David Akers (1975/88): In most respects, the 1925-D is very similar in rarity to the 1924-D although, in my experience, it is slightly rarer than the 1924-D in the highest Mint State grades. At one time, the 1925-D was considered a major rarity, much more rare than the 1920-S, 1930-S, 1931 and 1932, among others. A few small hoards were subsequently discovered and, even today, there is reportedly a small hoard intact of perhaps as many as 80 to 100 pieces. However, it is likely that the total number of Mint State pieces in existence is still fewer than 200. Most of the known Mint State pieces are MS-63 or less and in MS-64 condition, the 1925-D is extremely difficult to locate. I have seen a very small number of true gems, maybe as many as four or five, and I assume that others exist. I know of one nearly superb piece that grades a solid MS-65+ by today's stringent standards but I have never seen or heard of a 1925-D that would pass muster as a full MS-67.
The 1925-D is always well struck with fully frosty surfaces. The lustre is average to slightly above average for the series and the color on top grade specimens is invariably very good, usually a light medium orange or rose and greenish gold. Some specimens show slight evidence of die deterioration near the rims but generally the 1925-D was minted to a higher quality standard than the typical 1924-D.