 1867 With Rays. Choice Brilliant Proof. A so-called original, the obverse die of which is perhaps most easily recognized by a thin die line that connects the second and third leaf at the top right corner of the shield. The '7' in the date also shows recutting. The reverse die is identical to that used to mint the restrikes, though restrikes were coined from later states of this die. These states are most easily differentiated by the strength of the central line in the top left ray as well as the strength and thickness of the denticles from 3:00 to 5:00. There is no ambiguity as to the Proof status of this coin as the depth of strike is unlike that of any business strike, and the fields certainly enjoy their fair share of mirror reflectivity. A pale blush of olive-golden toning is evenly distributed on either side, and there are no particularly significant defects other than a light stain at the upper right angle of the shield. Once believed to be an extreme rarity, the fairly recent dispersal of a small concentration of pieces has had a notable effect on the population. Regardless of this fact, however, this highly important coin remains very rare by any standards. John Dannreuther estimates that ''there are probably fewer than 15 With Rays Proofs that exist from this original obverse die.'' Even when taking into account all survivors struck from the restrike obverse die, the total population of 1867 With Rays Proof Nickels is likely less than 65 pieces.
There has been much research over the last two years or so regarding the recent realization that 1867 With Rays Proof Nickels were struck from more than one obverse die. The first to make this discovery was numismatist John Dannreuther after which time he added to earlier research by Walter Breen regarding the first delivery of 1867 Proof Nickels made on February 8, 1867. After making his case that these first 25 Proofs were probably the original With Rays pieces, others (such as R.W. Julian and Douglas L. Kurz) have added their insight and research on this matter. As a result, there has been significant debate as to the order of striking for both With Rays and No Rays Nickels of this date, much of which hinges on mint records and the dies used to strike various patterns and trial pieces. We refer the interested reader to several articles and letters published in ''Coin World'' as well as other research papers, most of which were written between July 2003 and January 2004.
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