1883 Shield Nickel Proof : A Collector’s Guide

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

1883 was a transitional year for the nickel five-cent coin as James Barton Longacre’s modified Shield design of 1867 gave way to Chief Engraver Charles E. Barber’s Liberty Head “V” Nickel design. The latter received an immediate revision after a minor controversy. The design utilized Roman numerals to indicate the coin’s value, just like Longacre’s Three-Cent Nickel, and Barber did not deem it necessary to state the obvious that this was a five-cent coin. Nevertheless, the Treasury Department quickly reacted and forced the change.

As a result, 1883 saw the release of three business strikes and three Proof design types for the five-cent coin.

The 1883 Shield Nickel Proof is the most available of the Shield Nickel Proofs and is a popular type coin due to its generous mintage. 1883 Shield Nickel Proofs were struck even after the Liberty Head Nickel design had entered production, as Mint Director Horatio C. Burchard gave the Philadelphia Mint permission to continue to strike the coins to dissuade speculation on the old design.

Collectors acquired 1883 Shield Nickel Proofs in a number of ways. They could be purchased individually, as part of three-coin nickel sets, or as part of that year’s regular Proof set.

The published mintage of the 1883 Shield Nickel Proof is 5,419, but in United States Proof Coins, Volume II: Nickel (2023), numismatist John W. Dannreuther estimates that the actual mintage is probably around 4,000 coins. He has also identified five die marriages for the issue (using three obverse dies and three reverse dies). Most auction listings do not identify the coin by die marriage.

How Much Is the 1883 Shield Nickel Proof Worth?

In the typical state of preservation, 1883 Shield Nickel Proofs are generally affordable. An informed buyer will look for coins with minimal impairments, good eye appeal, and possibly attractive coloration. All nickels tone, but this toning tends to subtract from the coin’s eye appeal. Occasionally, nickels will develop pastel coloration or a bluish-purple hue. It is more common, however, that nickels develop an unremarkable allover golden tone.

The grading services are more forgiving of a coin’s inherent shortcomings at the lower end of the Proof grading scale. Expect that any Proof coin grading less than PR64 has some obvious deficiency that a trained numismatist can identify immediately. These coins often show signs of an old cleaning or slight mishandling.

Fully brilliant 1883 Shield Nickels in Proof 65 and 66 can be purchased for $500 to $750. Examples with Cameo contrast are scarce and pieces with frost sufficient to earn the Deep Cameo/Ultra Cameo designation are rare.

At the Proof 67 Cameo grade level, auction appearances seem to come in waves, with the most recent wave in the mid-2010s. In the table above, we track inflation-adjusted price performance from 2002 onward using data reported by the major auction houses. CAC-approved examples are noted in green.

As many of these auction appearances occurred in the early 2000s, the quality of the data (in terms of matching coins) is quite low. Many of these coins have been cracked out and regraded since, with a few likely upgrading to Proof 67+ Cameo.

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Market Data and Noteworthy Specimens

Coin dealer Ken Nichols listed a “Gem” Proof 1883 Shield Nickel for sale for $42.50 in his July 1964 Numismatic Scrapbook Magazine ad.

The PCGS PR67+CAM population has increased by just one coin since November 2013.

Top Population: PCGS PR67+CAM (2, 11/2024), NGC PF67+CAM (1, 11/2024), and CAC PR67DCAM (35:0 stickered:graded, 11/2024).

• NGC PF68 #2677421-001: As NGC PF68 #919630-020. Heritage Auctions, January 7, 2015, Lot 3533 – $6,462.50. As NGC PF68 #2677421-001. Heritage Auctions, December 5, 2019, Lot 3033 – $4,080. Lightly toned. Diagonal tick to the upper left of the second to bottom left grouping of leaves. On the reverse, there is a dark spot in the central field to well below E of AMERICA.
• PCGS PR67+CAM CAC #37482118: “The Gerald Forsythe Collection,” GreatCollections, September 19, 2021, Lot 1027459 – $11,812.50. PCGS Rarities Holder. Gerald R. Forsythe novelty insert.
• NGC PF67+CAM #5142654-009: Heritage Auctions, January 8, 2020, Lot 3348 – $2,160; Heritage Auctions, August 9, 2020, Lot 7116 – $2,280.
• PCGS PR67+CAM CAC #25029809: “Just Having Fun Collection”, Stack’s Bowers, November 6, 2013, Lot 2048 – $10,000 Reserve Not Met; Stack’s Bowers, February 2014, Lot 1074 – $8,812.50.
• PCGS PR67CAM #25225854: Heritage Auctions, February 27, 2015, Lot 3490 – $3,760; “The Palm Beach Collection,” Heritage Auctions, May 12, 2024, Lot 7087 – $2,400.
• NGC PF67CAM #5743583-001: Heritage Auctions, December 9, 2019, Lot 3606 – $1,200.
• PCGS PR67CAM #31332315: Heritage Auctions, April 22, 2015, Lot 3525 – $2,115; Heritage Auctions, July 10, 2015, Lot 3600 – $1,645.
• PCGS PR67CAM CAC #32631918: As PCGS PR67CAM #9009819. Heritage Auctions, July 27, 2002, Lot 6397 – $6,325; “The Western Hills Collection,” Heritage Auctions, June 2, 2005, Lot 5552 – $2,760; Heritage Auctions, April 18, 2012, Lot 3554 – $2,530; “The Eugene H. Gardner Collection, Part III,” Heritage Auctions, May 2015, Lot 98133 – $1,292.50. As PCGS PR67CAM CAC #32631918. Heritage Auctions, October 30, 2015, Lot 3948 – $1,586.25. Regraded. CAC added. Light golden toning.
• NGC PF67CAM #3891514-002: Heritage Auctions, January 30, 2015, Lot 3549 – $1,175.
• PCGS PR67CAM #25502661: Heritage Auctions, November 29, 2012, Lot 3330 – $3,055; PCGS #1 Set 2012-2018; GreatCollections, August 25, 2019, Lot 721323 – $1,631.25. PCGS user kurtskoins.
• NGC PF67CAM #1727773-004: “The Slotkin Family Trust Collection,” Heritage Auctions, April 27, 2011, Lot 3050 –  $1,725.
• PCGS PR67CAM CAC #50067253: Heritage Auctions, March 28, 2009, Lot 551 – $2,070. Certification number no longer active.
• NGC PF67CAM #1849116-003: Heritage Auctions, April 3, 2007, Lot 13058 – $2,185; “The Scott Rudolph Collection,” Heritage Auctions, January 7, 2009, Lot 679 – $1,380; Heritage Auctions, March 24, 2009, Lot 24046 – $1,486.
• NGC PF67CAM CAC #398733-003: Heritage Auctions, January 4, 2006, Lot 1309 – $1,725; Heritage Auctions, July 7, 2011, Lot 3276 – $1,610. CAC added.
• NGC PF67CAM #1928139-002: Heritage Auctions, September 22, 2005, Lot 1651 – $2,012.50.
• NGC PF67CAM #657429-003: Heritage Auctions, July 27, 2005, Lot 5597 – $2,530. Certification number no longer active.
• PCGS PR67CAM #40045993: “The Pleasant Valley Collection,” Heritage Auctions, May 6, 2004, Lot 6140 – $2,760; Heritage Auctions, August 18, 2004, Lot 5475 – $2,760.
• PCGS PR67CAM #21222697: Heritage Auctions, September 26, 2002, Lot 5840 – $8,337.50. Certification number no longer active.
• NGC PF67CAM #1633752-016: Heritage Auctions, July 2, 2002, Lot 11112 – $2,127.50.
• NGC PF67CAM #1635535-003: Heritage Auctions, April 2, 2002, Lot 11032 – $3,450.
• NGC PF66+UCAM #5743933-009: Heritage Auctions, June 5, 2020, Lot 3392 – $3,120.
• NGC PF66+UCAM #3642902-001: Heritage Auctions, June 4, 2014, Lot 3360 – $4,700.
• NGC PR66UCAM #1632918-008: “Just Having Fun Collection,” Stack’s Bowers, February 2014, Lot 1076 – $5,875.

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Coin Specifications

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