The 1867 Shield Nickel was the second issue of the new series of five cent pieces. An alteration to the reverse design took place during the year, removing the rays between the stars. Thus coins are found “with rays” and with “no rays.”
There were 2,019,000 of the 1867 Shield Nickel “with rays” produced and 28,890,500 of the “no rays” version. A significant rarity exists for the proof version “with rays” with an estimate of only 25 pieces produced.