1868

By 1868 the Shield nickel had effectively displaced the silver half dime from American circulation. The half dime had returned to Mint production in a token capacity (88,600 struck in 1868, the same year the nickel poured out at more than 28 million), but the new copper-nickel coin was handling the five-cent commerce the half dime had once dominated. Mint Director Pollock, who had originally viewed the Shield nickel as a temporary expedient until silver half dimes could return to full circulation, had to watch his supposed stopgap become the permanent solution. The denomination was outlasting his expectations because its competitor had failed to return at commercial scale, and the nickel had inherited the work by default.

Philadelphia's 1868 production reached 28,817,000 coins, essentially matching the 1867 No Rays figure and establishing the late-1860s Shield nickel as a full-commercial denomination. Per Ron Guth, the 1868 is "the second most common date in the entire series" after the 1867 No Rays. The practical meaning for collectors is that the 1868 is readily available at every grade level and serves as a comfortable early-series acquisition.

PCGS estimates approximately 40,000 survivors across all grades, with around 2,000 in MS60 or better and 400 at MS65 or better. The auction record is $9,000 for an MS67 sold by Heritage in November 2025, with the finest being a single MS67 example in the Greenbrier River Collection. Strike characteristics show the expected late-1860s Shield nickel pattern: improved over the rays era but still subject to soft central detail, die cracks, and inconsistent reverse star definition on coins from worn dies.

Multiple minor die varieties exist for the year and are tracked by specialists, but none command significant premiums in the broader collector market. For date-set collectors, the 1868 is a straightforward acquisition that can be made early in the collecting process.