By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The Liberty Head Nickel–or “V” Nickel, as it’s more commonly known–was the second design style of the United States five-cent nickel coin. The design by Chief Engraver Charles E. Barber was a modest improvement over James B. Longacre’s Shield Nickel, which had entered production in 1866 and served the nation for 17 years.
Snowden Sought to Remake More Than Just the Nickel
In 1881, United States Mint Director James Ross Snowden decided to unify the designs of the one-cent, three-cent, and five-cent coins. The cent and five-cent coins circulated widely, but the Three-Cent Nickel, which debuted in 1865, was declining in popularity. After two Proof-only issues in 1877 and 1878, more than a million pieces were struck in 1881. This would be the final year that the denomination experienced a mintage over 42,000 pieces.
Barber created Liberty Head designs for all three denominations, and patterns were struck later that year. However, Snowden was unable to implement his desired design alterations for the cent and the Three-Cent Nickel, so only the Five-Cent Nickel design ever saw full production.
Inspired by the Morgan Dollar
Barber’s design was heavily influenced by George T. Morgan’s silver dollar obverse, which entered production in 1878. Comparing the two designs side by side is unflattering to the Barber Nickel; whereas Morgan’s Liberty is naturalistic and full-bodied, Barber’s Liberty is set at a slightly farther distance and is flat and lifeless.
Another element of the design that is interesting to note is Barber’s use of straight lines and how that differs from the Morgan Dollar design. The top of Liberty’s diadem cuts a straight 45-degree angle pointing downward. Liberty’s chin, a 30-degree angle pointing downward. And Liberty’s bust truncation cuts a straight 12-degree angle pointing up. This is likely an over-analysis on our part, but compared to the curved bust truncation, curved diadem, and bulbous chin line of Morgan’s design, it’s no surprise that many feel Barber’s bust portrait comes across as lackluster.
Production History, Release, and Problems
Barber’s effort to redesign the nickel five-cent coin did not escape bureaucratic interference. In December 1882, after two years of refining his concept and believing that he had finished his work, Barber sent the designs to Mint Director Horatio Burchard for review, with the expectation that he and Treasury Secretary Charles Folger would quickly approve the designs.
The designs he sent featured the familiar left-facing bust portrait of Liberty with UNITED STATES OF AMERICA inscribed around the rim with the date below the bust truncation. The reverse featured a large Roman “V” surrounded by a vegetal wreath, with E PLURIBUS UNUM inscribed above.
Instead of accepting them, Folger, whom researcher R.W. Julian calls a stickler for the letter of the law, rejected the designs. Folger objected to the placement of the inscriptions and directed the Mint to adjust the design so that it would satisfy the language of the Coinage Act of 1873. Folger specifically stipulated that LIBERTY and the date appear on the obverse and that the legend UNITED STATES OF AMERICA, the motto E PLURIBUS UNUM, and the coin’s denomination appear on the reverse.
On December 20, Mint Superintendent Archibald Loudon Snowden wrote to appeal Burchard’s decision, arguing that the Treasury Secretary had misinterpreted the law and that the proposed design did not violate it. Folger made quick work of Snowden’s appeal and ordered the change. The Treasury did approve the design motif, however.
On January 4, the Philadelphia Mint sent revised designs for the Liberty Head “V” Nickel to Washington, D.C. for review by Mint Director Burchard and Treasury Secretary Folger. Mint Director Burchard responded on January 8, informing the Mint that the revised designs had been approved and that production of the new design could begin.
The nickel was initially released without the word CENTS inscribed on the reverse. This type has been referred to as “Type 1”, “Without Cents”, or, as in the 1908 B. Max Mehl publication Numismatic Monthly, “Centsless”. The Roman numeral “V”, coupled with the nickel planchet (similar in composition but slightly larger than the Shield Nickel it replaced), was supposed to inform users of its value. It’s worth noting that the three-cent pieces struck in silver billon and nickel also did not include the denomination, and there was no apparent problem arising from their use. It is also debatable whether the initial design was in violation of Section 3517 of the Revised Statutes of the United States, which specify that the reverse of coins issued by the Mint must bear “designation of the value of the coin.”
A commencement ceremony was held on January 30 to mark the start of the new coinage. The first business strike was sent to President Chester Alan Arthur. Additional strikes were presented to various dignitaries. Regular coinage began on February 1.
No Cents Nickels Cause Headache for the Treasury, the Mint, and Everyone Else
Within a short time of the 1883 Liberty Head Nickel’s release, stories began to circulate around the country of people gilding the new coins and passing them as five dollar gold pieces.
A name that is commonly thrown around in relation to this issue is Josh Tatum, a supposed deaf-mute con artist from Boston, Massachusetts. According to legend, Tatum had 1,000 nickels plated and passed them for gold coins as he made his way from Boston to New York. As far as we can tell, no solid information has ever been presented to corroborate this tale. There is no census information, no criminal records, nor any contemporaneous newspaper accounts of the many supposed Tatum swindles. Yet, the story persists and is often cited in auction catalogs whenever an 1883 Liberty Head Nickel is offered for sale.
The gold-plating issue was a real concern, however.
As Lianna Spurrier writes in her CoinWeek article “Fact of Myth: Racketeer Nickels“, the U.S. Secret Service had immediate misgivings about the coin’s design and put out a press release nine days after the coin’s release calling the Mint’s new nickel “dangerous” and suggesting that criminals could apply “a thin plating [that] would enable persons to pass them off in some places as gold coins of a new issue.” Given that the Secret Service had primary jurisdiction over fighting financial crimes and threats to America’s money, this was a significant step.
Word of this concern, and possibly too, isolated cases of plated coins being passed as gold coins spread throughout the country. A. Loudon Snowden, the Superintendent of the Philadelphia Mint travelled to Washington to defend the design, pointing to the similarity of the new five cent coin to the circulating three-cent coin. Both denominations used roman numerals and neither design denoted the word CENTS. Snowden’s argument proved unconvincing and in early March, work began on a new reverse die that would include the word CENTS.
How Much Is the 1883 Liberty Head Nickel Without Cents Nickel Worth?
The 1883 Without Cents Nickel is an affordable classic U.S. coin that should fit within the budget of every collector. In circulated condition, the coin will cost between $2.00 (for the Fine-12 example above) to about $25 for a Choice About Uncirculated example. About Uncirculated coins are coins that feature all of the design elements but exhibit traces of wear or cabinet friction.
A large number of “Without Cents” Nickels were hoarded by collectors and speculators while the Government endeavored to withdraw them from circulation, this is largely the reason why the coin is one of the most affordable issues in the series in Mint State.
In Uncirculated grades, the coin’s value quickly jumps to $100 for an example in MS63 and $250 for a coin in MS65.
PCGS and NGC have combined to grade a few thousand examples at the Gem level. CAC has approved slightly more than 300 at MS65 and MS66. The coin becomes “investor” grade once you climb to the Superb Gem level of MS67. Here, the availability of coins drops dramatically.
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Market Data and Noteworthy Specimens
The 1883 No Cents Liberty Nickel has seen steady growth in certified high-grade examples over the past two decades.
The introduction of the MS67+ grade in the mid-2010s shifted the collector focus from MS67 to MS67+. As the MS67+ population grows, the natural variability among high-end coins, as well as the motivations of graders and submitters, could all influence whether an MS68 appears sooner than expected.
Should We Expect to See an MS68 Coin In the Near Future?
The first PCGS MS67+1883 No Cents Liberty Nickel was certified in 2016. At that time, the PCGS MS67 population stood at 41 coins. Fast forward to today, and the MS67+ count has reached 15—a figure that’s about 37% of that 2016 MS67 population. This growth didn’t happen in a vacuum; it signaled a refinement in grading, where services began distinguishing the crème de la crème from standard MS67 specimens, and more-or-less answered the impact that CAC stickers were having on the market.
What was once hailed as the ultimate “Superb Gem” status in MS67 has largely ceded ground to MS67+ as the new exemplar of quality. This pattern isn’t unique to nickels—it’s a broader trend in numismatics where finer gradations recalibrate the market and reorder the condition census.
Even within the MS67+ category, not all coins are created equal. Some exhibit superior strike, luster, or eye appeal that could warrant an even higher grade. Many coins at this level exhibit mint-made imperfections- die cracks being the most common. Could a pristine coin without these obvious visual impairments rise above the rest and earn an MS68 grade?
Market history points to a “high likelihood” that this may be the case, as collectors, dealers, and the grading services each have their own incentives to do so, especially as the MS67+ grade becomes increasingly crowded.
An MS68 coin would command a significant premium, turning a strong MS67+ into a five-figure trophy, and I estimate that there is a 10-30% chance that PCGS will certify one within the next three years. Here’s how I come to that conclusion.
- Grade Evolution Parallels: The MS67+ emerged after accumulating around 40 MS67 coins, splitting the top tier. Now, with 15 MS67+, we’re nearing a similar tipping point for MS68. This historical pattern suggests that the grading services might introduce or assign MS68 to differentiate the elite within MS67+ population.
- The MS68 Coin Will Likely be an Upgrade: Population data shows occasional dips in MS67 counts (e.g., from 52 to 51 in 2023), likely due to upgrades to MS67+. Similarly, existing MS67+ coins could be resubmitted and bumped to MS68 if they stand out. With 15 such coins, even a modest regrade rate (say, 1-2 attempts per year succeeding at 5-10% odds) adds extra “chances” beyond just new submissions. Plus, regrades carry lower downside risk than raw coins for the submitter.
- Market and Incentive Boost: As the MS67+ market grows stale, the shift in focus to MS68 as the new top, combined with the desire for a singular “best” coin, could encourage more aggressive grading or submissions. This phenomenon isn’t captured in pure numbers but intuitively raises the baseline probability per coin to something like 2-6%.
Adjusting the model accordingly, we can simplify the math:
Focus on the MS67+ subset as the pool for potential MS68s.
- With 15 MS67+ and zero MS68s so far, the chance for the next top-tier coin (new or regraded) to be MS68 is about 1 in 17 (6%).
- Recent trends show 1-2 new MS67+ per year, plus potential regrades, yielding 4-6 candidates over two years.
- The odds of at least one success? Roughly one minus (16/17 raised to the power of 5), or about 25%.
- In plain terms, it’s like having five shots at a 17-to-1 longshot—the cumulative chance hits one in four. This is a conservative model; if incentives drive more activity, the figure could climb to 30% or higher. Conversely, if submissions slow, it returns to 10%.
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Curiously, we could not trace any of the publicly-offered MS67+ nickels to active registry sets.
Top Population: PCGS MS67+ (15, 9/2025), NGC MS67+ (9, 9/2025), and CAC MS67+ (1, 9/2025).
- PCGS MS67+ #37904887: “The Scherr Family Collection,” Heritage Auctions, April 23, 2020, Lot 3218 – $2,280; “The Scherr Family Collection, Part II,” Heritage Auctions, February 28, 2025, Lot 3708 – $4,080. Light gold and blue toning with scattered specks of brown throughout the obverse. Light die cracks through stars 3-7 and 12-13. Vertical gouge to the left of star 10. Diagonal hit to the right of V.
- PCGS MS67+ CAC #39248060: Stack’s Bowers, April 1, 2025, Lot 2225 – $5,760.
- PCGS MS67+ CAC #39135084: As PCGS MS67 CAC #39135084. Heritage Auctions, January 11, 2023, Lot 3091 – $4,440. As PCGS MS67+ CAC #39135084. Legend Rare Coin Auctions, May 25, 2023, Lot 75 – Passed. Upgraded by 1/2 point; retained old cert. number; Legend Rare Coin Auctions, November 11, 2023, Lot 29 – $4,230. Brilliant. Prominent die crack from the rim to the right of 12 o’clock through L in the coronet. Small patch of discoloration above gap between 88. Thin diagonal scratch above ear. Small gouge in field to the right of star 9.
- PCGS MS67+ #40715254: As PCGS MS67 #27771619. “The Ally Collection,” Heritage Auctions, January 7, 2015, Lot 3534 – $3,525. As PCGS MS67+ #40715254. Legend Rare Coin Auctions, May 25, 2023, Lot 76 – $3,055; Legend Rare Coin Auctions, July 14-23, 2023, Lot 15117 – $3,055. Champagne hue.
- PCGS MS67+ CAC #39812837: Legend Rare Coin Auctions, April 21, 2021, Lot 256 – $4,817.50. Muted pastel toning throughout.
- PCGS MS67+ CAC #37769106: Stack’s Bowers, August 13, 2019, Lot 1153 – $5,040.
- NGC MS67+ CAC #3814195-001: Heritage Auctions, June 8, 2017, Lot 3254 – $3,760.
- PCGS MS67+ CAC #25789898: Heritage Auctions, August 10, 2016, Lot 3406 – $5,640. Top pop, pop one when offered. Champagne color. Die cracks at date and through stars 6-8; 11-13.
- NGC MS67+ CAC #3814195-001: Heritage Auctions, September 17, 2015, Lot 3276 – $3,525.
Design
Obverse:
The Liberty Head Nickel was designed by Charles E. Barber, who is the namesake behind the Barber (officially “Liberty Head”) Dime, Quarter, and Half Dollar; some hobbyists have similarly dubbed the Liberty Head Nickel as the “Barber” Nickel, though this has not been common practice. The 1883 Liberty Head Nickel features a leftward-facing bust of Miss Liberty, whose hair is tied into a bun behind her head. She is crowned with a tiara bearing the inscription LIBERTY. Thirteen stars, representing the 13 original states of the Union, mostly encircle the bust along the obverse rim. At the bottom center of the obverse is the coin’s date, 1883.
Reverse:
The legend UNITED STATES OF AMERICA wraps around the top three-quarters of the reverse along the rim.
Edge:
The edge of the 1883 Liberty Nickel is plain or smooth, without reeding or lettering.
Designer
Charles Edward Barber was born in London in 1840. He was the son of William Barber, the fifth Chief Engraver of the United States Mint, under whom he worked as an assistant engraver. Upon his father’s death in 1879, Charles Barber became the Mint’s sixth Chief Engraver. The coins he designed during his tenure are collectively known as “Barber coinage” and include the dime, the quarter, and the half dollar. His Liberty “V” nickel is also well-known, as is his supposed feud with engraver George T. Morgan.
Coin Specifications
| Country: | United States of America |
| Year of Issue: | 1883 |
| Denomination: | Five Cents (USD) |
| Mintmark: | None (Philadelphia) |
| Mintage: | 5,474,000 |
| Alloy: | .750 Copper; .250 Nickel |
| Weight: | 5.00 g |
| Diameter: | 21.20 mm |
| Edge: | Plain |
| OBV Designer: | Charles E. Barber |
| REV Designer: | Charles E. Barber |
| Quality: | Business Strike |
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Sources
Q. David Bowers: https://www.pcgs.com/News/Pedigree-Of-Five-Known-1913-Liberty-Nickels
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