1868 Shield Nickel Value: Complete Price & Variety Guide
1868 Shield Nickel values range from $52 (G-4) to $12,500 (MS-67). Discover prices for business strikes, proofs, and key varieties including FS-301 RPD and FS-901.
The 1868 Shield Nickel is worth $52 to $12,500 depending on grade and variety.
- Circulated grades: $52 (G-4) to $200 (AU-58)
- Mint State: $225 (MS-60) to $2,000 (MS-66)
- Gem specimens: $12,500 (MS-67)
- Proof strikes: $310 (PR-62) to $4,935 (PR-67)
- Key varieties: FS-301 RPD commands $1,925+ in MS-64
Common in lower grades but exceptionally rare in Gem condition due to strike weakness inherent to the hard copper-nickel alloy.
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1868 Shield Nickel Overview
The 1868 Shield Nickel represents the third year of America's first copper-nickel five-cent piece, authorized by the Act of May 16, 1866. With a substantial business strike mintage of 28,817,000 coins—the second-highest in the series—this issue is readily available to collectors in circulated grades. However, the coin presents a fascinating paradox: common in lower grades but exceptionally scarce in Gem Mint State condition.
1868 Shield Nickel displaying the distinctive shield design with rays removed
What makes the 1868 particularly significant to specialists is the introduction of a new reverse hub mid-year, creating two distinct subtypes: Reverse of 1867 and Reverse of 1868. The latter serves as the foundation for a remarkable series of documented die varieties, including the popular FS-901 "Broken C" variety and numerous Doubled Die Obverses (DDOs) and Repunched Dates (RPDs). This guide provides comprehensive coverage of standard issue values, proof strikes, die varieties, mint errors, and practical collecting considerations.
How to Identify Your 1868 Shield Nickel
Proper identification of an 1868 Shield Nickel requires examining several key design elements and understanding the two distinct reverse hub types used during the year.
Obverse Design Elements
The obverse features a prominent shield with vertical lines, representing the nation's strength. Above the shield appears the motto "IN GOD WE TRUST" in a banner. The date "1868" is positioned below the shield. The design was created by Chief Engraver James Barton Longacre and represents the first time this motto appeared on a five-cent coin.
Reverse Design Elements
The reverse displays a large numeral "5" at center, surrounded by 13 stars representing the original colonies. The inscription "UNITED STATES OF AMERICA" encircles the top, with the word "CENTS" below the numeral. This design notably omits the rays that appeared behind the numeral on 1866-1867 issues, which had caused excessive die failures.
Key diagnostic: Star alignment differs between the two reverse hub types
Critical Reverse Hub Identification
During 1868, the Mint introduced a new reverse master hub (Hub IIb), but continued using existing dies made from the older 1867 hub (Hub IIa). This created two distinct reverse types that collectors must learn to distinguish.
Reverse of 1867 (Hub IIa): This is the more common type. The diagnostic feature is the topmost star on the reverse, located between the words "STATES" and "OF." On the Reverse of 1867, a point of this star aligns directly with the center of the letter E in STATES. All 1868 proof strikes use this reverse hub.
Reverse of 1868 (Hub IIb): The scarcer type. On this hub, the point of the topmost star is positioned between the letters E and S in STATES—noticeably shifted from the 1867 position. This hub is associated with several valuable die varieties based on progressive hub failure.
Mint Mark Location
All 1868 Shield Nickels were struck at the Philadelphia Mint and bear no mint mark. This was standard for Philadelphia coinage during this era.
Physical Specifications
To confirm authenticity, an 1868 Shield Nickel should measure 20.50 mm in diameter and weigh 5.00 grams. The edge is plain (not reeded), and the coin should be attracted to a magnet due to its 25% nickel content.
1868 Shield Nickel Value Guide
The 1868 Shield Nickel's market value varies dramatically based on grade, strike quality, and whether the coin is a standard business strike, proof strike, or significant die variety. Understanding these distinctions is essential for accurate valuation.
Business Strike Values (Standard Issue)
Business strikes—coins intended for general circulation—make up the vast majority of surviving 1868 Shield Nickels. While common in lower grades due to the high mintage, the exponential increase in value for Gem examples reflects the rarity of well-struck, problem-free specimens.
Grade progression showing wear patterns from G-4 through MS-65
The hard copper-nickel alloy proved exceptionally difficult for mint machinery to strike properly, resulting in a high percentage of weakly detailed coins. PCGS survival estimates suggest only 400 coins exist today in grade MS-65 or better out of the original 28.8 million mintage. This manufacturing reality drives the steep valuation curve in Mint State grades.
| Grade | PCGS Value | NGC Value | Population (PCGS/NGC) |
|---|---|---|---|
| G-4 | $52 | $35 | 5 / 11 |
| VF-20 | $75 | $75 | 17 / 46 |
| EF-40 | $100 | $110 | 66 / 66 |
| AU-50 | $140 | $125 | 72 / 24 |
| AU-58 | $200 | $175 | 145 / 108 |
| MS-60 | $225 | $200 | 7 / 1 |
| MS-62 | $260 | $250 | 140 / 122 |
| MS-63 | $350 | $375 | 212 / 159 |
| MS-64 | $450 | $475 | 295 / 285 |
| MS-65 | $800 | $1,000 | 113 / 138 |
| MS-66 | $2,000 | $2,250 | 43 / 48 |
| MS-67 | $12,500 | $9,500 | 4 / 6 |
Source: PCGS Price Guide (October 2025) and NGC Price Guide (September 2023). Population data from PCGS and NGC, subject to change and may include resubmissions.
Proof Strike Values
With an official mintage of only 600 pieces, the 1868 Proof Shield Nickel is considerably scarcer than business strikes. All proofs were struck using the Reverse of 1867 hub. These coins were produced with special care using polished planchets and dies to create mirrored fields, though the quality could vary.
Proof Shield Nickels present unique challenges for authentication, as distinguishing true proofs from well-struck, prooflike business strikes can be difficult. Third-party certification is essential for confirming proof status and realizing full market value. Cameo (CAM) and Deep Cameo (DCAM) designations—indicating frosted devices against deeply mirrored fields—command premiums of 50-200% over standard proofs depending on grade and eye appeal.
| Grade | NGC Value | Auction Results | NGC Population |
|---|---|---|---|
| PR-62 | $310 | $300-$330 | 3 |
| PR-63 | $400 | $360-$460 (Dec. 2022) | 15 |
| PR-64 | $565 | $552 (Stack's Bowers, Aug. 2024) | 63 |
| PR-65 | $1,250 | $1,200-$1,600 (Jan. 2023) | 64 |
| PR-66 | $1,900 | $1,440-$2,520 (Jan. 2023) | 22 |
| PR-67 | $4,250 | $4,935 (Heritage, Jan. 2017) | 5 |
Source: NGC Price Guide (March 2020) and auction data from Stack's Bowers and Heritage Auctions. Cameo and Deep Cameo examples command significant premiums.
Grading the 1868 Shield Nickel
Grading Shield Nickels requires understanding both traditional wear patterns and the series' unique strike quality issues. The hard copper-nickel alloy caused significant manufacturing challenges, making a full, sharp strike exceptionally rare even on uncirculated examples.
Strike quality dramatically affects value: weak strikes (common) vs. full strikes (rare)
Circulated Grades (G-4 through AU-58)
Good-4 (G-4): Heavy wear across all design elements. The shield outline is visible but vertical lines may be faint or merged. Date remains readable. Rim may be worn but not into legends.
Very Fine-20 (VF-20): Moderate wear with major design elements clear. Shield shows definition with some vertical lines visible. Leaves in the wreath show separation. Reverse stars begin showing individual points.
Extremely Fine-40 (EF-40): Light wear on high points. Shield details mostly complete with clear vertical lines. Wreath leaves show good definition. All lettering sharp.
About Uncirculated-50 (AU-50): Slight wear on highest points: shield center, wreath leaves, and numeral 5. Original mint luster may be visible in protected areas. Most design details complete.
About Uncirculated-58 (AU-58): Only trace wear on highest points. Substantial original luster remains, typically 50% or more. To the untrained eye, may appear uncirculated.
Mint State Grades (MS-60 through MS-67)
Mint State grading for Shield Nickels is complicated by strike quality variations. A coin can be technically uncirculated (no wear from circulation) but still exhibit weak details due to poor strike quality. The most valuable examples combine lack of wear with superior strike characteristics.
MS-60 to MS-62: No wear but may show numerous contact marks, particularly on the obverse shield and reverse fields. Strike quality often weak with incomplete star details on reverse. Luster may be impaired.
MS-63: Moderate number of contact marks, none severe. Better strike quality begins appearing at this level. Luster is generally good with attractive eye appeal.
MS-64: Few noticeable contact marks. Strike quality noticeably better with more complete details. Original mint luster strong. This grade represents a significant value inflection point.
MS-65: Minimal contact marks visible only under magnification. Strong strike with sharp, complete details throughout. Excellent original luster. The rarity of well-manufactured specimens makes this grade truly scarce.
MS-66 and MS-67: Exceptional surface preservation combined with full strike characteristics. Reverse stars completely defined, obverse leaves crisp and detailed. Premium luster and eye appeal. These grades are condition rarities with only a handful of examples certified at each level.
Proof Grades (PR-60 through PR-67)
Proof grading emphasizes surface preservation and the quality of the mirrored fields. Cameo and Deep Cameo contrasts add significant premiums.
PR-60 to PR-63: Mirrored fields present but may show hairlines from cleaning or handling. Design details sharp. Surface imperfections become more noticeable under magnification.
PR-64 to PR-65: Minimal hairlines with strong mirror finish. Any surface marks are light and scattered. Cameo contrast begins commanding strong premiums at these levels.
PR-66 to PR-67: Near-perfect surfaces with deep mirrors. Hairlines minimal or absent. Deep Cameo examples at these grades represent the ultimate in 1868 Shield Nickel preservation and eye appeal.
Die Varieties of the 1868 Shield Nickel
The 1868 Shield Nickel stands as one of the most variety-rich issues in U.S. numismatics, documented extensively in the Fivaz-Stanton (FS) attribution system published in The Cherrypickers' Guide to Rare Die Varieties. The introduction of the Reverse of 1868 hub and subsequent die failures created a fascinating series of collectible varieties.
ℹ️ Understanding the Variety Market
While numerous FS varieties exist for 1868, only a handful have established consistent market pricing through public auction sales. Many cataloged varieties lack sufficient trading history to determine reliable premiums. The varieties detailed here represent those with documented market activity.
Reverse of 1868 Hub Varieties (FS-901 to FS-905)
These five varieties document the progressive failure of the Reverse of 1868 master hub. As the hub continued in use, letters in the reverse legend began breaking in sequential order, creating distinct stages that specialists actively collect.
FS-901: Most popular Reverse of 1868 variety with broken C diagnostic
FS-905 (No Broken Letters): The earliest state of the hub showing the diagnostic star positioning between E and S in STATES, but with all letters intact. This is the toughest of the five hub stages to locate. No reliable public pricing data available.
FS-901 (Broken C in CENTS): The most popular variety in the series. The lower tail of the C in CENTS is missing or malformed. Retail prices range from $100-$115 for Extremely Fine examples, $180 for AU-50, and climb significantly in Mint State. An MS-64 realized $324 (Heritage, 2022), while an MS-66 brought $1,680 in 2021.
FS-902 (Broken C, S in CENTS): The C remains broken, with the S in CENTS now also broken. This intermediate stage lacks consistent public pricing.
FS-903 (Broken C, S in CENTS, S in STATES): Three letters now show breaks: C and S in CENTS, plus the first S in STATES. An ICG VF Details (Corroded) example has been offered at $107, indicating modest premiums even for problem coins.
FS-904 (Broken C, S, S, D): The final hub failure stage with four broken letters including the D in UNITED. This variety commands strong premiums with MS-63 examples offered at $625-$656.
Doubled Die Obverse Varieties
FS-101 (DDO): Shows strong, clear doubling on the motto IN GOD WE TRUST and on the date. Value is highly grade-dependent. Problem-free certified examples in XF-45 are offered around $580, while damaged low-grade specimens may sell under $15.
FS-301 RPD: Bold repunching visible to naked eye, one of the most valuable varieties
FS-106 (DDO): Another distinct doubled die obverse. An uncertified Good condition example is offered at $100, while a certified PCGS MS-63 realized $720 (Stack's Bowers, June 2024).
Additional DDO varieties (FS-102, FS-103, FS-104, FS-105, FS-107, FS-109, FS-111) are cataloged but lack sufficient public sales data to establish reliable pricing.
Repunched Date Varieties
FS-301 (RPD): This is one of the most valuable 1868 varieties, featuring bold and widely separated repunching of the date that is easily visible to the naked eye. Recent certified MS-64 examples are offered in the $1,925-$2,021 range.
Numerous other minor RPDs (FS-302 through FS-314) have been cataloged but do not appear frequently enough at public auction to establish reliable price guides. Values for these are typically determined case-by-case among specialists.
Mint Errors on 1868 Shield Nickels
Mint errors are distinct from die varieties in that they represent one-time manufacturing accidents rather than features repeated on multiple coins from the same die. The hard copper-nickel alloy and high-pressure striking process required for Shield Nickels created opportunities for various error types.
Die cud error: Raised blob of metal where die face broke off
Major Die Breaks (Cuds)
Die cuds occur when a piece of the die face breaks off, typically at the rim area. During striking, metal flows into the void left by the broken die piece, creating a raised, featureless blob on the finished coin. The size, location, and visual impact of the cud determine its value.
An 1868 Shield Nickel in Fine condition with a large obverse cud saw active bidding to $32 in recent online auctions. Depending on the cud's size and placement, values for 1868 examples typically range from $30 to over $100. Cuds that obliterate significant portions of the design or date command premium prices.
Die Clashes
Die clashes occur when the obverse and reverse dies strike each other without a planchet between them. This transfers ghostly impressions of each die's design onto the opposing die. Subsequent coins struck from these clashed dies show faint outlines of the reverse design on the obverse and vice-versa.
The strength and clarity of clash marks determine collectibility and value. An 1868 Shield Nickel with distinct "Clashed Die Reverse" characteristics is currently offered at $165. Values for clash errors generally fall in the $75 to $200+ range depending on how dramatic and photographable the clash marks appear.
Off-Center Strikes
Off-center strikes result from improper planchet alignment in the coining press. A portion of the coin remains blank, showing the unstruck planchet surface, while the struck portion displays partial design elements.
Minor off-center strikes (1-5%) typically add only modest premiums. More dramatic strikes showing 20-50% off-center while retaining the full date are highly desirable to error collectors. Based on comparable Shield Nickel errors, such pieces can command $100 to over $300. The date must be visible for premium values; dateless off-center strikes are worth significantly less.
💡 Collecting Tip
Mint errors are unique and cannot be collected by specific catalog numbers like die varieties. Their value depends heavily on eye appeal and photographic quality. When purchasing errors online, insist on clear, detailed images showing the error characteristics.
Authentication and Counterfeit Detection
While the 1868 Shield Nickel is not among the most heavily counterfeited U.S. coins, its high-value varieties and Gem condition examples present potential targets for counterfeiters. Authentication begins with verifying physical specifications and extends to recognizing common counterfeit characteristics.
Physical Specifications Verification
An authentic 1868 Shield Nickel must conform to precise specifications. Weight should be 5.00 grams (minor tolerance acceptable for wear), and diameter should measure 20.50 millimeters. The edge must be plain, not reeded. The coin should be attracted to a magnet due to its 25% nickel content. Any coin failing these basic tests should be viewed with suspicion.
Cleaned coin showing hairline scratches disrupting original surface
Metallurgical composition analysis can detect wrong-metal counterfeits. The alloy should be 75% copper and 25% nickel. Analysis revealing zinc content or incorrect copper-nickel ratios indicates a fake. Professional grading services perform such testing when authentication questions arise.
Common Counterfeit Warning Signs
Based on analysis of counterfeits from the Shield Nickel series, collectors should watch for several red flags. A wobbly, poorly formed, or misshapen date with surrounding tool marks suggests the date was altered or added to a lower-value coin. Genuine dates are consistently struck with sharp, even impression.
Shallow, mushy design elements that seem to blend into fields rather than standing distinctly raised often indicate cast counterfeits. Authentic dies create sharp, well-defined relief. Surface porosity or a grainy texture can result from casting rather than striking.
Added mint marks (inappropriate for 1868, which bears none) or questionable variety diagnostics should raise suspicion. If a purported FS variety's diagnostic features don't match published references exactly, the coin may be altered or the attribution may be incorrect.
Detecting Altered Surfaces
Harsh cleaning is the most common form of post-strike alteration. Cleaned coins display fine, parallel hairline scratches across surfaces that disrupt the coin's original texture and luster. These hairlines catch light at certain angles and are diagnostic of inappropriate cleaning.
Corrosion appears as pitting, rough granular texture, or green/black deposits. While not counterfeiting per se, corrosion severely impacts value. Original, problem-free surfaces show smooth, natural patina development and consistent texture.
For high-value purchases—particularly proofs, top-grade Mint State coins, and scarce varieties—purchasing only certified examples from PCGS, NGC, CAC, or other respected third-party grading services provides essential authentication assurance and protects investment value.
Preservation and Storage Best Practices
The copper-nickel alloy of Shield Nickels is relatively durable compared to pure copper or silver coins, but proper preservation remains essential for maintaining numismatic value. Environmental factors and improper storage can cause irreversible damage over time.
Store Shield Nickels in a stable environment with low humidity. Excessive moisture can promote corrosion, while temperature fluctuations cause expansion and contraction that may crack existing holders or cause toning changes. A climate-controlled space is ideal for valuable collections.
Use archival-quality, inert holders for storage. The professional holders used by PCGS and NGC are excellent for certified coins. For uncertified specimens, choose holders made from inert plastics or acrylics specifically designed for coin storage. Avoid cardboard flips containing PVC (polyvinyl chloride). PVC slowly outgasses over time, depositing a green, sticky, corrosive residue on coin surfaces that causes permanent damage.
⚠️ Never Clean Your Coins
Even the gentlest cleaning destroys original surfaces and drastically reduces numismatic value. Apparent "dirt" or toning is often desirable natural patina. If you believe a coin needs conservation, consult a professional numismatic conservator—never attempt cleaning yourself.
Handle coins only by their edges, never touching the obverse or reverse faces. Oils, acids, and contaminants from skin contact cause fingerprints, spotting, and accelerated toning. Even with careful handling, minimize contact. View coins in their holders whenever possible.
For raw (uncertified) coins being submitted for grading, use cotton gloves during handling. Place coins in individual acid-free flips before shipping. Never store multiple raw coins together where they can contact each other—friction damage reduces grade and value.
Keep detailed records of your collection including acquisition information, certification numbers, and photographs. This documentation proves ownership, aids insurance claims if needed, and helps track value appreciation over time.
Frequently Asked Questions
How much is my 1868 Shield Nickel worth?
Values range from $52 for heavily worn G-4 examples to $12,500 for Gem MS-67 specimens. Most circulated coins (VF-20 to AU-58) fall in the $75-$200 range. Uncirculated examples begin around $225 for MS-60, climbing to $2,000 for MS-66. Proof strikes range from $310 (PR-62) to $4,935 (PR-67). Die varieties and mint errors can command significant premiums above these standard values.
What are the differences between Reverse of 1867 and Reverse of 1868?
The diagnostic is star alignment. On Reverse of 1867 (the more common type), the topmost star's point aligns with the center of the letter E in STATES. On Reverse of 1868 (scarcer), the star point falls between the letters E and S in STATES. All proofs use Reverse of 1867; both types exist for business strikes.
Why are high-grade 1868 Shield Nickels so expensive?
The hard copper-nickel alloy proved exceptionally difficult to strike properly. Most coins exhibit weak details even when uncirculated, particularly on the reverse stars and obverse leaves. Coins combining full Mint State preservation with strong, sharp strike characteristics are genuine rarities. PCGS estimates only 400 coins exist in MS-65 or better from the original 28.8 million mintage.
Should I get my 1868 Shield Nickel professionally graded?
Professional grading is recommended for uncirculated coins (MS-60 or better), all proof strikes, and any die varieties or mint errors. The cost of certification (typically $20-$40 for standard service) is justified when it adds value through authentication and grade guarantee. For common circulated coins (G-4 through EF-40), certification costs may exceed the coin's incremental value increase.
How can I tell if my 1868 Shield Nickel is a proof?
Distinguishing proofs from prooflike business strikes is challenging for this series. True proofs have mirrored fields, sharper design details, and more squared-off rims. However, some proofs lack deep mirrors while some business strikes from fresh dies appear prooflike. For valuable specimens, third-party certification is essential. Major grading services have extensive reference collections and expertise to make definitive determinations.
What is the FS-301 RPD variety worth?
The FS-301 Repunched Date is one of the most valuable 1868 varieties, featuring bold, easily visible date repunching. Certified MS-64 examples currently trade in the $1,925-$2,021 range. The variety's value derives from its dramatic visual appeal and ease of authentication without magnification.
How should I store my Shield Nickels?
Use inert, archival-quality holders (PCGS/NGC holders for certified coins, or acrylic holders for raw coins). Avoid holders containing PVC, which causes green corrosion. Store in stable, low-humidity environment. Handle only by edges. Never clean coins—even gentle cleaning destroys value.
Are there any mint marks on 1868 Shield Nickels?
No. All 1868 Shield Nickels were struck at the Philadelphia Mint and bear no mint mark. This was standard practice for Philadelphia coinage during this era. Any coin claiming to be an 1868 Shield Nickel with a mint mark is either mislabeled, altered, or counterfeit.
Research Methodology and Sources
This guide synthesizes data from multiple authoritative numismatic sources to provide comprehensive, current market information. Price data derives from PCGS CoinFacts and NGC Coin Explorer, representing active market values as of October 2025 and September 2023 respectively. Auction results are sourced from Heritage Auctions and Stack's Bowers Galleries, with specific dates and grades cited throughout.
Die variety information follows the Fivaz-Stanton (FS) numbering system as published in The Cherrypickers' Guide to Rare Die Varieties, supplemented by specialized resources including ShieldNickels.Net. Population data from PCGS and NGC provides survival estimates, though these figures may include resubmissions and should be understood as approximate.
Market values for numismatic coins fluctuate based on collector demand, precious metal prices (though negligible for Shield Nickels), and broader economic conditions. Prices listed represent typical retail values as of publication; actual sale prices may vary based on specific coin characteristics, market timing, and venue. For current values, consult major auction archives and dealer listings. Always purchase significant coins with third-party certification from reputable grading services.
