David Hall: The three 1938 Arkansas issues are about equally rare in MS64 to MS65 condition, but the 1938-D is not nearly as rare as the 1938 and 1938-S in Superb Gem MS66 or better condition. The average grade for the 1938-D is MS63 to MS66 and like all Arkansas, there are very few circulated examples in existence. The typical 1939-D has the subdued kind-of-frosty luster usually found on Aeransas commems. And of course toning is often present and can range anywhere on the eye appeal scale from gorgeous to downright ugly.
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