The 1937-D 3 Legged Buffalo Nickel is a scarce issue, but not extremely difficult to find. Most of the examples that are encountered, however, are in circulated condition, and only a minority have survived in uncirculated grades. Most of these, as the population reports testify, are in the lower mint state grades, with major bagmarks and perhaps some luster breaks. Gems, meaning those graded MS-65, are very rare and trade for a big premium. Examples graded at higher levels are usually accepted as a major rarity and are seldom offered for sale.
The PCGS population reports shows that the finest pieces graded by the company as four pieces certified in MS66. One grade lower, there are around 50 examples graded MS65, although it appears that as much as one-third of this number consists of resubmissions. The population numbers at NGC are slightly higher, but their report also appears to be heavily influenced by resubmissions. One coin has been graded as MS 67 * (the star denoting extraordinary eye-appeal) with two others are graded MS 67, although it is possible that all of these are the same coin or perhaps two different which have been resubmitted. One grade lower, there are 19 examples graded as MS 66, again possibly inflated by resubmissions.
The highest price realized for this major variety/error was $97,750 for one of the NGC MS 67’s. One of the PCGS MS-66’s sold in 2005 for $86,250. Other high grade examples have sold for lower amounts, with MS-65 coins usually selling for approximately $ 30,000 to 40,000. Circulated examples of this issue are much more easily found and depending on the grade can be found priced under the $1,000 level.