Nickel Three Cent Pieces

Lot 1436
1865. NGC graded Proof 66. As with most of the proofs from this year, the date is clearly doubled. Proof mintage has been estimated to be 500 coins, fewer than is subsequent years as collectors ordered more for their sets. The surfaces of this coin are splendid, a glass will note a tiny speck under UN of UNITED, but nothing else untoward. A delicate yellow-rose color predominates both sides, and the devices are fully frosted, contrasting well with the mirror fields. Important as the first year of issue, and certainly one of the very best known, populations as follows: NGC 13 in this grade, with a single coin graded higher, similar at PCGS, 24 in Proof 66, with a single coin graded higher. Therefore, this is one of the very finest available of the scarce proof issue of 1865. If you want a nearly perfect coin, then look no further than this lot. Color photo.
The story behind the 3¢ copper (75%) and nickel (25%) three cent piece is fascinating. We summarize what's told in Breen's Encyclopedia pages 242-3. By March of 1864 the Philadelphia Mint was running out of nickel, which was mandated to be used in copper cents (12%). In 1863 alone the Mint used 32 tons of nickel, which at that time was a chemical curiosity, expensive and difficult to extract from ore. A new nickel mine had been opened to help alleviate the shortage, and the mines owner, Joseph Wharton sought Congressional help in assuring nickel would be used for coinage. However, Mint Director James Pollock, a bitter opponent to using nickel in coinage (nickel is a very hard metal, which shortens die life and is hard to work with to make coins), seized on the opportunity created by the nickel shortage to urge Congress to pass a bill eliminating nickel from coinage of 1¢, 2¢ and 3¢ coins, instead using French bronze. A bill was passed in April 1864, but a compromise was struck by Wharton's powerful friends in Congress, nickel was dropped from the 1¢ and 2¢ denominations, but not the 3¢ coins.
Wharton, the nickel promoter, wanted the 3¢ coin to be large, approximately the size of the old large cents, which were still in circulation at that time. This would have victimized the blind and illiterate as large cents could have been passed as 3¢ coins, even though the proposal would make the 3¢ coins a bit lighter, but approximately the same diameter of large cents. Pattern issues exist of the proposed 3¢ coin, which mercifully did not find approval.
Why 3¢? Not, as one might suppose, to replace the now vanished silver 3¢ coins, alias fish scales or trimes, or to reduce the number of cents needed for circulation, but the real need was to retire the 17 million 3¢ notes which plagued the nation. Everyone hated the notes, they were used to purchase stamps and other inexpensive items, the notes were the smallest denomination of the fractional currency notes, and quickly became foul things from circulating, turning to tattered rags. Known as "shinplasters" and the bane of the population, merchants found ways around them by striking the popular Civil War tokens ("copperheads") rather than use the wretched 3¢ paper. The irredeemable tokens were preferred to the shinplasters.
Wharton seized on the idea that his nickel could be used to replace the shinplasters by issuing a 3¢ nickel coin, thus removing the unpopular fractional paper from circulation, after which the notes could be cancelled. The proposed solution--any solution--was seen as better than what then existed, thus Congress passed the bill authorizing a new 3¢ coin of 25% nickel without debate, and the bill became law the same day, March 3, 1865. As expected, the 3¢ notes were redeemed for the new coins, and the three cent nickel pieces circulated widely. Mintages were tailed off after 1876, as most of the 3¢ notes had been redeemed by that time. Mintages ballooned again in 1881, for reasons unknown, perhaps Wharton had a big nickel surplus to supply to the Mint? Thus, the problem of the shinplasters was solved in the usual Congressional way, through a bit of favoritism and prompt action.
Estimated Value $6,000-7,000.

Lot 1437
1865. PCGS graded Proof 65. The first year of issue of this design. Only 500 proofs were struck, few of which remain in gem condition today. This one is graced by frosted devices and is well struck. The planchet was not well prepared, and minor lines are visible with a glass, these planchet lines are common on this date. One tiny lint mark on Liberty's neck. Untoned and pleasing.
With the metallic combination of copper (75 percent) and nickel (25 percent) used to make planchets for these, the mint encountered new problems. The nickel alloy was very hard, which meant more pressure was needed to fully strike these coins. Dies broke quickly, and coins struck for circulation frequently show die cracks or other problems related to the hard nickel planchets used. An opportunity for the investor to put away one of the more expensive and difficult to locate dates.
Estimated Value $4,000-5,000.

Lot 1438
1865. PCGS graded Proof 65. One of 61 so graded with just 25 graded higher according to the PCGS Population Report. As are most seen, this is the repunched date to the west. Blazing mirror fields and deeply frosted devices combine to make this gem something special. A couple of light toning areas, one on each side, otherwise untoned and quite fresh. The key date to this series in Proof.
This is the rarest date of the Proof Three Cent Nickels. It is estimated that 500 or so were struck, but this date has appeared with less frequency than any other at the grading services. Locating a true gem, as offered, is frequently quite a challenge for the numismatist.
Estimated Value $4,000-5,000.

Lot 1439
1865. NGC graded Proof 65. The first year of issue of this important denomination. The Civil War was winding down when this one was struck, and the country was awash in unpopular postage currency. Congress hoped the 3¢ coin would help replace the postage currency, and struck a large number for circulation. As few collectors were aware of the issue, only 500 or so were struck in Proof, of these NGC has graded 74 this high, with just 17 graded higher. That makes this important coin one of the finest available for date collectors. Frosty devices offest the mirror fields, and this one is free of the usual spots which often mar these. The coin is very sharply impressed by the dies, and the fields show a faint hint of multi-colored toning starting to form. One of the scarcest dates in the series, and always popular for the first year of issue.
Estimated Value $4,000-5,000.

Lot 1440
1866. PCGS graded Proof 66. A superb example of this date, and one of the very finest known. The surfaces are untoned and show excellent frost on the devices. One minor lint mark is noted just above the date and into Liberty's lower bust, from wiping the dies prior to striking, where a single thread adhered to the die. Faint hairlines are noted on the reverse, as always seen on the delicate mirror fields.
As to the Population Report, PCGS notes just 27 have been graded this high, with a single coin graded higher.
Estimated Value $1,600-1,800.

Lot 1441
1866. NGC graded Proof 66. Mintage is estimated at 725+ in the Guide Book and of those, NGC has only graded 20 coins this high, with a single coin, just one, graded higher. Similar numbers at PCGS, making this one of the very best to survive for collectors. The coin is free of the usual and detracting spots, and remains untoned. Fully struck and splendid in every way, we expect strong bidding on this group of scarce and desirable Proof Three Cent Nickels. If you are assembling a set of these, we have a large number of coins to select from, providing collectors with a chance to round out their date sets.
Estimated Value $1,600-1,800.

Lot 1442
1866. PCGS graded Proof 65. An excellent choice to represent the date, this frosted cameo boasts clean fields and devices, and is free of the oft-seen spots. Untoned and fresh.
Estimated Value $1,000-1,250.

Lot 1443
1866. PCGS graded Proof 65. Scarce in full gem proof, only 50 have been so graded by PCGS, with 28 coins graded higher. Untoned and very bright, this three cent nickel will please the fussiest collector. One single spot on the rim just past the date, otherwise all is well preserved. Excellent cheek on Liberty, which can so easily attract tick marks, keeping this coin solidly in the gem class.
Estimated Value $1,000-1,250.

Lot 1444
1867. PCGS graded Proof 66. A stunning gem example of this important type coin. Colors range through the rainbows on the obverse, but they are very light, in the yellows and rose hues, the reverse with even less toning. Free of problems like fly specks or otherwise, and a splendid gem in every way.
Estimated Value $1,250-1,350.

Lot 1445
1867. PCGS graded Proof 65. Here is one of the sleeper dates in full gem proof condition, only 55 have been graded this high, with 9 graded higher by PCGS. Only 625 were struck in proof, few of which approach the quality offered here. Untoned and well struck, with gleaming mirror fields and frosted devices.
Estimated Value $1,150-1,250.

Lot 1446
1867. PCGS graded Proof 65. Typical of an untoned gem, the devices are frosty and well preserved, while the mirror fields show only a few tiny flyspecks. Only 58 so graded by PCGS, with 10 graded higher. Seldom found in gem, and worth a look.
Estimated Value $1,150-1,250.

Lot 1447
1867. PCGS graded Proof 65. On this gem example, a slight blush of toning is starting to form on Liberty's face and other devices, a light yellow color. The strike and surfaces appear better than one would expect for the grade. Only 58 so graded by PCGS, with 10 graded higher.
Estimated Value $1,150-1,250.

Lot 1448
1867. PCGS graded Proof 65. An excellent example of this date, there are a couple of faint flyspecks and very light hairlines visible on the reverse. Hazy nickel toning is starting to form on this one. In an old style small PCGS holder. Only 58 so graded by PCGS, with 10 graded higher.
Estimated Value $1,150-1,250.

Lot 1449
1867. NGC graded Proof 65. Hazy toning on both sides and boldly struck. We note a minor lint mark (from lint adhering to the die prior to striking, and appearing in the mirror fields) located in the field behind Liberty's head, and a narrower one on her nose. The dies were carefully wiped between strikings and most proof issues of the period have minor lint marks. Free of the usually seen annoying spots or other problems. The strike is a touch weak on the central reverse denomination.
Estimated Value $1,150-1,250.

Lot 1450
1868. PCGS graded Proof 65. Delightful in every respect, with cameo aspects and a hint of tawny-gold toning on both sides. Well struck from dies that show every leaf tip and vein, as well as complete separation on the denomination stripes. PCGS has only graded 55 this high, with 9 graded higher, confirming that this is one of the rarest dates to locate in full gem or better condition.
Estimated Value $1,150-1,250.

Lot 1451
1868. PCGS graded Proof 65. Another scarce early date three-center in proof, only 60 have been graded this high by PCGS, with 11 graded higher. This one has some planchet roller marks on Liberty's cheek, ear and hair, as made at the mint (very faint) and unobtrusive hairlines on the reverse. A no nonsense gem, untoned and very satisfying to view and no doubt own.
Estimated Value $1,150-1,250.

Lot 1452
1868. NGC graded Proof 65. Flashy and white, a glass will note some multicolored irridescent toning and a couple of minor specks in the fields. Only 68 graded this high by NGC, with 25 graded higher.
Estimated Value $1,150-1,250.

Lot 1453
1868. NGC graded Proof 65. An especially bright example of this date, the fields are deeply mirrored, and the devices are snowy white. Only 48 so graded by NGC, with a mere 11 graded higher. Don't expect to find a better one! Only 600 struck, few of which can approach this spot-free gem for overall quality.
Estimated Value $1,150-1,250.

Lot 1454
1869. PCGS graded Proof 65. A satiny gem that boasts light toning over nickel-gray mirrored fields. Well struck, and another scarce issue in gem condition.
Estimated Value $800-850.

Lot 1455
1869. NGC graded Proof 65. A gem that boasts light rose toning at the center with a touch of gold around the periphery, but mostly white in appearance. Scarce in this grade, and rare any better. Only 600 or so proofs struck.
Estimated Value $800-850.

Lot 1456
1869. PCGS graded Proof 65. Another flashy proof that shows just a whisper of nickel toning starting to form. Ever-present hairlines visible with the aid of a glass. Only 82 so graded by PCGS, with 16 graded higher.
Estimated Value $800-850.

Lot 1457
1869. NGC graded Proof 65. A glittering white example of this date, the mirror fields show some die file marks from the polishing process, and the devices are frosty and white. Boldly struck, and free of spots or other problems. Typical die polishing lines through the lettering, as seen on all proofs of this date.
Estimated Value $800-850.

Lot 1458
1870. PCGS graded Proof 65. Vibrant fields and well frosted devices combine to make this gem coin highly desirable. One tiny speck above the first S of STATES and a few stray hairlines.
Estimated Value $1,200-1,300.

Lot 1459
1870. PCGS graded Proof 65. A frosty white example of this date, there is a blush of bluish-nickel toning on the upper obverse devices, and the fields and rims remain excellent. One of the scarcer dates in gem Proof, PCGS has only graded 57 this high with just 6 graded higher despite the estimated higher mintage of 1,000 struck in 1870. Free of flyspecks or other detractions which so often plague these coins.
Estimated Value $1,200-1,300.

Lot 1460
1870. PCGS graded Proof 65. This coin has faint bluish toning around the rim, while the centers are graced by a rose hue. One of the scarcer dates in gem Proof, PCGS has only graded 57 this high with just 6 graded higher. Free of flyspecks or other problems.
Estimated Value $1,200-1,300.