The 1937 is the second of only two Proof issues from the later Buffalo nickel series. Prior to 1936, the Mint had not struck any Proofs of this type since 1916, and when coinage resumed the first examples were of a satin finish, which accounted for approximately two thirds of the total mintage of 4,420 pieces for the year. Improvements in the process for coining Proofs at the Mint resulted in the uniformly brilliant pieces that comprised the final third of the Proof 1936 delivery, as well as all 5,769 specimens coined in 1937. The latter issue is the most readily obtainable Proof Buffalo nickel in today's market, and the overall high quality of surviving examples adds to its popularity among type collectors.

The example to the left was sold by Stack's Bowers Galleries in the January 2011 Tampa Bay Auction, where it realized $5,520.