The 1923-S Buffalo nickel is a fairly scarce issue, with a mintage of about 6.1 million. Circulated pieces are tough and, as is the case for many of the 1920s S-mint Buffalo nickels, proves quite rare in Gem grades. Strike can be problematic for this issue and is in part why so few achieve a grade of MS65 or better. In fact, PCGS has graded only 3 in MS66 and certified just 10 at that same level.