1937-D Buffalo Nickel. FS-901. 3-Legged. MS-65 (NGC). This is a remarkable example of the famous 1937-D Buffalo nickel 3 Legged variety. The technical quality is truly outstanding. Both sides are highly lustrous with a rare fullness of strike that even extends to the central obverse high point and along the bisons shoulder on the reverse. As if these features were not enough to elicit strong bids, both sides are exceptionally well preserved with smooth, softly frosted luster throughout. Although mostly a brilliant coin, closer inspection calls forth pretty champagne-pink highlights that enhance the already strong eye appeal. One of the nicest 3-Legged Buffalo nickels that your cataloger (JLA) has ever had the privilege of handling, this attractive Gem Mint State example will please even the most advanced collector.<p>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 bisons 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, with many seeing initial distribution in Montana.<p>The 1937-D 3-Legged was discovered soon after entering circulation, since one C.L. "Cowboy" Franzen began marketing examples to collectors in <em>The Numismatic Scrapbook</em> as early as 1937-1938. The vast majority of examples found since that time are circulated to one degree or another. Apparently Franzens 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.<p>True Mint State survivors of this variety are scarce relative to the demand for them. 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. 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-65 or finer designation from PCGS or NGC. Sure to be a popular lot among Buffalo nickel enthusiasts, this significant rarity is worthy of the strongest bids. PCGS# 3982. NGC ID: 22SX. From the Jones Collection.
