In general, business strikes are apt to show areas of weak striking, particularly on the reverse denomination (which is expressed as the Roman numeral III). The denticles (toothlike border segments) on the obverse and reverse are sometimes indistinct, even on Proofs. Forming a set of MS-65 business strikes from 1865 onward will require years of patience, for some dates are truly elusive. The gap is filled nicely by Proofs which were made in reasonable quantities from beginning to end. The first year of issue, 1865, is the scarcest Proof variety in the series, for the nickel three-cent denomination was not produced until later in the 1865 year, by which time many Proof sets lacking this denomination had been sold to collectors. Relatively few took the time to contact the Mint to acquire the extra piece when it became available.

Proofs of the earlier years, 1865 through 1876, are considerably scarcer than those of the later period. However, the later pieces are in greater demand, for toward the end of the series very few business strikes were minted, and thus overall mintages - a combination of Proofs plus business strikes - tended to be considerably lower. Nothing increases demand more than having a low mintage figure published in the Guide Book of U.S. Coins.

The nickel three-cent piece met the same fate as the two-cent piece. At the beginning the outlook was optimistic, and 11 million were produced for circulation. They did not catch on as well as expected, and production declined sharply to fewer than five million the next year, fewer than four million the next year, and so on. Finally, in 1889, the denomination was discontinued.

Budget Recommendations: Build a set of dates 1865-1889, with 1865-1876, 1881, 1888, and 1889 in G-4 to G-8 grade, and the others in the lowest grades (down to G-4) you can find, which will probably be VF-20 to EF-40. For some of the dates of the 1877 to 1887 span Proofs are more common than EF-40 coins!

Recommendations for the Connoisseur: For those who can afford it, the formation of a set of Proofs from 1865 through 1889 offers an interesting challenge. I recommend issues in Proof-63 to Proof-65. Avoid spotted or rubbed pieces.

Elite Recommendations: Assemble a set of Proof-65 coins, nicely matched and with pleasing surfaces, from 1865 to 1889.