The US Mint has produced some of the finest quality coins in the world during its long time in existence. Of all the coins produced by the mint, few series are more desirable than the Buffalo Nickel coin series. These coins were produced during the early 20th century and are now a much sought after coin-type for collectors.
Unfortunately, creating a collection of Buffalo Nickels is a bit difficult considering multiple varieties of the coin were produced most years. This means that while you may have a 1923 Buffalo Nickel in your collection, you may not have both types. In addition to there being two different types of the coin, there is also a wide array of conditions these coins can be in, ranging from poor to excellent.
Grading the 1923 Buffalo Nickel
For coins that are as old as the 1923 Buffalo Nickel, collectors are primarily concerned with the condition the coin is in. Because no one wants to add a worn, tattered coin to their collection, you will find that most every collector closely analyzes the coins they want to buy, searching for imperfections.
When this kind of judging is done by a professional coin grading company, your coin will receive a grade that is basically a one or two-word description of the overall condition of the coin. The specifications below will give you a good idea of what you can expect coins of a certain grade to look like.
Uncirculated: An Uncirculated Buffalo Nickel is one that spent no time exchanging hands and incurred no damage as a result. These coins will have retained all of their texture and will have no blemishes on the inscriptions or imagery. In addition, they will have a shine that resembles the shine of a brand new coin.
Extremely Fine: In this condition, coins will have some light scratching but will, for the most part, appear to be in great shape. These coins will also have retained some of their original luster, but some of it will have faded as a result of the changing of hands over the years.
Fine: To receive this grade, a coin will have been circulated for a good bit of time. You will see some moderate scratching and maybe even some chipping on the surfaces of the coin, but the imagery and inscriptions will be for the most part intact. The heaviest wear will likely be near the Indian’s cheekbone and the front leg of the buffalo.
Good: This is the grade given to those coins that have the most noticeable signs of wear. Being that these coins were circulated for decade upon decade, it goes without saying that some damage has occurred during that period of time. The damage on these coins will be heavy and may even make the images and inscriptions a bit difficult to make out.
Pricing the 1923 Buffalo Nickel
For a coin like the 1923 Buffalo Nickel, the price you are going to pay to acquire one is dependent on a few different factors. First, the type of coin matters. Because there were two different varieties of Buffalo Nickels minted in 1923, this is the first factor to pay attention to. Secondly, the condition the coin is in will directly affect its price. The better the condition, the more you can expect to pay. The chart below will give you a good idea of what price you will pay for a 1923 Buffalo Nickel given its grade and type.
1923 Buffalo Nickel
| DATE | GOOD | FINE | EXTREMELY FINE | UNCIRCULATED |
|---|---|---|---|---|
| 1923 | $2 | $4 | $13 | $35 |
| 1923 S | $8 | $30 | $300 | $400 | Source: Red Book |
All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.
