Despite its extensive mintage, the 1867 Shield Nickel remains a coveted piece in the numismatic world. Whether you’re a seasoned collector or just embarking on this fascinating journey, understanding the rich history and unique characteristics of this coin is essential. This guide will offer you insights into its historical significance, distinctive features, and tips on how to evaluate its value.
What is the Value of an 1867 Nickel?
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Before diving into the intricate details, let’s first address the burning question: how much is the 1867 Shield Nickel worth today?
| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
|---|---|---|---|---|
| 1867 Rays Nickel | $50 | $100 | $275 | $9,000 |
| 1867 No Rays Nickel | $35 | $50 | $110 | $2,000 |
The value of your 1867 nickel is influenced by its condition, the presence of minting errors, and whether it features rays or not on the reverse.
Birth of the 1867 Shield Nickel
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The 1867 Shield Nickel was part of the second year of the coin’s production. Struck by the U.S. Mint from 1866 to 1883, the Shield Nickel holds a distinct place in numismatic history as the first five-cent coin to be composed of copper-nickel. This was a pivotal moment in American coinage, marking the end of the silver half dimes that had circulated prior.
In the aftermath of the Civil War, the disappearance of silver half dimes prompted the Mint to introduce a lower-value, more durable coin. Visionary industrialist Joseph Wharton pushed for the use of nickel, lobbying Congress to approve a transition to copper-nickel coins. In 1864, Wharton’s efforts bore fruit, leading to the production of new nickel coins designed by James B. Longacre. However, production challenges forced the Mint to alter the design in 1867.
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The original 1866 design featured a shield surrounded by rays, but this design proved difficult to strike. By early 1867, the rays were removed from the reverse design, creating two distinct types of the 1867 Shield Nickel: one with rays and one without. The variety with rays is significantly rarer and highly valued by collectors.
Distinctive Features of the 1867 Nickel
Understanding the 1867 Shield Nickel’s physical traits is essential for determining authenticity and evaluating its worth. The front (obverse) side showcases a prominent shield, symbolizing protection and defense. This shield is flanked by two arrows and encircled by laurel branches, both representing non-aggression and victory. The inscription IN GOD WE TRUST is etched at the top, while the date “1867” appears at the bottom.
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The reverse side features the numeral “5,” denoting the coin’s denomination, surrounded by stars. Some coins bear rays between the stars, a feature that significantly influences the coin’s rarity and value. On coins without rays, the stars are simply placed around the numeral.
Additional physical attributes of the 1867 nickel include:
- Diameter: 20.50 millimeters
- Weight: 5.00 grams
- Edge: Plain
- Metal Composition: 75% Copper, 25% Nickel
The Two Varieties: Rays vs. No Rays
In 1867, the U.S. Mint produced two different versions of the Shield Nickel, depending on the design used. The “Rays” variety, minted early in the year, features rays between the stars on the reverse. However, production difficulties led the Mint to remove these rays in the later half of the year, giving rise to the “No Rays” variety.
Rays Variety
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The Rays version is far more scarce, with only 2,019,000 pieces produced. These coins are prized among collectors, and even those in lower grades can fetch substantial amounts. A coin in Good condition could be worth around $50, while those in Uncirculated condition can reach values up to $9,000.
No Rays Variety
The No Rays version had a much higher mintage, totaling nearly 29 million coins. These pieces are more commonly found in circulation, and their value tends to be lower, with prices for coins in lower grades starting around $25. However, higher-grade examples can command much higher prices, particularly those graded in Mint State.
Minting Errors and Their Impact on Value
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Due to the challenges faced during production, the 1867 nickel series contains several notable errors, each of which can substantially increase the value of a coin.
- Re-Punched Date Error
This error arises when a die used to strike the 1867 date was inadvertently repunched. A magnified look reveals the second “7” of the year punched over a previous “6,” adding a unique feature that can increase a coin’s value by $20-$100 depending on its visibility. - Doubled Die Error
The doubled die error occurs when a die strikes a planchet at slightly different angles, resulting in doubled details. This error is particularly noticeable in the inscriptions and stars. Coins with strong doubling can be worth $10-$50. - Rim Cud Error
A rim cud forms when a crack in the die causes a piece of the die’s rim to break off. The gap is eventually filled with metal, leaving a raised bump along the coin’s edge. Larger cud errors can enhance the coin’s value by $20-$100. - Die Crack Error
Cracks in the dies often result in raised lines on the surface of the coin. Larger, more pronounced die cracks are rarer and more valuable, often adding $20-$50 to a coin’s worth.
How to Grade an 1867 Nickel
Grading is an essential part of determining a coin’s value, especially for collectors seeking to purchase or sell. Coins are evaluated based on their overall condition, strike quality, and visible details.
- Low-grade coins: Most details are worn, and the rim merges into the coin, with the date barely legible.
- Mid-grade coins: More details are visible, especially on the shield, arrows, and laurel leaves. However, the coin shows significant wear.
- Mint State coins: The rarest and most valuable, these coins show full details, original mint luster, and few, if any, imperfections.
Where to Sell Your 1867 Nickel
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Once you’ve assessed your coin, you might want to sell it. Online marketplaces and specialized coin dealers are great places to find buyers. If you’re unsure of its value, consider getting a professional appraisal through a verified platform.
Conclusion
The 1867 Shield Nickel is a piece of numismatic history, embodying both the artistic vision and the tumultuous period in American coinage. Whether you’re holding the rare “Rays” variety or a more common “No Rays” coin, understanding its features and value will enhance your collecting experience. With its fascinating background, stunning design, and occasional minting errors, the 1867 Shield Nickel remains a treasure worth cherishing in any collection.
FAQs
What is the value of an 1867 nickel?
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The value of an 1867 nickel ranges from $25 to $9,000 depending on its condition and whether it is the “Rays” or “No Rays” variety.
What is the difference between the 1867 “Rays” and “No Rays” nickels?
The “Rays” version has sunburst-like rays around the numeral “5” on the reverse, while the “No Rays” version lacks these rays, making the former more valuable.
Why is the 1867 nickel considered rare?
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The 1867 “Rays” nickel is rare due to its limited mintage, as the Mint switched to the “No Rays” design early in the year.
What errors can increase the value of an 1867 nickel?
Errors such as the re-punched date, doubled die, rim cud, and die cracks can significantly raise the coin’s value.
How do I determine the value of my 1867 nickel?
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The value depends on factors like the coin’s condition, rarity (Rays vs. No Rays), minting errors, and whether it is a circulated or uncirculated specimen.
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