The 1916 Buffalo Nickel Value Guide

The 1916 Doubled Die Obverse holds the undisputed title of the most dramatic doubled die in the entire Buffalo Nickel series. It was produced when a working die received a second hubbing with the hub shifted slightly from its original position. Every coin struck from that misaligned die carried the error — yet the Mint never caught it, and the coins entered circulation undetected for 46 years.

Discovery credit goes to collector Herbert S. Perlin of Pomona, California, who identified the variety in 1962 and published his finding in the Numismatic Scrapbook Magazine in July of that year. The doubling is unmistakable: the date shows a bold secondary impression of "916" shifted to the lower right, and the Indian chief's chin and lips display clear, three-dimensional doubling. CONECA classifies this as Class V (Pivot doubling), clockwise, referenced as 1-O-V-CW. Numismatically it is catalogued as FS-101.

In PCGS terms, roughly 200–400 survivors are believed to exist based on population reports and collector census, with the vast majority in circulated grades ranging from VF-20 to EF-45. Fewer than 15 Mint State examples are known; the highest certified are two coins in PCGS MS64. The auction record — $281,750 for a PCGS MS64 sold by Bowers & Merena in August 2004 — remains one of the most celebrated results for any Buffalo Nickel error.

Designer James Earle Fraser's small "F" initial normally appears just below the date on the obverse of every Buffalo Nickel. On the No F variety (FS-401), this initial is entirely absent because mint workers polished the die — most likely to remove clash marks left by inadvertent die-on-die contact during the minting process. The polishing abraded away the delicate, low-relief "F" along with any clash marks, leaving a smooth field where the initial should appear.

What makes the 1916 No F variety notable within the Buffalo Nickel series is its official classification: PCGS recognizes it as a Regular Variety rather than a Minor Variety, giving it a more prominent place in collector registries than many similar No F issues from other dates in the series. This means it carries a dedicated PCGS number and generates its own population report, making certified examples straightforward to identify and value. Multiple dies appear to have been polished in the same way, suggesting this was a relatively common workshop practice at Philadelphia that year.

In lower circulated grades, the No F commands a modest premium of perhaps 50–100% over a standard 1916-P. Better-grade examples and certified Mint State pieces attract genuine specialist interest, with well-struck MS65 coins reaching into four figures at auction. The key diagnostic — and the most common pitfall — is distinguishing a true die-polish No F from a coin where the "F" is simply worn flat by circulation. Only coins where the field in the "F" zone is smooth and unbroken (not granular from wear) merit attribution.

The standard 1916 Buffalo Nickel obverse shows three distinct feathers in the Native American's headdress: a large primary feather, a second medium-length feather, and a smaller feather positioned between the neck and the longest feather. On the Two Feathers variety (FS-402), die abrasion during the minting process removed the intermediate feather — specifically the smallest one — leaving only two clearly defined feathers in the headdress. This occurred at the die-polishing stage, making the Two Feathers a die variety rather than a planchet or strike error.

Attribution for this variety is strict and unforgiving: any coin that retains even a partial remnant of the third feather — a raised nub, a faint outline, or even a slight surface disruption in the correct location — does not qualify for FS-402 attribution. Specialists typically require clean, unambiguous two-feather coins for inclusion in census counts or registry sets. The 1916 Two Feathers joins 27 recognized Two Feathers varieties distributed across the Buffalo Nickel series from 1913 through 1930, with none documented from later years when die maintenance practices changed.

Collectors who specialize in Buffalo Nickel die varieties actively seek the 1916 Two Feathers as a representative example from an important transitional year in the series. Values are meaningfully higher than standard 1916-P examples in all grades, with the premium rising sharply in Mint State as attribution becomes increasingly difficult to contest. Third-party certification from PCGS or NGC significantly supports marketability, particularly for examples where the missing feather zone could be misread as wear.

The 1916-D 3½ Legs variety is a die-polishing error from the Denver Mint where the bison's right front leg on the reverse was nearly completely removed from the working die by overzealous polishing. The polishing — intended to remove clash marks left by die-on-die contact during production — abraded the shallow front leg detail from the die face, so that every coin subsequently struck from that die shows the bison apparently standing on three and a half legs rather than a full four. The die state varies; some coins show more remnant leg detail than others depending on when in the die's working life they were struck.

This variety is far less well-known than the celebrated 1937-D 3-Legged Buffalo Nickel, which commands a massive collector following and substantial premiums across all grades. The 1916-D version flies somewhat under the radar, which contributes to its "Most Underrated" character: it is a genuine, CONECA-attributed variety (FS-901) from a legitimately scarce Denver Mint issue, yet it often trades at more modest premiums than its fame might otherwise justify. Diagnosis requires examination of the reverse under a loupe, specifically checking whether the right front leg fades before reaching the bison's hoof line.

Market opportunities arise periodically when unattributed examples appear on eBay or at local coin shops. Sellers unfamiliar with the variety may list such coins as ordinary 1916-D nickels, creating upside for knowledgeable buyers. An AU53 example sold for $805 in July 2018 — a price that reflects the variety's genuine scarcity relative to its current collector demand. In gem Mint State, fully attributed examples would be expected to command several thousand dollars given their rarity and the inherent desirability of Denver-Mint Buffalo Nickels.

The 1916 Matte Proof Buffalo Nickel occupies a unique and historically significant position in the series: it is the final year that Proof Buffalo Nickels were produced until 1936, making the 1916 Proof the last of its immediate kind for two decades. With only 600 examples struck at the Philadelphia Mint, the 1916 Proof has a population smaller than virtually any regular-issue date in the series — smaller even than the famous 1918/17-D overdate's estimated survivors. The 525-coin estimated survival rate reflects exceptional collector caretaking over more than a century.

Matte Proofs are distinguished from business strikes by their manufacturing process: they were struck from specially prepared dies on carefully selected planchet blanks, receiving multiple strikes at elevated die pressure. The result is a coin with extremely sharp, fully defined design elements, a distinctive granular or sandblast-like surface texture on the flat fields, and square, wire-sharp rims. This matte surface is entirely different from the mirror-polished fields seen on later proof coinage; it has an almost frosted, non-reflective quality that can look deceptively like a worn business strike to the untrained eye, making proper attribution essential.

Values are strongly condition-sensitive. A PR60 example with modest surface issues might realize around $1,150–$1,610 at auction, while a pristine PR65 or PR66 can exceed $10,000. The top certified example — a PR68 sold by Heritage Auctions in December 2008 — realized $43,125. Buyers should insist on PCGS or NGC certification; the matte surface is easily confused with a circulated business strike by casual inspectors, and unattributed Matte Proofs can be significantly undervalued at general sale venues.