This key date issue comes from the lowest mintage for the V Nickel Series with only 238,000 coins struck. The 1912-S is the final year in the Liberty Nickel Series and the only one minted in San Francisco. Like many other coins out of this mint, the strikes are on the weaker side. Scarce in circulated grades through Mint State with gems being even more tough to find. The finest gems of this issue are quite rare.