Many people collect Three Cent Nickels by date and variety, along with the various business-strike and proof issues). However, the majority of collectors these days consider the Three Cent Nickel as a coin to be collected as a representative piece within a type set, or an assemblage of coins that generally include one of each design, denomination, and other numismatic determinant. The reason? The cost of collecting Three Cent Nickels can become exorbitant, as even well-worn specimens of common dates can easily set the collector back by $30 to $50 apiece or more.
That is not to say there aren’t many PCGS Registry Set members who are building incredible collections of these coins on the online platform. However, the plurality of collectors who pursue these mid-19th-century pieces, which measure 17.9 millimeters in diameter (essentially the same size as a modern dime) and are composed of a 25% nickel and 75% copper alloy (akin to the current five-cent “nickel”), are looking for a single specimen that can exemplify this James B. Longacre-designed series by way of a quality, well-struck (or at least affordable) manner.
Dates from the inception of the series in 1865 through about the next decade, to 1875, are relatively common, and this is where most type set collectors will tend to focus their search for a Three Cent Nickel. Prices range from around $30 for a G4 specimen to $75 for one grading XF40. Those who seek an uncirculated specimen must ante up about $300 to $400 for an MS63. Those who want premium specimens will need to pay considerably more, with MS65 specimens ranging the gamut from around $675 for the most common dates, such as those struck from 1865 through 1868, up to some $1,500 or more for either of the sought-after 1873 “Open 3” or “Closed 3” varieties.
Collectors seeking a scarcer issue have to pony up higher prices still, and this is where the type set collector must potentially decide what secondary or tertiary goals they might be reaching for beyond the primary objective of having a Three Cent Nickel in their collection. Do they want the rarity factor? Aim to “WOW” others who view the set – or simply want to “WOW” themselves? Is there some other element of challenge at play here? At the end of the day, the choices are part of what make the Three Cent Nickel such a wonderful type coin. These historic pieces from the Gilded Age offer collectors of all budgets and numismatic philosophies plenty to love – and a plethora of options and opportunities – for making the collecting journey even more fulfilling and enjoyable.