1867 5C Rays PR65 PCGS....

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1867 Shield Nickel, PR65
Rare Short-Lived Rays Design
Only Three Finer Coins at PCGS

1867 5C Rays PR65 PCGS. 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. Recent 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.

The present specimen shows the Dannreuther-2 obverse:

--The left base of the 1 is over the left part of a dentil;
--Die polish appears in the lower part of the shield;
--The top-right olive leaf is fully detached;
--The inner bar of the W in WE is weak;
--The inner-right berries are not recut;
--The left arrow feathers are complete; and
--There is no lump on the "ball" ornament above the date;

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."

The reverse of this lovely Gem proof shows these Die State c attributes:

--The two rays beneath the second T of STATES are thinned out from die polishing; and
--The rays beneath the first S in STATES are still full and complete (these latter rays would not weaken until Reverse Die State d, so far known only in conjunction with the Dannreuther-3 obverse, which shows a lump on the ball above the date).

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: 13 in 65, 3 finer (1/14).(Registry values: N10218)

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

Metal: 75% Copper, 25% Nickel
Weight: 5.00 grams
Weight: 0.13228oz
Mintage: 25

View Certification Details from PCGS