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United States 3 cent coinage of the mid-19th century was released at a time when 3 cents could buy a first-class postage stamp. Instead of doling out three one-cent coins for a single stamp, Americans could simply buy their first-class postage with a 3 cent coin – a denomination that seemed like a reasonable idea at the time and certainly served an important function in commerce. Three-cent coins originally began as a silver coin in 1851. By the mid-1860s, the Civil War was raging across a divided United States, and there was a dire shortage of small change. So in 1865, the U.S. Mint began striking 3 Cent Nickels, which were struck from an alloy of 75% copper and 25% nickel.
Three Cent Nickels were produced in large quantities of more than 1 million during the first half a decade of production, though mintages tended to shrink year by year after the start of the series. With the exception of another million-plus pieces struck in 1881, production numbers had fallen to well below 100,000 by the late 1870s. A large percentage of all production output during any given year came in the form of proof strikes, which mostly went to collectors. The final year of production for the 3 Cent Nickel series came in 1889, when 18,125 business strikes and 3,436 proofs rolled off the presses.
While proof production was significantly lower than the number of business strikes, proof specimens are far more common today than their commercial counterparts. According to PCGS, only 1,000 or so business strikes are estimated to exist across all grades, while some 3,000 proofs are believed extant. Prices for the business strikes begin at around $125 for a G4, while examples in F12 trade for more like $185. Expect to hand over $260 for an XF specimen and $550 for an MS63. Above the grade of MS65, which retails for $900, the 1889 3 Cent Nickel becomes much rarer. In 2005, a PCGS MS67 example hammered for $8,194.
Meanwhile, a nice PR64 example can be had for about $450, with PR66CAM pieces setting collectors back by approximately $1,100. The proof price record was hammered in 2005 by a PCGS-graded PR68 that realized $10,350.