Lot 1569
1867 Shield Nickel. Rays. PCGS graded Proof 66 Cameo. Fully brilliant and choice. Key date in proof. Approx 25 proofs struck. James Barton Longacre prepared the first design for the new metric weight five-cents (77.16 grains) in 1866. The obverse depicts a shield with arrows at its base, a truncated laurel wreath at the sides, and a cross at the top. For the reverse, a large numeral 5 surrounded by 13 tars that form a tight circle. (This inconsistency with the three-cent coin that has the denomination as a Roman numeral was fixed with the introduction of Barber's Liberty head style in 1883.) Interspersed between the stars are 13 fat rays, with the statutory legend and denomination around. Due to problems in striking this first issue, the rays were deleted in the early months of 1867.
The reverse rays proved problematic from the start, although you wouldn't know it from the impressive striking quality of this handsome Proof 66 specimen! This aspect of the design also draws the most attention from collectors of the series. The Proofs struck in 1866, while quite scarce, are offered regularly in auctions. The Proofs struck in 1867, on the other hand, are exceedingly rare. This is a sparkling Gem Proof 66 specimen radiating mint bloom, powerfully struck and impeccably preserved with strong cameo frost on the devices. The luster is full, glittering, and without a hint of toning. Unlike most which are not quite fully struck, this marvel of precision minting shows all regions crisply detailed including the centers as well as the star radials. A superb rarity of one of the most illustrious of all 19th century American Proof issues, a coin often associated with the 1864-L Proof Cent, the 1864 Small Motto Two-cent Piece, and to the 1884 and 1885 Proof Trade dollars. Pop 4; none finer. (PCGS # 83818) .
As a historical aside, R.W. Julian learned through his researches that Chief Coiner Snowden refused to make any Proofs of the With Rays design for type sets in 1867, realizing early in the year that the this design was soon to be supplanted. An order was sent on January 21, 1867 to suspend all coinage of the design and to change the reverse. It was believed that this With Rays design was too complicated from a technical coinage standpoint, the amount of metal flow to fill the reverse engraved cavities interfering with a sharp obverse strike.
Estimated Value $120,000 - 130,000.
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