Designed by: James B. Longacre
Issue Dates: 1866-1867
Composition: 75% copper, 25% nickel
Diameter: 20.5 mm
Weight: 5.00 grams (77.16 grains)
Edge: Plain
Business Strike Mintage: 16,761,500
Proof Mintage: 500 (estimated)

The nickel-five cent piece made its appearance in 1866 as a substitute for the half dime, for the Treasury Department at the time was withholding silver coins from circulation. The first design was the Shield style with rays on the obverse. The obverse closely follows the design of the two-cent piece and consists of a shield with a wreath surrounding the upper portion, a cross at the top, and two crossed arrows at the bottom. IN GOD WE TRUST is above, and the date is below. The reverse is dominated by the central numeral 5, from which emanate 13 rays interspersed among as many stars. The in­ scription UNITED STATES OF AMERICA and CENTS appears around the border.

It was quickly learned that the hard nickel alloy plus the features of the design caused coins to strike up lightly, with many design details often weak or missing. It was believed that the elimination of rays from the reverse would simplify the design and reduce metal movement in the die, thus solving the problem. Accordingly, the rays were discontinued early in 1867.

Examples of the 1866-1867 Shield nickel with rays are readily available in grades from Good through AU. Uncirculated pieces are scarce, and truly superb Uncirculated coins are rare. A number of Proofs were minted for collectors, particularly in 1866, when it is believed that nearly 500 were made. The 1867 with rays is scarcer in all grades, and in Proof it is a major rarity.