The 1877 Shield Nickel Proof is a fascinating coin with a unique history that attracts the attention of collectors. Unlike many other coins of its time, this nickel was not made for everyday transactions. In fact, in 1877, there was no need to create business-strike nickels because millions of them were already in circulation.
During that year, the U.S. Mint even received over 7 million older nickels for redemption, which they rewashed and reissued. So, instead of minting new coins for circulation, the Mint produced the 1877 Shield Nickel only for collectors.
Rarity and Mintage of the 1877 Shield Nickel Proof
The exact number of 1877 Shield Nickel Proof coins produced remains uncertain. Early estimates suggested that only 510 were made, based on the number of Silver Proof Sets the Mint produced that year. However, more recent research suggests that the actual mintage is closer to 900 coins.
This finding came from correspondence discovered in the U.S. Mint’s archives, which indicated that some minor coins were available separately from the silver proof sets.
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The Market Journey of the 1877 Shield Nickel Proof
Over the years, the value of the 1877 Shield Nickel Proof has fluctuated, peaking in the 1970s and then declining. Before third-party grading services became common, the quality of coins was often described vaguely. For instance, what used to be called “Brilliant Uncirculated” in the 1960s or 1970s might be graded between MS63 and AU55 today.
With the introduction of the Sheldon Scale, which provides a numerical grading system, coin values became more standardized. However, Proof 60 coins, once thought to exist in larger quantities, are now rarely found.
Notable Sales and Prices of the 1877 Shield Nickel Proof
Collectors are often most interested in the highest-quality versions of the 1877 Shield Nickel. For example, a Proof 67 Cameo coin is highly prized. In 2006, Heritage Auctions sold the Troy Wise nickel for a notable price when only three coins of this quality had been certified by PCGS (Professional Coin Grading Service).
Today, 11 coins have received the Proof 67 Cameo grade, which has contributed to a decline in prices since more coins are now available at this high level.
Several top-rated coins have appeared at auction over the years. One of the highest-rated coins, a PCGS PR67+CAM with a CAC (Certified Acceptance Corporation) sticker, sold for $16,800 in 2024. Other Proof 67 Cameo coins have sold for a wide range of prices over the past two decades, from as high as $20,562 in 2019 to $7,800 in 2020.
Coin Specifications
- Country: United States of America
- Year of Issue: 1877
- Denomination: Five Cents (USD)
- Mintmark: None (Philadelphia)
- Mintage: Estimated 900
- Alloy: 75% Copper, 25% Nickel
- Weight: 5.0 grams
- Diameter: 20.5 mm
- Edge: Plain
- Designers: James Barton Longacre (both obverse and reverse)
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Conclusion
The 1877 Shield Nickel Proof is an important part of U.S. coin history, particularly because it was a Proof-only issue created specifically for collectors. Although it may not be as popular as other rare coins like the Morgan Dollar, it holds its own in the numismatic world. Whether you’re a seasoned collector or just starting out, this coin is worth considering due to its rarity and historical significance.