nickel (United States coin)

nickel (United States coin). The United States five-cent piece, commonly called a nickel, is a coin with a face value of five cents. First authorized by the Coinage Act of 1866, it has been struck continuously by the United States Mint since that time, with its most enduring composition being a cupronickel blend of 75% copper and 25% nickel. The coin's most famous designs have featured portraits of Thomas Jefferson and, more recently, a series of innovative reverse designs commemorating significant events and sites in American history.

History

The nickel's history originates in the mid-19th century coinage shortage, which led to the issuance of private coinage and fractional currency. The Coinage Act of 1866 officially authorized a new five-cent coin to replace the half dime, which was made of silver. The first design, the Shield nickel designed by James B. Longacre, entered circulation in 1866. This was followed by the Liberty Head nickel in 1883, famously minted without the word "CENTS," leading to its plating in gold and attempted passage as a five-dollar gold piece in the "Racketeer nickel" scheme. The Buffalo nickel, designed by James Earle Fraser, was introduced in 1913 and is celebrated for its iconic American bison and Native American portrait. In 1938, following a competition, the Jefferson nickel designed by Felix Schlag was adopted, featuring Monticello on the reverse. Wartime exigencies during World War II saw the composition change to an alloy of silver, copper, and manganese from 1942 to 1945 to conserve nickel for the war effort, identifiable by the large mint mark above Monticello.

Design

The coin's design has evolved through several distinct eras. The Shield nickel featured a heraldic shield on the obverse. The Liberty Head nickel depicted a classic profile of Liberty. The artistic Buffalo nickel presented a composite portrait of a Native American chief on the obverse and an American bison on the reverse. Since 1938, the primary design has been the Jefferson nickel, with a left-facing portrait of Thomas Jefferson based on a bust by Jean-Antoine Houdon. The reverse originally depicted his plantation, Monticello. From 2004 to 2005, the Westward Journey nickel series introduced new reverse designs commemorating the Louisiana Purchase and the Lewis and Clark Expedition, including depictions of the Keelboat and the American bison. In 2006, a new obverse portrait by Jamie Franki, showing a forward-facing Jefferson, was paired with a return to Schlag's Monticello design, though modified.

Production

Production is managed by the United States Mint at its facilities in Philadelphia, Denver, San Francisco, and, historically, West Point and New Orleans. The standard specification since 1866, except during World War II, is a composition of 75% copper and 25% nickel. Key production variations include the famous 1913 Liberty Head nickel, of which only five are known, and the 1937-D Three-legged buffalo variety caused by a die polishing error. Annual production numbers fluctuate based on Federal Reserve demand, with billions of coins often minted. Special finishes, such as proof coins, are produced for collectors at the San Francisco Mint. The mint marks, indicating the coin's origin, include "P" for Philadelphia, "D" for Denver, and "S" for San Francisco.

Collecting

The nickel is a popular series among numismatists. Key dates and varieties command high premiums, such as the 1913 Liberty Head nickel, the 1937-D Three-legged buffalo, and the 1950-D Jefferson nickel. The series offers challenges in full-set collecting, including the semi-key 1939-D and 1950-D issues. Error coins, like those with off-center strikes or double die obverses, are also sought after. The Westward Journey nickel series and subsequent annual America the Beautiful-inspired reverse designs from 2006 onward have spurred modern collecting interest. Professional grading services like the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Company (NGC) authenticate and grade specimens for the market.

Cultural impact

The nickel holds a firm place in American culture. It is referenced in idiomatic expressions like "nickel and dime" and in the name of the historic Nickelodeon theaters. The Buffalo nickel's design is considered a classic of American coinage and has been revived on the American Gold Buffalo bullion coin. The coin's image has been used in countless advertisements and served as a token in slot machines. Its purchasing power in the early 20th century, famously allowing for a soda fountain treat, is a nostalgic touchstone. The United States Secret Service was originally founded in 1865 partly to combat counterfeiting of coins like the nickel amid a flood of private coinage and fractional currency.

Category:Coins of the United States Category:1866 introductions