1937-D 5C 3 Legs MS(PCGS#3982)

December 2020 U.S. Coins Auction

Auctioneer

Stack's Bowers

Lot Number

2161

Grade

MS65+

Price

26,400

Lot Description

Extraordinary 1937-D 3-Legged Buffalo 1937-D Buffalo Nickel. FS-901. 3-Legged. MS-65+ (PCGS). CAC. Multicolored pastel iridescence decorates both sides of this lustrous and attractive Gem. The striking detail is truly remarkable for a 3-Legged nickel, and even the bison's shoulder and tail exhibit emerging to bold definition. This smooth and impressive coin would serve with distinction in the finest Buffalo nickel set. The 1937-D 3-Legged nickel is a classic American coin of the 20th century that most collectors dream of obtaining. The 3-Legged reverse is the result of an attempt to prolong the life of a die that should have been taken out of service. This variety began with a pair of dies that in the course of a production clashed together without a planchet, imparting damage in particular to the reverse die. The die was pulled from service, the damage manually repaired, and the entire surface was polished. The polishing was overzealous and removed one of the front legs of the bison, making it look like it has a disembodied hoof. Normally such an over polished die would have been removed from service, but this did not happen, likely because the Denver Mint was under pressure to produce as many nickels as possible. This was not unusual; production needs caused many Buffalo nickel dies to be used well beyond their normal service life. Indeed, this particular die also shows traces of die rust, namely a diagnostic faint string of rust marks running diagonally from the bottom of the bison to the ground. The 1937-D 3-Legged nickel was discovered in circulation quickly and gained fame in The Numismatic Scrapbookwhen C.L. "Cowboy" Franzen marketed the variety heavily after cherrypicking examples from circulation. While many circulated for a brief time, most were pulled before obtaining excessive wear. Today, a solid majority of the certified specimens are found between VF and AU, with a decent quantity of low-end Mint State pieces. Because of the very nature of the reverse die's overpolishing, strongly defined specimens with exceptional surfaces are few and far between. Premium Gem examples such as this are rare and acquiring one is a notable achievement. PCGS Population: 13; 16 finer (MS-66+ finest). PCGS# 3982. NGC ID: 22SX. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA.