Jeff Garrett:This date is much rarer than the 1924–D, 1924–S, 1925–D and 1925–S. Most of the ample mintage was destroyed in the great melts of the 1930s. Of the coins that survived, most grade MS 60 to MS 64. Gems are exceedingly rare. This date is one of the true condition rarities of the series. The Smithsonian collection contains three examples, one of which grades MS 67 and is undoubtedly the finest known. It was obtained directly from the United States Mint at the time of issue. At one time this date was considered more rare than the much vaulted 1927–D. As with the other rarities of this era, small numbers have been found over the years in groups coming from Europe.