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Mint Director James Pollock proposed in 1865 that a coin
made of a copper-nickel composition be produced. The silver
half-dime
was still being minted, but like most silver coins in the
Civil War era, had
difficulty remaining in circulation because of fearful hoarding.
Fractional paper currency worth five
cents circulated readily, but was a poor substitute for hard coinage, Pollock
concluded.
On May 16, 1866, a five cent coin composed of 75% copper and
25% nickel was officially authorized.
A shield was chosen for the
obverse side, patterned after the shield design of the
Two
Cent coin released
in 1864. Thus, the name "Shield Nickel"
was applied to this coin type. The reverse contained a large numeral 5,
encircled by 13 stars, with rays interspersed between the stars.
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Shield Nickel
Specifications |
Diameter: |
Weight: |
Minted: |
Composition: |
Designer |
Edge: |
20.5 mm |
5.00 g |
1866-1883 |
.750 Cu .250
Ni |
James Longacre |
Plain |
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Coin Photos courtesy of
Ira & Larry Goldberg Coins & Collectibles, Inc., Beverly Hills, CA. |
It didn't take long to realize the rays
caused problems with metal flow during striking, resulting in many coins of
weak sharpness. Early in 1867, the rays were removed from the design.
Shield Nickels of 1866 and 1867 with rays having bold sharpness are worth
premiums because of their scarcity.
The Shield nickel remained in production until 1883. Although the Shield
Nickel was dropped, the nickel five-cent coin idea in carried on and has been a part of our daily lives ever since.
Here are the key dates:
Key date Shield Nickels are offered for sale below
through US coin eBay auctions. The left
hand side of each "Sales Box" is value trend data over a very long period of
time for a coin of that date in VG-8 or Proof-65 condition. The percent annual
increase is computed for comparative purposes. The coin pictured for
sale in the right hand side is not necessarily the same condition coin as that
represented in the value trend analysis on left hand side.
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1877
Shield Nickel
Condition: PF-65
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1878
Shield Nickel
Condition: PF-65
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Value Trends
1950: $85.00
1980: $2000
1995: $2600
2003: $3000
2007: $4000
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Value Trends
1950: $30.00
1980: $1250
1995: $725
2003: $1000
2007: $2250
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% Annual Increase
Since 1950 =
6.99%
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% Annual Increase
Since 1950 =
7.87%
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1879
Shield Nickel
Condition: VG-8
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1880
Shield Nickel
Condition: VG-8
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Value Trends
1950: $3.00
1980: $75.00
1995: $250
2003: $325
2007: $500
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Value Trends
1950: $4.50
1980: $100
1995: $325
2003: $375
2007: $600
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% Annual Increase
Since 1950 =
9.39%
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% Annual Increase
Since 1950 =
8.96%
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1881
Shield Nickel
Condition:
VG-8
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Value Trends
1950: $3.50
1980: $80.00
1995: $175
2003: $200
2007: $325
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% Annual Increase
Since 1950 =
8.27%
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Half Cents
1793-1857 |
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Large Cents
1793-1857 |
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Flying Eagle Cents
1856-1858 |
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Indian Head Cents
1859-1909 |
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Lincoln Cents
1909-present |
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Two and Three
Cents 1851-1889 |
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Shield Nickels
1866-1883 |
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Liberty Nickels
1883-1913 |
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Buffalo Nickels
1913-1938 |
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Jefferson Nickels 1938-present |
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Early Half Dimes
1792-1837 |
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Seated Liberty Half Dimes 1837-1873 |
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Early Dimes
1796-1837 |
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Seated Liberty Dimes 1837-1891 |
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Barber Dimes
1892-1916 |
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Mercury Dimes
1916-1945 |
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Roosevelt Dimes 1946-present |
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Twenty Cents
1875-1878 |
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Early Quarters
1796-1838 |
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Seated Liberty Quarters 1838-1891 |
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Barber Quarters
1892-1916 |
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Standing Liberty
Quarters 1916-1930 |
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Washington
Quarters 1932-present |
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Early Half Dollars
1794-1839 |
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Seated Liberty
Half Dollars 1839-1891 |
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Barber Half
Dollars 1892-1915 |
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Walking Liberty
Half Dollars 1916-1947 |
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Franklin Half
Dollars 1948-1963 |
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Kennedy Half Dollars 1964-Present |
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Early Dollars
1794-1804 |
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Gobrecht Dollars 1836-1839 |
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Seated Liberty Dollars 1840-1873 |
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Trade Dollars
1873-1885 |
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Morgan Dollars
1878-1921 |
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Peace Dollars
1921-1935 |
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Eisenhower Dollars
1971-1978 |
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Anthony Dollars
1979-1981,1999 |
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Sacagawea Dollars
2000-present |
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Presidential Dollars
2007-present |
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Gold Dollars
1849-1889 |
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Early Quarter Eagles 1796-1834 |
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Classic Head Quarter Eagles 1834-1839 |
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Coronet Quarter
Eagles 1840-1907 |
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Indian Head
Quarter Eagles 1908-1929 |
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Three Dollar Gold
1854-1889 |
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Early Half Eagles
1795-1834 |
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Classic Head Half Eagles 1834-1838 |
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Coronet Half
Eagles 1839-1908 |
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Indian Head Half
Eagles 1908-1929 |
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Early Eagles
1795-1804 |
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Coronet Eagles
1838-1907 |
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Indian Head Eagles
1907-1933 |
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Coronet Double
Eagles 1849-1907 |
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St-Gaudens Double
Eagles 1907-1933 |
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Coin hoarding by a nervous public created a
shortage of coins during the Civil War years. Paper tickets, stamps,
and bills were often used in place of coins, but the scarcity was so intense
that Congress sanctioned the printing of "fractional currency, also known as
"paper coins". A five-cent fractional currency note is shown above.
From 1862 to 1876, the U.S. government issued more than $368 million in
fractional currency in denominations ranging from three to fifty cents.
After the Civil War, fractional currency was no longer needed because coins
like the Shield Nickel began to circulate freely. 1876 was the last
year Congress authorized fractional currency.
Photo courtesy of
Ira & Larry Goldberg Coins & Collectibles, Inc., Beverly Hills, CA. |
