1880 Shield Nickel

Millions of coins were hidden away during the Civil War and Reconstruction era. By the mid-1870’s, many small-denomination coins found their way back into circulation.  Combined with new releases from the Mint, eventually a point was reached when there were more coins than what was needed for commerce.⁽¹⁾

In latter part of 1876, the Treasury Department ordered a suspension of five-cent nickel coinage, except for proof issues. The order remained in force until December 1881.⁽²⁾

However, a quick glance at the Redbook reveals there were small mintages of business strike Shield nickels in 1879 and 1880.⁽³⁾ How did this happen?

Philadelphia Mint superintendent Archibald L. Snowden requested and received special permission from the Mint Bureau and Treasury to strike a limited number of circulation pieces (i.e., non-proof) for the benefit of lower income collectors or anyone else desiring less expensive examples of freshly minted coins.⁽⁴⁾

This also explains the similarly low mintage circulation strike three-cent pieces, dimes, quarters, and half dollars of 1880.

Under this protocol, only 16,000 circulation Shield nickels were produced in 1880. Apparently, not many were retained as keepsakes, because only 100 examples are estimated to exist presently.⁽⁵⁾

It is a different story for 1880 Proof nickels, because there are plenty of them to go around for modern day collectors, readily available and at affordable prices. PCGS believes there are approximately 2700 nickels extant in the proof format.⁽⁶⁾

Because proof and business strike issues of the 1880 were struck from the same dies, it is sometimes difficult to distinguish which group a given example belongs to. There is a big difference in value, so it is especially important for collectors seeking the much more valuable circulation strike to purchase only those certified by a reputable third-party grading service.⁽⁷⁾

How ironic it is that Proof nickels of 1880 initially had a bigger price tag than their ordinary circulation counterparts from the same year. Their value relationship completely reversed decades ago and has carried forward to the current marketplace.

In the Rare Coins 101 survey of United States coinage, the 1880 Shield nickel scored among the very highest in terms of price percentage gains. That’s what happens when a true rarity becomes a collector’s longtime favorite.

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