An issue that was denied by the chief coiner to strike somehow has made its way onto the 100 Greatest United States Coins. In its fourth edition, author Jeff Garrett helps us to understand how the existence of the coin happened, why it was denied in the first place, and where it stands today in the hobby of numismatics.
#89 – 1867 Proof “With Rays” Shield Nickel
When asked to strike Proofs of the 1867 With Rays Shield Nickel, A.L. Snowden rejected the idea as the striking of the rays proved to be difficult. Despite this dismissal, there is a certified population of about 80 or so. So, how did this happen? It’s as simple as someone decided to do it anyway, which created a rarity that landed itself on this list.
Back in the 1860s, the silver half dimes were serving as the five-cent denomination. However, with the Civil War ongoing and the hoarding of coinage, the Treasury had to end up issuing small five-cent notes which we recognize now as Fractional Currency. However, that became an issue as the quantities printed and circulated did not match the Treasury’s ability to redeem them in gold and silver. This is where the nickel was conceived as its intent was to replace the currency notes.
Despite its name, the five-cent coin was mostly made up of copper, with only around a quarter of it comprised of the nickel alloy. While some may think the new nickels were meant to replace the half dime, it simply was not the case. In fact, they were produced concurrently until 1873 when the half dime went out of production.
The new nickels had problems from the start. The alternating stars and rays on the reverse made it difficult as the hard metals (copper and nickel alloy) would end up cracking the dies and breaking before the run was over. In 1867, the United States Mint would remove the rays to ensure that the dies life span would increase. This also did not completely fix the problem as they still had issues with cracks and breakage.
When it comes to the 1867 Proof With Rays Shield Nickel, Garrett explains that true mintage of the coins is unknown because they were never recorded. Between the two grading companies (NGC and PCGS), there are around 87 known to be certified.
In 1960, the historic market value of the 1867 Proof coin was $1,500 for a Choice Proof condition. By this fourth edition (2015), that number grew to $75,000.
