By James Matthews, Senior Numismatist and
Consignment Director, U.S. Coins
Introduced in 1866, the
copper-nickel five-cent coin has remained an integral part of our nation's
coinage ever since. This coin traces its roots to the suspension of specie payments
that occurred during the Civil War. Silver and gold coins disappeared from
circulation soon after the conflict began in 1861. Initially the silver half
dime was replaced with five-cent Postage Currency and later, Fractional
Currency notes, which circulated well after General Robert E. Lee's surrender
at Appomattox, Virginia in 1865 as specie payments remained in suspension after
the end of the war. In order to provide an alternative to this currency,
Congress followed the three-cent copper-nickel coins of 1865 with similar
five-cent copper-nickel coins authorized by the Act of May 16, 1866.
Both the three-cent and the
five-cent copper-nickel coins were struck on planchets composed of 75% copper
blended with 25% nickel. The initial proposed weight of the new five-cent coin
was to be around 30 grains, or about one and a half times the
existing (but not currently circulating) silver half dime. As discussions
progressed, Joseph Wharton, the owner of most of the Western Hemisphere's
nickel mines, was able to convince Congress to increase the weight to 77
grains, thereby requiring more nickel for each coin produced.
Mint Engraver James Barton
Longacre designed the new coin, with the obverse displaying a large central
shield with arrows crossed at its base, draped in a hanging wreath with a broad
cross above. The date is below and IN GOD WE TRUST is in small letters at the
top. For the reverse a large numeral 5 is central, surrounded by 13 small stars
and 13 glory rays alternating in sequence. Above the 5 is UNITED STATES OF
AMERICA with CENTS below.
The rays on the reverse proved to
be problematic as the copper-nickel planchet was very hard and difficult to
fully strike this design. The alloy was so hard, in fact, that the dies soon
developed cracks and did not last long. When reports of these issues reached
Treasury Secretary McCulloch, he promptly ordered the rays be removed on
January 21, 1867, and production was halted until new dies could be created;
production of the new style began on February 1, 1867.
Research by R.W. Julian found
that Chief Coiner Snowden delayed striking 1867 With Rays Proof five-cent
pieces for inclusion in annual Proof sets. However, it is entirely likely that
Mint Director Henry Linderman had these 1867 With Rays Proofs struck
clandestinely to be distributed to his collector friends, as was common during
this era at the Philadelphia Mint. At least four different die marriages exist
of this rare coin in Proof, which seems to point to multiple strikings, perhaps
after the designs had been replaced, although there is no evidence beyond the
coins that exist today.
The 1867 Rays five-cent coin in
Proof remains one of the key issues to the series. This issue is the rarest of
the Proof Shield nickel designs, and has been sought after by collectors for
generations, especially so when found at the Gem Proof grade level.
In our 2014 New York Americana
Sale in February, Stack’s Bowers Galleries is pleased to present an incredible
Proof 1867 Rays five-cent piece. The exquisite surfaces exhibit a few
horizontal streaks of pinkish rose iridescence and considerable brilliance. A
marked cameo finish goes unmentioned on the old style PCGS insert. This is an
undeniably beautiful example of a rare and highly desirable issue. The original
mintage has always been estimated to be quite low, but more recent research
leads us to believe fewer than 100 pieces were struck. Today it is believed by
PCGS that about 60 individual examples exist, the present near the top of those
that survive in terms of condition and eye appeal.
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