By the latter part of 1923, the existing supply of nickels from previous years had been distributed, creating a demand for new coins. The San Francisco Mint responded by producing six million Buffalo nickels that year. Despite this sizable mintage, the 1923-S Buffalo Nickel remains relatively scarce, especially in Mint State and higher circulated grades. Most surviving specimens are less than fully struck, with many showing a decent obverse strike but a mushy reverse due to the use of leftover dies from earlier years.
History of 1923 S Buffalo Nickel
The Buffalo Nickel series, minted from 1913 to 1938, is an important part of American numismatic history. The series was born out of a broader move to redesign American coinage with more artistic and symbolic imagery. In 1904, President Theodore Roosevelt sought to invest in American coins with an artistic nature, a task initially offered to sculptor Augustus Saint Gaudens. However, after his death, the redesign of the nickel fell to James Earle Fraser, an accomplished artist and engraver.
Fraser’s design for the Buffalo Nickel pays homage to Native American heritage and the American frontier. The obverse features a composite portrait of three Native American chiefs—describing the Cheyenne, Seneca, and Sioux tribes—while the reverse showcases an image of a bison, known as Black Diamond, from the New York Central Park Zoo.
Specifications
- Mintage: 6,142,000
- Minted at: San Francisco
- Designer/Engraver: James Earle Fraser
- Metal Composition: 75% Copper, 25% Nickel
- Diameter: 21.2 mm
- Mass/Weight: 5 grams
Design
Obverse
The obverse of the 1923-S Buffalo Nickel features the iconic image of a Native American chief, a tribute to America’s indigenous heritage. The word “LIBERTY” is inscribed from 1 to 2 o’clock, and the date is found on the left side of the chief’s bust.
Reverse
The reverse side shows an exact image of Black Diamond, an American bison, standing on a mound. The inscriptions “UNITED STATES OF AMERICA” and the motto “E PLURIBUS UNUM” are positioned at the top periphery, while the denomination “FIVE CENTS” is spelled out at the bottom.
Rarity and Condition
The 1923-S Buffalo Nickel is a scarce issue, especially in higher grades. With a mintage of about 6.1 million, circulated examples can be tough to see, and those in Mint State are even more irregular. The strike quality changes and many coins exhibit weak details due to worn dies. Only a few coins have acquired high grades, with PCGS grading just three in MS66 and certifying ten at that level.
Value of 1923 S Buffalo Nickel
As of July 2024, the value of a 1923-S Buffalo Nickel ranges significantly depending on its condition. According to the NGC Price Guide, circulated examples are worth between $5 and $550. However, pristine, uncirculated examples can get as much as $38,500 on the open market.
Errors and Varieties
Like many coins of its era, the 1923-S Buffalo Nickel may show errors and varieties that can enhance its value to collectors. Common issues have to die cracks, off-center strikes and doubled dies. These errors, when present, add a layer of originality and can greatly increase the coin’s desirability and market value.
Also Read – 1919 S Buffalo Nickel: A Guide for Coin Enthusiasts
Conclusion
The 1923 S Buffalo Nickel stands as a unique part of American numismatic history. Its design, scarcity, and the story behind its design make it a sought-after coin for collectors. Whether you’re interested in its artistic significance, historical context, or investment possibility, the 1923-S Buffalo Nickel offers a charming glimpse into the rich heritage of American coinage.