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Lot 1236
1867. Rays. NGC graded Proof 65 Cameo. A key date Proof nickel. Well struck and fully untoned except at 2:00 near the edge in the fields. Approximately 25+ Proofs struck. A solid strike in all regards, we wish to emphasize this. Also, the smooth surfaces gleam with varying nickel to silver-gray hues, the legends are clear-cut, and the eye appeal is exactly what one hopes to find on a distinguished Proof 65 1867 With Rays Shield Nickel.
Walter Breen, in his Encyclopedia of United Stated and Colonial Proof Coins, notes that 25 or so specimens were minted in Proof condition. although Proof sets were distributed on various occasions throughout the year 1867, Breen postulates that the With Rays were included only on one occasion. In his words, "Now known to have been issued only with the initial or February 5, 1867 delivery of silver Proofs, with possibly at most a few more in minor Proof sets at that time. Exceedingly rare, not over about a dozen survivors traceable ."
Breen specifically enumerates seven examples he had examined plus a few other listings and notes that "at least two have been poorly cleaned."
The present example is clearly one of the finest known and fully merits the Gem Proof 65 designation. A marvelous coin for the specialist. Pop 6; 4 finer, 2 in 66, 2 in 66+.
Historical background: Introduced in 1866, the "nickel" Five-Cent piece has remained an integral part of the United States' circulating coinage ever since. The origins for this denomination can be found in the monetary disruption of the Civil War. Specie payments were suspended during the early part of that conflict. Silver coins rapidly disappeared from circulation in the Eastern part of the country. The Half Dime was eventually replaced in circulation by Five-Cent Fractional Currency notes. Although troublesome to use, the fractional notes circulated long after the war ended in 1865. In fact, until about 1873-75, specie payments remained difficult for American commerce.
For the Shield Nickel, Congress followed the example set by the Three-Cent Nickel in 1865 and authorized a Five-Cent piece made from the same 75% copper, 25% nickel alloy with the Act of May 16, 1866. (Breen, 1988, goes into some detail to explain how the proposed weight was to be 30 grains but was repeatedly increased until Congress settled on 77.16 grs. Perhaps the final weight was chosen as a concession to Joseph Wharton, the owner of a monopoly on nickel mines at the time.)
James Barton Longacre prepared the designs. The obverse displays a shield with crossed arrows at its base, an inverted laurel wreath around, and a broad cross at the top. For his reverse motif, Longacre used a large numeral 5 to form the focus. Thirteen stars form a circle around with 13 rays interspersed between the stars. The legend UNITED STATES OF AMERICA is at the top, and the word CENTS is at the bottom.
The reverse rays proved troublesome since they impaired striking quality for many 1866 and early 1867 business strikes. As a result, Treasury Secretary McCulloch ordered that the rays be dropped from the reverse, this decision coming on January 21, 1867. Production was interrupted so that the new No Rays design could be implemented beginning February 1, which explains the low With Rays Proof mintage.
Estimated Value $50,000 - 55,000.
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| Realized $46,000 |
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