The horn on the buffalo nickel, while only a small part of the reverse, is the best design component for grading. It undergoes a gradual atrophication from its depiction as bold and pointed to one that barely registers as a hump. This change is highly correlated with the overall grade of a buffalo nickel. Various stages of partial horn wear can even function as a definitive guideline. Some of the later dates in the series, like many struck during the 1930s, are so frequently encountered in high grades that professional grading companies have tended to grade these coins more harshly than for other years. The same goes for several high-mintage P-mints throughout the series. What this means for the collector is that the same level of detail on these coins is sometimes graded as half a grade lower than for scarcer dates, so the recommendations in this guide should be slightly lowered by the same degree. Buffalo nickels were not always well-struck, and the horn design occasionally left the mint without its full array of details; this is especially true for some of the rarer S-minted dates of the early 1920s. Some might claim that the date on buffalo nickels is equally diagnostic for grading and that this design element is even more significant than the horn. While grading only the date can provide helpful clues as to the overall coin grade, it is not as well-correlated as the progressive wear pattern of the horn. This QuickGrade guide and the entire concept of grading by a single part of the design will not be 100% accurate, but it has proven to produce results that are usually correct.
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A buffalo nickel grading "about good" will show no horn whatsoever. Other than type 1 examples that can be identified by their reverse and mintmark, very well-worn Buffalo nickels do not retain enough of a date to grade lower than AG. As the images of the example coin show, the entire head of the animal is completely flat at the lowly AG grade level.
Coins grading "good" will show between zero and ten percent of a horn. This is essentially limited to the small hump-like structure that makes up the base of the horn. No significant portion of the actual horn exists, but the G grade does differentiate itself from an AG coin by demonstrating to the viewer where the horn is supposed to be.
A Buffalo nickel satisfying the requirements for a VG would be the lowest grade where a horn is visible. Coins in this grade range should retain between ten and forty percent of the full volume of the horn detail. Most examples show two short vertical lines leading up from the horn base. The example images show a level of detail superior to that of coins grading "good," yet obviously shy of the more legitimate horn detail found on "fine" coins.
When grading Buffalo nickel by the horn detail alone, the most difficult determination is often between coins grading "fine" and those grading "very fine." Coins in the F range may show between forty and seventy percent of the horn by volume. The example image was chosen to represent a piece at the higher end of this range. It is at this point where some confusion occurs with coins grading as a high "fine" or baseline VF. Both the "fine" Buffalo nickel and the "very fine" example displayed one tab over in this guide present horn detail showing a partial horn with enough volume to point towards the left of the design. The key difference lies in an assessment of the thickness of the horn at its furthest point. The coin whose horn detail indicates it is a VF is thinner than one presenting as an F. Only VF horns get to the point where the detail begins to thin out.
When grading Buffalo nickel by the horn detail alone, the most difficult determination is often between coins grading "fine" and those grading "very fine." Coins in the VF range may show between seventy and ninety-five percent of the horn by volume. VF coins grading higher on the scale may show a nearly full horn. The example image was chosen to represent a piece at the lower end of this range to allow for a comparison with a coin grading as a strong "fine." Both the "fine" Buffalo nickel and the "very fine" example displayed one tab over in this guide present horn detail showing a partial horn with enough volume to point towards the left of the design. The key difference lies in an assessment of the thickness of the horn at its furthest point. The coin whose horn detail indicates it is a VF is thinner than one presenting as an F. Only VF horns get to the point where the detail begins to thin out.
Buffalo nickels grading "extremely fine" are perhaps the most popular among collectors because they combine relative affordability (for most dates) with what is considered a complete design. XF Buffalo nickels will have a full horn. Most coins at this grade level will still show visible wear on the horn, rendering it a bit flat. The example images also confirm the full detail, but a collector would also take note that the area surrounding the horn tip is not bold by any means.
Any Buffalo nickel grading in the "about uncirculated" range should have a full horn. The example images show a coin with full detail and a clear tip. The clarity at the tip is one way to differentiate AU coins from those grading XF. Another way is to look at the fur on the buffalo's head surrounding the horn. This fine detail complements the horn on AU coins in ways that it does not on XF coins. If a collector holds a Buffalo nickel with a full horn accompanied by a complete collection of head detail, the coin will grade at least AU.
The key factor in identifying a "brilliant uncirculated" Buffalo nickel is much the same as for any other series. The design should be bold and without wear, but it is within the coin's luster that one may separate a BU coin from an AU one. The entire buffalo head, and certainly the horn, is among the high points of the reverse design. If luster is preserved and the detail is sharp, the Buffalo nickel should be graded as a BU coin.
