1867 No Rays

Once the rays were gone, the presses could finally fill the reverse dies. The simpler No Rays configuration reduced the opposing relief that had made the 1866-early 1867 coins so difficult to strike, and Philadelphia responded by producing 28,890,500 nickels with the new reverse before the year ended. The figure is more than fourteen times the With Rays output for 1867 and represents the first moment in Shield nickel history when the Mint could produce the denomination at commercial scale without fighting its own dies. The No Rays reverse would continue unchanged through the end of the series in 1883.

The coin is common in every grade. PCGS estimates approximately 40,000 survivors across all grades, with around 2,000 in MS60 or better and 300 at MS65 or better. The auction record is $8,225 for an MS66 sold by Stack's Bowers in February 2014, with the finest known being an MS66+ in the Greenbrier River Collection. Per Ron Guth, eleven examples have reached MS66 overall, and none above that.

Strike quality improved meaningfully over the With Rays coins but the Shield nickel's general production challenges persisted. Die cracks remained a chronic feature, weak shield detail still appeared on coins struck from worn dies, and the reverse stars often showed outlines from hub impressions where fresh dies would have produced crisp individual strikes. A truly Gem 1867 No Rays with full strike is uncommon despite the date's overall availability, and specialists evaluating high-grade candidates watch for the usual Shield nickel diagnostics: shield lines, star centers, and reverse legibility under magnification.

For type collectors pursuing a Shield nickel pair with both reverses represented, the 1867 No Rays sits alongside whichever With Rays coin the collector chooses. A 1866 / 1867 With Rays / 1867 No Rays trio documents the one-year transition at maximum resolution; a 1866 / 1867 No Rays pair captures the design change across a clean year boundary. The No Rays is the affordable half of either combination.