The period during which United States nickels contained silver ended in 1868. These coins, known as “Shield Nickels”, had a composition of 75% copper and 25% nickel but some experimental patterns did contain silver prior to the official introduction of the copper-nickel composition. An example of these older experimental versions is the 1866 pattern nickel which had a smaller diameter than later official issues.
The shift away from using silver in circulating coinage, including the five-cent piece, was driven by economic factors, particularly the rising cost of silver relative to other metals. Using a less expensive alloy ensured that the face value of the coin remained higher than its intrinsic metal value, discouraging hoarding and melting. This transition was essential for maintaining a stable and functional currency system.
