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

August 2023 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

5021

Grade

MS66+

Price

84,000

Lot Description

Extraordinary 1937-D 3-Legged Buffalo PCGS/CAC MS-66+ 1937-D Buffalo Nickel. FS-901. 3-Legged. MS-66+ (PCGS). CAC. This is an awe inspiring example of a famous Buffalo nickel variety that really needs to be seen to be fully appreciated. The technical quality is truly remarkable, both sides highly lustrous with a rare boldness of strike that even extends to the central obverse high point and along the bison's shoulder on the reverse. As if these features were not enough to elicit strong bids, both sides are beautifully toned in a target-like distribution of iridescent golden-apricot and silver-lilac colors. One of the finest 3-Legged Buffalo nickels that your cataloger (JLA) has ever had the privilege of handling, this premium Gem will please even the most advanced collector. This bold naked-eye variety was created by excessive die polishing on the part of Mint employees in an effort to remove clash marks from one of the working reverse dies. Clash marks occur when dies come together in the coinage press without an intervening planchet, causing them to impart elements of their respective designs onto one another. Under normal circumstances, dies that become too heavily clashed are simply removed from production, However in this case the Denver Mint seems to have been under such pressure to strike as many nickels as quickly as possible that it decided to repair the clashed reverse die and return it to the coinage press. The die required such extensive polishing, however, that in addition to removing the clash marks, the shallowest feature of the design was also removed: the bison's right foreleg between the hoof and the thigh. The die was duly pressed back into service and continued to strike coins. The 3-Legged feature was either missed by Denver Mint personnel or simply ignored. In any event the 3-Legged nickels entered circulation alongside "normal" examples of the 1937-D, many of the 3-Legged pieces seeing initial distribution in Montana. The 1937-D 3-Legged was discovered soon after entering circulation, since one C.L. "Cowboy" Franzen began marketing examples to collectors in The Numismatic Scrapbookas early as 1937-1938. The vast majority of examples that have entered numismatic circles since that time are circulated to one degree or another. Apparently Franzen's and others' initial offerings were for small quantities - perhaps even individual coins - that they were lucky enough to cherry-pick from circulation. Most pieces continued to circulate until recognized by collectors and dealers in later years, by which time the coins had acquired wear. True Mint State survivors of this variety are scarce relative to the demand for them in today's numismatic market. As well, most such pieces are softly struck, lackluster or otherwise confined to the MS-60 to MS-63 range. In these grades especially, population figures for Mint State "coins" published by third party certification services such as PCGS and NGC are almost certainly highly inflated by resubmissions and more often than not represent grading "events." On the other hand, population data for the exceptionally rare Gem Mint State pieces are likely far more accurate relative to the actual number of such pieces extant. Few 3-Legged nickels possess the crisp striking quality, vibrancy of luster, high level of surface preservation and exceptional eye appeal required to secure a MS-66 or 66+ designation from PCGS. Sure to be a popular lot among Buffalo nickel enthusiasts, this lovely coin is worthy of the strongest bids. Provenance: From Legend Rare Coin Auctions' Regency Auction 48, October 2021, lot 297. The primary plate coin for the variety on the PCGS CoinFacts website. PCGS Population: 5; 0 finer. CAC Stickered Population: 8; 0. The former total includes coins certified both MS-66 and MS-66+. 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.