As a lifelong coin collector and professional numismatist, I‘ve always had a particular fondness for the Jefferson nickel series. These humble 5-cent pieces, struck from 1938 to the present, offer a surprising level of challenge and excitement for collectors despite their small denomination. While mintages were generally high and the coins are readily available in most grades, certain rare dates, varieties, and errors can bring astronomical prices in top condition.
In this comprehensive guide, I‘ll share my expertise on the most valuable Jefferson nickels, diving deep into the key dates, scarce varieties, and condition rarities that are most prized by collectors. I‘ll also provide guidance on how to identify these coins and what kind of prices they can bring in the current market. Whether you‘re a seasoned Jefferson nickel collector or just starting to explore this fascinating series, I‘m confident you‘ll come away with a greater appreciation for these often overlooked coins.
Jefferson Nickel Overview and Background
First, a little history. The Jefferson nickel was introduced in 1938, replacing the Buffalo nickel that had been in use since 1913. The obverse design, selected by the Mint after an open competition, features a left-facing portrait of Thomas Jefferson based on a marble bust by sculptor Jean-Antoine Houdon. The reverse depicts a front view of Jefferson‘s Virginia home, Monticello. Both the obverse and reverse were designed by German-American artist Felix Schlag.
Over 180 million Jefferson nickels were struck at the Philadelphia, Denver, and San Francisco Mints in 1938, introducing what would become one of the longest running coin series in U.S. history. To date, the Mint has produced over 19.2 billion Jefferson nickels, with annual mintages often exceeding 500 million coins across all facilities.
While the basic obverse design has remained largely unchanged aside from periodic updates to Jefferson‘s portrait, the reverse has seen a couple significant modifications over the decades. The first came in 1939 and early 1940, when Schlag modified the reverse to show more detail in Monticello‘s steps and windows.
The next major change occurred in 2004, when a new reverse by Jamie Franki featuring an angled view of the Monticello was adopted as part of the Westward Journey Nickel series. Franki‘s design was used again in 2005 before the nickel reverted back to Schlag‘s original reverse in 2006 (but with his initials added).
Composition Changes and Silver War Nickels
Jefferson nickels were originally struck from the same 75% copper, 25% nickel composition in use since the Shield nickel of 1866. However, that changed in October of 1942 when nickel was removed in order to conserve it for World War II. For the remainder of 1942 and through 1945, five-cent pieces were minted from an alloy of 56% copper, 35% silver, and 9% manganese – creating the only silver versions of the denomination ever issued for circulation.
These "war nickels" can be identified by the large mintmarks placed above Monticello on the reverse, as well as a duller, gray appearance compared to the white color of regular issues. Production reverted back to the standard copper-nickel composition in 1946 and has remained that way ever since.
The Top 15 Most Valuable Jefferson Nickels
Without further ado, let‘s count down the 15 most valuable Jefferson nickels. Population data and auction prices are current as of April 2023. Note that coins must be certified by PCGS or NGC to be included on this list.
| Rank | Date | Variety/Designation | Finest Known | Pop Higher | Top Auction Price |
|---|---|---|---|---|---|
| 1 | 1954-S | MS67 FS | Yes (PCGS) | 0 | $35,250 |
| 2 | 1939 | Doubled Die Reverse | MS66 (PCGS) | 2 | $28,800 |
| 3 | 1942-D/D | MS67 FS | Yes (PCGS) | 0 | $25,300 |
| 4 | 1939 | Reverse of 40 | MS68 (PCGS) | 0 | $23,500 |
| 5 | 1949-S | MS67 FS | Yes (PCGS) | 0 | $21,600 |
| 6 | 1943/2-P | MS67 | Yes (PCGS) | 1 | $19,200 |
| 7 | 1944-D/S | MS67 | Yes (PCGS) | 0 | $17,625 |
| 8 | 1953-S | MS67 FS | Yes (PCGS) | 0 | $16,200 |
| 9 | 1939 | MS68 | Yes (PCGS) | 0 | $14,100 |
| 10 | 1938-S | MS67 FS | Yes (PCGS) | 0 | $12,650 |
| 11 | 1938-D | MS67 FS | No (PCGS) | 2 | $11,750 |
| 12 | 1945-P | Doubled Die Reverse | MS67 (PCGS) | 0 | $10,925 |
| 13 | 1959-D | MS67 FS | No (PCGS) | 1 | $9,600 |
| 14 | 1939-D | MS67 FS | Yes (PCGS) | 0 | $8,700 |
| 15 | 1952 | MS67 FS | No (NGC) | 3 | $7,475 |
As you can see, the most valuable Jefferson nickels come from a wide range of dates and varieties, but they all share a few key traits: exceptional preservation, finest known or near-finest known status, and the presence of Full Steps detail (more on that in a bit).
The undisputed king remains that phenomenal 1954-S graded MS67 Full Steps by PCGS, the single finest example certified by that company. Strong demand from registry set collectors propelled it to a whopping $35,250 when it last sold at auction in 2020. For perspective, a "normal" 1954-S graded MS67 by PCGS sold for $2,585 in 2017 – quite a difference!
Other highlights include major varieties like the 1939 Doubled Die Reverse, condition rarities such as the 1939-D MS67 Full Steps, and World War II issues like the 1942-D/D and 1943/2-P. The 1949-S and 1953-S also stand out as the rarest regular issue Jefferson nickels in high grade.
I expect this list to evolve as registry sets continue to drive demand for the finest examples. It‘s been exciting to see new price records set in recent years, and I would not be surprised to see a Jefferson nickel break the $50,000 barrier in the near future – especially if an MS68 Full Steps were to be discovered for a key date!
What Are "Full Steps" and Why Do They Matter?
You‘ve probably noticed the "FS" designation on many of the Jefferson nickels in the top 15 list. This refers to "Full Steps," which means the coin shows complete horizontal lines between the steps of Monticello on the reverse. Grading services use a numerical scale of 1-5 to indicate how many sets of steps are visible, with 5FS being the ultimate designation.
Full Steps details require immense striking pressure to fully bring up the design. They‘re challenging to find on any issue, but especially so for certain dates. Some of the toughest in high grade include:
- 1938-S
- 1939-S
- 1942-P Type 2
- 1953-S
- 1954-S
- 1955-D
For serious Jefferson nickel collectors, Full Steps coins are the gold standard. For common dates, a designation of 5FS can multiply the value of an MS66 or MS67 coin by 10x or more compared to a non-Full Steps example. For key dates, the effect can be even more dramatic. Use those 1954-S prices I mentioned as a perfect case in point!
Because of the immense pressure required, Full Steps coins also tend to have above average strike quality in other areas like Jefferson‘s hair and the pillars of Monticello. To paraphrase a common saying among variety collectors, "Full Steps is the tide that lifts all boats." Meaning, if you find a full strike on the steps, other elements likely will be bold too. True connoisseurs know to look for these coins when assembling high-end Jefferson nickel sets.
Collecting Valuable Jefferson Nickel Varieties
Pivoting to my main area of expertise for a moment, let‘s discuss some of the most desirable Jefferson nickel varieties. Collectors have identified numerous repunched mintmarks (RPMs), overdates, and doubled dies (DDs) in the series over the years, some of which can bring substantial premiums.
Here‘s a list of some of the most popular Jefferson nickel varieties, along with their Fivaz-Stanton (FS) variety attribution numbers and an estimated value in XF40 condition:
| Variety | FS Number | XF40 Value |
|---|---|---|
| 1939 DDR | FS-801 | $1,800 |
| 1939 Rev of 40 | FS-1001 | $540 |
| 1942-D/D | FS-501 | $350 |
| 1943/2-P | FS-101 | $300 |
| 1945-P DDR | FS-801 | $150 |
| 1949-S/D | FS-501 | $150 |
| 1949-D/S | FS-501 | $140 |
| 1954-S/D | FS-501 | $125 |
| 1955-D/S | FS-501 | $100 |
As you can see, some of these varieties can sell for hundreds of dollars or more in problem-free XF condition. In the highest grades, five- and even six-figure prices become possible. A few that I consider destined for the history books are the 1943/2-P in MS67, the 1944-D/S in MS67, and the 1939 Doubled Die Reverse in MS66.
With varieties, there‘s often a "story" behind the coin that goes beyond the mere rarity or grade. A great example is the 1954-S/D. Back in the 1990s, an amazing hoard of 1954-S/D rolls entered the market, quickly quintupling the known population. I remember the excitement as collectors and dealers raced to cherry pick gems! Today, the variety remains popular as a reminder of that "era of discovery."
Estimating Prices for Valuable Jefferson Nickels
For collectors on a budget, many valuable Jefferson nickels thankfully remain within reach in circulated condition. Here‘s a quick price guide for some of the key dates of the series in Good-4 and Very Fine-20:
| Date | Good-4 | Very Fine-20 |
|---|---|---|
| 1938-D | $1.25 | $4.50 |
| 1938-S | $2.50 | $5.00 |
| 1939-D | $4.00 | $16 |
| 1939-S | $2.50 | $8.00 |
| 1942-D/D | $25 | $100 |
| 1943/2-P | $40 | $160 |
| 1949-S | $5.25 | $12 |
| 1950-D | $6.50 | $16 |
| 1954-S | $0.75 | $5.00 |
| 1955 | $2.50 | $8.00 |
These prices are just a starting point, but they illustrate how the rarity of certain issues persists even in lower grades. Of particular note are the 1939-D (low mintage), the 1943/2-P (prized overdate), and the 1950-D (key regular issue). The 1938-D, 1939-S and 1949-S are a few other semi-keys worth looking for in change.
A good general rule of thumb is to check any pre-1960 Jefferson nickel you find, regardless of condition, as there‘s always a chance it could be something better. And don‘t forget those World War II silver issues! Common date pieces are worth 75 cents to $1.25 based on melt value alone, while scarcer issues like the 1943-P and 1944-S can reach $50 or more in uncirculated.
Tips for Collecting Valuable Jefferson Nickels
As we wrap up, I‘d like to share some recommendations for collecting these fascinating coins. First, consider focusing on a particular area that interests you, whether that‘s a date run, a set of Full Steps gems, or a variety collection. Having a clear goal in mind can help you stay focused and avoid overspending on coins that don‘t fit your objective.
If you do decide to build a registry set, be patient and selective. Truly outstanding coins are rare no matter the series, and they often sell for strong premiums when they first appear. If your budget allows, consider working with a trusted dealer or advisor to help locate the coins on your want list. Many of my clients have built world-class Jefferson nickel sets by remaining disciplined and keeping an open dialogue about their needs.
For more casual collectors, don‘t be afraid to cherrypick! Jefferson nickels are an ideal series for the budget-minded hobbyist. Most circulated examples trade for very little over face value, so you can assemble a complete set for $50 or less. Diving into rolls and accumulations in search of better dates, varieties, and high grade pieces is part of the fun, and that 1939 Doubled Die Reverse or 1942-D/D is always a possibility.
Finally, take the time to learn as much as you can about the series. Jefferson nickels have a rich history and offer numerous ways to collect beyond the "usual suspects" covered here. Whether you decide to pursue a set of Full Steps coins, a complete run of War Nickels, or even a collection of errors and oddities, knowledge is key to recognizing the coins that others may overlook.
A Bright Future for the Jefferson Nickel Series
In summary, the Jefferson nickel series remains an incredible value for collectors at all levels. From the famed 1954-S to the elusive 1950-D, there are numerous key dates, varieties, and condition rarities waiting to be discovered. Registry sets have helped bring more attention to top pop coins and driven prices to new records in recent years – a trend that shows no signs of slowing down.
At the same time, thousands of valuable coins no doubt remain tucked away in collections, hoards, and rolls waiting to be cherrypicked. As more collectors enter the market and information continues to spread online, I expect we‘ll see even greater interest in the series in the coming years. It‘s an exciting time to be collecting these coins, and I‘m thrilled to be a part of this incredible hobby community.
One thing‘s for sure: the Jefferson nickel series has come a long way from its humble beginnings in 1938. What was once an overlooked set with relatively few rarities has now become a vibrant sector filled with scarce varieties, legendary hoards, and registry set battles. Whether you‘re a new collector just getting started or a seasoned specialist chasing the finest knowns, there truly is something for everyone in Jefferson nickels. I look forward to seeing what the next chapter brings – perhaps we‘ll have a new member of the $100,000 club before too long! Happy hunting!
