[The following excerpt is published courtesy of DLRC Press and its author, Gloria Peters & Cynthia Mohon. This information was originally published in 1995 in The Complete Guide to Shield and Liberty Head Nickels
* * *
1866
Mintage
Business Strikes: 14,742,500
Proof Strikes: 375+
Varieties There are 25 varieties described in the Appendix. Some are quite spectacular.
Scarcity: Business strikes — Ranks 15th of 17 in the Shield nickel series in mint state. If only MS-65-66 grades were considered it would rank much higher. Twenty-two made auction appearances in 1992 and 26 in 1993. In Mint State the 1866 is available to collectors in all grades especially in the MS60-63 range. In MS65 less than 100 have been certified and in MS-66 only 4 have been given the Gem+ grade. Circulated grades range from semi-common in the lower grades to scarce in AU.
Proofs — The estimated mintage of 1866 Proofs probably needs some realistic adjustment. Q. David Bowers estimated the Proof mintage at perhaps as high as 500. Michael Wescott has estimated the mintage at 200+. Breen gives an estimate of 175+. The exact figure will always be open to debate because mint records were destroyed in 1925. As of July, 1994 Population Reports 270 have been certified, or 216% times the Red Book estimate of 125+. Taking the number graded (270) for two grading services and other factors into consideration such as Proofs not sent for grading, re-grades, crossovers and grading slips not returned to the services we have adopted a mintage estimate of 375+. The date is still quite scarce and ranks 8th overall in the series. This popular Proof showed a drop in auction appearances since 1990, but in 1993 it appeared at auction 9 times. The date is toughest to find in certified PF63 and PF64.
Rarity Rankings in MS: MS60-62 16th R-2; MS63 16th R-1; MS64 17th R-1; MS65 14th R-2; MS66 12th R-7; MS67 None certified
Number of Mint State Certified: 946 (Ranking 16th)
Circulated Rarity Rankings: G R-2; VG R-2; F R-2; VF R-2; EF R-2; AU R-4
Ranking and Rarity in Proof: PR60-62 7th R-6; PR63 3rd R-4; PR64 2nd R-3; PR65 8th R-3; PR66 13th R-4; PR67 13th R-7
Number of Proofs Certified: 270 (Ranking 5th)
Comments
Business strikes — The 1866 has the distinction of being the first five cent piece and the first cupro-nickel struck for regular and Proof U.S. coinage. Mushy, poor strikes are typical for this date. Finding a ‘fully struck’ piece scores a 10 in difficulty. A fully struck Gem is worth much more than the price guides estimate… perhaps double. Luster is typically satiny and nickel (greyish- silver) or golden toning are the most predominant colorations. Certified MS-65 coins are judged by the ‘well struck’ factor and are not expected to be ‘fully struck.’ MS-65 examples, for instance, may have a few semi-flat stars if all other factors warrant the Gem grade. The strike must be better for MS66 & 67’s. Check the veins in the leaves on the right side, the horizontal lines at the top and left side of the shield. On the reverse, the stars, rays and the 5 should be well defined for a top grade. Many have been improperly rinsed after dipping, resulting in dark unattractive streaking and/or dulled surfaces. Harshly cleaned pieces are not uncommon. Die life is estimated to have been only 15,000 coins. Die cracks are very common for this date as is carbon spotting. Pictured above is the business strike 1866. Die polishing is evident by the rough metal at the bottom of the white stripes; strike is good for the date and die cracks are minimal. The 1866 is a two-year type coin and popular as the less expensive issue for the ‘RAYS’ variety.
Proofs — Proofs in this date are difficult to find with smooth surfaces as many are plagued by granular, uneven planchets in addition to laminations and spotting. Improper rinsing after dipping may result in dark ‘oily’ streaking and/or detracting spots. Severe cleaning may result in dull, rough surfaces. Rounded rims are not uncommon. All proofs are reported to be from a single die. Proof Diagnostics: Center dot both obv. and rev.; slight recutting on upper left of the 5.
Historical Note
The act of March 16, 1866 authorized the 5¢ nickel and set its legal tender at $1, “to be paid out in exchange for lawful currency of the United States.” Size of Shield nickels is 20.5 mm… slightly smaller than the 21.2 mm Liberty Head, Buffalo or Jefferson. The year 1866 produced the most Pattern coinage of the entire Shield series and numerous varieties can be found due to strike problems and hand punched dates. Inflation reduced the value of Confederate money to $1.76 per $100 in 1865 and prices began to rise rapidly after the war. From a base dollar value of $1.00 in 1860 in purchasing power, the same purchase would cost $1.91 in 1866. Nebraska was admitted to the Union. Harper’s New Monthly Magazine advertised Music Boxes which played from one to thirty-six different tunes for $5.50 to $600. Carpenters and Joiners in Connecticut were paid $2.43 a day for a 61 hour work week. In July the steamship Great Eastern reached the U.S. completing the final laying of the Atlantic cable between Britain and the U.S… success came after 12 full years of effort.