1867 Rays Proof

The 1867 With Rays proof Shield nickel has one of the more complicated production stories in the series, documented through decades of specialist research culminating in John Dannreuther's 2023 reference *United States Proof Coins, Volume IV: Nickel*. PCGS lists an official mintage of 60 pieces, but Dannreuther's research (built on R.W. Julian's National Archives correspondence) estimates 15 "originals" struck in early 1867 followed by approximately 50 more examples across five later production runs, for a total of 65 to 80 proofs. Four distinct die marriages have been identified (JD-1 through JD-4), and the multiple marriages themselves point to multiple striking periods.

The backstory is worth telling. Chief Coiner A. Loudon Snowden delayed striking proof 1867 nickels for inclusion in the year's annual proof sets until the modified No Rays design was ready. Mint Director Henry R. Linderman, who took office in April 1867, is believed to have had the 1867 With Rays proofs struck clandestinely for distribution to his collector friends. The Stack's Bowers August 2019 ANA catalog put it bluntly: "These coins, especially the later strikings, were probably made at the request of contemporary dealers (including John W. Haseltine) with close ties to Mint personnel who needed examples for their clients." The coin exists today because of an informal side arrangement inside the Mint, outside any formal proof production plan.

Surviving populations are correspondingly small. PCGS has certified approximately 65 examples across all grades, with 32 at PR65 or better and the rarity rating at R-8.3. Most surviving examples grade PR63 through PR65, and higher-grade pieces are genuinely rare. Auction results run in the high five figures for Gem examples: a PCGS PR65 brought $78,200 at Bowers and Merena in January 2008; a PCGS PR66 sold for $70,500 at Stack's Bowers in June 2012 and $69,000 at Stack's Bowers in August 2012; the "Nearly Complete 1867 Proof Set" PCGS PR66 in an Old Green Holder brought $55,812.50 at Stack's Bowers ANA in August 2014. An NGC PR66 Cameo brought $132,250 at Heritage in January 2004, possibly the finest extant example of the date.

Pairing with the 1866 With Rays proof, the 1867 completes the short two-year With Rays proof type. A collector pursuing both navigates significant rarity premiums and limited market availability, with the 1867 being the harder acquisition by a considerable margin. Auction appearances are infrequent enough that each surfacing example draws coordinated attention from advanced Shield nickel specialists, and the coin's combination of first-year-adjacent rarity, one-year-only variety status, and the Linderman backroom story sustains collector demand that easily absorbs the small supply.