The 1927-S quarter is the lowest mintage (by a large margin) Type 2 Standing Liberty quarter. In fact, it is the second lowest mintage of the entire series as only the very rare 1916 had a lower mintage. This issue is very interesting in terms of the distribution of grades of the survivors. Basically, 95 percent or more of the survivors grade AG03 to GD06. VG, Fine, VF, and EX examples are really rare. And, of course, choice mint state examples are monster rarities. The 1927-S obviously saw extensive circulation and not many were saved at the time of issue. The low mintage is an attraction to some rare coin entusiasts, but while the coin is rare in almost all grades, it is only semi-scarce in the lowest grades (AG03-GD06). In the 1970s and early 1980s, I had a client who was hoarding circulated 1927-S quarters and literally had rolls and rolls and rolls of GD04ish quality coins. But he'd only be able to buy one or two higher grades a year. Today, 1927-S quarters are desireable in any grade and they are still a legitimate 20th century rarity in any grade VG08 or higher. But whenever I see a GD quality circ I can't help but think back to that bank vault in LA where I saw them by the hundreds.