1937 BUFFALO 5C, TYPE 2 PR68
BLAST WHITE. TIED FOR HIGHEST GRADED AT NGC.
NGC Graded Higher:
1937 BUFFALO - TYPE 2 5C
In 1937, the medical supplier, McKesson & Robbins committed perhaps the largest financial frauds of the 20th century when they over reported their assets by $20 million to cover the huge quantities of money they were siphoning from the company. The ninety year old company was purchased in 1925 by Phillip Musica, under the fake name Donald Coster. Musica, born to a poor family of Italian immigrants, had made a substantial fortune through bootlegging during Prohibition, which he used to buy the respected company. When the fraud was discovered by the SEC the next year, and while Musica took his own life before he was prosecuted, the event led to vast reforms to the procedures surrounding accounting. This 1937 nickel recalls an event that many called the scandal of the century.