1877 5c PR DCAM

Key to Collecting: With an estimated Proof mintage of only 1,250 or so, and with no related circulation strikes, the 1877 is far and away the rarest of all regular-issue nickel five-cent pieces from 1866 to the present time. Examples are often seen in the marketplace, this being especially true in recent times, due to the rapid movement of certified coins in and out of collections and investment portfolios.

The low mintage has made this a great attraction for many years. When you find an example, chances are excellent that it will be very attractive, with nice eye appeal. However, the surfaces are apt to be a hybrid of mint luster and mirror Proof.

Mintage and Distribution Notes: The 1877 Shield nickel is the first of two Proofonly dates in the series. Any mintage figure is guesswork (certification data can be useful in making estimates). I estimate the mintage to be on the order of 1,250 to 1,500 pieces. Likely, all were sold as three-piece minor Proof sets, which also included the bronze Indian head cent and the nickel three-cent coin. In addition, the expanded sets with silver coins also included the minors.

R.W. Julian located information in the National Archives to the effect that slightly over 900 Proofs were either included in sets or sold singly. By December 1877, all the Proofs were gone. If more than 900 or so were made, this was done “offthe books.”25

Characteristics and Appearance: At least two obverse dies were used, one with the 8 under the ball and the other with the logotype slightly to the left, with the 8 just about three-quarters under the ball. Usually well struck, although some have slight lightness in the horizontal shield stripes. Surfaces range from mirrorlike, with some graininess or luster, to mirrored. Most are very attractive. David W. Lange commented:

The 1877 and 1878 nickels were produced only as Proofs, yet specimens that don’t fully meet the conventional criteria for Proofs are known. Their fields are not fully brilliant, their rims and edges are not squared, and their strikes are incomplete. Since no nickels were issued for circulation bearing those dates, we must call them Proofs, even when they do not live up to expectations.26