1866 5C Rays MS66 Certification #18674250, PCGS #3790

CAC. 33/1 (11/13). A brilliant and lustrous Gem with a bold strike and impressive preservation. The upper and lower obverse rims display multiple die cracks, as struck, while the reverse has wispy die cracks throughout the peripheral legends. Slender die striations (as made) are seen beneath the left vertical shield lines and bisect the reverse. This first-year issue was plagued by striking problems, leading to the removal of the rays between the stars, on the reverse. Some striking irregularity in this region is seen on the current example, but, along with the previously mentioned "as struck" features, this does not affect the coin's technical grade. Therefore, we rely on luster (excellent), surface preservation (nearly flawless), and overall eye appeal (splendid), to determine the premium quality status of this conditionally scarce example. Population: 27 in 66, 0 finer (2/09). - 32/0 (5/13)

Ron Guth

In 1866, the U.S. government introduced a new 5 Cent piece made of nickel as an alternative for the silver Half Dime.  The two coins were issued side-by-side through 1873, after which the Half Dime was discontinued and the "Nickel" became the coin of the land.  The new metal, because it was so hard, made it difficult to strike the coins, and the dies suffered frequent cracking.  Part of the problem was the intricate reverse, where stars were squeezed tightly between small rays surrounding the large "5".  Ultimately, the rays were removed from the dies mid-1867, but this did not solve the cracking problem entirely.

High grade examples of this first-year-of-issue are readily available in grades all the way up to MS66, where PCGS has graded over 50 examples.  As already mentioned, collectors should seek out well-struck examples (to the extent they are available), and avoid examples with natural flaws or excessive and/or large carbon spots.