The Jefferson Nickel has been circulating among Americans for decades, passed from hand to hand, and often overlooked as a mere 5-cent coin. However, some Jefferson Nickels are worth far more than their face value, particularly those with rare minting errors or those from years with very low mintage numbers.
In fact, certain rare varieties of these nickels can fetch thousands of dollars at auctions, providing an unexpected financial windfall for the lucky discoverer.
This guide delves into the history of the Jefferson Nickel, the specific years and mintmarks to watch out for, and tips on how to determine whether an old nickel in your collection is a hidden treasure.
A Brief History of the Jefferson Nickel
The Jefferson Nickel was first minted in 1938, replacing the Buffalo Nickel. Created by artist Felix Schlag, the design featured a portrait of Thomas Jefferson on the front, with his home, Monticello, depicted on the reverse.
Over the years, the coin has undergone several design changes. Notably, from 2004 to 2005, the Westward Journey Series featured a redesigned reverse, and in 2006, a new version was released showing Jefferson facing forward. Despite these updates, older Jefferson Nickels are still in circulation, and some rare versions from earlier years are now highly sought after by collectors.
Key Dates and Features to Watch For
While most Jefferson Nickels are worth only their face value, some specific years and mintmarks are especially valuable. Here are some of the most coveted examples:
1939-D Jefferson Nickel
One of the semi-key dates in the Jefferson Nickel series, the 1939-D is notable for its low mintage of just over 3.5 million coins. In mint state, this nickel can be worth anywhere from $1,000 to more.
1950-D Jefferson Nickel
Often considered the “Holy Grail” of postwar Jefferson Nickels, the 1950-D has the lowest mintage of any regular-issue nickel in the 20th century, with only 2.6 million coins minted. Uncirculated examples can easily sell for $500 to $2,000 or more, depending on their grade.
War Nickels (1942-1945)
During World War II, the U.S. government altered the composition of nickels, adding 35% silver to the alloy to save nickel for wartime production. These “War Nickels” have a large mintmark (P, D, or S) above Monticello on the reverse. These coins are valued between $1.50 and $50, depending on their condition, and have historical significance due to their silver content.
Full Steps Nickels (FS Designation)
Some Jefferson Nickels, particularly those in high-grade condition, feature Monticello’s steps that are unobstructed and fully visible. These “Full Steps” coins are especially valuable, with prices ranging from $200 to over $3,000, depending on the year and mintmark.
Mint Error Nickels
Nickels with minting errors, such as double dies, off-center strikes, or repunched mintmarks, can be worth significant amounts. Even minor errors can increase the coin’s value, sometimes fetching hundreds or thousands of dollars depending on rarity and demand.
How to Identify a Valuable Jefferson Nickel
To determine if your Jefferson Nickel is a rare find, follow these steps:
Step 1: Check the Date and Mintmark
Look for the year and mintmark on the obverse (front) of the coin. Mintmarks include:
- No mintmark = Philadelphia
- D = Denver
- S = San Francisco
- P = For War Nickels only
Focus on key dates like 1939-D, 1950-D, and War Nickels.
Step 2: Inspect the Reverse Side
Examine Monticello on the reverse side. Is the pathway clear with no obstructions? If the steps on Monticello are fully visible, it could be a Full Steps coin, which is more valuable.
Step 3: Look for Errors
Use a magnifying glass or a coin loupe to inspect the coin for minting errors, such as doubling, misalignments, or repunched mintmarks. These errors can significantly increase the value of a nickel.
The Importance of Grading: Condition Matters
The value of a coin can change drastically depending on its condition. For example, a typical 1950-D Jefferson Nickel in circulated condition might only be worth $5-$10, while one in MS-65 Full Steps condition could be valued at over $1,500.
Consider submitting your rare coins for certification by reputable grading companies such as:
- PCGS (Professional Coin Grading Service)
- NGC (Numismatic Guaranty Corporation)
Certified coins are more likely to fetch higher prices due to their verified authenticity and condition.
Where to Sell Your Rare Jefferson Nickel
If you believe your Jefferson Nickel is valuable, consider the following options for selling:
- Coin Dealers: Local or national coin dealers may offer a fair price based on the coin’s rarity and condition.
- Coin Shows: Experts and collectors often attend coin shows, providing an opportunity to sell your nickel.
- Online Auctions: Websites like eBay or Heritage Auctions are great places to sell rare coins.
- Facebook Collecting Groups: Many specialized Facebook groups have collectors looking to purchase coins.
- Certified Auction Houses: These venues are ideal for getting top dollar for rare or graded coins.
Make sure to have a certificate of authenticity or a grading slip if your coin has been certified, as it adds legitimacy and value.
Why You Should Check Your Change
Jefferson Nickels are still circulating, so you may come across a valuable coin in your pocket change, old coin jar, or inherited collection. It’s always worth checking your coins, as you might uncover a hidden treasure.
Final Thoughts
While the Jefferson Nickel may appear to be a simple 5-cent coin, some rare variations, especially those minted between 1938 and 1964, can be worth far more than their face value. With a little knowledge, you can turn a modest nickel into a valuable asset.
So next time you receive a nickel, take a moment to check it carefully—you might just discover a small coin with a big payoff.
FAQs
Why are Jefferson Nickels Considered Valuable?
Jefferson Nickels can be valuable due to low mintage years, minting errors, silver content (in War Nickels), or high-grade conditions with Full Steps on Monticello.
Which Jefferson Nickel is the Rarest?
The 1950-D Jefferson Nickel is among the rarest, with only 2.6 million minted. Those in high-grade condition with Full Steps are particularly valuable.
How Can I Tell if My Nickel Has Full Steps?
Look at the steps on Monticello on the reverse side. If all five or six steps are clearly visible and unbroken, the coin is considered a Full Steps variety, which can significantly increase its value.