1867 No Rays, Pattern Reverse Proof

The 1867 No Rays Pattern Reverse Proof Shield nickel is a mule: a regular 1867 No Rays proof obverse die paired with a proof reverse die originally prepared for pattern coins (Judd-507 and related numbers J-476 through J-509a). Per Ron Guth (PCGS), John Dannreuther's research has established that these were "NOT Patterns, but were actually included in Proof sets of the year that were sold to collectors." The pattern reverse die ended up in regular proof production through the kind of informal die-pairing that specialists rarely document, and the result is one of the most unusual entries in the Shield nickel series.

The diagnostic is the position of a star in the reverse legend. On the Pattern Reverse variety, a star is positioned above the space between the T and the S of CENTS. On the regular No Rays production proof, the star is centered above the T. Howard Spindel's research through shieldnickels.net identified additional diagnostics: "a star points directly to the midpoint of the first A in AMERICA," two raised center dots suggesting hand-laid dies (as opposed to hubbed ones), and substantial recutting on the 5. Only one surviving 1867 No Rays proof in 25 to 30 will show the pattern reverse die pairing.

Spindel's most provocative conclusion from the specialist research is that the originally documented "25 With Rays proofs" struck early in 1867 were likely actually No Rays Pattern Reverse pieces struck with the prototype reverse die. That reverses decades of collector assumption. The 1867 No Rays Pattern Reverse is now considered rarer than the 1867 With Rays Proofs, with only five examples authenticated as of January 2004 per the shieldnickels.net errata page, and PCGS showing just six grading events for the variety.

The auction record is $16,800 for a PCGS PR65 sold by Heritage in August 2020. Other PR65 sales include $15,600 at Heritage in October 2021. PR64 examples have traded in the $7,000 to $10,000 range at Heritage sales from 2014 through 2022. For advanced Shield nickel specialists, the Pattern Reverse is one of those coins a collector hears about for years before seeing one offered.