Three guesses

This one is based on a puzzle in one of Smullyan's books.

Puzzle

On the game show Wheel of Logic a contestant must choose one of three chests, numbered one, two, and three. One of the chests contains a prize, while the other two are empty. To help him, a panel of guessers make some suggestions which might or might not help.

The first panel member guesses, "the prize is not in chest one."

The second panel member agrees, "Yeah, the prize is either in chest two or three."

A third panel member chimes in, "I'd guess the prize is in chest two."

At this point, the host calls a halt to the proceedings and scolds the guessers. "While at least one of your guesses is correct, at least one of them is also wrong." Which chest contains the prize?

References

The Riddle of Scheherazade: And Other Amazing Puzzles by Raymond Smullyan.