1937-D 5C Three-Legged MS65 PCGS. CAC. FS-901....

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1937-D Three-Legged Nickel, MS65
Rare and In Demand in Gem Condition

1937-D 5C Three-Legged MS65 PCGS. CAC. FS-901. The seeming contradiction between intense collector demand for the 1937-D Three-Legged Buffalo nickel and the high prices realized -- despite an abundant supply -- is rather neatly explained by a paragraph under the heading "Universal Rarity Scale" in The Cherrypickers' Guide, volume one, fifth edition, by Fivaz and Stanton:

"Rarity and value are not always as closely related as one might suspect. If there are nine known examples of a particular variety, but only six or seven collectors are interested in it, the coin would certainly be rare, but because of a relatively low interest factor (low demand), it would not command much of a premium. Conversely, there could be 10,000 pieces known of a variety, but if 11,000 collectors are interested in obtaining one, the premium over the normal value of the coin would be much greater, due to the high interest factor (high demand). This brings us back to the age-old law of supply and demand."

It is interesting to note that the Cherrypickers' Guide gives its highest ratings of 5 for both Interest Factor and Liquidity Factor for each of the three popular varieties, the 1916 Doubled Die Obverse, the 1918/7-D, and the 1937-D Three-Legged. This seems to be out of kilter, as there are many collectors, even type collectors, who would likely consider the purchase of a 1937-D Three-Legged Buffalo in preference to the other rarer varieties; thus, we believe its Interest Factor should be even higher. The demand especially for Gem examples of the Three-Legged 1937-D can never approach the limited supply. The surfaces are bright and satiny, and each side has a layer of muted reddish-golden patina. There are no mentionable abrasions on either side, and the striking definition is above-average for this normally weak issue. Population: 51 in 65, 4 finer (4/11).(Registry values: N4719)

Coin Index Numbers: (PCGS# 3982, Greysheet# 3145)

Weight: 5.00 grams

Metal: 75% Copper, 25% Nickel

View Certification Details from PCGS