80A - page 40

38 |
Three Cent Pieces NICKELS
Sh i e l d Ni cke l s
GEM PROOF CAMEO 1867 RAYS SHIELD NICKEL
Enlargement
200 1867. Rays. PCGS graded Proof 65 Cameo. Lovely even light golden toning on both sides. A wonderful rare Proof coin. Only 60 minted.
A lovely specimen of the second year of issue, a glittering Gem Proof Cameo with deep mirror surfaces (not always the case with Proofs of
this type) and with excellent eye appeal. Perfect for the advanced collector who focuses on high grade type or the rarities date collector who
must have only the most formidable United States numismatic treasures.
The number of Proofs minted of the 1866 Shield nickel is left unknown, the mint records obscure; but in all probability the number is in the
range 400 to 500 or so judging by the census numbers. Coins of this type were not released until summer of 1866, by which time many Proof
sets had been sold without the five-cent nickel denomination. The Mint struck additional Proof With Rays Nickels in the early months of 1867,
believed to be on the order of sixty pieces.
This design was produced at a time when the mint was desperately trying to catch up with the huge demand for small change after the Amer-
ican Civil War ended and the business boom sparked by it continued. The use of the metal nickel instead of unavailable silver (which was
being hoarded at the time) was the decision rendered by the powers that be. James Barton Longacre quickly designed the new coin and had
patterns struck for various Congressmen. Upon striking only a few coins the dies were found to crack. Longacre determined that the rays were
contributing to this rapid die deterioration, and so the Mint eliminated them after only a small number were issued in 1866-67. The Proofs of
this 1867 issue are well known for their extreme rarity. Pop 6; 8 finer, 2 in 65+, 6 in 66. (PCGS # 83818 )
Estimated Value ........................................................................................................................................................... $60,000 - 65,000
GEM UNC 1867 RAYS NICKEL
201 1867. Rays. NGC graded MS-66. Well struck and white. Business strike Shield nickels appear to be one of the more undervalued areas in
the coin market today. They are very scarce in an absolute sense, especially in comparison to their Proof counterparts, and are also very chal-
lenging to locate in better-than-Gem grades. This is an outstanding brilliant With Rays 1867 that displays generous, satin frosted surfaces
whose only imperfections are a few Mint-made die polishing lines. There is virtually no softness of strike as seen on most other Rays nickels,
and best of all the stars surrounding the denomination on the reverse are finely detailed. It was because of the interaction of the rays with the
hard nickel-copper alloy that the mint dropped the rays the next year in order to extend die life, improve the strikes, and minimize breaks.
The United States already had a five-cent coin in the form of the Seated Half Dime. However, there was a great drive in the country after the
Civil War to introduce the metric system. Political activist and nickel miner, Joseph Wharton's new nickel alloy coin seemed to fit in well with
that concept. (Joseph Wharton owned had a mine at Lancaster Gap, Pennsylvania.) In May 1866 the legislators accepted his arguments for a
metric coin based on nickel and enacted the necessary legislation. Of course, since the voters were anxious to get new coins in circulation, the
measure probably would have passed whatever the arguments.
Mint Director Pollock determined that the design of the new five-cent piece should reflect the highest artistry possible and reflect well on the
government. To this end, Chief Engraver James Longacre prepared a number of pattern dies illustrating different concepts. Both Lincoln and
Washington portraits appeared on the Patterns, but the former was quickly rejected as it was unlikely that such coins would have circulated in
former Confederate strongholds. Popular prejudice against actual portraits on American coins doomed the Washington rendition as well. The
final artwork for the obverse of the new five-cent piece featured an American shield surmounted by a cross for decoration, though some saw
in it a religious symbol. The reverse has thirteen stars with rays between them, a good design for the times. The coin was soon issued and the
public accepted it readily. It became very popular and was given the name "nickel," which had formerly been designated to the copper nickel
cent of 1857-1864. Pop 12; 1 finer in 67.
Estimated Value ............................................................................................................................................................... $5,000 - 5,500