1937-D 3 Legs

The 1937-D Three-Legged Buffalo nickel is, in David Hall's words, "one of the most famous and most important coins of the 20th century" and "arguably the classic Buffalo nickel." The bison's front right leg is missing. The original die had a complete leg, but during an aggressive over-polishing session at the Denver Mint, the leg was lapped (ground off) along with the metal that would have produced it on struck coins. Walter Breen, who was occasionally known to embellish a good story, identified the press operator responsible as a "Mr. Young." According to Breen, Young used a polishing rod to remove a series of clash marks instead of replacing the damaged dies. An alternative explanation, supported by the deep rust pitting visible on both obverse and reverse of many 3-Leggers, is that the polishing was an attempt to extend the life of a rusted and worn die pair beyond its standard cycle. Denver was under immense pressure to meet 1937 production targets, and dies were being pushed past normal retirement.

The leg removal left only the hoof, which interestingly remains visible on the finished coin, and created a characteristic "pock-marked" appearance on the rear leg. A second diagnostic, less known to the general public but intimately familiar to specialists, is a rough raised area between the bison's back legs that resembles a stream of urine. This "stream" is a remnant of the damaged die surface, and all genuine 3-Leggers exhibit it. Authentication relies on both the missing leg and the stream diagnostic; counterfeiters who tool or carve the leg off a normal 1937-D rarely replicate the second feature accurately.

The variety entered circulation through standard Treasury shipments. Montana coin dealer C.L. "Cowboy" Franzen discovered the first examples in late 1937 and marketed them in The Numismatic Scrapbook. By 1965, dealer Ken Nichols was selling examples ranging from Fine to About Uncirculated for $40 to $95. The mintage estimate for the variety is around 20,000 pieces, all from a single reverse die, though certified populations suggest that this number may be too low. Of the surviving population, roughly 15% exist in Mint State, another 25% in About Uncirculated, and the remaining 60% in circulated grades up to XF45. Coins in lower grades likely remained in circulation well into the 1960s, long after the Buffalo type had been replaced.

PCGS estimates approximately 10,000 survivors across all grades, with around 1,400 in MS60 or better and just 100 at MS65 or better. The Numismatic Rarity rating is R-8.0 at MS65+, placing the 3-Legged among the rarest twentieth-century American nickel keys in Gem condition. Most 3-Leggers are fairly well struck (the leg is just missing), and Mint State luster is typically frosty, similar to other 1937-D Buffalo nickels. Buyers must watch for "sliders," lightly circulated coins that attempt to pass as Mint State; these were pulled out of circulation in 1937-1938 by collectors who recognized the variety, and they correctly grade AU50 to AU58+.

The auction record stands at $99,875 for an MS66+ sold by Legend Rare Coin Auctions in October 2021. PCGS counts five examples at the top-pop MS66+ grade. The record-setting coin had a notable history: as NGC MS67 (#3051481-016), it sold for $85,187.50 at Heritage in April 2016 from the Black Diamond Collection, then sold again at Heritage in January 2019 for $66,000, then was crossed to PCGS MS66+ CAC and brought $99,875 at Legend in October 2021, then sold again at Stack's Bowers in August 2023 for $84,000. Other condition-census pedigrees include the Cuyuna Collection MS66+ at $88,125 in December 2025, the Forsythe Collection, the Bob R. Simpson Collection, and the D.L. Hansen Buffalo Nickels Collection.

Along with the 1918/7-D overdate and the 1926-S, the 1937-D 3 Legs is one of the three major Buffalo nickel keys that define the high end of the series. It is a required acquisition for advanced collectors, and Charles Morgan (PCGS) notes that the variety became so well-publicized in mid-twentieth-century collector culture that even non-collectors knew exactly what to look for in their pocket change. The popularity of this "super cool" variety drives its price as much as its rarity, a combination that David Hall describes as making "this is really a fun coin."