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Sale 80
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Lot 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 challenging 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.
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| Realized $5,875 |
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