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The 1866 Shield Nickel with Rays, graded PCGS MS-62, is the inaugural issue of the United States’ first five-cent nickel coin, introduced amid post-Civil War economic reforms. PCGS has graded 254 as MS62 with 1,267 finer.
Chief Engraver James B. Longacre adapted his two-cent piece motifs, crafting an obverse with a bold federal shield symbolizing Union strength, framed by 13 stars and the motto “IN GOD WE TRUST.” The reverse features a prominent “5” within a laurel wreath, surrounded by 13 stars and bold radiating rays that evoke national renewal and unity after conflict.
Minted exclusively in Philadelphia with 14,742,500 pieces produced, the design’s complexity—especially the tightly packed rays—caused die failures and rapid deterioration. By 1867, rays were eliminated to simplify striking, making the 1866 “with Rays” variety a one-year type.
An MS-62 example displays original mint luster, minimal contact marks, and crisp details: sharp shield cross-hatching, defined wreath veins, and radiant rays with subtle golden toning. Collectors value its historical role and aesthetic power, embodying America’s transition to base-metal coinage.
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