Heritage 9/2016:5817, $12,925 - “J & L 144 Complete Set” Collection
David Hall: The average grade for the1938-S is MS63 to MS65 and the 1938-S is the rarest of the three Arkansas issues in Gem MS65 condition. It is quite rare in Superb MS66 condition. Like all Arkansas, the 1938-S has subdued frosty luster or some degree of toning. Circulated examples for all practical purposes do not exist.
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