1867 5C Rays PR66 Cameo PCGS. Dannreuther-1....

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1867 Rays Nickel, PR66 Cameo
Famous Series Rarity

1867 5C Rays PR66 Cameo PCGS. Dannreuther-1. The proof 1867 Rays Shield nickel is a famous rarity. The proof mintage is unknown. The Guide Book states 25+ pieces were struck, but PCGS estimates "60 known," an increase from Breen's 1988 estimate of "12 to 15 known." John Dannreuther and Bernus Turner's thorough research identifies four obverse die varieties. Dannreuther-1 is the most distinctive variety, since the flag of the 7 is clearly repunched.

Per Breen, Chief Coiner A. Loudon Snowden complained to Treasury Secretary Hugh McCullough that the rays were reducing Shield nickel die life. On January 21, 1867, McCullough ordered that Shield nickels henceforth omit the rays. Issued 1867 proof sets typically included No Rays nickels. The situation is similar to the proof 1864 With L cent, which is very rare yet has at least three die varieties. In that case, though, the With L cents were presumably struck after their more available No L predecessors, while the Rays proofs should have been struck before their No Rays successors. But Dannreuther's research indicates that Dannreuther's 2 and 3 were struck after the No Rays nickels, which would make those varieties probable restrikes. Dannreuther 1 was struck both before (10 to 15 pieces) and during (another 10 to 25 pieces) No Rays proof production. Thus, Dannreuther-1 is an original issue, struck in 1867.

The present Premium Gem is tied for the finest certified at PCGS. It is sharp and displays blatant cameo contrast. The legends and devices exhibit unbroken frost, while the reflective fields show only hints of rose-gold toning. A small spot is on the E in UNITED, but the rest of the coin appears unabraded. Population: 9 in 66 Cameo, 0 finer (3/22).
Ex: Baltimore Auction (Stack's Bowers, 11/2013), lot 2014.
From The Warren Collection. (Registry values: P6)

Coin Index Numbers: (NGC ID# 276H, PCGS# 83818, Greysheet# 2896)

Weight: 5.00 grams

Metal: 75% Copper, 25% Nickel

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