1926-S Buffalo Nickel

This looks to be a VG8 to me. To merit F12 requires three quarter detail in hair and braid on obverse and partially visible horn and tail on reverse. Something strange going on in the buffalo head here although that may be the photo. A tough date, for sure.

I was thinking along the same lines as GroganKing...VG-8, but am unsure what the funky bison's head would do to the grade. On the obverse, "Liberty" is merging with the worn rim, another indicator I watch to see if the coin is less than Fine.

The PCGS grading guide says that LIBERTY is allowed to touch the rim at the VG-08 level and this coin is a good match for the VG-08 photos in terms of wear. However, that vertical fissure up the side of the bison's head is not a normal feature. It cuts right through what should be the ear. I presume this is damage of some kind, maybe even a particularly crude attempt to re-engrave horn detail.

To add to the bad news, the color looks odd. I wonder if this is the result of environmental exposure.

It's a key date coin all right, but if I were working on a set I'd be on the lookout for a nicer example.