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The Shield Nickel began production in 1866. Mint
Director James Pollock wanted an alloy of 75% copper and 25% nickel to
replace the five-cent fractional currency note. The half dime was still
around, but like other silver coins, had trouble staying in
circulation.
The Shield Nickel proved to be acceptable with the public. Mintages
during 1879-1881 were very low because the Mint shifted resources in
support of silver dollar production.
In 1879, only 25,900 business strikes were
issued, down nearly 90% from 1876 (only proof pieces were produced in
1877 and 1878).
Interestingly, collectors of today are willing to pay considerably more
for very high grade business strike 1879 Shield Nickels (MS-65 and
higher) compared to their proof counterparts earning identical grade
points. Apparently, few were saved in top pristine condition, relative
to proofs.
Among the proof population, there is a 9/8 overdate variety. The
overdate carries no premium compared to the non-overdate 1879's, but it
is worth mentioning: this is only one of two cases in the history of
U.S. coinage where a proof overdate was generated by retooling a die
from the previous year. The only other occurrence was the 1887/6 Three
Cent Nickel.
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