How to collect US five-cent pieces ?
Nickels were made in four major types beginning in 1866. Collectors gravitate to this series because there are so many affordable dates and because of the draw of the purely American design on the Indian-head/buffalo type. You can obtain many of the coins you need for your collection from circulation, which is a fun and easy way to start. When you’re ready to get serious about this series, consider the following ways of collecting:
By type:
• Difficulty rating: Easy. Finding all four types of the five-cent pieces is a breeze.
• Cost estimate: Inexpensive. In Fine condition, a set of nickel types runs less than $50. In Uncirculated condition, a nice type set of nickels runs less that $300.
By date:
• Difficulty rating: Impossible — the 1913 Liberty nickel set a price record of over $5 million in 2007. However, if you stay within each type, or disregard the 1913 nickel, the difficulty rating drops to easy. For example, the only scarce shield nickels are the dates from 1877 to 1881. The only tough V nickels are the 1885 and 1912-S, and there are no rare dates in the buffalo or Jefferson nickel types, except for a few overdates.
• Cost estimate: A complete date set of shield nickels in Fine condition costs approximately $4,250. In Uncirculated condition, expect to pay $13,000 and up. If you exclude the 1913, as you must, a complete date and mintmark set of V nickels in Fine condition will cost roughly $2,000; in Uncirculated condition, the potential cost jumps to at least $8,000. For $2,500, you can complete a date and mintmark set of buffalo nickels (less the overdates and the three-legged error of 1937) in Fine; in Uncirculated condition, expect to spend $35,000 for a choice set. (We told you they were popular!) Because they’re so inexpensive, we recommend collecting Jefferson-head nickels only in Uncirculated and/or proof condition. A complete set of all dates and mintmarks should run approximately $500.
By die variety:
• Difficulty rating: Moderately difficult to extremely difficult, depending on how far you go. Several design variations exist to tempt you and some are considered must-have varieties. The 1867 nickel comes with and without rays on the back, the 1883 nickel comes with the word Cents and without the word Cents on the reverse, and the 1913 buffalo nickels come with the words Five Cents either on a mound (Type I) or in a recessed area (Type II). If overdates thrill you, choose among the 1879/8 or 1883/2, the 1914/3, the 1916/16, the 1918/7 from the Denver mint, and the 1943/2. One of the most unusual varieties is the 1937-D three-legged buffalo nickel, an error created when some of the details were accidentally ground off the die used to strike the coins while polishing it!
• Cost estimate: Moderately expensive to mega-expensive. Common varieties run $20 or less — others can run into the tens of thousands of dollars.
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