Lot 031Coin values
1923 Buffalo Nickel
PHILADELPHIA · 75% COPPER, 25% NICKEL · 35,715,000 STRUCK
Worth about $0.90–$5 circulated and $390–$510 in MS-65.
The 1923 Buffalo Nickel is a common date from the Philadelphia Mint, with 35,715,000 pieces struck. In circulated grades (G-4 to EF-40) our estimate is $0.90–$5, and a well-preserved MS-65 example is estimated at $390–$510.
Type coin shown: 1913 Type 2 Buffalo nickel. We do not yet hold a licensed photograph of the 1923 Buffalo Nickel itself, so this is the nearest dated coin of the same design. The design is the same; the date and condition of your coin will differ. Photograph: 1913 Type 2 Buffalo nickel, National Numismatic Collection. Public domain, credit US Mint (coin), National Numismatic Collection (photograph by Jaclyn Nash), via Wikimedia Commons.
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- Mint
- Philadelphia
- Composition
- 75% copper, 25% nickel
- Mintage
- 35,715,000
- Weight and size
- 5 g · 21.2 mm
- Designer
- James Earle Fraser
Among the more plentiful: 84% of issues in the series have a smaller mintage. 35,715,000 struck. Mintage is the number struck, not the number that survive.
Date and mint mark
The date sits on a raised area and wears away first. Dateless coins sell for a few dollars, and the mint mark is on the reverse below FIVE CENTS.
Type 1 and Type 2
In 1913 the reverse changed from a raised mound (Type 1) to a flat line (Type 2). 1913-S Type 2 is a key date.
Strike and cleaning
Weak strikes are common, especially for Denver and San Francisco issues. Many Buffalo nickels have been cleaned or had their dates restored.
About the 1923 Buffalo
How much is a 1923 Buffalo Nickel worth?
Lustre's editorial estimate (Oct 2026) is $0.90–$5 for circulated examples (G-4 to EF-40) and $390–$510 in MS-65. These are estimates, not an appraisal or market data. A coin in the grade you hold may sell for less at a dealer, who needs a margin.
What is a 1923 Buffalo Nickel made of?
It is 75% copper, 25% nickel and weighs 5 g. At today's metal prices the metal is worth a few cents, so any value comes from collector demand.
How many 1923 Buffalo Nickels were minted?
35,715,000 were struck at the Philadelphia Mint.
Where is the mint mark on a Buffalo Nickel?
On the reverse, below the words FIVE CENTS. Philadelphia coins have no mint mark.
Is my 1923 Buffalo Nickel rare?
No. It is a common date. Its value depends mostly on grade, originality and, for this metal, the melt value.
More Buffalo Nickel values
Where these numbers come from
Buffalo nickel, Wikipedia: composition, weight, diameter, edge, designer, mint mark position.
Buffalo nickel mintage, Landofcoins.com: mintage by year and mint.
Lustre editorial grade-value estimates, Lustre: grade value ranges (estimates, not market data).
gold-api.com spot prices (reference level for estimates), gold-api.com: reference spot prices behind the estimates.
How the estimates are made. Facts reviewed Oct 2026.