Five Cent Denomination in New Composition
The Coinage Act of April 2, 1792 both established the United States Mint and provided authorization for a specific set of coins. The coin valued at five cents was the “half disme” or “half dime” with primary composition of silver. It wasn’t until the introduction of the Shield Nickel, that the five cent denomination would take on its family composition and name.
The Act of May 16, 1866 authorized the minting of a 5 cent coin with the same composition of the nickel three cent piece. This would consist of 75% copper and 25% nickel. The first Shield Nickels were produced in 1866, with production continuing until the series was replaced by the Liberty Nickel in 1883. This series represents an important shift in coinage as the half dime struck in silver was put to an end after 1873.