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    Gem 1937-D Three-Legged Nickel
    Beautiful Satiny Surfaces

    1937-D 5C Three-Legged MS65 PCGS CAC. FS-901. The old saying goes, "Buy the keys first." And by any reasonable definition, the 1937-D Three-Legged Buffalo is a key to the series. Undeterred by its status as a curious die-polishing error, legions of Buffalo nickels collectors pursue it with peculiar avidity. Even though there are ample supplies of the Three-Legged in most conceivable grades, there are far more collectors willing to snatch up those coins at auction.
    In fact, we have noticed a trend where high-grade pieces seem to be the subject of increasing demand as compared to lower-grade examples; it is almost as if many collectors were determined to "get the nicest specimen I can afford before the price goes up." The price of an MS64 example certified by PCGS has just about tripled in the last 15 years, from around $4,500 to $11,500 or so. In the last 10 years, we have seen the price of a Gem PCGS coin increase from around $20,000 to $35,000. And for the infrequently traded MS66 PCGS examples, the earliest auction record we can find is lot 5906 in our 1995 ANA Sale (Heritage, 8/1995), which brought $20,900. The most recent MS66 PCGS we offered brought $54,625, lot 3995 in our Summer FUN Signature (Heritage, 7/2012), an increase of 161% during that time.
    Of course, the past does not predict the future, but the popularity of high-grade Mint State Three-Leggers shows no sign of waning. This lovely Gem example displays glowing, satiny mint luster uninterrupted by the often-seen abrasions this issue is so well-known for. Pale reddish-golden toning covers each side. Population: 51 in 65 (2 in 65+), 6 finer (11/12).
    From The Richard P. Ariagno, M.D. Collection.(Registry values: N4719) (NGC ID# 22SX, PCGS# 3982)

    View all of [The Richard P. Ariagno, M.D. Collection ]

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    Auction Dates
    January, 2013
    9th-14th Wednesday-Monday
    Bids + Registered Phone Bidders: 5
    Lot Tracking Activity: N/A
    Page Views: 1,031

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    I would also like to thank your auction company for the promotion of the auction and was pleasantly surprised by the number of bidders who attended, as well as the prices realized. It was a pleasure doing business with you.
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    Warren Miller
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