Q.David Bowers
Primary production of the silver three-cent piece occurred during the 1851-1853 years. After that time, the weight reduction of other silver denominations caused their return to circulation, and the need for the threecent piece was not as acute. Mintages diminished. After 1862 the coinage of silver three-cent pieces became an exercise in futility, for the coins were hoarded or exported whenever they reached circulation. Although modest numbers were made for circulation purposes from 1863 to 1872, most specimens seen today are from the Proofs coined for collectors. Most of the coinage of the 1860s and 1870s, stored in Treasury vaults during the suspension of specie payments, was probably melted at a later date. When specie payments were resumed in 1876 and silver coins were again seen in circulation, the three-cent denomination had been discontinued.
1873, the last year of silver three-cent coinage, was limited to just 600 Proofs struck for inclusion in sets sold to collectors. The coinage act of that year abolished the silver three-cent piece together with the two-cent piece and the silver half dime.
Nickel Five-Cent Pieces (1866 to Date)
On June 30, 1865, James Pollock, director of the Mint, proposed that a coin made of nickel alloy in the denomination of five cents would be a good substitute for the five-cent fractional currency notes then in circulation. Although half dimes were being produced, they, like other silver denominations, did not circulate. In the same year a number of patterns for the new coin were made. On May 16, 1866 the nickel five-cent piece was officially adopted. Composition was specified as 75% copper and 25% nickel.
Although a number of interesting patterns were made featuring the portraits of Washington and Lincoln, James B. Longacre's shield design used earlier on the 1864 two-cent piece was adopted. With modifications it formed the obverse. The reverse depicted the numeral 5 surrounded by a circle of stars with a ray between each. Soon the motif became known as the shield type. In advance of the design's release it was described by the American Journal of Numismatics:
This new coin will soon be in circulation. It is of pure nickel, approaching very nearly the appearance of silver, it is a very neat coin. It is a trifle larger than the nickel cent. On one side it has for a center relief the ordinary shield crowned with a laurel wreath, which hangs gracefully over the sides; this is surmounted by the motto "In God We Trust," and at the base the date, 1866. On the reverse is the denomination-a figure 5 in the center of a circle of stars; over the figure are the words "United States," and under it the word "cents."
Following the release of the new shield nickel into circulation a Boston reader wrote to the same publication with a commentary concerning it:
After a careful search during the first half of the present year, I have at length succeeded, by the help of a friend, in obtaining a Proof set of the one, two, three, and five-cent pieces of 1866; and, inasmuch as the latter piece, particularly, is an "original," both in design and workmanship, perhaps a description of it may prove acceptable.
I say it is an "original," because I have seen nothing like it in my collection, which abounds in all sorts; "bungtowns," Chinese cash, and German stubers, hellers, and kreuzers; therefore, I think I am correct in this statement.
On the obverse of this remarkable coin, the first thing that attracts the attention is the highly elaborate and highly ornamented gridiron, the clumsy handle of which appears to be broken from the body, thus rendering this culinary utensil almost useless. The upper part and sides of this gridiron are hung with leaves of some sort, strongly resembling one of the savory bunches of herbs displayed in a market-house in autumn, or of a green grocer's sign in huckleberry time. Perhaps the same accident that severed the handle of the gridiron also fractured the lower part, for we notice it is there skewered by two arrows, pointing in opposite directions. The motto "In God We Trust" is very opportune, for the inventor of this coin may rest assured that the devil will never forgive him for such an abortion.
The reverse of this thing is less objectionable, for the inventor appears to have almost exhausted his remarkable skill on the obverse. However, he has made a bold push and brought forth something. Here we have the circle of stars intersected by 13 bars of 3 scratches each (perhaps he never saw a Nova Constellatio), around the top of which are the words "United States of America" in very delicate letters. The makeup of this coin is completed by the insertion in the field of a big, loud 5, "cents," in the exergue, which must be pronounced in the peculiar oyster saloon style, thus: Five cents!
Mr. Editor, did we ever have such another coin?
In the second year of circulation of the design, 1867, it was determined that the bars or rays on the reverse caused too much metal displacement and resulted in striking difficulties. Indeed, surviving specimens of the with-rays design minted in 1866 and 1867 often display weakness. As a result, following a nominal coinage of 1867 nickels with rays, the feature was dropped. The new design, without rays, was continued through 1883.
The appearance of the without-rays nickel in 1867 caused public confusion, and many merchants and others refused to handle them, believing the pieces to be counterfeit. An explanation from the Mint apparently was worded in a confusing manner, for soon a percentage of the populace believed that the earlier nickels with rays were the counterfeit ones, whereas the without-rays style coins were genuine.
The nickel five-cent piece found ready acceptance with the public. Mintages were generous during the first several years of its introduction. A vivid exception was provided by the 1877, struck in a year when other minor denominations experienced reduced mintages. It is believed that fewer than 1,000 shield nickels were issued that year, all sold as part of the Proof sets distributed to collectors. The following year, 1878, saw a mintage of just 2,350 pieces, also struck only in Proof condition for collectors. Mintages of the 1879-1881 years were also low, primarily because the Philadelphia Mint was concentrating on silver dollar production at the time. In 1882 11 million were coined. In 1883, the last year of the shield nickel design, 1,456,919 were struck.
Hardness of the nickel alloy caused many striking problems. As a result, numerous shield nickels today are seen with evidence of die breaks, ranging from minute to major. Still other coins show weak striking in areas. Indeed, a perfectly struck shield nickel, sharp in all details and without any evidence of die breaks, would be unusual among coins struck for circulation.
Proofs for collectors were made of each issue from 1866 through 1883 inclusive. Only a few 1867 Proof nickels with rays were made, for the design was changed early in the year. While Proof mintage figures for the 1867 with-rays style apparently were not kept, an estimate would be in the range of 50 to 100 pieces. 1877 and 1878 shield nickels are Proof-only issues, as noted. No examples were struck for circulation in those years.