David Hall: The 1926-S is rare in lower circulated grades and very rare in circulated grades of VF20 or better. It is really rare in mint state condition and in Gem MS65 it is the rarest non-variety Buffalo nickel and as such it is one of the most important rarities of 20th Century numismatics. I have never seen or heard of a specimen grading above MS65. Strike can be somewhat of a problem with this issue, but not as much so as with the 1920-S, 1923-S and 1925-S. It's not the strike, it's the fact that not many Gem examples exist at all. Luster is of the subdued semi-satiny type. Excluding the 1918/7-D overdate, this issue is THE key date to the Buffalo nickel series.
Heritage 10/2012:3503, $79,312 - Heritage 4/2013:4162, $76,375