1867 5C Rays PR65 PCGS. Dannreuther-2....

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1867 Shield Nickel, PR65
Rare Short-Lived Rays Design

1867 5C Rays PR65 PCGS. Dannreuther-2. Reverse Die State c. A Gem example of the most famous rarity of the Shield nickel series, the proof 1867 Rays has a listed Guide Book mintage of 25+ pieces. Research by John Dannreuther has discovered that perhaps 20 to 30 originals were struck, plus a small but unknown quantity of restrikes for collectors. John Dannreuther has written extensively on this issue, and as of 2007 had identified three different obverse dies in six distinct stages of the single Rays reverse, used with all three obverses.

Dannreuther believes that the 1867 With Rays proofs struck using Obverses 2 and 3 are restrikes, or second strikings, although some of the Dannreuther-2 coins could have been struck in 1867. Such coins, if struck in 1867, would technically be originals, but they were struck after the Dannreuther-1 coins, as the progressive stages of the sole reverse die employed show. Dannreuther wrote in an earlier 2003-dated article that many of the restrikes "were likely struck for collectors in the years 1868-78."

Housed in a green label holder, this Gem displays gorgeous toning, particularly on the obverse. The shield exhibits bright cherry-red color, with areas of orange at the peripheries. Elsewhere the patina includes shades of yellow and gold along with a splash of lime-green. Those hues appear on the reverse as well, but they intermingle to a greater degree. The surfaces display shimmering luster and the expected sharp proof strike. Population: 10 in 65, 2 finer (8/20).
Ex: ANA National Money Show (Heritage, 2/2014), lot 3751.
From The Maltese Collection. (Registry values: N10218)

Coin Index Numbers: (NGC ID# 276H, PCGS# 3818, Greysheet# 2892)

Weight: 5.00 grams

Metal: 75% Copper, 25% Nickel

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