|
1913-1938
The year 1998 was the 60th anniversary of the
Jefferson nickel, but few have noted that this same year was also
the 85th anniversary of the Buffalo nickel. Thirty-five years ago,
the Buffalo nickel was second only to the Lincoln cent in popularity
among collectors, and perhaps someday this will be true again.
Early in 1911, Treasury Secretary Franklin MacVeagh’s son wrote to
him suggesting that there be a new design on the five-cent piece.
The son had read the law which stipulated a coin design could not be
changed more often than every 25 years, and had noted that the magic
date arrived for the nickel in February 1908. MacVeagh had assumed
office under President William Howard Taft in March 1909, and missed
all the excitement when President Theodore Roosevelt managed to get
several top artists to redesign the cent and gold coins. He decided
that he could produce something just as electrifying as the Saint-Gaudens
double eagle—and he was very nearly right.
One of the most interesting aspects of this whole Buffalo nickel
affair of 1911–1912 is that Philadelphia Mint officials were kept
more or less in the dark. Why this was done is not quite clear, but
perhaps MacVeagh knew of the difficulties caused by Chief Engraver
Charles E. Barber over the double eagle design by Augustus Saint-Gaudens
in 1908.
The Secretary used the same technique employed by Roosevelt, in that
he hired an artist of international caliber. At first there was some
confusion when the artist, James Earle Fraser, started on a new
Lincoln head for the cent. All was straightened out within a few
weeks, and Fraser then began work on the Buffalo nickel. (MacVeagh
had decided what was to appear on the two sides of the coin—after
clearing his ideas with the President—and it was Fraser’s job to
satisfy the Treasury.)
Apparently, different people in the Treasury were issuing
conflicting orders, because in the latter part of 1911 we find
Fraser again working on a revised Lincoln portrait. MacVeagh learned
of this dual effort and ordered forthwith that the Indian Head
nickel be Fraser's sole concern—period.
The preliminary sketches were very impressive and Mint Director
George Roberts, who also had held that post when President Roosevelt
revamped the coinage, was highly enthusiastic. For his Indian head,
Fraser used living models—something virtually unheard of in an era
when the classical profile from Greece or Rome was considered the
highest ideal of art. Three different Indians—Iron Tail, Two Moons
and Chief John Big Tree—sat for this famous composite likeness. The
finished portrait possesses great character, and shows the rugged
individuality of the American Indian.
Black Diamond, a bison (usually called a "buffalo" in this country)
from the Central Park Zoological Garden in New York, was the model
for the reverse. Fraser placed the buffalo on a mound, giving the
appearance of strength and majesty.
Although the designs were, on general principle, quickly approved by
the Secretary, quite some time passed while various officials argued
among themselves how the legends should appear on the coin. By June
26, 1912, Mint Director George E. Roberts had tentatively approved
plaster models of the new five-cent coin—although he did request
that Fraser lower the relief somewhat.
During the summer of 1912, all was going well with the models and
the artist was getting very close to a finished product. Then an
evil knight—or so it must have seemed to Fraser—entered the lists.
The Hobbs Company of New York, a manufacturer of coin-operated
vending machines, found out about the planned design change on the
five-cent piece.
The company made its first inquiries in July 1912, but it was not
until August that matters became difficult. Bringing political
pressure to bear, the vending-machine firm managed to get an order
from the Treasury requiring Fraser to work with it on his design.
MacVeagh must have wished by this time that his son had kept his
thoughts to himself.
Over the next several weeks, a series of disputes broke out between
Fraser on one hand and Hobbs’ engineers on the other. The latter
began to make impossible demands (from Fraser’s viewpoint) and the
artist complained to the Treasury about what he regarded as gross
interference in his work. Finally, in December 1912, Secretary
MacVeagh grew tired of the bickering and ordered that Fraser be
allowed to complete the work and then send the plasters to the Mint.
The models went to Chief Engraver Barber, who oversaw the
preparation of dies and the striking of pattern coins early in
January 1913. The chief engraver was cooperative in the whole
matter—which was sporting of him, considering that his Liberty Head
design was the one being replaced. Philadelphia Mint Superintendent
John H. Landis was able to notify Directory Roberts that coinage
would begin toward the end of the month. According to the coining
room foreman, the new design actually struck up better than the old
one.
Fraser now began to get his frayed nerves calmed after the difficult
battle with the Hobbs Company. He should have kept his guard up,
because one of the pattern pieces fell into the hands of the Hobbs
people and the war resumed with fresh intensity. Changes once more
were demanded, and the Mint Bureau agreed. Working at top speed,
Fraser executed a fresh set of plasters which managed to incorporate
the changes yet did not sacrifice the artistry of the work. Dies
were quickly produced by Barber, and a few patterns were struck on
January 21. These had been a hectic several days for the artist.
A Hobbs engineer arrived on the 21st to confer with the artist and
Mint officials. He informed all concerned that the new patterns were
acceptable with one minor exception, and that the company could
easily adjust its machines to remedy this. Fraser relaxed once more
but when the engineer returned to company headquarters in New York,
Hobbs’ officials did an abrupt about-face. The company now wrote the
Mint that the latest pattern was totally unacceptable—and produced a
long list of additional changes that also would have to be made.
Fraser complained to MacVeagh about the circus-like atmosphere.
MacVeagh tended to agree, and asked Mint Director Roberts to settle
the matter quietly by not asking the artist to do anything more.
Roberts saw the matter differently and ordered Fraser to work on the
latest list of Hobbs’ demands. It was now nearly the middle of
February 1913, and there was no end in sight.
The artist complained again to the Treasury, and MacVeagh set up a
conference for February 15. He listened patiently to all sides of
the controversy, but then simply ordered an end to the matter and a
start-up of coinage with the current models. Within a matter of
days, coinage began at Philadelphia and dies were sent to the two
other mints. It was soon discovered that the words FIVE CENTS at the
base of the reverse would wear down too quickly in circulation, and
the chief engraver decided to address the matter himself. He drew a
line across the lower part of the coin and put the denomination
under that, removing the mound in the process. It was not very
aesthetic, and surely another way could have been found.
As with all first issues, the public saved the very first coins
released—in this case the ones with the raised ground—and generally
ignored the later ones (those with the revised reverse). As a
result, the 1913-S Variety II commands a higher premium than other
Buffalo nickels of that year. While the collector may expect to
spend from $10 to $75 for one of the other 1913 pieces in Extremely
Fine condition, the 1913–S in the same grade commands about $200.
Nickel proof coinage from 1913 through 1916 was popular at first
with collectors, but eventually the dull matte finishes grew
tiresome for those who liked the mirrorlike old-style proofs.
Because of declining sales, the Mint simply quit producing proof
coins for sale in 1916. There is considerable demand at present for
such coins, and they bring about $1,200 to $2,200 each in Proof–65
grade, depending upon the date. Collectors should take great care in
buying matte proof coins of this period. Any Buffalo nickel proof of
the early years should be authenticated by an expert prior to
purchase.
Barber redesigned the obverse of the nickel in 1916 by lowering the
relief of the head and strengthening several details, including the
nose. In addition, the lettering of the word LIBERTY was made
heavier.
Most nickels of this period are relatively easy to locate for a
collection, although in a few cases prices are high for upper-level
coins. The most interesting piece of this era is the famous 1918/17
overdate from the Denver Mint. One can easily spend $1,000 for this
coin in Fine condition, while in XF the price range is between
$4,000 and $4,500. It is the key coin of the entire series.
During the 1920s, as a result of the massive World War I coinages,
there was decreased demand for coins of all kinds—and the nickel was
no exception. No nickels were struck in 1922, and even the 1921-S is
a very scarce coin; only 1.6 million were produced. In About
Uncirculated–50, one can expect to pay in the vicinity of $850 to
$900 for this coin.
Buffalo nickels of the 1920s often are found poorly struck.
Apparently, Mint technicians were ordered to make dies last as long
as possible in order to save money. For this reason, the obverse and
reverse dies were set a bit further apart than usual and many weak
strikes resulted. Well-struck Buffalo nickels of some issues (such
as the 1925–D) are very difficult to locate.
The strong economy of the late 1920s created a mini-boom in nickel
coinage. For that reason, the collector can easily obtain most
date-and-mint combinations without a great deal of expense. Some can
be purchased for as little as $5 in XF- 40.
The advent of the Great Depression put a sudden damper on the
coinage of nickels. The only such coinage from 1931 through 1933 was
a small striking of 1.2 million pieces at San Francisco in 1931. But
these were heavily saved by collectors and dealers, and today the
1931-S brings a very nominal price (about $24 in AU-50), considering
its rarity. By a quirk of fate, the number of nickels struck at San
Francisco in 1931 was larger than would have otherwise been the
case. In the latter part of the year the Bureau of the Mint notified
San Francisco officials that not enough pieces had been made and the
last few weeks of the year should see a higher rate of coinage for
this denomination. The Bureau was concerned that collectors would
complain if too few were produced!
Beginning in 1934, coinage of the nickel picked up considerably. As
late as 1960, it was still possible to find in circulation nearly
every date and mint after 1925 in decent condition, usually Very
Good or better. Even the more common dates from the earlier years
were relatively easy to find.
Being on a relatively high and exposed area of the coin, the date on
the Buffalo nickel tended to wear and even disappear in circulation.
During the 1950s, there was so much interest in the rare dates that
companies began producing, for sale to collectors, a special kind of
acid which ate away the metal around the missing date until it
appeared. Many scarce dates before 1930 were found in this way, but
there is little value to these "restored" rarities, since they have
been damaged by the acid treatment.
The most interesting nickel from the 1930s is the 1937-D with a
three-legged buffalo. One of the reverse dies had become damaged,
and a workman reground it a little too vigorously, managing to wear
away part of the design. This is most noticeable in the absence of
one of the buffalo's front legs. There is good demand for this
oddity of the minting process, and a nice example in XF–40 is worth
about $400.
By December 1937, it was decided to strike the Buffalo nickel only
at Denver in 1938. At least three reverse dies already given the "S"
mintmark were then overpunched with a "D." Coins with the
overmintmark are not particularly scarce and can be obtained for a
nominal sum, about $25 in AU-50.
Proof coinage began again in 1936, and proof Buffalo nickels of this
and the following year are very popular with type collectors in
particular, since these are the only dates in the 1930s for which
proofs are obtainable—and the only ones at all with a mirror finish.
Buffalo nickel coinage ended in 1938, and by the late 1960s few were
to be seen in circulation. It was the end of a series of coins that
deserves more collector interest.
SPECIFICATIONS:
Diameter: 21.2 millimeters
Weight: 5 grams
Composition: .750 copper, .250 nickel
Edge: Plain
|
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/quotes_2a.gif)
