Nickel (United States coin)

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This article is about the U.S. coin; for its Canadian counterpart, see Nickel (Canadian coin). For the three-cent nickel coins once colloquially called "nickels", see three-cent nickel
Nickel
United States, currently
Value 0.05 U.S. dollar
Mass 5.000 g
Diameter 21.21 mm (0.835 in)
Thickness 1.95 mm (0.077 in)
Edge smooth
Composition
"Wartime Nickels" (mid-1942 to 1945):
Silver 1942 to 1945 Wartime Nickels only (with large mint mark on reverse) 0.05626 troy oz
Years of minting 1866 – present (except 1922, 1932, and 1933)
Catalog number –
Obverse
2006 Nickel Proof Obv.png
Design Thomas Jefferson
Designer Jamie Franki
Design date 2006
Reverse
2006 Nickel Proof Rev.png
Design Monticello
Designer Felix Schlag
Design date 1938

The (United States) nickel is a five-cent coin, representing a unit of currency equaling a twentieth of one United States dollar. A later-produced Canadian nickel five-cent coin was also called by the same name.

The nickel's design since 1938 has featured a portrait of Thomas Jefferson on the obverse. From 1938 to 2003, Monticello was featured on the reverse. For 2004 and 2005, nickels featured new designs to commemorate the bicentennials of the Louisiana Purchase and the Lewis and Clark Expedition; these new designs were called the Westward Journey nickel series. In 2006, Monticello returned to the reverse, while a new image of Jefferson facing forward was featured on the obverse.[1]

Contents

[edit] Background

Main article: Half dime

The silver half disme (as the half dime, pronounced the same, was first called) was one of the denominations prescribed by the Mint Act of 1792, its weight and fineness set by law.[2] The first pieces under federal authority were half dismes, struck in the cellar of John Harper, saw maker, at Sixth and Cherry Streets in Philadelphia as the first federal mint was still under construction in that city. The dies were engraved by Adam Eckfeldt; he recalled a half-century later that the silver for the half dismes had been supplied by President George Washington, and that the 1,500 coins struck from the bullion were given to Washington's Secretary of State, Thomas Jefferson, for distribution to important people both in the US and overseas.[3][4] By legend, President Washington supplied silverware from his home, Mount Vernon, to provide bullion for the coins.[5]

The passage of the Mint Act was followed by the establishment in Philadelphia of the United States Mint, which by 1793 was striking cents and half cents.[6] Coinage of precious metal pieces was delayed; Congress had required that the assayer and chief coiner each post a security bond of $10,000, a huge sum in those days. In 1794, Congress lowered the chief coiner's bond to $5,000 and the assayer's to $1,000, and President Washington's appointees to those positions were able to qualify and take office. Silver coinage began that year.[7]

The half dime was struck, to different designs by Mint Engraver Robert Scot from 1794 until 1805, though none were dated 1798, 1799, or 1804.[8] By 1804, silver US coinage was being heavily exported, as they could be exchanged at par in the West Indies with heavier Spanish coins, which were then imported as bullion and deposited at the Mint for melting and restriking into US coin. In response, the US stopped striking silver dollars in 1804 and the half dime ceased to be struck after 1805. It was not struck again until 1829; Mint Director Robert Patterson explained into 1807 in a letter to Jefferson (by then president) that "nearly the whole of our Silver Bullion (chiefly Spanish dollars) come through the Banks, and it is very seldom that they will consent to take any coin less than half dollars."[9]

The silver five-cent piece was struck again beginning in 1829; its fineness was increased from .8924 to .900 beginning in 1837, a year in which the half dime's design changed from one by William Kneass to one featuring a seated Liberty by Christian Gobrecht; the half dime would bear modifications of this design until its abolition in 1873. In 1851, it ceased to be the smallest US silver coin as a three cent piece was issued by the Mint; beginning in 1853, it was decreased slightly in weight to discourage its export—silver prices had risen relative to gold in the wake of the California Gold Rush.[10][11]

[edit] Inception

The Civil War caused most American coins to vanish from circulation, with the gap filled by such means as merchant tokens, encased postage stamps, and United States fractional currency, issued in denomination as low as three cents. Although specie (gold or silver coins) was hoarded or exported, the copper-nickel cent, then the only base metal denomination being struck, also vanished.[12] In 1864, Congress began the process of restoring coins to circulation by abolishing the three-cent note and authorizing bronze cents and two-cent pieces, with low intrinsic values, to be struck.[13] These new coins initially proved popular, though the two-cent piece soon faded from circulation. On March 3, 1865, Congress passed legislation authorizing the Mint to strike three-cent pieces of 75% copper and 25% nickel.[13]

A depicition of Clark: Currency Bureau head Spencer M. Clark's appearance on the five-cent fractional currency note outraged Congress and led to the abolition of that paper currency denomination.

In 1864, Congress had authorized a third series of fractional currency notes. The five-cent note was to bear a depiction of "Clark", but Congress was appalled when the issue came out not with a portrait of William Clark, the explorer, but Spencer M. Clark, head of the Currency Bureau. According to numismatic historian Walter Breen, Congress's "immediate infuriated response was to pass a law retiring the five-cent denomination, and another to forbid portrayal of any living person on federal coins or currency."[14] Clark only kept his job because of the personal intervention of Treasury Secretary Salmon P. Chase.[14]

Mint Director James Pollock had been opposed to striking coins containing nickel, but in view of the initial success of the copper-nickel three-cent piece, he became an advocate of striking five-cent pieces in the same metal. In his 1865 report, Pollock wrote, "From this nickel alloy, a coin for the denomination of five cents, and which would be a popular substitute for the five cent note, could easily be made ... [The five cent coin should be struck in base metal] only until the resumption of specie payments ... in time of peace ... coins of inferior alloy should not be permitted to take the place permanently of silver in the coinage of pieces above the denomination of three cents."[15]

Industrialist Joseph Wharton had a near-monopoly on the mining of nickel in the United States, and sought to promote its use in coinage.[16] He was also highly influential in Congress. His friends there, though they had failed to obtain the metal's use for the two-cent piece, had been more successful with the three-cent coin.[17] Pollock prepared a bill authorizing a five-cent coin of the same alloy as the three-cent piece, and a total weight not to exceed 60 grains (3.9 g). At the committee stage in the House of Representatives, the weight was amended to 77.19 grains (5.00 g), ostensibly to make the weight equal to five grams in the metric system but more likely so that Wharton could sell more nickel.[15] This made the new coin heavy, in terms of weight per $.01 of face value, to the three-cent copper-nickel coin. The bill passed without debate on May 16, 1866.[15] The new copper-nickel coin was legal tender for up to one dollar, and would be paid out by the Treasury in exchange for coin of the United States, excluding the half cent, cent and two-cent. It was redeemable in lots of $100 for banknotes. Fractional currency in denominations of less than ten cents was withdrawn.[18][19]

[edit] Shield nickel (1866–1883)

Main article: Shield nickel
The Shield nickel

In anticipation of the approval of the new five-cent coin, the Mint's chief engraver, James B. Longacre had begun preparing designs and pattern coins as early as 1865.[20][21] After rejecting pieces showing deceased presidents George Washington and Abraham Lincoln, Treasury Secretary Hugh McCulloch decided on a design similar to Longacre's two-cent piece, with a shield on the obverse and a numeral 5 surrounded by stars and rays on the reverse. This has come to be known as the Shield nickel.[18]

The new coins proved difficult to produce; due to the hardness of the planchet, the coins were not of high quality and the life of the striking dies was brief. The design of the coins was widely criticized, with Wharton describing the shield design as suggesting "a tombstone surmounted by a cross and overhung by weeping willows."[22] The American Journal of Numismatics described it as "the ugliest of all known coins".[22] The rays were eliminated from the design in early 1867, in the hopes of eliminating some of the production problems.[23] The design change created confusion among the population, with many people assuming one design or the other was a counterfeit, and the Mint considered abandoning the shield design entirely.[20]

Seeking alternatives to the difficult-to-work copper-nickel alloy, in June 1867 Longacre proposed that the five-cent piece be struck in aluminum. The new Mint director, Henry Linderman, objected to the proposal, stating that the price and supply of aluminum were as yet uncertain, and that the metal was too expensive to use in a minor coin.[24] By late 1869, enough nickels, as the coin came to be called, had been produced to meet the needs of commerce, and production dropped off.[25]

The new coins tended to accumulate in the hands of merchants beyond the legal tender limit, but banks refused to accept them beyond the one-dollar maximum. Storeowners were forced to discount the coins to brokers.[19] Postmasters, compelled by law to accept the coins, found that the Treasury would not accept them as deposits except in lots of $100, in accordance with the authorizing statute.[26] In 1871, Congress alleviated the problem by passing legislation allowing the Treasury to redeem unlimited quantities of nickels and other low-denomination coins when presented in lots of not less than $20.[19] It would not be until 1933, long after the shield design passed from the scene, that the nickel was made legal tender without limit.[25]

Half dimes continued to be struck, at both the Philadelphia and the San Francisco Mint , until the series was ended by the Coinage Act of 1873.[27][28] Despite the abolition, the silver pieces continued to circulate in the West, where silver or gold coins were preferred, and the nickel was disliked, throughout the remainder of the 19th century.[19] Improved economic conditions, combined with low silver prices, brought large quantities of hoarded silver coinage, including half dimes, into circulation beginning in April 1876.[29] In late 1876, production of the Shield nickel was halted.[30] No Shield nickels were struck in 1877 or 1878, excepting proof specimens for collectors.[19] As the Treasury had a large stock of nickels in storage, only small numbers were struck over the next few years; full-scale production did not resume until December 1881.[31]

[edit] Liberty Head or "V" nickel (1883–1913)

Main article: Liberty Head nickel
V nickel with and without "cents"

The Shield nickel presented production difficulties through its life. The intricate design made the coins strike badly; the Mint had considered replacing the design as early as 1867.[32] With production of nickels lagging in the late 1870s, and with minimal strikings of the copper-nickel three-cent piece, Wharton sought to increase the use of nickel at the Mint. The bronze cent represented a major portion of the Mint's production, and Wharton began to lobby for the piece to be struck in copper-nickel, as it had been from 1857 until 1864.[33][34] In 1881, this lobbying led Mint Superintendent Archibald Loudon Snowden to order Mint Engraver Charles Barber to produce uniform designs for a new cent, three-cent piece, and five-cent piece.[33] Snowden required that the new coins depict the head of Liberty with the legend Liberty and the date, with the nickel's reverse to have a wreath of wheat, cotton, and corn around a Roman numeral "V" for "5", to denote the donomination.[35] Under the proposal, the nickel would retain its weight of 5 grams (0.18 oz), but its diameter would be increased to 22 millimetres (0.87 in).[36]

Barber duly produced the required designs.[36] Snowden eventually decided against a new cent or three-cent piece, but Barber continued work on the nickel, with the size adjusted to 21.21 millimetres (0.835 in).[35] When specimens were sent to Washington for routine approval by Treasury Secretary Charles J. Folger, to Snowden's surprise, they were rejected. The secretary, on review of the coinage statutes, had realized that the laws required "United States of America" to appear on the reverse, not the obverse where Barber had placed it. Barber modified his design accordingly, and the coin was ready for striking in early 1883.[37] However, by then, Shield nickels dated 1883 had already been coined. To ensure these pieces would not be hoarded for their rarity, Mint officials kept the two designs in production side by side for several months.[38]

Criminals soon realized that the new nickel, which lacked the word "cents", was close in size to the five-dollar gold piece, and if the nickel was gold-plated, it might be passed for five dollars.[39] Some coins were even given a reeded edge by fraudsters, making them appear more like the gold coins.[40] The Mint halted production of the new coins; production of Shield nickels continued. Barber was told to modify his work, which he did, moving other design elements to accommodate the word "cents" at the bottom of the reverse. The revised nickel was issued on June 26, 1883, the date on which production of the Shield nickel was finally stopped. The public promptly hoarded the "centless" nickels,[41] believing the Treasury Department intended to recall them, and that they would become rare.[42]

The Liberty head nickel was heavily struck during its 30-year run, excepting during economic downturns in 1885–1886 and in 1894, when only small numbers were struck.[43][44]. In 1890, Congress ended production of the three-cent piece, leaving the five-cent coin as the only one in copper nickel. That year, Congress also allowed the Secretary of the Treasury to authorize the redesign of United States coins, if the former design had been struck for at least 25 years. Although the nickel and silver dollar had been redesigned within the previous quarter-century, a provision in the latter act made them eligible for immediate redesign.[45][46] In 1896, pattern nickels were struck for the first time since 1885, when experimental, holed coins had been tested; however, no redesign took place.[47]

[edit] Growth of the nickel in commerce

Coin-operated machines to vend food, for amusement, and for gambling became popular in the 1890s. Such machines could be placed on otherwise unused floor space in businesses, required little maintenance, and brought in money for owners. Beginning about 1898, coin-operated mechanical pianos became popular. The Mills Novelty Company was a leading producer of such devices; by 1906 it was producing machines ranging from a mechanically-played violin to fortune-telling devices. While some machines took cents or other denominations, the nickel was the coin of choice for these machines.[48]

Among the innovations in business caused by the use of the nickel in coin-operated machines was the automat, in which patrons would serve themselves by inserting a coin (initially a nickel, though by the 1950s a higher denomination was needed) into a mechanism, turning a handle, and being able to remove a sandwich or dessert. These restaurants were first established in Germany, but were popularized in the United States by firms such as Horn & Hardart. Another type of business which took its name from the coin was the nickelodeon cinema, where a nickel bought admission to view a series of one-reel short films, generally about 12 minutes in length, which ran continuously from early afternoon until late at night, with the patron free to remain as long as he liked. Although another denomination gave the penny arcade its name, the nickel was commonly used there as well.[49]

Few nickels had circulated in the West before the 1880s, which preferred only silver and gold; Interest in the new Liberty Head design led to increasing shipments of nickels to the West. Good economic conditions and high demand for nickels for use in coin-operated devices caused the nickel to circulate throughout the nation by 1900. In 1900, Mint Director George E. Roberts called on Congress to quintuple the Mint's appropriation to purchase base metals for striking into nickels and cents. At the time, statutory restrictions permitted the striking of cents and nickels only at Philadelphia; Roberts' request that Congress allow striking at the other mints was eventually granted in 1906. The Denver and San Francisco Mints began striking nickels in 1912.[50][51]

[edit] 1913 Liberty Head nickel rarity

Main article: 1913 Liberty Head nickel
Ad placed by Brown in The Numismatist, December 1919

The Liberty Head nickel was replaced after 1912, and initially there were no indication that 1913-dated pieces existed. In December 1919, a coin dealer, Samuel W. Brown, placed advertisements in coin publications, offering to buy 1913 Liberty Head nickels. The following August, Brown appeared at the annual American Numismatic Association (ANA) convention bearing such a piece.[52] Brown claimed that a master die had been prepared for 1913 and that these pieces had been struck to test the die.[53] As it turned out, Brown possessed five coins, which he eventually sold. After spending fifteen years in the hands of the eccentric Col. E.H.R. Green, the famous Fort Worth, Texas, area collector, the coins were finally dispersed in 1943. Since then, they have had several owners each. Today, two are on public display—at the Smithsonian Institution in Washington and the ANA's Money Museum in Colorado Springs, while three are owned privately. The most recent sale of a 1913 Liberty Head nickel was in January 2010, when one sold for $3,737,500 in an auction.[54]

It is uncertain how the 1913 nickels came to be made. The Mint's records show no production of 1913 Liberty head nickels, and none were authorized to be made.[55] Dies were prepared in advance and sent to California for a 1913-S Liberty Head nickel coinage, but upon Mint Director Roberts's instruction to end production, they were ordered returned to Philadelphia. They were received by December 23, and were almost certainly destroyed routinely by early January.[56] Brown had been an employee at the Philadelphia Mint (although this was not known until 1963) and many theories focus suspicion on him.[57]

[edit] Buffalo or Indian Head (1913–1938)

Main article: Buffalo nickel
Buffalo nickel

President Theodore Roosevelt in 1904 expressed his dissatisfaction with the artistic state of the American coinage,[58] and hoped to hire sculptor Augustus Saint-Gaudens to redesign the coins. Saint-Gaudens, before his 1907 death, designed the eagle and double eagle, which entered circulation that year; the cent, quarter eagle, and half eagle were designed by other artists and released into circulation by 1909. That year, Mint Director Frank Leach instructed Barber to make pattern coins for new nickels. Most of these coins featured the first president, George Washington.[59] However, the project was discontinued when Leach left office on November 1, 1909, to be replaced by Abram Andrew.[59]

On May 4, 1911, Eames MacVeagh, son of Treasury Secretary Franklin MacVeagh wrote to his father:

A little matter that seems to have been overlooked by all of you is the opportunity to beautify the design of the nickel or five cent piece during your administration, and it seems to me that it would be a permanent souvenir of a most attractive sort. As possibly you are aware, it is the only coin the design of which you can change during your administration, as I believe there is a law to the effect that the designs must not be changed oftener than every twenty-five years. I should think also it might be the coin of which the greatest numbers are in circulation.[60]

Soon after the MacVeagh letter, Andrew announced that the Mint would be soliciting new designs for the nickel. Sculptor James Earle Fraser, who had been an assistant to Saint-Gaudens, approached the Mint, and rapidly produced concepts and designs. The new Mint director, George Roberts, who had replaced Andrew, initially favored a design featuring assassinated President Abraham Lincoln, but Fraser soon developed a design featuring a Native American on one side and a bison on the other."[61] MacVeagh wrote, "Tell him that of the three sketches which he submitted we would like to use the sketch of the head of the Indian and the sketch of the buffalo."[62] In July 1912, news of the new nickel became public, and coin-operated machine manufacturers sought information. Clarence Hobbs of the Hobbs Manufacturing Company, of Worcester, Massachusetts, manufacturer of counterfeit detectors, feared the new nickel would not be passed by his devices.[63] Hobbs demanding various changes to the design, to which the artist was reluctant to agree.[64]

Even into 1913, the Hobbs Company continued to interpose objections.[65] On February 3, Hobbs sent Roberts a lengthy list of changes that he wanted in the coin, and the sculptor was required to attend a conference with Hobbs and Reith.[66] On the fifth, following the conference, which ended with no agreement, Fraser sent MacVeagh a ten-page letter, complaining that his time was being wasted by the Hobbs Company, and appealing to the Secretary to bring the situation to a close.[67] MacVeagh agreed to hold a meeting at his office in Washington on February 14.[68] Barber prepared patterns showing what the nickel would look like if the changes demanded by Hobbs were made. MacVeagh conducted the meeting much like a legal hearing, and issued a letter the following day.[69] The Secretary noted that no other firm had complained, that the Hobbs mechanism had not been widely sold, and that the changes demanded—a clear space around the rim and the flattening of the Indian's cheekbone—would affect the artistic merit of the piece.

It is of course true that only the most serious business considerations should stand in the way of the improvement of the coinage, and this particular coin has great claims of its own, because of its special quality. If we should stop new coinage—which is always allowed every twenty-five years—for any commercial obstacles less than imperative, we should have to abandon a worthy coinage altogether. This would be a most serious handicap to the art of the Nation, for scarcely any form of art is more influential than an artistic coin, where the coin is widely circulated.

You will please, therefore, proceed with the coinage of the new nickel.[70]

The coins were officially released to circulation on March 4, 1913, and quickly gained positive comments as depicting truly American themes.[71] However, The New York Times stated in an editorial that "The new 'nickel' is a striking example of what a coin intended for wide circulation should not be ...[it] is not pleasing to look at when new and shiny, and will be an abomination when old and dull."[72] The Numismatist, in March and May 1913 editorials, gave the new coin a lukewarm review, suggesting that the Indian's head be reduced in size and the bison be eliminated from the reverse.[73]

Dies for the new design proved to break quickly.[74] Barber made proposed revisions, which Fraser approved after being sent samples.[75] These changes enlarged the legend "FIVE CENTS" and changed the ground on which the bison stands from a hill to flat ground.[76] According to data compiled by numismatic historian David Lange from the National Archives, the changes to what are known as Type II nickels (with the originals Type I) actually decreased the die life.[77] A problem not addressed was the exposure of the date to wear; many Buffalo nickels today have the date worn away.[71]

When the Buffalo nickel had been in circulation for the minimum 25 years, it was replaced with little discussion or protest. The problems of die life and weak striking had never been solved, and Mint officials advocated its replacement. In January 1938, the Mint announced an open competition for a new nickel design, to feature early President Thomas Jefferson on the obverse, and Jefferson's home, Monticello on the reverse.[78] In April, Felix Schlag was announced as the winner.[79] The last Buffalo nickels were struck in April 1938, at the Denver Mint, the only mint to strike them that year. On October 3, 1938, production of the Jefferson nickel began, and they were released into circulation on November 15.[80]

[edit] Design and name controversies

Chief Iron Tail, circa 1912

The identities of the models for the Native American on the obverse and for the bison on the reverse is not known with certainty. Fraser stressed that the Indian was a type, rather than based on a specific individual. Fraser identified various Native Americans as models, not always consistently, including Iron Tail, Two Moons,[81] and Big Tree (of the Kiowa people).[82] There have been other claimants, the most prominent being John Big Tree, a Seneca, who made many public appearances as the "nickel Indian" until his death in 1967.[83] The animal on the reverse is also uncertain. Fraser stated it to be an American bison, Black Diamond, whom he stated lived at the Bronx Zoo, and also described it simply as a bison at the Bronx Zoo..[84] However, Black Diamond was never at the Bronx Zoo, but instead lived at the Central Park Zoo until he was sold and slaughtered in 1915. The placement of the horns on the still-extant mounted head of Black Diamond shows a different horn placement than appears on the nickel.[85]

From its inception, the coin was referred to as the "Buffalo nickel", reflecting the misnomer by which the bison is often called. The numismatic publication with the greatest circulation, Coin World, calls it an Indian head nickel, while R.S. Yeoman's Red Book refers to it as an "Indian Head or Buffalo type".[86]

[edit] Jefferson nickel (1938–2003)

Main article: Jefferson nickel
Jefferson-Nickel-Unc-Obv.jpg
US Nickel Reverse.jpg
Houdon's marble bust (1789) of Jefferson was the basis of Schlag's image.

The Jefferson nickel, designed by Felix Schlag in a Mint-sponsored contest, was minted beginning in 1938. In 1966 his initials were added to the base of the bust. The obverse features a left-facing profile of Thomas Jefferson adapted from a marble bust sketched from life by French sculptor Jean-Antoine Houdon. The reverse features an elevation image of Jefferson's Virginia estate, Monticello. The steps on the building were slightly modified during 1939, but otherwise the design did not change until 2003. All three mints turned out vast quantities of Jefferson nickels until 1954, when San Francisco halted production for 14 years, resuming only from 1968 to 1970, although it still produces proof coins. Since 1970 all nickels for circulation have been minted at Philadelphia and Denver. Mint marks may be found on the reverse, in the right field between Monticello and the rim, on nickels from 1938 to 1964. From 1965 to 1967 no mint marks were used regardless of where the coins were struck, and beginning in 1968, the mint mark was moved to the obverse, just below the date, where it remains today. In 1980, the Philadelphia mint began using a "P" mint mark on all nickels. This design is by far the most common currently in circulation.

[edit] Wartime nickels

From mid-1942 to 1945, so-called Wartime composition nickels were created. These coins are 56% copper, 35% silver and 9% manganese.[87] The only other U.S. coins to use manganese are the Sacagawea and presidential dollars. These coins are usually a bit darker than regular nickels, said to be due to their manganese content (as was true of many British coins minted from 1920 through 1947). However, carefully protected proof sets of these coins are difficult to tell from the standard alloy.

Wartime nickel featuring the large mint mark P

The wartime nickel features the largest mint mark to ever appear a United States coin, located above Monticello's dome on the reverse. This mark was a large D, S, or P, as appropriate for each mint. Nickels of this series minted in Philadelphia have the unique distinction of being the only U.S. coins minted prior to 1979 to bear a P mint mark. There are eleven coins in the regular series (plus a moderately scarce overdate, the 1943/2-P), and they can be purchased in circulated condition at low cost. When the price of silver rose in the 1960s the "war nickels" quickly disappeared from circulation.

An unofficial variety of the wartime coin dated 1944 was made in 1954 when counterfeit nickels were produced by Francis LeRoy Henning of Erial, New Jersey. He had previously been arrested for counterfeiting $5 bills. The 1944 nickels were quickly spotted since Henning neglected to add the large mintmark.[88] He also made counterfeit nickels dated 1939, 1946, 1947, and possibly 1953 as well as one other unidentified date.[89] It is estimated that more than 100,000 of Henning's nickels reached circulation. These can still be found in pocket change, and there is a thriving collectors' market for them, although owning a counterfeit is technically illegal. Henning dumped another 200,000 nickels in Copper Creek, New Jersey, of which only 14,000 were recovered. Another 200,000 are thought to have been dumped in the Schuylkill River. When caught, Henning was sentenced to 3 years in jail, and was required to pay a $5,000 fine.

[edit] Collectibles

Jefferson nickels are one of the easiest sets of any denomination to collect from circulation. One can still find coins from the 1930s, 1940s and 1950s in circulation on occasion. Even Buffalo and Liberty nickels can turn up once in a while, however, Shield nickels are almost never found because the diameter is smaller than on the other nickels, allowing it to be missed in the rolling process. The primary reason behind the abundance of old nickels is that they (excluding those made during World War II) lacked any silver content, while many other coins of the era did. After the Coinage Act of 1965, collectors tended to hoard older examples of dimes, quarters, and half dollars due to their silver, so while most pre-1965 coins of other denominations are difficult to find in circulation, there are still many nickels readily available.

Many Jefferson nickel collectors look for fully struck steps on the image of Monticello. Premiums are paid for coins with five or six full steps. These are fairly rare. Proofs and special mint set coins (1965–1967), as well as matte proofs, exist, and have value above circulating coinage. Specialists look for the number of discernible steps on the façade of Monticello, and those on which the steps are fully struck are known as "Full Step" Jefferson Nickels. When looking for full step Jefferson nickels, often the area of steps below the third pillar of Monticello will be the weakest. The 1950-D along with the 1938-S and 1939-D nickels are the key dates in the series, the war nickels have become more valuable with the increased silver prices. While some argue that the 1950-D nickel is readily available (because collectors hoarded them due to the announced low mintage), the 1950-D still commands relatively significant prices, especially if highly graded by a reputable grading service. The 1939-D is even more challenging to locate in Brilliant Uncirculated state and commands relatively significant prices in the market place.

[edit] Westward Journey nickel series

Throughout the 20th century, Congress allowed the U.S. Mint to make changes to coinage every 25 years without specific authorization. Since the 1990s the government had begun to respond to lobbying in favor of changing coinage design. This led to the State Quarters series and in 2002, a proposal to change 2003 nickels as well. Initial proposals by the Mint had a new obverse based on a portrait by Gilbert Stuart, and a reverse with an American Indian and a bald eagle facing west.

Congressman Eric Cantor (R-Virginia), the Chief Deputy Majority Whip for his party, objected to the lack of consultation with Congress about their proposal, and was particularly concerned that Monticello, located near his district, would not return to the reverse of the nickel in 2006. Some raised the issue that the Mint's proposed new reverse did not relate specifically enough to Lewis and Clark or the Louisiana Purchase, the events that the proposed changes were meant to commemorate. This led to the enactment of Public Law 108-15, the American 5-cent Coin Design Continuity Act, in 2003. This act, originally dubbed the Keep Monticello on the Nickel Act by Cantor, modified the United States Code to require the return to a depiction of Monticello starting in January 2006, and permanently eliminate the Mint's right to change it again without Congressional approval. The delay and controversy meant the Mint ran out of time to change the reverse of the nickel in 2003.

Upon passage of Cantor's new law, the Mint proposed the Westward Journey nickel series. The series consisted of two new reverse designs for 2004 and two for 2005.

[edit] 2004 designs

Westward Journey Nickel #1, Reverse
Westward Journey Nickel #2, Reverse

In 2004, the reverse of the nickel changed, with two different designs during the year. The first design, placed into circulation on March 1, 2004, featured a design based upon a rendition of the original Indian Peace Medal commissioned for Lewis and Clark's expedition. It was designed by Norman E. Nemeth.

In late 2004, the reverse changed again to feature a view of Lewis and Clark's keelboat in full sail that transported members of the Corps of Discovery expedition and their supplies through the rivers of the Louisiana Territory. This design depicts Meriwether Lewis and William Clark in full uniform, standing in the bow of the keelboat. This nickel was designed by Al Maletsky.

[edit] 2005 designs

2005 Nickel, Obverse Westward Journey Nickel #3, Reverse Westward Journey Nickel #4, Reverse

On September 16, 2004, the U.S. Mint unveiled its new designs for 2005. They had been chosen by John W. Snow on July 22, 2004 but were not disclosed to the public. The U.S. Mint revealed that the Felix Schlag depiction of Thomas Jefferson was being done away with in favor of a more modern depiction of Jefferson. The new obverse of the Jefferson nickel was designed by Joe Fitzgerald and engraved by Don Everhart II. Its circulation began on February 28, 2005.

Also unveiled on September 16, 2004 were two new reverses. A depiction of the American bison temporarily returned to the reverse after a 67-year absence. The new reverse was designed by Jamie N. Franki and engraved by Norman E. Nemeth. The U.S. Mint had been lobbied to include the American bison on the nickel in the hope of keeping the public interested in its continuing recovery after nearly being hunted to extinction after the completion of the transcontinental railroad.

The final Westward Journey nickel reverse was designed by Joe Fitzgerald and engraved by Donna Weaver. It depicts the Pacific Ocean and the words from William Clark's diary upon reaching it. In a controversial move, the U.S. Mint decided to amend Clark's actual words. He had originally written, "Ocian in view! O! The Joy!" but as the spelling "ocian" is nonstandard (and might have led to hoarding in the mistaken belief that the Mint had made an error that would soon be corrected), the U.S. Mint decided to modify it to "ocean."[90]

[edit] Forward-facing Jefferson (2006–present)

In 2006, the nickel returned to using Felix Schlag's Monticello design on a newly cast reverse, while the obverse features a new forward-facing portrait of Jefferson, based on the 1800 Rembrandt Peale painting of Jefferson.[91] It is the first U.S. circulating coin that features the image of a President facing forward. The new obverse was designed by Jamie Franki. The word Liberty is shown in Jefferson's own handwriting, as it was on the 2005 Westward Journey nickels.[92][93]

Felix Schlag's initials now appear on the reverse. They are located to the right of Monticello, where the mint mark was located until 1964.

[edit] Metal value

The US Mint specifies that this coin weigh 5.000 g and be composed of 25% nickel (1.250 g) and the balance of copper (3.750 grams).[94] On June 13, 2008, the value of the metal in a United States nickel coin reached $0.06013, a 20.3% premium over its face value.[95] This was due to the rising price of copper and nickel and the decline in value of the United States dollar.[96] In an attempt to avoid losing large quantities of circulating nickels to melting, the United States Mint had earlier introduced new interim rules on December 14, 2006 which criminalized the melting and export of cents and nickels. Violators of these rules can be punished with a fine of up to $10,000, five years imprisonment, or both.[97] See Title 31, United States Code Section 5111(d).[98] The rules were finalized on April 17, 2007.[99]

As of December 31, 2011, the value of the metal in a nickel is $0.05139 at current spot prices for constituent metals.[100]

Costs of producing and shipping 5-cent (nickel) coins during fiscal year 2007 was $0.0953 per U.S. nickel. Canada, which produced a "nickel" of nearly pure (99.9%) nickel starting in 1922 (except during the war years of 1942–45 and 1951–54), switched to cupro-nickel in 1982. Since late in 2000, this denomination is usually produced in plated steel. The metal value of some of these older coins is greater than their face value. In a similar move, on February 8, 2008, a bill was introduced in the U.S. House of Representatives that would allow for changing the metal components in U.S. coins due to the rising cost of commodities and the declining U.S. Dollar.[101] No such bill has yet been signed into law.

The silver content of nickels minted during World War II from 1942 to 1945 is 1.75 g (0.062 oz), and is valued at about $1.57 based on the closing price of silver on December 31, 2011.

[edit] Mintage quantities

[edit] See also

[edit] Notes

  1. ^ The United States Mint. Web. 21 Mar. 2010. The United States Mint Coins and Medals Program
  2. ^ Taxay 1983, pp. 65–66.
  3. ^ Taxay 1983, pp. 72–73.
  4. ^ Breen 1988, pp. 152–153.
  5. ^ Coin World Almanac 1977, p. 358.
  6. ^ Hobson 1971, p. 113.
  7. ^ Lange 2006, pp. 25–26.
  8. ^ Yeoman 2011, pp. 137–138.
  9. ^ Taxay 1983, pp. 125–126.
  10. ^ Taxay 1983, pp. 217–221.
  11. ^ Yeoman 2011, pp. 124, 138–142.
  12. ^ Taxay 1983, p. 243.
  13. ^ a b Lange 2006, p. 99.
  14. ^ a b Breen 1988, p. 246.
  15. ^ a b c Taxay 1983, p. 244.
  16. ^ MontgomeryBorckardtKnight 2005, p. 25.
  17. ^ Taxay 1983, pp. 241–244.
  18. ^ a b Peters & Mohon 1995, p. 3.
  19. ^ a b c d e Lange 2006, p. 100.
  20. ^ a b Taxay 1983, pp. 244–245.
  21. ^ Breen 1988, p. 247.
  22. ^ a b Taxay 1983, p. 245.
  23. ^ Peters & Mohon 1995, p. 4.
  24. ^ Taxay 1983, pp. 245–246.
  25. ^ a b Peters & Mohon 1995, p. 5.
  26. ^ Bowers 2006, p. 75.
  27. ^ Yeoman 2011, p. 142.
  28. ^ Coin World Almanac 1977, pp. 155–156.
  29. ^ Bowers 2006, p. 77.
  30. ^ Peters & Mohon 1995, p. 81.
  31. ^ Peters & Mohon 1995, pp. 76–81.
  32. ^ Lange 2006, p. 123.
  33. ^ a b Bowers 2006, p. 136.
  34. ^ Yeoman 2011, p. 109–110.
  35. ^ a b Peters & Mohon 1995, p. 6.
  36. ^ a b Bowers 2006, p. 139.
  37. ^ Bowers 2006, pp. 140–141.
  38. ^ Peters & Mohon 1995, p. 95.
  39. ^ Montgomery, Borckardt & Knight 2005, pp. 27–29.
  40. ^ Peters & Mohon 1995, p. 46.
  41. ^ Montgomery, Borckardt & Knight 2005, p. 29.
  42. ^ Bowers 2006, p. 145.
  43. ^ Bowers 2006, pp. 184–185.
  44. ^ Peters & Mohon 1995, p. 122.
  45. ^ Bowers 2006, p. 149.
  46. ^ Richardson 1891, pp. 806–807, 26 Stat L. 484, amendment to R.S. §3510.
  47. ^ Bowers 2006, p. 261.
  48. ^ Bowers 2006, pp. 48–49.
  49. ^ Bowers 2007, pp. 5–7.
  50. ^ Bowers 2006, pp. 150–151.
  51. ^ Lange 2006, p. 135.
  52. ^ Peters & Mohon 1995, p. 164.
  53. ^ Montgomery, Borckardt & Knight 2005, p. 98.
  54. ^ The China Post, January 1, 2010.
  55. ^ Peters & Mohon 1995, p. 172.
  56. ^ Peters & Mohon 1995, pp. 171–172.
  57. ^ Montgomery, Borckardt & Knight 2005, pp. 37–39.
  58. ^ Breen 1988, p. 573.
  59. ^ a b Burdette 2007, pp. 93–97.
  60. ^ Taxay 1983, p. 340.
  61. ^ Taxay 1983, pp. 340–342.
  62. ^ Burdette 2007, p. 172.
  63. ^ Burdette 2007, pp. 181–183.
  64. ^ Burdette 2007, pp. 193–194.
  65. ^ Burdette 2007, pp. 200–201.
  66. ^ Taxay 1983, p. 345.
  67. ^ Burdette 2007, p. 204.
  68. ^ Burdette 2007, p. 205.
  69. ^ Burdette 2007, p. 206.
  70. ^ Burdette 2007, p. 207.
  71. ^ a b Lange 2006, p. 149.
  72. ^ Burdette 2007, p. 214.
  73. ^ Bowers 2007, pp. 46–47.
  74. ^ Burdette 2007, pp. 252–253.
  75. ^ Taxay 1983, p. 346.
  76. ^ Burdette 2007, p. 253.
  77. ^ Bowers 2007, p. 45.
  78. ^ Bowers 2007, pp. 127–128.
  79. ^ Bowers 2007, p. 129.
  80. ^ Bowers 2007, pp. 141–142.
  81. ^ Bowers 2007, pp. 38–39.
  82. ^ Bowers 2007, p. 39.
  83. ^ Porterfield 1970, p. 16.
  84. ^ Burdette 2007, p. 223.
  85. ^ Bowers 2007, pp. 37–38.
  86. ^ Bowers 2007, pp. 41–42.
  87. ^ Kuwahara, Raymond T.; Skinner III, Robert B.; Skinner Jr., Robert B. (2001). "Nickel coinage in the United States". Western Journal of Medicine 175 (2): 112–114. doi:10.1136/ewjm.175.2.112. PMC 1071501. PMID 11483555. //www.pubmedcentral.nih.gov/articlerender.fcgi?tool=pmcentrez&artid=1071501. 
  88. ^ "Henning Counterfeit Nickel (1944 No P)". The Numismatic Enquirer. 6 December 2008. http://www.numismaticenquirer.com/TNE/Henning_Counterfeit_Nickel.html. Retrieved 2009-03-17. 
  89. ^ Homren, Wayne (28 March 2004). "Counterfeiting of Circulating Coins". E-Sylum (Numismatic Bibliomania Society) 7 (13): article 9. http://www.coinbooks.org/esylum_v07n13a09.html. Retrieved 2009-03-17. 
  90. ^ Liberman, Mark (2004-09-26). "Language Log: Ocian in view! O! The Joy!". University of Pennsylvania. http://itre.cis.upenn.edu/~myl/languagelog/archives/001496.html. Retrieved 2010-04-26. 
  91. ^ "Circulating Coins - Nickel". The United States Mint. http://www.usmint.gov/mint_programs/circulatingCoins/index.cfm?action=CircNickel. Retrieved 2010-02-10. 
  92. ^ "2006 Westward Journey Nickel Series". The United States Mint. 2009. http://www.usmint.gov/mint_programs/nickel/index.cfm?flash=no&action=returnToMonticello. Retrieved 2009-03-17. 
  93. ^ "A First for the United States: Jefferson to Face Forward on 2006 Nickel" (Press release). The United States Mint. 5 October 2005. http://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=617. Retrieved 2009-03-17. 
  94. ^ United States Mint Coin Specifications
  95. ^ "Base Metals – Industrial Metals". Kitco. 2009. http://www.kitcometals.com. Retrieved 2009-03-17. 
  96. ^ Prices of copper and nickel
  97. ^ "United States Mint Moves to Limit Exportation & Melting of Coins" (Press release). The United States Mint. 14 December 2006. http://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=724. Retrieved 2009-03-17. 
  98. ^ "31 USC § 5111 – Minting and issuing coins, medals, and numismatic items | LII / Legal Information Institute". Law.cornell.edu. http://www.law.cornell.edu/uscode/uscode31/usc_sec_31_00005111----000-.html. Retrieved 2012-05-25. 
  99. ^ "United States Mint Limits Exportation & Melting of Coins" (Press release). The United States Mint. 17 April 2007. http://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=771. Retrieved 2010-02-16. 
  100. ^ "1946-2011 Jefferson Nickel Melt Value – Coinflation.com". Coinflation.com. 2011. http://www.coinflation.com/coins/1946-2007-Jefferson-Nickel-Value.html. Retrieved 2011-03-14. 
  101. ^ Swindell, Bill (9 August 2007). "House lawmakers unveil bill to change coin composition". CongressDaily. National Journal. http://govexec.com/dailyfed/0807/080907cdpm2.htm?rss=getoday. Retrieved 2009-03-17. 

Bibliography

Other sources

[edit] Further reading

  • Q. David Bowers. U.S. 3-cent and 5-cent Pieces. Wolfeboro, New Hampshire: Bowers & Merena Galleries, 1985
  • Annette R. Cohen & Ray M. Druley. The Buffalo Nickel. Arlington VA: Potomac Enterprises, 1979
  • Thomas C. Day. "Joseph Wharton and Nickel Coinage". The Numismatist, October 1987
  • Bill Fivaz. "Reverse Carvings on Buffalo Nickels". Nickel News, Winter 1987
  • Kevin Flynn, et al. The Authoritative Reference on Buffalo Nickels. Zyrus Press, 2007
  • Alan Herbert. "1943/1942-P War Nickel". PAK Newsletter, March 1978
  • Kenneth R. Hill. "The 1872 Small Date Over Large Date". Nickel News, Summer 1988
  • Robert W. Julian. "The Lowly Nickel". Coin World, March–April 1987
  • Tom LaMarre. "B. Max Mehl: The 1913 Nickel Man". Rare Coin Review, Spring 1987
  • David W. Lange. Complete Guide to Buffalo Nickels. 2nd edition. Virginia Beach: DLRC Press, 2000
  • Bernard Nagengast. The Jefferson Nickel Analyst. Sidney, Ohio: Bernard Nagengast, 1979
  • Bernard Nagengast. "Rarity of Full Step Jefferson Nickels". Nickel News, Summer/Fall 1988
  • Gloria Peters and Cynthia Mohon. The Complete Guide to Shield and Liberty Head Nickels Virginia Beach: DLRC Press, 1995
  • Delma K. Romines. Hobo Nickels. Newberry Park, California: Lonesome John Publishing Co., 1982
  • J.T. Stanton. "Doubling Your Fun with Jefferson Nickels." Nickel News, Fall 1987
  • Dwight H. Stuckey. The Counterfeit 1944 Jefferson Nickel. Charleston, South Carolina: Dwight Stuckey, 1982
  • Robert R. Van Ryzin. "Which Indian Really Modeled?" Numismatic News, February 6, 1990
  • Michael Wescott with Kendall Keck. The United States Nickel Five-Cent Piece: History and Date-by-Date Analysis. Wolfeboro, New Hampshire: Bowers & Merena Galleries, 1991
  • Jim Wrzesinski. "Errors on the U.S. War Nickel". Errorscope, September 1987

[edit] External links

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