How to Identify Valuable Varieties
Jefferson nickels don’t make headlines too often. You’re not bound to see any big stories about six-figure Jefferson nickels hammering on the auction block or come across many clickbait articles about valuable doubled dies among this classic series. But there’s a lot to love about Jefferson nickels, which have been a mainstay in circulation for generations.
The public is extremely familiar with the Jefferson nickel, which debuted in 1938 after a public competition to find a new design to replace the aging Buffalo motif that had appeared on the five-cent coin since 1913. German-born sculptor Felix Schlag won $1,000 for his winning design of Thomas Jefferson on the obverse and the president’s private Virginia mansion Monticello on the reverse.
Taking A Second Look
After the Jefferson nickel’s introduction in 1938, the coin’s overall design remained relatively unchanged for 66 years. The only exceptions were relatively minor changes. During World War II, rations prompted an alteration to the coin’s composition to save nickel for military artillery. An emergency 35% silver alloy was used for the five-cent coin from 1942 through 1945, and this was denoted by the placement of a large mintmark over the dome of Monticello. Later, in 1966, Schlag’s initials (“FS”) were added under Jefferson’s bust. Minor die enhancements followed in the 1970s and ’80s.
The nickel saw vast changes in 2004 with the start of the two-year Westward Journey program. The circulating commemoratives honor the bicentennial of the Lewis and Clark Expedition, entailing four reverse designs and overhauls to the obverse in 2005 and 2006.
Among these were reverse designs in 2004 showing a peace medal and keelboat. In 2005, the obverse sported a one-year-only obverse of Jefferson by Joe Fitzgerald that was based off a Jean-Antoine Houdon bust; the reverse designs that year showcased an American bison and a view of the Pacific Ocean. In 2006, a forward-facing portrait of Jefferson designed by Jamie Franki and sculpted by Donna Weaver was paired with a return of the Monticello reverse.
Even amid the many changes to the Jefferson nickel during the mid-aughts, they elicited little lasting attention from collectors. Meanwhile, most of the public seems not to realize the many old Jefferson nickels that are still relatively plentiful in circulation. A well-worn 1938 nickel may look like a heavily circulated 1963 nickel. Even time-weathered Jefferson nickels from the 1970s and 1980s now appear similar to worn specimens from the early years of the series. And this is where astute collectors gain the advantage. Many without knowledge of the Jefferson nickel overlook valuable older dates or other things that can make these coins special, such as overdates, doubled dies and detailed steps at the base of Monticello.
Different Kinds of Keys
It remains possible to build a complete date-and-mintmark collection of Jefferson nickels from circulation—with a little luck and a lot of searching through pocket change and nickel rolls from the bank. This includes landing the two regular-issue key dates: the 1939-D and 1950-D. Both boast low mintages, with the former struck to the tune of 3,514,000 and the latter just 2,630,030. Obtainable for less than $20 each in circulated grades, neither is cost prohibitive, much less truly rare.
Those seeking truly rare or valuable Jefferson nickels should consult Cherrypickers’ Guide to Rare Die Varieties of United States Coins Sixth Edition, Volume 1. The book, co-authored by Bill Fivaz and J.T. Stanton, offers a multitude of Jefferson nickel varieties for which you’d never dream of finding portals in a coin folder or coin album.
War II era distinguished by their large mintmark over the dome of Monticello. COURTESY PROFESSIONAL COIN GRADING SERVICE TRUEVIEW
Off the bat is the 1938 quadrupled die obverse. It’s not necessarily a high-value coin with its $20 price tag in circulated grades, but it’s worth looking for. Minor enhancements to Monticello early on gave rise to varieties known as the Reverse of 1938 and Reverse of 1940 types, which can be spotted on circulation and proof strikes of the 1939 nickel. Another kind of 1939 nickel that keeps collectors on their toes is a reverse doubled die with doubling in the inscriptions MONTICELLO and FIVE CENTS. The 1939 doubled die is a $100 coin in moderately circulated grades, with uncirculated specimens topping $700.
During World War II, rations prompted an alteration to the coin’s composition to save nickel for military artillery. An emergency 35% silver alloy was used for the five-cent coin from 1942 through 1945, and this was denoted by the placement of a large mintmark over the dome of Monticello.”
Overdates, a type of variety that shows evidence of a die being modified with the placement of at least one date numeral over another, were more common among 19th century. Yet a few 20th-century overdates exist, the 1943-P 3 Over 2 nickel among them. Worth around $75 in circulated grades, the 1943-P 3 Over 2 is a must-have variety for those who want more than just a basic set of Jefferson nickels. While you’re checking 1940s nickels, don’t forget the 1946-S doubled die obverse. It sells for hundreds of dollars.
A trio of overmintmarks in the series includes the 1949-D Over S, 1954-S Over D and 1955-D Over S. The 1949-D Over S commands at least $150 in uncirculated grades. The 1954-S Over D and 1955-D Over S take less than $50 in Mint State grades. A quadrupled die obverse that rakes in the big bucks is the 1956 business strike, which sells for $200 or better in Mint State grades.
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A quadrupled die obverse that rakes in the big bucks is the 1956 business strike, which sells for $200 or better in Mint State grades. There are also multitudes of repunched mintmarks and other minor though collectible novelties to watch for.
Modern Jefferson Nickels of Note One of the most valuable varieties in the Jefferson nickel series is the 1971 No S proof. Prices start around $800 to $1,000, though examples donning cameo surfaces are far rarer still and can easily garner $1,500 or more.
Widely documented variances in placement of the D mintmark on some Denver-minted 1975 nickels have caused some collectors to seek out the rare 1975 High D. Only a few are known, and one of the most recent public sales involved a specimen graded by Numismatic Guaranty Company (NGC) as Extremely Fine-40 that hammered for $750 in a 2019 eBay sale.
The far more common 1979-S and 1981-S Type I and Type II proofs are affordable at $5 or so apiece. Also worth mentioning are the 1994-P and 1997-P matte-finish specimens; each was sold alongside commemoratives and now fetch between $30 and $80 depending upon date and condition.
And no review of the Jefferson rarities would be complete without inclusion of the 2005-D Speared Bison. The most famous Westward Journey variety showcases a prominent reverse die crack that runs almost vertically through the bison. It made headlines upon its discovery some two decades ago and is worth around $400 in Mint State-65.
Stepping Up
Some of the most valuable Jefferson nickels are ordinary business strikes that exhibit Full Steps detail. This grading designation, often abbreviated FS, is what creates many of the conditional rarities in the series. Almost universally, the minimal requirements for a Full Steps designation are that the specimen grade at least Mint State-60 and that five or six fully delineated steps are present without abrasions or other detraction affecting the step lines.
Not all Full Steps nickels are exceptionally valuable, with many Mint State-64 or Mint State-65 specimens worth less than $40 or $50. But some dates are rarer than others. Take, for example, the 1969-D Jefferson Nickel, which offers but one specimen with the FS designation. It hammered for $33,600 in a 2021 Stack’s Bowers Galleries auction. The year 1967 has yet to see any of its Jefferson nickels earn the coveted FS designation.
The nickel saw vast changes in 2004 with the start of the two-year Westward Journey program. The circulating commemoratives honor the bicentennial of the Lewis and Clark Expedition, entailing four reverse designs and overhauls to the obverse in 2005 and 2006.”
While most collectors building sets of Jefferson nickels in folders or albums won’t necessarily seek Full Steps nickels, these superior pieces are of great importance to those building registry sets. Many of the top Jefferson nickel registry sets include almost exclusively Full Steps nickels. These prestigious sets can easily cost many tens of thousands of dollars to complete.
Jefferson Nickel Treasure Troves
Jefferson nickels are bound to surprise collectors who never realized the trove of treasures among them. While a basic date-and-mintmark set is straightforward and affordable enough for many collectors, the parade of obscure varieties available in the series can keep patient numismatists busy for many years. Meanwhile, the pursuit of building a complete set of Jefferson nickels with Full Steps detail (save for dates where none are known to exist) will challenge even those with the deepest of purses or pockets.
Regardless of your income, there are many avenues for building a beautiful set of Jefferson nickels. Those who can’t afford top grades to build a competitive registry set may instead focus on a circulated run that includes as many varieties as possible. Or forget the pricey Full Steps coins and scarce varieties altogether and challenge yourself to fill a folder entirely from Jefferson nickels plucked from circulation. The choice is up to you!
The real key to enjoying Jefferson nickels isn’t necessarily contingent on how much you spend on your collection but in maximizing what you can get out of the series. And as you can see, this octogenarian series tracing back to the end of the Great Depression continues strong today with something to offer for virtually everybody.
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