2001-D Mint State Silver Buffalo

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Although this coin is not considered a low mintage issue in the Modern Silver Commemorative Series, it is one of the most valuable and heavily sought after of any issue. In perfect MS70 this coin is much tougher to acquire than most think. Roughly about 13% of all 2001-D Buffalo Silver Commemoratives submitted to NGC or PCGS actually achieve a perfect grade. A collector would be hard pressed to find a better option than this fantastically popular issue at a similar price point.


This issue came about as the result of a several-years-long campaign by Colorado Senator Ben Nighthorse Campbell. In 1992 he began urging the re-introduction of the Indian Head/Buffalo Nickel, a coin designed by James Earle Fraser and minted for general circulation from 1913 to 1938. Envisioning a silver edition of the nickel for sale to collectors, the senator's goal was to raise funds for America's National Parks. When this legislation failed to pass, the nickel provision was revised to make the coin a silver dollar. Ultimately, such a law did get approved on October 27, 2000. By now, however, the funds raised from sales of this coin were to be directed toward the National Museum of the American Indian in Washington, DC to support its ongoing educational activities. The law provided for the coining of up to 500,000 pieces, a figure that had long since become standard for silver dollar commemoratives.


No previous issue in recent years had even come close to such sales, so it was considered a safe limit, and no further thought was given to the matter at the time. Subsequent events, however, would call this number into question. Though the law specified that the design for this coin would simply utilize that created by James Earle Fraser for the nickel in 1913, some modifications were required. The denomination was changed to read 'ONE DOLLAR,' and the motto 'IN GOD WE TRUST,' lacking on the circulating nickel, was added to comply with current law. Finally, the date was changed to 2001. No U. S. Mint artist is credited with these revisions, and only Fraser's initial 'F' is seen on the coin. The models, however, were clearly just based on Fraser's design and are not a faithful rendering of it. The coin is in lower relief than the nickel, and, even more distressing, the bison's legs were shortened to accommodate the additional motto above it. Lacking any further inscriptions beyond those mandated by law, this is a coin which evidently commemorates nothing in particular, except perhaps the popularity of Fraser's Buffalo Nickel design. Uncirculated examples were struck at the Denver Mint, with Philadelphia furnishing the proofs. A distinctive feature of the American Buffalo Silver Dollars is that their mintmarks are incused, rather than raised as on most United States coins. Despite its shortcomings as both a piece of art and a legitimate commemorative, the American Buffalo Silver Dollar was an instant hit with collectors. The proof and uncirculated editions both sold out within two weeks of the June 7, 2001 opening date. The normal ratio between proof and uncirculated sales was completely destroyed, as collectors scrambled to get as many coins as they could, leaving their totals almost evenly divided. Contributing to this frenzy was the Mint's offering of a 'Coin and Currency Set,' which included (in addition to the uncirculated Buffalo Dollar) a reproduction of the popular Series 1899 $5 silver certificate and two U. S. postage stamps, all three featuring engraved portraits of Indians. So great was the demand for this silver dollar in 2001 that some consideration was given to authorizing additional pieces that would bear some distinctive mark to protect the value of the original edition. In a rare display of prudence, Congress ultimately nixed this idea.

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