1877 Shield Nickel Proof : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

There was no need to produce business-strike nickels in 1877. The channels of commerce were awash in them, and in fiscal year 1877, the United States Mint received 7,190,988 prior-date nickels for redemption. The Mint rewashed these coins and reissued more than four million of them.

Produced only for collectors, the 1877 Shield Nickel is a Proof-only issue with an unclear mintage. Various figures have been published, but more recent perspectives cast doubt on the previous assumption that the number of 1877 Shield Nickel Proofs struck was equal to the 510 Silver Proof Sets produced that year by the Mint.

Supporting evidence that minor coins were available apart from the silver coin sets was found in correspondence from the U.S. Mint’s medal department found in the National Archives by researcher R.W. Julian. With this information, estimates have pushed the mintage to about 900 pieces – roughly the same as the number of 1895 Morgan Dollar Proofs struck. The Shield Nickel is nowhere near as popular with collectors as the Morgan Dollar, so comparisons between the two Proof-only coins end there.

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Market Data and Noteworthy Specimens

The 1877 Shield Nickel has had a bumpy ride in the market as valuations peaked in the mid-1970s and declined through the 2010s and ’20s.

Of course, when we measure historic prices, we are limited by the vagueness of the available data. Before third-party grading, a coin’s state of preservation was talked about in general terms. What was described as Brilliant Uncirculated in auction catalogs from the 1960s and ’70s may qualify as MS63 to AU55 today (take a look at our breakdown of the George F. Scanlon Collection to see examples of this). Furthermore, with the adoption of the numerical Sheldon Scale, grades like Proof 60 are priced in the standard catalogs even though Proof 60 coins as understood by the leading grading services are virtually non-existent.

Outliers exist as well. Coin dealer Ken Nichols listed a “Gem” Proof 1877 Shield Nickel for sale for $1,100 in his July 1964 Numismatic Scrapbook Magazine ad. This offering took place a decade before the mid-’70s market peak.

As grading became essential to determining coin values, the focus shifted from “generic” examples of the date to ultra-premium coins at the top end of the published pop reports.

Looking at the data set above, we see a gradual decline in prices realized over time, with the average prices realized from 2006 through 2008 considerably higher than typical prices in the 2020s. An increase in the population of coins graded Proof 67 Cameo contributes to this. When Heritage sold the Troy Wise nickel in January 2006, only three coins had been certified as Proof 67 Cameo by PCGS. That number now sits at 11 with one finer. During that same period, the NGC population increased from four to 10.

Top Population: PCGS PR67+CAM (1, 10/2024), NGC PF67UCAM (1, 10/2024), and CAC PR70DCAM (5:0 stickered:graded, 10/2024).

• PCGS PR67+CAM CAC #37482111: “The Gerald R. Forsythe Collection”; “La Collection du Chateau de Tamia,” Heritage Auctions, May 9, 2024, Lot 4412 – $16,800. PCGS Rarities Holder. Gerald R. Forsythe Collections on insert. Muted green, red, and gold target toning on both sides. Top pop, pop one when offered.
• PCGS PR67CAM CAC #42543687: As PCGS PR67CAM CAC #83064566. Legend Rare Coin Auctions, December 12, 2019, Lot 153 – $20,562.50. As PCGS PR67CAM CAC #42543687. Legend Rare Coin Auctions, February 23, 2023, Lot 81 – Passed. Re-certified. Pleasing target toning on the obverse and reverse.
• PCGS PR67CAM CAC #45307767: Legend Rare Coin Auctions, December 8, 2022, Lot 107 – $13,512.50.
• PCGS PR67CAM #38141160: Stack’s Bowers, March 19, 2020, Lot 1134 – $7,800; Legend Rare Coin Auctions, May 14, 2020, Lot 100, $7,637.50.
• PCGS PR67CAM CAC #25217121: Legend Rare Coin Auctions, June 25, 2015, Lot 222 – $17,037.50; Heritage Auctions, January 8, 2020, Lot 3345 – $15,000.
• PCGS PR67CAM #25029831: Walter H. Childs, purchased directly from the United States Mint; “Walter Childs Collection,” Bowers and Merena, August 1999, Lot 114; “Just Having Fun Collection,” Stack’s Bowers, November 6, 2013, Lot 2037 – $13,500 Reserve Not Met. Childs on insert. Stack’s Bowers, October 2014, Lot 33 – Passed; Stack’s Bowers, March 2015, Lot 6030 – Passed; Heritage Auctions, January 7, 2016, Lot 4758 – $8,812.50; Stack’s Bowers, August 15, 2019, Lot 5134 – $8,000 Reserve Not Met; Heritage Auctions, December 5, 2019, Lot 3029 – $9,600.
• PCGS PR67CAM #28646286: Stack’s Bowers, November 2014, Lot 10147 – Passed; Stack’s Bowers, March 2015, Lot 6031 – Passed; Heritage Auctions, September 8, 2016, Lot 5417 – $8,225.
• PCGS PR67CAM #05899705: Heritage Auctions, January 10, 2008, Lot 2726 – $19,550; Heritage Auctions, May 12, 2015, Lot 98131 – $10,575; Heritage Auctions, September 17, 2015, Lot 3751 – $9,987.50. Certification number no longer active.
• NGC PF67CAM #3733219-005: Heritage Auctions, January 29, 2015, Lot 3043 – $7,050.
• NGC PF67CAM #1962686-001: Heritage Auctions, January 7, 2015, Lot 3519 – $9,400.
• NGC PF67CAM #3689997-001: Heritage Auctions, March 21, 2013, Lot 3183 – $9,402.35.
• NGC PF67UCAM #1742443-001: “The Oliver Family Collection,” Heritage Auctions, August 12, 2011, Lot 7049 – $13,800.
• NGC PF67CAM #2198790-002: “The Slotkin Family Trust Collection,” Heritage Auctions, April 28, 2011, Lot 5043 – $11,212.50; Heritage Auctions, December 8, 2011, Lot 3238 – $10,350.
• NGC PF67*CAM #1716176-001: “The Slotkin Family Trust Collection,” Heritage Auctions, April 28, 2011, Lot 5044 – $14,950.
• NGC PF67CAM #2133518-004: “The Slotkin Family Trust Collection,” Heritage Auctions, April 28, 2011, Lot 5042 – $6,900.
• PCGS PR67CAM #05899705: Heritage Auctions, January 10, 2008, Lot 2726 – $19,550.
• PCGS PR67CAM #07173235: Heritage Auctions, June 1, 2006, Lot 609 – $17,250; “The Troy Wiseman Collection,” Heritage Auctions, September 13, 2006, Lot 808 – $12,650.

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Coin Specifications

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