1877 Shield Nickel. Proof-64 Cameo (PCGS).Pretty surfaces are minimally toned in pale silver, a boldly cameoed finish readily appreciable at all viewing angles. 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, and the 1877 Indian cent saw a circulation strike mintage of just 852,500 pieces - the lowest yearly production for the cent denomination recorded since 1823.PCGS# 83831. NGC ID: 276U.From the Collection of James Allaire Millholland, 1842-1911.
