1885 5c PR

Key to Collecting: Among regular-issue Liberty Head nickels, the 1885 is the key date—the date that everyone sought when collecting nickels from circulation became popular, beginning with Wayte Raymond’s “National” albums, Whitman boards, and other convenient holders that became available in the 1930’s. In that long-ago era, nickels of this design were plentiful in the channels of commerce, but those of 1885 were elusive due to their low mintage. Even so, many thousands were fished out of pocket change and elsewhere, most of these being well worn, down to grades that we call Good and Very Good today.

The numismatic community ignored the freshly minted circulation strikes of 1885. Those who collected by dates simply bought Proofs. Because of this, the survival of Mint State coins was a matter of rare chance, while the 3,790 Proofs were sold at a premium and were prized by their recipients.

Today, the 1885 nickel remains scarce in worn grades, rare in Mint State, but generally available in Proof format. The emphasis years ago on key dates has been eclipsed in recent decades by focus on the grade alone. Remarkably, today a Proof 1885 can be acquired at only a modest advance over a date that is more plentiful (in terms of overall mintage—Proofs plus circulation strikes). This is a change from the comment by Peters and Mohon in 1995, “Date pressure, due to the rarity of the business strike, keeps the price of Proofs at an unrealistic level for its rarity.”

A sharply struck gem Mint State 1885 nickel is a great find for the knowing connoisseur. Some Mint State coins, even certified as MS-65 or 66, have several obverse stars flat. In the meantime, Proofs handily fill the need of most buyers who seek high-grade examples of this prized date. The market price for Proofs seems to be taking a nap.

Characteristics and Appearance: Striking varies but is usually quite good, though some have several obverse stars flat at their centers. Some early strikes from fresh dies show parallel striae. The mint luster on some Uncirculated coins is satiny and attractive, while on others it is lifeless. Some have slightly prooflike surfaces. These are more available than those with deep, frosty luster.

Mint records indicate that in January 1886, for circulation-strike nickels of 1885, 29 obverse and 23 reverse dies were destroyed.2 If 29 obverse dies were actually used, this equates to an average of about 51,000 impressions per die. This was probably about the upper range of optimal use for the time, without creating surface problems.

Mintage and Distribution Notes: This represented the nadir of demand for the nickel five-cent piece during the early era of Liberty Head coinage. The slump, resulting from a nationwide economic chill, lasted until autumn 1886. Historian Neil Carothers commented,

Characteristics and Appearance: Quality of striking varies, and some show weak- ness. Most, however, are fairly sharp. The Numismatist, April 1951, included a letter from Robert Scott, of Aurora, Illinois, noting that his “1885 Liberty Nickel in brilliant Proof condition . . . has a sizeable die break on the obverse side through the hair and out to the edge of the coin, at about 2:00 as for position.”

Mintage and Distribution Notes: Most examples show the 1 in the date very close to Liberty’s neck; fewer show the 1 distinctly separated with an area of Proof field. The 1885 nickel is justly advertised as a rare date in an overall context, but among Proofs it is one of the more plentiful coins in the series. Mint records indicate that in January 1886, for Proof nickels of 1885, one obverse and one reverse die were destroyed.4