By Greg Reynolds for CoinLink

On April 15, in the Chicago area, B&M auctioned an 1882 Shield Nickel for $27,600, probably a record for a Shield Nickel minted after 1867. The Proof 1867 With Rays Nickel is a rarity; the Proof 1882 Shield Nickel is not rare, though it is scarce.

After hearing some of the most sophisticated experts in the field rave about this nickel, I found I could not resist writing about it, even though I have never seen it.

This 1882 is PCGS certified Proof-68, on a scale that ends at 70. Late 19th century Proof Nickels usually grade from 62 to 66. It is the only 1882 Nickel that is PCGS certified as Proof-68, though the NGC reports four in this grade, as of April 28.

The PCGS price guide values an 1882 Proof-68 Shield Nickel at $8500, and the Numismedia online price guide gives a figure of just $6700. So, $27,600 is quite a price.

Dave Schweitz is a specialist in nickel and silver coins that grade 66 or higher. He declares that this 1882 is “definitely the best Shield Nickel that” he has “ever seen, a very high end 68. It is the ultimate Proof type Shield Nickel.”

Matt Kleinsteuber is a grader and trader for NFC coins. He asserts that this 1882 “is the highest quality Shield Nickel that” he has “ever seen, from a technical standpoint. Even so,” Kleinsteuber believes that “the price was high,” much more than he was willing to pay.

There was some speculation among the auction participants as to whether it would qualify for a 69 grade from NGC. Charles Browne does not think it should. “As pretty as it is,” states Browne, “it would need a little more eye appeal to be [accurately graded] 69.”

Browne is a former PCGS grader, as is Schweitz. Further, Browne is a current instructor in advanced grading courses offered by the ANA. Charlie has more than twenty-five years of experience in serious bidding for high grade, rare coins at auctions.

This nickel is “absolutely spectacular,” according to Browne, “superb in all respects, with perfect watery surfaces.” Its grade is a “mid range 68.”

Laura Sperber has been a major dealer in superb quality coins for many years, and she is a leading bidder for a wide variety of coins at major auctions. She was the underbidder for this 1882 Nickel. Her firm was thus willing to pay more than $25,000 for it. She reveals that it is “the second best Shield Nickel” that she has “ever seen. It is perfect with VERY pretty pastel colors.”

The PCGS has only graded seven Proof Shield Nickels, including this 1882, as Proof-68. As six of those are dated 1879/8, it is fair to wonder if only two or three different 1879/8 Nickels have been PCGS graded Proof-68. The real total for the series may be just three or four. This 1882 is in a first generation PCGS holder, which means that it was certified during the 1986-90 period, and therefore ‘off the market’ for a long time.

The lone 1879/8 that is PCGS certified as Proof-69 is the only Proof Shield Nickel of the whole series to receive a 69 grade from PCGS. It is currently in the “All-Time Finest” PCGS registry set of Proof Shield Nickels, which was assembled by the collector who refers to himself as “Just Having Fun.” His main claim to fame is that he is a past owner of the finest known 1894-S dime.

Supposedly, 3100 Proof 1882 Shield Nickel were minted. I do not take mintage reports too seriously. My guess is that 2000 were minted; around 1500 are in existence today, and maybe 1350 of those have been certified by PCGS or NGC or both these services. The totals in the PCGS and NGC reports undoubtedly include a considerable number of duplicates and re-submissions of the same coins.

To comprehend the magnitude of this $27,600 result for a Shield Nickel, consider that certified Proof-67 1882 Nickels consistently realize less than $2000 each at auctions. In Feb. 2007, Heritage auctioned a PCGS graded Proof-67 of this date for $1380, and an NGC certified Proof-68 1882 for $5750.

In recent years, another 1882 Nickel has not been auctioned for more than $5750. Of course, Proof Shield Nickels of the ‘With Rays’ type have sold for more than $5750. There are two design types in the Shield Nickel series. Nickels WITH Rays on the reverse (back) were minted in 1866 and ‘67. Proofs of these are rare, and some have sold for much more than $27,600.

It is fascinating that a Proof 1882, a type coin, has sold for more than most or all the better date Proofs of the ‘No Rays’ Shield Nickel type, 1867-1883. The 1876, 1877 and 1879 are among the better date Proofs of the ‘No Rays’ type, and are much scarcer than a Proof 1882. In May 2005, ANR auctioned an NGC graded Proof-68 1879 Shield Nickel for $10,350. Later, in June 2006, this same firm auctioned an NGC certified Proof-67 1877 for $10,925. In Jan. 2008, at the FUN Convention, Heritage auctioned a PCGS graded Proof-67 1877 for $19,550, which maybe a record for the famous Proof-only 1877 date. In Sept. 2006, Heritage auctioned an NGC graded PF-68 1876 for $18,400.

I tentatively conclude that the previous auction record for a ‘No Rays’ Proof Shield Nickel was the $23,000 price that the PCGS certified Proof-69 1879/8 realized when Bowers & Merena (New Hampshire) auctioned it in January 2000, perhaps in Florida.

At one time, Sperber’s firm, Legend Numismatics, owned the Proof-69 1879/8 Nickel. She remembers that “it was only $17,000.00, and we couldn’t sell it.” She ‘wishes’ that she “had put it away. It is by far the finest Shield Nickel.” Unfortunately, I never saw that one, either.

I hope that, eventually, I will have the opportunity to examine both the PCGS graded Proof-69 1879/8 and this Proof-68 1882 Shield Nickel. These sound like phenomenal coins.

©2008 Greg Reynolds