Absolutely Spectacular 1882 Proof Shield Nickel

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.

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