Liberty Head Nickel

In 1881, Chief Engraver Charles E. Barber was asked to prepare patterns for 1-cent, 3-cent and 5-cent coins with a common obverse design of a classic head of Liberty, with legend, and date. Out of that exercise, and with few modifications, came the design for what would become the Liberty Head Nickel.

Specifications

 * Designer: Charles E. Barber
 * Obverse Design:
 * Reverse Design:
 * Edge: Plain
 * Weight: 5 grams
 * Diameter: 21.2 millimeters
 * Composition: Copper (75%), Nickel (25%)
 * Dates Minted: 1883-1913

Background
The Liberty Head nickel—oftentimes referred to as the “V-Nickel”, has TWO great stories associated with it. The first story has to do with the first variation of the Liberty nickel, issued in 1883. The other famous story has to do with the LAST Liberty nickels issued—or more correctly, “unofficially” issued.

The Liberty Head nickel was designed by Charles Barber, the same fellow who designed the Barber dime, quarter and half dollar. But the Liberty Head nickel, though it did bear a certain resemblance to the Barber silver coins, had a different-looking Liberty bust on the obverse. This Liberty bust faced left instead of right, and instead of wearing a cap, she wore a sharp, pointy headband on which read the word, “LIBERTY”. This somewhat matron-looking Miss Liberty has a tightly-coiffed mane of swirling curls. On the reverse is a big “V” surrounded by a wreath. This big “V” was to get the Liberty nickel into trouble in 1883, the year the Liberty nickel first made its appearance.

History
The Liberty Head nickel was the second nickel five-cent coin of 1883: during the first part of 1883, the last of the Shield nickels were struck. When the Liberty Head nickel made its appearance later in 1883 everyone then (and now) agreed that it was definitely an artistic improvement over the Shield nickel. But early on, some unscrupulous persons REALLY took to the new Liberty Head nickel!

The problem was the reverse design. There was a big “V” on the back (GOOD). But there was nothing on the reverse that indicated “cents” (BAD)! The legendary story goes like this: a mute con man by the name of Josh Tatum got hold of a number of these new 1883 nickels and gold-plated them. Josh would then walk into a drugstore and purchase a cigar with his gold-plated nickel. The store clerk, being unfamiliar with the new Liberty Head nickel, simply saw a U.S. gold coin with the denomination of “V” on the back, and right away assumed he was being paid with a $5 gold coin! So Josh gets change back for $5 rather than five cents! Mute Josh simply pockets the profits. According to legend, that’s where the term “getting joshed” comes from, but that may or may not be true.

Apparently word got around about this Liberty Head nickel ruse (who knows how many con men tried it) and in very short order, the U.S. Mint wised up. They quickly created ANOTHER 1883-dated Liberty Head nickel: one WITH the word “cents” on the reverse. This accounts for the two major types of Liberty Head nickels we have: “without cents” (1883) and “with cents” (1883-1913).

Collecting
There were 5.4 million 1883 Liberty Head ‘Without Cents’ nickels struck. There were 16 million 1883 ‘With Cents’ nickels struck. So the first “error” type nickel must be the more valuable, huh? Wrong. The 1883 ‘Without Cents’ retails $5.50 in Good, and just $24 even in mint-state! By comparison, the 1883 “With Cents’ nickel retails $15 in Good, $41.50 in Fine, and $160 in mint-state! Considering that the first 1883 type had a much smaller mintage, the values seem to fly in the face of logic. But not when you consider this: the public became well aware of the U.S. Mint’s goof with the first “Without Cents” Liberty Head nickel. So the public saved those—in DROVES! They did NOT save the “fixed” 1883 nickels, so more of them circulated and got worn out, more of them got lost to attrition. That’s why they are valued so much higher!

You will see a number of gold-plated “Rackateer Nickel” 1883 ‘Without Cents’ nickels on the market. But be careful—these may or may NOT have been gold-plated in the 1880’s to be passed off as con pieces. These nickels obviously make for a great story, so undoubtedly, many of the first 1883 nickels were gold-plated long after the period where they could have been passed off as gold coins.

As you can see, we have a lot going on with the Liberty Head nickel, just in 1883 alone! After that, things calmed down somewhat for this nickel. When it comes to collecting the Liberty Head nickels as a series, I divided them into two categories: Better Dates (1883-96) and Common Dates (1897-1912—with one exception). In other words, when you see boxes of Liberty Head nickels being sold (as you often do in coin shops and coin shows), zero in on the pre-1897 dates, because those are worth more. By the same token, you can rest assured that any post-1896 nickel you see is a common (if in less than stellar grade at least). There are two exceptions: one of those exceptions is the 1912-S which retails $150 in Good. Incidentally, the year of 1912 is the only year where the Liberty Head nickel had mintmarks: there is the 1912-D and the 1912-S.

1885 & 1886 Liberty Head Nickels
Besides the 1912-S (and another monster I’ll talk about later), there are two other REALLY key dates in the Liberty Head nickel series. The biggie (as far as COLLECTIBLE Liberty Head nickels) is the 1885. With a mintage of 1.4 million, it’s the second-scarcest of the circulation-issue Liberty nickels. In actuality, there were far less 1912-S Liberty Head nickels struck, but if you’re collecting by date, there are over 34 million 1912-dated Liberty Head nickels spread out over three mints. That’s a lot compared to only 1.4 million 1885 nickels—many of which where worn out and lost over the years. The 1885 nickel retails $560 in Good, $900 in Fine. The runner-up key date in the series is the 1886, which retails $230 in Good, $415 in Fine.

1913 Liberty Head Nickel
Then there is the monster: the 1913 Liberty Head nickel. It’s the OTHER big story in the series. This coin rates in just about everyone’s Top Three when it comes to U.S. coin rarities! There actually were not supposed to be ANY 1913 Liberty Head nickels struck, but a handful were. They were struck with official U.S. Mint dies by some private individual. There are only five known, with rumors of a sixth out there somewhere. If you think you might have, rest assured.. you don’t. If you want one to complete your Liberty Head nickel set, be prepared to fork over at least a couple of million dollars!

Common-Date Liberty Head Nickels
As far as the common-date Liberty Head nickels (1897-1912), yes they are common and inexpensive—at least in lower grades. A typical 1897-1912 Liberty Head nickel retails just under $2 in Good and maybe $2.50 in Very Good. But even though values don’t exactly skyrocket in the higher grades for these dates ($4 for Fine, $11 for Very Fine, $30 for Extra Fine), don’t be fooled. It’s somewhat tough to find Liberty Head nickels in even Fine condition. It’s VERY tough to find Liberty Head nickels in Very Fine or better condition! Except for the 1883 ‘Without Cents’ hardly anyone saved these nickels in pristine condition! The lion’s share of these nickels circulated… and circulated… and circulated! There are just BOXFULLS of worn-out Liberty Head nickels out there. Not many nice ones with detail. That’s why I think common-date Liberty Head nickels in Fine or better are under-priced!

Grading
What does a better-grade Liberty Head nickel look like? I would zero in on two things: is the “Liberty” in the headband readable? And does Miss Liberty have 60% or more of her curled hairlines still intact? If these design elements are intact, you have a much better-than-average Liberty Head nickel. All the better if there’s no rim nicks, gouges, darkness or porousity.

Despite those illegal 1913’s, the Liberty Head nickel was replaced by the Buffalo Nickel in 1913.

Mints

 * Philadelphia Mint (No mintmark)
 * Denver Mint (D mintmark)
 * San Francisco Mint (S mintmark)