The 1870 Shield Nickel holds a special place in numismatic history, not only for its distinctive design but also for its relative scarcity within the Shield series.
Collectors highly prize this coin due to its unique characteristics and the challenges associated with finding specimens in excellent condition.
Historical Context of the Shield Nickel
Introduced in 1866, the Shield Nickel was the first U.S. five-cent piece made from a copper-nickel alloy, replacing the earlier silver half dimes.
Designed by James B. Longacre, the coin’s obverse features a prominent shield symbolizing national unity, while the reverse displays the denomination encircled by stars.
Mintage and Rarity of the 1870 Issue
In 1870, the Philadelphia Mint produced approximately 4,806,000 Shield Nickels. While this number is higher than some other years in the series, the coin’s rarity is attributed to several factors:
- Survival Rate: Many coins from this era were heavily circulated, leading to significant wear and a reduced number of high-grade specimens available today.
- Die Variations: The 1870 Shield Nickel is known for various die states and minor variations, adding to its appeal among specialized collectors.
Grading and Valuation
The value of an 1870 Shield Nickel varies significantly based on its condition. Below is a table outlining approximate values:
| Grade | Description | Estimated Value |
|---|---|---|
| Good (G-4) | Major details worn flat; outline of the shield visible | $26 |
| Fine (F-12) | Moderate wear; some details of the shield and leaves discernible | $42 |
| Extremely Fine (EF-40) | Light wear on high points; most details sharp | $80 |
| Uncirculated (MS-60 and above) | No wear; full mint luster present | $157 or more |
Values are approximate and can vary based on market conditions.
Factors Contributing to Rarity
Several elements contribute to the 1870 Shield Nickel’s status as one of the rarer coins in the series:
- Production Challenges: The Shield Nickel series faced production difficulties, including die breakages and striking issues, leading to variations in coin quality.
- Design Complexity: The intricate design elements, such as the shield and cross, were prone to rapid die wear, resulting in fewer well-struck examples.
- Historical Context: During the post-Civil War era, economic conditions led to widespread coin circulation, causing many coins to become heavily worn or lost over time.
Collecting the 1870 Shield Nickel
For collectors interested in acquiring an 1870 Shield Nickel:
- Authentication: Due to the coin’s age and value, ensure it is authenticated by reputable grading services like PCGS or NGC.
- Condition Assessment: Pay close attention to the coin’s wear, luster, and any signs of cleaning, as these factors significantly impact value.
- Market Research: Stay informed about current market trends, as values can fluctuate based on demand and the availability of high-grade specimens.
The 1870 Shield Nickel stands out as a significant piece for numismatists, offering a glimpse into post-Civil War coinage and the challenges of 19th-century minting. Its relative rarity and historical significance make it a coveted addition to any collection.
FAQs
Why is the 1870 Shield Nickel considered rare despite its mintage?
While over 4.8 million were minted, the survival rate of high-quality specimens is low due to heavy circulation and production challenges of the era.
What should I look for when evaluating an 1870 Shield Nickel?
Focus on the coin’s overall wear, clarity of design elements, and the presence of original mint luster. Be cautious of cleaned or damaged coins, as these factors can significantly reduce value.
How can I authenticate an 1870 Shield Nickel?
It’s advisable to consult with professional grading services such as the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) for certification and grading.
