The 1867 Shield Nickel represents an important transitional period in American coinage history, being only the second year of production for the nation’s first five-cent piece composed of nickel rather than silver. For collectors of 19th-century American coinage, the 1867 Shield Nickel presents an intriguing study in early mint technology, die varieties, and error coins that command significant premiums in today’s market.
Essential Identification Information
The 1867 Shield Nickel followed the inaugural 1866 issue in the Shield Nickel series (1866-1883), designed by James B. Longacre. These early nickels can be immediately distinguished from later Liberty and Buffalo designs by their distinctive shield obverse.
Specifications:
- Composition: 75% copper, 25% nickel
- Weight: 5.0 grams (tolerance: ±0.1 gram)
- Diameter: 20.5 mm (tolerance: ±0.1 mm)
- Edge: Plain
- Obverse: Shield design with date below
- Reverse: Large numeral 5 surrounded by stars and rays (Rays variety) or without rays (No Rays variety)
Mintage Data and Production History
The Philadelphia Mint (the only facility striking nickels in 1867) produced Shield Nickels in substantial quantities, though production challenges affected quality and consistency. Official U.S. Mint records document the following mintage figures:
1867 Shield Nickel Mintage:
- With Rays: 2,019,000 pieces
- Without Rays: 28,890,500 pieces
- Proof Issues: Approximately 600 pieces
The 1867 Shield Nickel represents a pivotal design transition. The original “With Rays” variety, featuring rays between the stars on the reverse, was quickly abandoned due to striking difficulties. The dense design caused excessive die breakage and rapid wear. By March 1867, the Mint modified the design by removing the rays, resulting in the more common “No Rays” variety that would continue through the series’ end in 1883.
Current Market Values
Values for 1867 Shield Nickels vary significantly based on variety, condition, and error status. The following table provides current market values based on PCGS Price Guide data and recent Heritage Auction results as of April 2025:
1867 Shield Nickel With Rays
| Grade | PCGS Value | Recent Auction Range |
| G-4 | $45 | $35-60 |
| VG-8 | $55 | $45-75 |
| F-12 | $75 | $65-95 |
| VF-20 | $125 | $100-150 |
| EF-40 | $250 | $200-300 |
| AU-50 | $400 | $350-500 |
| MS-60 | $750 | $650-900 |
| MS-63 | $2,000 | $1,800-2,400 |
| MS-65 | $12,500 | $11,000-14,000 |
| MS-66 | $32,500 | $28,000-35,000 |
| PROOF-63 | $4,500 | $4,000-5,500 |
| PROOF-65 | $15,000 | $12,500-18,000 |
1867 Shield Nickel No Rays
| Grade | PCGS Value | Recent Auction Range |
| G-4 | $22 | $18-30 |
| VG-8 | $25 | $20-35 |
| F-12 | $38 | $32-45 |
| VF-20 | $55 | $45-65 |
| EF-40 | $125 | $100-150 |
| AU-50 | $175 | $150-200 |
| MS-60 | $325 | $275-375 |
| MS-63 | $725 | $650-850 |
| MS-65 | $2,500 | $2,200-3,000 |
| MS-66 | $7,000 | $6,500-8,000 |
| PROOF-63 | $2,200 | $1,900-2,500 |
| PROOF-65 | $5,000 | $4,500-6,000 |
Notable Auction Result: A superb 1867 With Rays specimen graded MS-67 by PCGS sold for $132,000 at Heritage Auctions in January 2024, demonstrating the exceptional premium commanded by top-condition examples.
Grading Standards for 1867 Shield Nickels
Shield Nickels present unique grading challenges due to their often weak strikes and the composition’s susceptibility to environmental damage. Here are the key grade-specific characteristics using standard Sheldon scale terminology:
G-4 (Good): Major design elements visible but heavily worn. Shield outline present with some interior detail lost. Date readable but may show significant wear.
F-12 (Fine): Moderate wear with shield lines visible but flat on high points. Stars on reverse distinguishable but showing wear. Rims complete.
VF-20 (Very Fine): Light to moderate wear on high points. Most shield lines clear with some fullness retained. Stars show some detail. Bold diagnostic points: Vertical shield lines should show distinctive spacing.
EF-40 (Extremely Fine): Light wear on highest points only. Shield details mostly intact. Bold diagnostic point: Horizontal shield lines should be fully visible with minimal interruption.
AU-50 (About Uncirculated): Trace of wear on highest points, most often on shield’s upper portion and highest stars. 90%+ of original mint luster present.
MS-60 (Uncirculated): No wear but may show numerous contact marks, poor strike, and uneven surfaces. Original mint luster present but may be subdued.
MS-65 (Gem Uncirculated): Strong strike with nearly complete detail. Minimal contact marks visible without magnification. Bold diagnostic point: Full shield lines and star details should be present.
Identifying 1867 Shield Nickel Varieties
With Rays vs. No Rays Varieties
The most significant variety distinction for 1867 Shield Nickels is the presence or absence of rays between the stars on the reverse.
Authentication Tips:
- With Rays: Lines radiate outward between stars on reverse (January-March 1867)
- No Rays: Clean fields between stars, no ray lines (March-December 1867)
Repunched Dates
Several 1867 Shield Nickels show repunched dates, with the most notable being:
1867/67 (FS-301): Shows clear repunching on the 67 digits, most visible at the base of these numerals.
Authentication Tip: Under 5x magnification, look for secondary digit impressions slightly south of the primary digits.
Doubled Dies
1867 Doubled Die Obverse (FS-101): Shows doubling on LIBERTY and date.
Authentication Tip: Examine the “Y” in LIBERTY for clear spreading or doubling using 5-10x magnification.
Major Error Types and Their Values
Misaligned Dies
Several 1867 Shield Nickels exhibit misaligned dies, resulting in designs that appear off-center or improperly positioned.
Value Premium: 10-30% for minor misalignments, 100%+ for severe cases showing 20% or more displacement.
Wrong Planchet Errors
A small number of 1867 Shield Nickels were struck on planchets intended for other denominations.
Authentication Tip: Check weight and diameter against standard specifications. Copper-nickel cents planchets were 4.67g, distinguishably lighter than the proper 5.0g.
Value Range: $3,000-$15,000 depending on grade and planchet type.
Clipped Planchets
These show distinctive curved cuts where the planchet punching process overlapped a previous punch or the edge of the metal strip.
Value Premium: 100-200% over normal specimen values in similar grade.
Die Cracks and Cuds
The Shield Nickel design, particularly the With Rays variety, placed tremendous stress on dies, resulting in frequent die cracks and breaks.
Major Known Die Cracks:
- Obverse crack through date (FS-301)
- Reverse crack connecting multiple stars (FS-801)
Cud Varieties: Several 1867 Shield Nickels show raised, irregular blobs of metal along the rim where pieces of the die broke away during production.
Value Premium: Minor die cracks add 10-25%, while major cuds can increase value 50-200% depending on size and location.
Authentication and Counterfeit Detection
Shield Nickels, being early nickel coins with considerable value, have been targets for counterfeiters. Here are key authentication points:
Genuine Specimen Characteristics:
- Fine, squared denticles around perimeter
- Distinctive copper-nickel “nickel gray” color with subtle golden tones in uncirculated examples
- Precise shield design with consistent spacing between vertical lines
Common Counterfeit Indicators:
- Improper metal composition (often appears too silvery or too yellow)
- Mushy design details, particularly in the shield’s lines
- Incorrect font characteristics in date or lettering
- Weight outside tolerance range (common in cast counterfeits)
Authentication Procedure:
- Weigh the coin (should be 5.0g ±0.1g)
- Examine under 10x magnification for proper strike characteristics
- Check for proper flow lines (radial patterns) in fields
- Verify design details against known authentic examples
Preservation Considerations
The copper-nickel composition of Shield Nickels presents specific preservation challenges:
Environmental Factors: The copper content makes these coins susceptible to environmental damage, particularly from sulfur compounds that cause spotting.
Storage Recommendation: Use inert holders (not PVC) and maintain stable humidity below 50%.
Cleaning Warning: Never clean Shield Nickels with abrasives or chemicals. Even light cleaning can damage surfaces and reduce value by 50% or more.
Natural vs. Artificial Toning: Natural toning on Shield Nickels typically appears as golden-brown to gray-blue patination that forms gradually from edge inward. Artificial toning often shows unnatural rainbow patterns or irregular color distribution.
Market Trends and Investment Outlook
The market for 1867 Shield Nickels has shown steady appreciation over the past decade, with particular strength in high-grade specimens and significant error varieties.
Key Investment Considerations:
- High-grade With Rays examples have appreciated approximately 6-8% annually over the past decade
- MS-65 and better examples have shown the strongest price performance
- The relative scarcity of properly struck specimens continues to drive premium prices
- Major varieties and errors have outpaced common date appreciation by 2-3x
Recent auction records suggest continued strong demand for exceptional specimens, particularly those with original surfaces and minimal spotting.
Frequently Asked Questions
How can I tell if my 1867 Shield Nickel is the valuable “With Rays” variety?
Examine the reverse of the coin. If you see lines (rays) extending outward between the stars surrounding the numeral “5,” you have the scarce With Rays variety produced only in early 1867. The absence of these rays indicates the more common No Rays variety.
Why are high-grade 1867 Shield Nickels so expensive compared to other 19th century nickels?
The Shield Nickel design, particularly the With Rays variety, was difficult to strike properly due to the hard nickel alloy and intricate design. This resulted in many weakly struck coins. Additionally, the copper-nickel composition is prone to spotting and corrosion. Consequently, well-preserved specimens with strong strikes and minimal spotting are exceptionally rare, driving premium prices.
Are there any 1867 Shield Nickels from mints other than Philadelphia?
No. In 1867, the Philadelphia Mint was the only facility authorized to produce five-cent pieces. The Denver (D) and San Francisco (S) mints did not produce nickels until the 20th century, while the New Orleans Mint focused primarily on silver and gold denominations during this period.
What causes the spots commonly seen on 1867 Shield Nickels?
The spots on Shield Nickels result from the copper content in the alloy (75% copper, 25% nickel) reacting with environmental sulfur compounds over time. This chemical reaction forms copper sulfide, appearing as dark spots on the coin’s surface. These spots are common on Shield Nickels and, while they affect eye appeal, are considered a natural characteristic of the series rather than damage.
How can I determine if my 1867 Shield Nickel is worth more than average?
Examine your coin for the characteristics that command premium values: the With Rays variety, high grade (minimal wear), error features (misaligned strikes, die cracks, etc.), and attractive natural toning without spots. For precise valuation, consider submitting exceptional specimens to PCGS or NGC for professional grading and authentication, as third-party certification significantly enhances marketability and confirms value-adding attributes.
