1867 Nickel Value (2026 Guide): Errors List & No Mint Mark Worth

The year 1867 was a turning point in U.S. coinage history. A deliberate design change at the Philadelphia Mint created two entirely different Shield Nickel varieties within a single year, and that split is still driving collector prices today.

The With Rays variety was struck only briefly before the Mint retired it because of serious striking difficulties. Just 2,019,000 With Rays business strikes were produced before the design was changed, compared to 28,890,500 No Rays coins — the highest mintage of any date in the entire Shield Nickel series.

That difference in production numbers is reflected directly in 1867 nickel value today. A With Rays example in Good condition starts around $55.80, while a comparable No Rays coin comes in at $43.80. In Mint State, that gap widens dramatically — With Rays examples can exceed $3,000, and the finest certified With Rays (a single MS67 known to PCGS) sits in an entirely different league.

 

1867 Nickel Value By Variety

The chart below breaks down the 1867 nickel value across all major varieties and grades. If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)

 

Top 10 Most Valuable 1867 Nickel Worth Money

The top auction results for the 1867 nickel show just how much variety and condition can move the needle on price.

The all-time record belongs to a With Rays PR66 Cameo, which realized $132,250 at Heritage Auctions on January 31, 2004. A PR65+ Cameo followed closely at $82,250. These Proof Cameo pieces — where the raised design elements carry a soft, frosted texture against deeply mirrored fields — are among the most coveted examples in the entire Shield Nickel series.

Business strike With Rays coins also appear in the upper tier, with an MS67 example reaching $41,125, reflecting the extreme scarcity of gem-quality specimens in that variety. It is worth noting that PCGS had certified just one coin at the MS67 level for the With Rays, making it a true condition rarity.

Even the more accessible No Rays variety commands serious money at the top end. A PR66 Deep Cameo (DCAM) example sold for $35,250, proving that exceptional preservation and striking quality can push values well beyond what the mintage figures alone might suggest.

 

History of the 1867 Nickel

The Shield Nickel was born out of the economic chaos of the Civil War. As the conflict disrupted commerce across the country, gold and silver coins vanished from circulation, leaving Americans to rely on paper fractional currency notes that were widely disliked.

Congress responded with the Act of May 16, 1866, which authorized a new copper-nickel five-cent piece. The coin was designed by James B. Longacre, the Philadelphia Mint’s Chief Engraver, who adapted his existing two-cent piece design to create it quickly. The result featured a prominent shield on the obverse and a large numeral “5” surrounded by stars and rays on the reverse.

The design was immediately controversial. The American Journal of Numismatics called the Shield Nickel “the ugliest of all known coins,” while industrialist Joseph Wharton — whose lobbying helped push Congress to use the copper-nickel alloy because he owned the nation’s largest nickel mines — described the shield as suggesting “a tombstone surmounted by a cross and overhung by weeping willows.” The reverse’s stars-and-rays pattern also reminded many observers of the “stars and bars” motif of the defeated Confederate States.

Beyond criticism, the coin faced a more practical problem: it was genuinely difficult to strike well. The hard copper-nickel alloy caused rapid die wear. Press operators had to space the dies slightly farther apart than normal just to make the coins, which resulted in light impressions on the majority of business strikes produced. It was that ongoing production challenge that led the Mint to retire the rays in early 1867.

The planned transition date was February 1, 1867. However, Mint officials are believed to have used up remaining dies with the old design in the interest of economy before switching over. When the change finally took effect, it created widespread confusion among the public, with many people assuming one variety or the other was counterfeit — a situation the Mint had not anticipated.

By 1867, the country was still in the thick of Reconstruction, with the Reconstruction Act of 1867 reshaping the post-war South. Against that backdrop, the Mint was under pressure to keep up production of small change. Interestingly, Chief Engraver Longacre himself proposed that the five-cent piece be struck in aluminum in June 1867, seeking a solution to the alloy’s ongoing striking problems — a proposal that was ultimately rejected.

Also Read: Top 60+ Most Valuable Buffalo Nickels Worth Money

 

Is Your 1867 Nickel Rare?

Use the CoinValueChecker App to see exactly how rare your 1867 nickel is.

 

Key Features of the 1867 Nickel

Getting familiar with the design details of the 1867 nickel is a practical first step in understanding what you have. These features are especially useful when grading your coin or distinguishing between the With Rays and No Rays varieties.

The Obverse of the 1867 Nickel

The obverse centers on a prominent shield, a symbol of national strength and the unity of the states. According to numismatic author Q. David Bowers, Longacre’s design draws directly from the Great Seal of the United States — the upper section of the shield represents Congress, while the 13 vertical stripes below stand for the original states.

The laurel branches hanging on either side symbolize victory, while two arrows cross behind the shield at the base, representing readiness to defend the nation. A cross sits at the very top of the shield. The motto IN GOD WE TRUST runs along the upper rim, with the date 1867 placed at the bottom.

The Reverse of the 1867 Nickel

The reverse is built around a large numeral “5” at the center, encircled by 13 stars representing the original states. On the With Rays variety, straight lines radiate outward between each star — a design element that was removed early in 1867 because the complex reverse caused metal flow problems and premature die cracking.

The inscription UNITED STATES OF AMERICA curves along the upper portion of the coin, while CENTS appears at the bottom. Two periods serve as separators between the two inscriptions.

Other Features of the 1867 Nickel

Additional features of the 1867 Shield Nickel worth noting are:

• Diameter: 20.50 millimeters
• Weight: 5.00 grams
• Edge: Plain
• Metal Composition: 75% Copper, 25% Nickel

Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)

 

1867 Nickel Mintage & Survival Data

The mintage and survival data for the 1867 nickel reveal a sharp contrast between business strikes and proof issues.

Business strike No Rays coins were produced in enormous numbers — 28,890,500, the highest mintage of any Shield Nickel date — yet only a tiny fraction have survived in collectible condition, with an estimated survival rate of just 0.1385%. That figure puts into perspective how difficult it can be to find a well-preserved example today, especially given the Mint’s own admission that most coins were struck with dies set slightly farther apart than ideal, resulting in weaker-than-normal impressions.

With Rays business strikes had a mintage of just 2,019,000, and the PCGS Population Report has recorded roughly 547 certified examples for the With Rays versus about 800 for the No Rays — a surprisingly narrow gap given the enormous difference in original mintage. Collectors appear to have preserved the scarcer With Rays variety at a much higher rate.

For the Proof With Rays, the official mintage is listed at 25 pieces, though research published by CoinWeek estimates the actual number struck was closer to 100, with approximately 60 surviving today. Proof No Rays coins had a mintage of 600, and the survival rate for standard Proof issues is exceptionally high at approximately 91.67% — these were carefully struck for collectors and handled with far more care than circulation coins. For Cameo (CAM) and Deep Cameo (DCAM) designations, survival numbers remain unknown but are considerably smaller.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1867 Nickel Value

Two details carry the most weight when assessing an 1867 nickel: variety and condition. The reverse side tells you which variety you have — look for whether rays appear between the stars surrounding the numeral “5.” With Rays examples are considerably scarcer and consistently command higher prices than their No Rays counterparts.

Condition matters just as much. Because the copper-nickel alloy was hard on dies, most 1867 business strikes were produced with dies set slightly farther apart than ideal, which means even “uncirculated” examples can show weaker details than you might expect. Coins retaining sharp lines, clear lettering, and original luster sit at the top of the grade scale, while heavy wear and smoothed details push value down significantly.

Use the CoinValueChecker App to check your coin’s grade in seconds.

 

1867 Nickel Value Guides

The 1867 nickel was issued in four main types, each with its own characteristics and collector appeal.

• 1867 No Mint Mark Nickel: The standard business strike, produced for everyday circulation in both With Rays and No Rays varieties.
• 1867 Proof Nickel: Specially struck for collectors using polished dies, producing sharp details and mirror-like fields.
• 1867 CAM Nickel: A proof issue with frosted design elements that contrast against reflective fields — CAM stands for Cameo, referring to this two-tone visual effect.
• 1867 DCAM Nickel: Deep Cameo — similar to the CAM but with an even more pronounced contrast between the heavily frosted devices and the deeply mirrored fields.

Among these, the Proof With Rays variety is the most historically significant, while the CAM and DCAM designations are the most sought-after by serious collectors. The business strike No Rays remains the most accessible entry point into the series.

 

1867 No Mint Mark Nickel Value

The 1867 No Mint Mark Nickel was struck at the Philadelphia Mint, the only coining facility in operation at the time. It comes in two varieties — With Rays and No Rays — and the difference between them goes well beyond appearance.

For the No Rays business strike, circulated examples are widely available and relatively affordable. Mint State examples are where values rise more noticeably. PCGS CoinFacts data shows that the finest No Rays examples certified by PCGS number just 11 coins at the MS66 level, making true gem specimens genuinely hard to source. An MS66 example sold for $8,225 at auction in 2014, reflecting what the market will pay for a well-preserved piece in this grade.

The With Rays variety carries a clear premium at every grade level. PCGS has certified a single MS67 as the finest known example, and gem-quality examples in either variety are rarely offered. In circulated grades, a With Rays coin in Good condition begins around $55.80, while the No Rays equivalent starts closer to $43.80.

The chart below shows how auction results for this coin have shifted across different grades over time.

Collector interest in the 1867 No Mint Mark Nickel has remained active.

 

1867 Proof Nickel Value

Proof nickels from 1867 occupy a distinct place in the Shield Nickel series. These coins were produced with specially polished dies to achieve sharp details and deeply reflective fields — a level of craftsmanship that makes them a natural draw for serious collectors.

The 1867 Proof Nickel comes in both With Rays and No Rays varieties, and the With Rays version is among the rarest Proof issues in the entire Shield Nickel series. With an official mintage of just 25 pieces and an estimated 60 survivors from approximately 100 struck, it appears at auction only rarely and always draws strong competition. The Greysheet database confirms it holds the lowest official mintage of any Shield Nickel Proof across the entire 1866–1883 series.

The No Rays Proof is more accessible by comparison, though it still commands meaningful premiums. A PR66 example sold for $10,800 at Heritage Auctions in 2020, and top-tier specimens are not easy to come by.

The auction records below trace how prices for this coin have moved over time.

The market data below reflects where collector interest in the 1867 Proof Nickel currently stands.

 

1867 CAM Nickel Value

The Cameo (CAM) designation identifies a Proof coin where the raised design elements carry a soft, frosted texture while the fields behind them are deeply mirrored, creating a two-tone visual effect that makes the design stand out in a way a standard Proof simply cannot match.

The 1867 CAM Nickel was issued in both With Rays and No Rays types, and both are scarce. The With Rays Cameo is among the rarest issues in the entire Shield Nickel series — coinvaluechecker notes that no examples have been certified higher than PR66 CAM by the major grading services. The No Rays CAM is more attainable but still uncommon; a PR66 Cameo example realized $16,450 at Stack’s Bowers in 2015.

For collectors who value the visual quality of a coin as much as its historical significance, the Cameo designation adds a meaningful premium to what is already a collectible piece.

Prices across different grades and sale dates are laid out in the auction records below.

The table below gives a sense of where collector demand for the 1867 CAM Nickel currently sits.

 

1867 DCAM Nickel Value

The Deep Cameo (DCAM) designation takes the contrast of a standard Proof even further. On a DCAM piece, the frosted devices stand out sharply against fields mirrored to a greater depth, producing a visual distinction that is immediately noticeable even without magnification.

DCAM pieces were not intentionally produced to a set standard — they are a natural outcome of early die use, before repeated striking began to wear down the mirror finish on the fields. That makes high-quality survivors genuinely hard to locate. The No Rays DCAM is the more accessible option within this designation, though it still commands serious premiums at auction. A PR66 Deep Cameo example realized $35,250 at Heritage Auctions in 2013, reflecting what the market places on top-tier specimens of this type.

A breakdown of past auction results by grade and sale date is available in the table below.

The chart below captures how market activity for the 1867 DCAM Nickel has moved over the past year.

Also Read: 22 Rare Nickel Errors List with Pictures (By Year)

 

Rare 1867 Nickel Error List

Error coins from 1867 are not the easiest to find, but they exist across several well-documented types. Most were the result of die-related issues common to 19th-century coining practices — and the visibility of the error plays a direct role in how collectors and the market respond to each piece.

1. 1867 Repunched Date

A Repunched Date (RPD) occurs when the date was punched into the die more than once, leaving secondary impressions alongside the primary digits. On the 1867 Shield Nickel, several RPD varieties have been catalogued, with the error most often visible on the last digit of the date.

Until 1909, dates were hand-punched into individual working dies using steel punches and mallets while the die was in a softened state, making slight misalignments a common occurrence. The strength of the doubling is the main driver of value — well-attributed examples in circulated grades typically bring $100–$300 above a normal coin, while bold RPD examples in higher grades can push into the $500–$1,000 range or beyond.

2. 1867 Doubled Die Obverse

A Doubled Die Obverse (DDO) results from a misalignment during the die-hubbing process, leaving design elements visibly doubled on the finished coin. On the 1867 Shield Nickel, doubling can appear on the date, shield lines, and the lettering of IN GOD WE TRUST.

Pronounced doubling commands a clear premium over lightly doubled examples. In circulated grades, attributable DDO examples typically trade at a modest premium, while Mint State specimens with strong, visible doubling can reach several hundred dollars depending on grade and the degree of separation between the doubled elements. PCGS and NGC both attribute and encapsulate these varieties, which adds liquidity when selling.

3. 1867 Misplaced Date

A Misplaced Date (MPD) occurs when one or more digits were accidentally punched into the wrong area of the die before the error was corrected. On the 1867 Rays Nickel, the FS-304 variety shows traces of a misplaced “1” visible at the left side of the shield’s rounded tip — a detail that requires a loupe to confirm but is unmistakable once spotted.

This variety was listed as unique in the 2015 Cherrypickers’ Guide by Bill Fivaz and J.T. Stanton, who noted that “hundreds of dedicated Shield nickel enthusiasts are looking for this variety.” A VF-30 example graded by NGC appeared in Stack’s Bowers’ March 2021 Showcase Auction, drawing notable attention from Shield Nickel specialists. Given how few have surfaced, prices for confirmed examples are largely determined by the market on any given day.

4. 1867 Die Clash

A Die Clash happens when the obverse and reverse dies strike each other directly without a planchet between them. The impact transfers a faint mirror image of each die onto the opposing surface, leaving ghost-like impressions on subsequently struck coins.

On the 1867 Shield Nickel, die clash varieties have been documented across multiple die pairs — a natural consequence of the alloy’s hardness and the short die life that plagued the entire series. Minor clash marks typically add a premium of $50–$150 over a normal coin, while bold, well-defined clash impressions on higher-grade examples can push values meaningfully higher, particularly among dedicated Shield Nickel collectors.

5. 1867 Split Planchet Error

Among the rarest documented errors for the 1867 Shield Nickel is a split-planchet specimen that appeared at Stack’s Bowers. Officially termed a “split-after-strike” error, the coin broke in half after being struck — a lamination error caused by impurities trapped in the metal during production.

What made this example exceptional was that both halves were preserved together by their owners throughout history. Each half was individually graded AU55 by NGC and encapsulated in separate slabs. For such an early coin type, the survival of both halves together is extraordinarily rare, and examples of this kind appear at major auction only once every several years.

 

Where to Sell Your 1867 Nickel?

Now that you know the 1867 nickel value, are you wondering where to get yours sold? Don’t worry — I’ve put together a full breakdown of the top platforms, including what each one offers, along with their pros and cons.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1867 Nickel Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ About the 1867 Nickel Value

1. How much is an 1867 nickel worth?

It depends on variety and condition. A No Rays example in Good grade starts around $43.80, while a With Rays coin in the same grade comes in at about $55.80.

In Mint State, values climb significantly — an MS66 No Rays sold for $8,225 in 2014, and the finest known With Rays MS67 realized $41,125 at auction. Top-tier Proof Cameo examples have sold for over $100,000 at major auction houses.

2. Why were the rays removed from the 1867 nickel?

The rays created serious striking difficulties from the start. The copper-nickel alloy was extremely hard on dies, and the complex reverse design caused metal flow problems that led to weak strikes and premature die cracking.

The Mint planned to transition to the No Rays design on February 1, 1867, but is believed to have used up remaining With Rays dies first. Removing the rays helped extend die life, though production problems with the Shield Nickel continued throughout the series.

3. Are 1867 nickels a good investment?

High-grade and Proof examples have a solid track record at auction. The With Rays variety in particular holds strong collector demand due to its scarcity, and top-tier Cameo Proofs have realized six-figure prices.

As with any coin, condition and proper attribution are the biggest drivers of long-term value. Third-party certification from PCGS or NGC adds liquidity and protects against misrepresentation.

4. What is the rarest 1867 nickel?

The rarest 1867 nickel is the Proof With Rays variety. The official mintage is 25 pieces, though research from CoinWeek estimates that closer to 100 were struck with approximately 60 surviving today.

No examples have been certified higher than PR66 CAM by the major grading services, and the all-time auction record — $132,250 at Heritage Auctions on January 31, 2004 — belongs to a PR66 Cameo of this variety.

5. How many 1867 nickels were minted?

The No Rays business strike had a mintage of 28,890,500 — the highest of any date in the entire Shield Nickel series. The With Rays business strike was far scarcer at just 2,019,000 pieces.

Proof With Rays coins had an official mintage of 25, and Proof No Rays coins numbered 600. The PCGS Population Report has recorded approximately 547 certified With Rays examples and 800 No Rays examples, a surprisingly narrow gap given the enormous difference in original mintage.

6. What does the shield design on the 1867 nickel mean?

According to numismatic author Q. David Bowers, the obverse design draws from the Great Seal of the United States. The upper section of the shield represents Congress, while the 13 vertical stripes stand for the original states.

The laurel branches symbolize victory, the two arrows represent national defense, and the motto IN GOD WE TRUST — which appeared on U.S. coins for the first time on the two-cent piece in 1864 — reflected the values of a nation rebuilding after the Civil War.

7. How do I tell the difference between the With Rays and No Rays varieties?

Flip the coin to the reverse and look at the area between the 13 stars surrounding the large numeral “5.” On the With Rays variety, straight lines radiate outward between each star — these are clearly visible even in circulated condition.

On the No Rays variety, the space between the stars is empty with no lines at all. You do not need a magnifier to spot this difference — it is easily visible to the naked eye.

8. Why are most 1867 Shield Nickels weakly struck?

The copper-nickel alloy (75% copper, 25% nickel) was significantly harder than the silver or bronze used in other coins of the era, causing rapid die wear. To prolong die life, Mint press operators set the obverse and reverse dies slightly farther apart than ideal.

That wider die spacing resulted in lighter-than-normal impressions on the majority of business strikes. As a result, a fully struck MS63 Shield Nickel often commands more collector interest than a weakly struck MS65 — strike quality matters enormously in this series.

9. What is the most valuable 1867 nickel error?

Among documented errors, the FS-304 Misplaced Date on the 1867 With Rays variety is the most historically significant — it was listed as unique in the 2015 Cherrypickers’ Guide by Fivaz and Stanton. A VF-30 graded example sold at Stack’s Bowers’ March 2021 Showcase Auction.

The Split Planchet error — a coin that broke in half after striking, with both halves preserved together and graded AU55 by NGC — is another exceptionally rare documented error type for this date.

10. Should I clean my 1867 nickel before selling it?

No — cleaning a coin almost always reduces its value significantly. Professional grading services like PCGS and NGC will note cleaning on their label, which lowers the grade and makes the coin harder to sell.

Even light cleaning with a cloth can leave hairline scratches visible under magnification. Leave the coin exactly as you found it, store it in an inert coin holder, and let a professional grader assess it in its original state.