1877 Shield Nickel. Proof-66 Cameo (PCGS). CAC. Splendid silver-white surfaces, full striking detail and bold cameo contrast define both sides of this key date Shield nickel. While mintage figures of circulation strike nickel five-cent coins were substantial during much of the 1860s and early 1870s, between 1877 and 1881 there was little need for this denomination in commerce, and yearly deliveries dropped accordingly. The reason for this is that in 1876, vast quantities of silver coins that had been hoarded by the public since the spring of 1862 suddenly became available in commerce in quantity. With large numbers of half dimes, dimes, quarters and the like flooding banks and merchants, demand for nickel five-cent pieces plummeted. In 1877, in fact, the Mint limited coinage of Shield nickels to Proofs struck solely for distribution to contemporary collectors; none were issued for circulation. The 1877 nickel three-cent piece is also Proof-only issue, and the 1877 Indian cent saw a circulation strike mintage of just 852,500 pieces -- the lowest yearly production for that denomination recorded since 1823.<p>One of just two Proof-only issues in the Shield nickel series, and scarcer than the 1878, the 1877 is the rarest date of this design type. While many numismatic references provide a mintage of 900 Proofs for the 1877, the actual figure was not recorded at the time. Bowers (2006) estimates it at 1,250 to 1,500 coins. This is one of the finer survivors known to PCGS, a coin that will have no difficulty finding its way into an impressive collection. From the Monterrey Collection. From the Monterrey Collection.
