Shield Nickels with Rays were made only in 1866 and 1867. Problems had developed in striking the coins with proper detail due to the hard nickel composition. It was believed that the rays which appeared between the thirteen stars on the reverse of the coin contributed to the problem by taking metal flow that would have struck up details on the obverse of the coin. Some 1867 Shield Nickels were produced without rays since the design was changed during the year.
1867 Shield Nickels with Rays and without Rays stuck for circulation carry only small differences in pricing since many of them were saved. In proof format, the coins are a major rarity. Only an estimated 15 to 20 pieces of the 1867 Proof Shield Nickel with Rays are known to exist, of an original mintage that is not known. John Dannreuther has done extensive research on the uses of dies and has concluded that several dies were used, in different die states. The immense rarity of these pieces has not led to price differences on this popular proof issue, and the key date to a full set of proof shield nickels.
