SQL> create sequence test1
  2  start with 1
  3  increment by 1
  4  maxvalue 3;

Sequence created.

SQL> select test1.nextval from dual;

   NEXTVAL
----------
         1

SQL> /

   NEXTVAL
----------
         2

SQL> /

   NEXTVAL
----------
         3

SQL> /
select test1.nextval from dual
*
ERROR at line 1:
ORA-08004: sequence TEST1.NEXTVAL exceeds MAXVALUE and cannot be instantiated