The Protect Nickel was established in the aftermath of the Civil War. Two gatherings transpired that created the coin essential. Initially, the Civil War experienced brought about hoarding of all silver and gold coins. Mainly because of the lack of circulating coinage throughout the war, the federal government commenced issuing fractional currency to assure that commerce could keep on. Even just after the Civil War, persons have been hesitant to expend their “challenging” dollars and the very unpopular fractional forex or “shinplasters” as they had been called ongoing to flow into. As a consequence, the mint was exploring for a way to get coinage again into circulation. The ultimate impact was Joseph Wharton, the operator of a massive nickel mining worry and a very influnincial man or woman with associates of Congress. He experienced been marketing the use of nickel in coinage for quite a few many years. Although the mint director, James Pollock, was at first opposed to employing nickel in coinage due to the fact of the difficulty of producing cash from the very challenging and brittle metal. He last but not least submitted to the community strain to give an choice to the fractional currency and the personal lobbing of the nickel mining sector.
The typical kind coin collector will ordinarily get one illustration of the Shield Nickel.
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For the specialized form coin collector two key types of the Defend Nickels ended up minted, just one with rays on the reverse and one without the need of. From 1866 until finally 1867 rays had been used on the reverse of the coins to separate the thirteen stars. In the course of 1867 the rays have been taken out.
Nickel was very hard for the mint to do the job with because of the hardness of the steel. The coins frequently broke dies and mint equipment. As a final result, the Shield Nickels are frequently poorly struck. Coins with sharp details are a lot much more challenging to discover and are generally bought for a great deal much more than the values outlined in the many value guides.
Shield nickels had been struck only at the Philadelphia Mint, and extra than 126 million had been generated from 1866 right up until 1883. The two rarest dates are 1877 and 1878, when only proofs had been generated. Amongst company strikes, the several years 1879-1881 are small mintage dates and value large premiums in all grades. There are two overdates: the proof 1879/8 and the 1883/two business enterprise strike.
Proofs have been struck each year and include things like one particular of the most important nineteenth century rarities. Only 25 items are thought to have been struck for the 1867 Shield Nickel with rays.