Estimated grade. Sold by B. Max Mehl Jun '41 price realized $13.65
David Hall: The 1927-S is semi-common in lower circulated grades, but quite scarce in grades VF20 and above. It is rare in mint state and one of the rarest Buffalos of all in Gem condition. In fact, in Gem MS65 condition, only the 1920-S, 1925-S, and 1926-S are rarer. Strike varies from soft to sort of sharp. The luster is similar to the 1927-D, more brilliant than frosty, though brilliant is quite the right word as the "glow" is pretty subdued on this issue. A key date in Gem condition indeed.
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