Check out Grading Mint State Buffaloes
Buffalo nickels are very tricky little coins to grade, MS especially as the Mint practice of the time was to use the dies as long as possible. But worn pieces are difficult, too, for much of the same reasons. One commonly held notion is that in order to be VF, a coin must have a full horn. This is not true. There are some coins that are certainly MS that don't even have a full horn! I am going to delineate most of the circulated grades and point out why the coins grade as they do.
On this coin, you can see wear on the high points of the design, the buffalo's head, shoulder and flank and the Indian's cheek. Still a nice amount of mint lustre. The strike on this is a little soft, as you do not see the usual definition common to Type Ones.
On this coin, you can see definite spots of wear on the Buffalo's hide and in the Indian's hair. This coin is better struck than the above coin, but it does not have as much remaining lustre.
On this coin, you can see considerable (as opposed to in AU condition) flatness of the bison's rear flank and head. The Indian's hair above the braid shows wear, almost indistinct from the cheek area. I am not sure how original the surfaces are, but the coin shows EF detail.
On this coin again, you can see the hair above the braid is nearly merged with the cheek bone. The tip of the bison's horn is missing and the flank and hide show wear.
The bison's horn is a little less distinct than the above coin, and the surface has a more circulated look. The Indian's brow shows wear.
The horn is still quite clear, as this issue is well-struck. More wear shows than on the previous coin, as the bison's body shows considerable flatness and the Indian's harline at the forehead is quite indistinct.
The horn on this coin is very poor indeed, but this issue typically comes weakly struck. Compare the other details of the coin with the previous, the cheek area and the bison's hindquarters. One must consider all the details of a coin, not just the bison's horn. Look at Liberty and the rim in the area, this will be a major talking point in the lower grades, as often the horn is of no use at all. See how Liberty is still quite clear and the rims are strong.
The top of the bison's head is worn quite smooth and the rim near Liberty is less distinct. The feathers are merging with the Indian's hair near the top of his head.
The feathers are very worn near the top of the Indian's head and Liberty is worn right to the rim. The bison's head is very flat.
Notice how the rim is wearing into Liberty on the obverse and United on the reverse.
The details are very weak, but that is inherent to the strike. Look at the rims, you can see they are merging with the letters moreso than on the previous coin, but not as much as on the next coin.
The rims show considerable merging with Liberty and with United States of America.
Partial date and heavy merging of the rims with the letters.
Check out Grading Mint State Buffaloes
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