The following was written by Frank.
The Three Cent Nickel has a fascinating origin story that is packed with history. The first example of the denomination, the Three Cent Silver, was minted from 1851-1873. The intent of striking Three Cent Silver pieces was to create an intermediate denomination between the Large Cent and the Half Dime. Also, the price of postage stamps was dropped from five cents to three cents, which made this coin have a very practical use. Instead of carrying around three clunky Large Cents, you could bring a small Three Cent Silver piece to buy a postage stamp at the post office. The Three Dollar Gold piece was also minted for a similar reason; you could easily purchase a sheet of 100 stamps without having to worry about having the correct amount of coinage in various denominations.
Because of economic concerns, the public hoarded vast amounts of silver coinage during the Civil War. Many of these coins were Three Cent Silvers. Because of the coin shortage, stamps were accepted as tender for small change, but it created a sticky situation (pun intended) because the stamps would begin deteriorating much faster than coins. To aid the coin shortage, many merchants issued their own one cent tokens, called Civil War Tokens. These Civil War Tokens were accepted and used in commerce regularly. The government also began printing fractional currency, which were pieces of paper money with denominations ranging from three cents to fifty cents.
On March 3, 1865, Congress passed a bill for the coining of Three Cent Nickels, composed of 25% nickel and 75% copper. The Three Cent Nickel has a diameter of 17.9 millimeters and a weight of 1.94 grams. Fourth Chief Engraver of the U.S. Mint James Barton Longacre was in charge of producing a design for the new coin. Three Cent Silvers were struck alongside Three Cent Nickels, but mintages of the silver type were miniscule compared to the nickel type. Eventually, the coining for Three Cent Silvers was halted in 1873, making the Three Cent Nickel the sole type of the denomination until they were discontinued in 1889. Mintages for Three Cent Nickels were quite high during the 1860s, but tapered off until 1889 as the mintages of five cent nickels and higher denominations of silver coinage increased rapidly. The 1880s, with the exception of 1881, had very low mintages; the lowest being just 1,000 pieces in 1885. Many business strike examples from the 1880s are tough to locate.
The U.S. Mint produced only proof Three Cent Nickels for the years of 1877, 1878, and 1886. These proof only dates are in demand for collectors seeking to assemble a date set, as they can only resort to proof examples since none were minted as business strikes. Mintages for proof coins for the type vary from 500-6,609. Many earlier date pieces have lower mintages, while later dates tend to have a higher mintage for proof issues. Proof Three Cent Nickels often come with great eye appeal and a nice cameo contrast.
A few highlights of the series include the business strike 1884 (mintage of 1,700) and business strike 1885 (mintage of 1,000). These two dates are rare because of how relatively low their mintages are. All 1887 proof Three Cent Nickels are overdates (1887/6). The die engraver punched a “7” over the “6” on the die, creating the overdate. There are two varieties of this overdate, a weak and strong overdate. The Mint workers made an effort to polish out the overdate but failed to completely remove it.
The following is an excerpt from Tom Caldwell, president of Northeast Numismatics:
“Speaking of proof Three Cent Nickels, when we first started traveling to major shows in the early 1970s, it was not uncommon to handle complete sets of this series in proof. Starting in 1865, with its exceptionally low mintage of 500 (all from this year have a recut date) through 1889. I recall figuring most dates in the $50 or less range and the proof only years of 1877, 1878, and 1886 for about double. We handled many complete sets during this time period. Specific numerical grades were not in common use during this era; they were either choice or gem, which is hard to imagine today. The coin business was booming in 1980, and amazingly any proof Three Cent Nickel was trading for $1,500-$2,000 regardless of quality. Prices eventually calmed down and became more stable starting in 1986, as the grading services standardized grading. Today, it is highly unusual to find a complete proof set of this series offered for sale.”
As Tom mentions, finding a complete proof set of this series is a rare occurrence. We have the pleasure of offering a complete proof Three Cent Nickel set on our site: Three Cent Nickels
Sources:
https://www.pcgs.com/coinfacts/coin/1887-6-3cn-strong-overdate/3784
I once tried to assemble an 1885 mint set, excluding of course the Trade Dollar. I never completed the set because I could not find an 1885 business strike. I was offered four coins that all turned out to be proofs. This year, I was finally shown an 1885 business strike, the only one in over 25 years.
Northeast: Were you able to add it to your collection?
I did not add it to my collection, it was over $4,500 and while I recognize its rarity I have other priorities for my collection.
The following was posted by Chris.
We like to have a little fun around here, and this year we have been slowly compiling a list of numismatic puns. We hope you enjoy them, and welcome any that you might come up with! Just comment on this post.
Has anyone ever taken a proof coin and put it in some pudding, just because?
What do you call a coin midway to its destination? Half Cent.
Why was the numismatist excited about his evening? Because he had a key date that night.
What kind of coin do you put in the bathroom? A Voce Potpourri.
What did the tiny numismatist use to protect himself? A Shield Nickel.
Shouldn't a Clamshell Lamination just be called a Clamination?
Did you all hear about the kids in the young Numismatists class? They got in trouble for passing notes!
The following contributions are from the coin message boards. Thanks to all who contributed!
The trouble with blanks and planchets is that you can't make heads or tails of them. (braddick)
Two couples going out is a doubled date. (TurtleCat)
Favorite coin of a divorced couple? Half Union. (TurtleCat)
Undertakers prefer their coins in slabs. (TurtleCat)
Be nice to your partner or you will be a repunched date. (TurtleCat)
What do you call a collector who goes into a tanning salon? Artificially toned. (TurtleCat)
Q: Why can't anyone understand a broken coining press?
A: Because it doesn't make any cents. (MarkKelley)
Why did the coin thief go to jail? He couldn't show the judge any proof he was innocent. (Steven59)
What's the difference between a dollar bill and the Cleveland Browns? You can always get 4 quarters from a dollar bill. (Steven59)
When the brockage cleared I had to run to the privy. (Fraz)
Old Coin collectors never retire, they just lose their luster. (Dug13)
And now our favorite.
"The mint said due to inflation, one of us has to go."
"Why are you all looking at me?" (Manifest_Destiny)
We recently culled the random assortment of books shown below from our library. If you are a member of a coin club and would like to add these to your club's library, let us know and the group is yours at no charge. Given away on a first come, first serve basis. You can request them by leaving a comment on this post.
The following was written by Chris
I’m always very busy after coin shows playing catch-up, which is why the occasional coin show report we post shows up several days, if not weeks, later. But considering how short the show was, I figured I’d bang one out quickly.
As mentioned in our previous show report, NEN did not take a table at this show for the first time ever. Sales were terrible at the last LB show we attended, and two of our other buyers (Tom and Frank) either couldn’t or didn’t want to go to this one. That said, I was not ready to give up on the show. A big reason is that I enjoy attending it. The weather is almost always the same (lovely), and the downtown area is light years ahead of where it was 10+ years ago in terms of things to do and places to eat.
I flew into LAX from Boston Tuesday night. (I sure do miss those nonstop flights from Boston to Long Beach!) I started early Wednesday morning doing pre-show biz with wholesalers. Show setup started at noon, and I was able to get in thanks to getting an Early Bird badge. It was refreshing to see that the show opened on time and everything was set up. Not so the past couple of shows.
From noon until 6 pm or so, I traveled to various wholesalers’ tables looking through their boxes. My plan was to fly home late Thursday night on the redeye, but by the end of the first day, I knew I was going to be taking an earlier flight. I’m disappointed to say it, but wow, has this show declined significantly. More and more dealers are no longer setting up or even attending. That night I changed my flight to a Thursday afternoon flight, with the added benefit of getting a full day in the office on Friday.
Thursday morning I hit a few other dealers who still had their inventory in boxes or who hadn’t set up at all (see my previous show report about trawling the floor looking in showcases). I went to the show with two empty double row boxes, with the plan to hopefully fill them up, but not looking to buy any more than that. I was definitely being selective. After I finished my last deal, it fit perfectly in the second box. I didn’t have to cram anything in nor was there room for another coin. Exactly two double rows!
I shared a ride to LAX with a dealer friend of mine and grabbed yet another shockingly on time JetBlue flight home, getting to my house around 1 am this morning. Now for a quick food summary. Lunch from Islands Restaurant on Wednesday was generously provided to me by one of the wholesalers, and dinner was with a long-time coin circuit friend of mine at some Italian restaurant. I generally do not eat Italian food, so I of course tried their burger. One hockey puck later, it was time to call it a night.
I’m not sure if we’ll be taking a table at the next LB show. Regardless, I will definitely be attending. While there are way fewer dealers at this show now, it was well worth the time and expense to head out there. I am very pleased with what filled the two boxes I bought.
The following was written by Chris.
The ANA’s World Fair of Money was held earlier this month in Pittsburgh. Back in the day, this show used to be in a different location every year. I really enjoyed the fact that I could count on being able to travel to a different city at least once a year, as all of the other shows on the circuit are held in the same place (e.g. the Whitman show in Baltimore, the Long Beach show in CA, the FUN show in Orlando, etc.).
The ANA then started holding the WFOM every year in Rosemont, IL. Nothing against Rosemont, as it is convenient and they have a nice entertainment complex near the convention center, but it became boring. So, it was nice to have a different host city this year. Of course, we’re back to Rosemont next year. And after that, they are moving it to a new place – Oklahoma City. In August. What?! NOT a convenient city to get to and it’s going to be HOT.
Tom, Brian, Frank, and I attended the show. We flew into Pittsburg Sunday evening and I hit the ground running. I had second shot at a wholesaler’s inventory, so I didn’t want to miss the opportunity. We set up in his hotel room and I was able to pick up a decent group of coins from the 12 or so double row boxes that he had, while eating a pretty darn good takeout burger in the process. Wrapped my night up around 10:30 pm and went back to my hotel for the night.
Dealer Day started Monday morning, and it was a nice short walk from the hotel to the convention center. Not everyone who sets up at the regular show gets a table for the dealer day. Tom and Brian were not on the bourse floor right away, as they were offsite showing our inventory to two different dealers whose business we rely on for a good show. As soon as I had my lamp set up, I flagged down a dealer walking the floor and the day began. Next thing I knew, they were announcing that the bourse floor was closing soon. The day flew by just like that. I recall taking a break to eat some pork rinds I had brought, and Brian graciously provided the rest of my sustenance – a fountain diet coke. It was a successful day of buying from strictly wholesalers.
Tuesday brought the rest of the table holders in. From all appearances it looked like a pretty full bourse floor. That said, I rarely ventured away from my table other than to look at a couple other dealers’ inventories in their boxes. My preferred way to look at coins is in boxes, and I’m fortunate to be able to do most of the viewing at my table. Dealers would bring me their inventory and leave it with me to go through. I don’t enjoy, nor am I very good at, walking around the bourse floor peering into showcases looking for coins to buy. This was a 10-hour day of pretty much nonstop box-looking. I think more pork rinds were consumed, a soda, some candy, and 25 gallons of water.
Wednesday was more of the same for me. I looked at a couple of sealed bid auctions, and went through a few other dealers’ coins at my table. 3 ½ days of buying is plenty for me, so I was scheduled to fly out that evening. Grabbed my first meal of the day at the airport, and an unusual on-time JetBlue flight was greatly appreciated. I was glad to get some much-needed time in the office on Thursday and part of Friday, before heading out for a very enjoyable weekend visiting some friends at Lake Sunapee, New Hampshire.
Tom, Frank, and Brian stayed at the show until Saturday. They sent me a photo of the bourse floor Saturday afternoon. It was a ghost town. I wouldn’t be surprised if they decide to fly back on Friday next year.
Overall, it was a decent show. I was happy with what I was able to buy. Sales were a bit disappointing, particularly considering how much inventory we brought. We’re hopeful for a rebound at next year’s WFOM.
I DID eat while I was in Pittsburgh. I found this fantastic bar that is 100% my scene. Kinda sorta divey, with very friendly staff and great food. If you find yourself in the city looking for a place to unwind and enjoy a good meal, I highly recommend The Warren Bar & Burrow (www.thewarrenpgh.com).
Next up on the show schedule is the Long Beach Expo. For the first time ever, Northeast Numismatics is not taking a table. (Possibly more on that later.) I’ll be heading out for just a couple of days to buy. Hopefully it will be eventful enough to warrant a show report.
