The move away from silver for use in small-denomination coinage was prompted by hoarding during the Civil War, and between 1864 and 1866, three “new” base-metal circulating coins made their appearance. The two-cent piece in bronze, the three-cent piece in copper-nickel and the five-cent piece, also in copper-nickel. The only one of these three destined to endure, was the five-cent piece which over the next century or so, would prove to be a true “workhorse” in the channels of commerce.

Four major types of “nickels” have been made since their inception in 1866. The Shield type, made from 1866 to 1883, the Liberty or “V” nickel from 1883 to 1912, the Indian, or Buffalo nickel from 1913 to 1938 and finally the Jefferson type from 1938 to date. Their importance in the realm of circulating U.S. coins cannot be overstated, and a look at the number of well-worn Liberty and Buffalo nickels is a testament to their heavy use from the 1880s through the 1950s. A nickel during this period could buy everything from a soft drink or cup of coffee to admission to a matinee movie and with a handful on nickels, one could easily get through the day with food, beverages and some entertainment.

Inflation has eroded the buying power of the nickel, and like the cent, most now spend much of their life in “small change jars” in people’s homes. One only need to look at the condition of the fifty or sixty-year-old nickels still to be found in change and see the minimal wear they evidence.