David Hall: The 1935-D and 1935-S have virtually identical original mintages (5005 and 5506 coins respectively). Both issues were purchased in bulk and distributed by Texas dealer B. Max Mehl. The vast majority of the original mintages still survive today and most of the survivors grade MS63 to MS66. The 1935-S is about the same rarity as the 1935-D in grades thru MS65, but it is slightly scarcer in MS66 and MS67.
Most 1935-S Arkansas have frosty luster or toning in varying degrees of attractiveness (or "unattractiveness" as the case may be). Eye appeal is an important consideration for all Arkansas. The average grade of this issue is MS63 to MS64, with circulated examples almost unheard of. The 1935-S is somewhat scarce in MS65 condition and very scarce in MS 66. MS67 examples are very rare.