Twenties
The Great Depression
The early New Deal era
This connection to transformative historical periods enhances their appeal to both numismatists and history enthusiasts.
Condition Rarity
While millions of Buffalo Nickels were minted, relatively few survive in high-grade condition due to:
The coin’s raised design elements that wore quickly in circulation
The relatively soft composition that was susceptible to wear
The exposed date that often became illegible with modest wear
Poor striking characteristics that left many coins with weak details even when new
This “condition rarity” creates legitimate value for well-preserved specimens.
1920-D Buffalo Nickel Identifying Potentially Valuable Buffalo Nickels
For those who believe they might have a valuable Buffalo Nickel, here are the key factors to examine:
Date and Mint Mark
The most valuable regular-issue Buffalo Nickels include:
1913-S Type 2 (S mint mark, modified design)
1914-D
1921-S
1924-S
1926-S
1931-S
The 1920-D falls in the mid-range of desirability for the series.
Condition Assessment
When evaluating condition:
Check for visible detail in the Indian’s hair braids and the bison’s horn and leg details
Examine the coin under good lighting, preferably with modest magnification
Look for any evidence of cleaning, which can significantly reduce value
Note any damage, including scratches, dents, or corrosion
Variety Identification
To identify potential valuable varieties:
Examine the mint mark for signs of repunching or unusual positioning
Look for doubling in the date, inscriptions, or design elements
Check for unusual die cracks, particularly large ones that affect major design features
Authentication Considerations
For any Buffalo Nickel that appears to be in exceptional condition or shows unusual characteristics, professional authentication is advisable. Reputable grading services include:
Professional Coin Grading Service (PCGS)
Numismatic Guaranty Company (NGC)
American Numismatic Association Certification Service (ANACS)
The Psychology of Numismatic Misinformation
The persistence of claims about extraordinarily valuable common coins reveals interesting aspects of human psychology:
The Appeal of “Hidden Treasure” Narratives
Stories about potentially valuable coins tap into:
The universal appeal of unexpected wealth
The excitement of treasure hunting in everyday places
The democratizing notion that anyone might possess something of great value
The combination of luck and knowledge that creates discovery opportunities
Digital Media Amplification
Several factors contribute to the spread of numismatic misinformation online:
Revenue models that reward engagement rather than accuracy
Limited fact-checking in rapidly shared social media content
The persistence of outdated or incorrect information online
Video platforms that prioritize sensational thumbnails and titles
Confirmation Bias
People tend to:
Remember and share extraordinary claims while forgetting subsequent corrections
Selectively focus on information that suggests their possessions might be valuable
Give greater weight to sensational claims than to more modest factual corrections
Interpret ambiguous information in ways that align with desired outcomes
1920-D Buffalo Nickel The Legitimate Value of Coin Collecting
While Buffalo Nickels won’t make anyone a quarter-billionaire, coin collecting offers genuine benefits:
Educational Value
Numismatics provides insights into:
American history and cultural values
Economic developments and monetary policy
Artistic traditions and craftsmanship
Manufacturing techniques and metallurgy
Modest Investment Potential
With informed collecting strategies, coins can:
Appreciate steadily over decades
Provide tangible assets that diversify investment portfolios
Offer protection against certain types of economic uncertainty
Create opportunities to apply specialized knowledge for financial benefit
Personal Enjoyment
Beyond financial considerations, coin collecting offers:
The thrill of the hunt when searching for specific dates or varieties
Aesthetic appreciation of design and craftsmanship
Connection to history through physical objects
Community with fellow enthusiasts through clubs and organizations
1920-D Buffalo Nickel Conclusion: Truth and Value in Numismatics
The claim that 1920-D Buffalo Nickels are worth $250 million is unequivocally false. Even the finest known specimens of this date would likely sell for less than $100,000 in today’s market.
While this reality might disappoint those hoping to find extraordinary wealth in their coin collections, it shouldn’t diminish appreciation for these historical artifacts.
The actual appeal of Buffalo Nickels lies not in fantastical valuations but in their authentic connection to American history, their artistic merit, and the challenge they present to collectors seeking to assemble complete collections.
These aspects create genuine value that transcends purely monetary considerations.For those interested in Buffalo Nickels, focusing on the legitimate historical and numismatic significance of these coins provides a more rewarding experience than chasing impossible valuations.
The true value of numismatics lies in knowledge, appreciation, and the joy of collecting—all of which are available without the need for sensational claims or misinformation.
While we might not find a $250 million nickel in our change jar, we might discover something potentially more valuable—a genuine connection to history and an engaging hobby that rewards patience, knowledge, and attention to detail.
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