1868 Shield Nickel

The story of the 1868

At 28,817,000, the 1868 run at Philadelphia was close to the 1867 figure. The next year it made 16 million (1869).

No other mint struck it for circulation that year, so every 1868 you find is from Philadelphia.

Philadelphia struck the Shield Nickel in 17 issues between 1866 and 1883. By mintage this one lands in the more common half, while the key for that mint is the 1880 (16,000). Within the 1860s it's 4th smallest of 5, between the 1869 (16 million) and the 1867, No Rays (29 million).

High output then a glut (1868 to 1872)

With the rays gone, the Mint struck nearly 29 million nickels in each of 1867 and 1868 and another 16.4 million in 1869. The market was soon flooded with minor coins. In 1871 Congress allowed the redemption of surplus nickels and cents, sending large numbers back to the Treasury. Production fell to 4.8 million in 1870 and to only 561,000 in 1871, the low point of this period and a scarce date today.

The hard alloy still caused trouble, so many coins from these years show die cracks, clashing or a weak strike on the leaves and the cross. Repunched dates are common. Specialists attribute them by die. The 1872 recovered somewhat at 6 million. Survivors from 1868 and 1869 are plentiful, often worn to Fine or Very Fine, while uncirculated 1871 nickels are hard to find.

Production was huge at first because the nickel was meant to replace paper five-cent notes in circulation. Within a few years banks and merchants had more nickels than they needed and the Mint had no easy way to take the excess back, so output fell sharply after 1869. Coins of these years often show die cracks and weak stars, because the hard copper-nickel alloy wore dies out quickly.