1886

More than twice the 1885 mintage. Still under four million. The 1886 Liberty Head nickel had a Philadelphia mintage of 3,326,000 coins, establishing the date as the third-most-valuable Liberty Head nickel by population scarcity, behind only the 1885 and the 1912-S. Per Ron Guth (PCGS), the 1886 is "slightly more common than the 1885 but no MS67 certified by PCGS at time of writing." Strike quality is a recurring factor in the date's difficulty: weakness commonly appears on the radial lines on the stars and on the ear of corn at the lower-left reverse, both of which require sharp dies and adequate striking pressure to form fully.

PCGS estimates approximately 8,000 survivors across all grades, with around 750 in MS60 or better and just 100 at MS65 or better. Most surviving examples are in lower circulated grades, following the same heavy-use pattern as the 1885 key. Extremely Fine and About Uncirculated 1886 nickels require active searching, and Mint State pieces are rare enough to draw specialist attention when they appear at auction. The Statue of Liberty was dedicated on October 28, 1886, unveiled by President Cleveland with a parade through New York Harbor that drew an estimated million spectators. The 1886 nickels circulating in New York that fall carried Liberty's portrait on the obverse while the larger Liberty statue was being dedicated a short boat ride from the Mint's Philadelphia headquarters.

The auction record is $64,625 for an MS67 sold by Legend Rare Coin Auctions in September 2018. The Carnton Collection MS67 has a well-documented recent provenance: it sold at Heritage in November 2017 for $34,800 before being resold by Legend in September 2018 at the record price and taking the position of finest known. Two examples total have been certified at MS67 by PCGS.

The 1886 has a long-standing reputation among Liberty Head collectors as the "second chance" date. Collectors who miss an 1885 opportunity often acquire an 1886 as a partial substitute, recognizing that the same market forces affecting the key date also drove the semi-key. Both years reflect the same mid-1880s production environment, and the coins look similar in wear patterns and die state. For building a complete Liberty Head set, the 1886 is required alongside the 1885 and the 1912-S as one of the top three essential acquisitions in the series.