Extremely scarce in all grades, R4.5, very rare in MS60&+, R7.0.
David Akers: The 1907-S has sometimes been referred to as a "sleeper" issue or an underrated one in Gem condition. For years, of course, that was true, but in recent times the 1907-S has come to be appreciated for its rarity more than some other issues (for example, the 1908-S...) which are almost as rare as the 1907-S in Gem condition, and yet, according to every standard pricing guide, are worth substantially less. So it may not be really appropriate to continue to describe the 1907-S as underrated, but it is certainly accurate to describe a Gem of this issue as being very rare.
Repunched Mintmark. David Akers 12/1994 - Dr. Steven Duckor - Heritage 8/2010:3222, $34,500
Numismatic Enterprises 2/1966 - James Bennett Pryor - Bowers & Merena 1/1996:304 - Dale Friend - Dr. Peter Shireman - Heritage 1/2009:3901, $17,250