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

Spring 2022 U.S. Coins Auction

Auctioneer

Stack's Bowers

Lot Number

1502

Grade

MS64

Price

5,040

Lot Description

1937-D Buffalo Nickel. FS-901. 3-Legged. MS-64 (NGC). The perennially popular 3-Legged Buffalo, offered here in lustrous and sharply struck near-Gem quality. Attractively toned in sandy-gold and pearl gray, the reverse being the more vivid of the two sides. 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 Choice examples such as this are scarce and acquiring one is a notable achievement. Provenance: From the Old Time Buffalo Set. PCGS# 3982. NGC ID: 22SX. Click here for certification details from NGC.