Shield w/ Rays

During the Civil War, gold and silver coinage was hoarded in large quantities. Since all coinage of that era except the cent contained precious metals, this resulted in a shortage of small change, which in turn led to the creation of fractional currency. These low-value paper notes ("shinplasters") were widely disliked, since some merchants refused to accept them and they wore out extremely quickly. Consequently, in 1865, Mint Director James Pollock officially endorsed the creation of a nickel five-cent piece to replace the hated fractional notes.