In the fascinating world of coin collecting, few pieces capture the imagination quite like the 1938 Jefferson nickel. As the inaugural year of this iconic design, these coins hold a special place in numismatic history. But just how much is a 1938 nickel worth? Let's embark on a journey through time to uncover the true value of these remarkable coins.
The Birth of an American Icon
A New Era in Coinage
The year 1938 marked a significant transition in American coinage. After a quarter-century of the beloved Buffalo nickel, the United States Mint introduced the Jefferson nickel, featuring the profile of America's third president, Thomas Jefferson.
- Designed by Felix Schlag, winner of a national competition
- Obverse depicts Jefferson's left-facing portrait
- Reverse showcases Monticello, Jefferson's Virginia home
This new design was met with great enthusiasm, leading to widespread hoarding by the public upon its release in November 1938.
The Designer's Vision
Felix Schlag's winning design was chosen from a pool of 390 entries. His vision for the Jefferson nickel was both classic and forward-thinking:
- Clean, uncluttered portrait of Jefferson
- Modern sans-serif lettering
- Detailed representation of Monticello
Despite some modifications to Schlag's original design, the essence of his work has endured for over eight decades.
Valuing the 1938 Nickel: Key Factors
When determining the value of a 1938 nickel, several factors come into play:
- Mint mark (or lack thereof)
- Condition and grade
- Rarity and demand
- Presence of errors or variations
Let's explore each of these aspects in detail.
Mint Marks and Their Impact on Value
In 1938, nickels were produced at three different mints:
- Philadelphia (no mint mark)
- Denver (D mint mark)
- San Francisco (S mint mark)
The mint mark, when present, can be found on the reverse of the coin, to the right of Monticello.
1938 No Mint Mark Nickel (Philadelphia)
- Highest mintage: approximately 19,496,000 coins
- Circulated condition: $0.50 to $10
- Uncirculated MS65: $20 to $30
- MS66: $40 to $60
- MS67: $150 to $200
- Record sale: MS67 grade sold for $3,562 in 2023
1938-D Nickel (Denver)
- Mintage: about 5,376,000
- Considered a semi-key date due to lower mintage
- Circulated: $1 to $6
- Uncirculated MS65: $35 to $45
- MS66: $60 to $80
- MS67: $250 to $300
- Record sale: MS68 grade sold for $5,980 in 2004
1938-S Nickel (San Francisco)
- Lowest mintage: 4,105,000
- Key date in the series
- Circulated: $1 to $5
- Uncirculated MS65: $40 to $50
- MS66: $70 to $90
- MS67: $300 to $400
- Rare MS68 specimens: Up to $2,000
Condition and Grading
The condition of a 1938 nickel plays a crucial role in its value. Coin grading follows the Sheldon 70-point scale, with key considerations including:
- Luster
- Contact marks
- Strike quality
- Overall wear
For Jefferson nickels, the "Full Steps" designation is particularly important. This refers to the visibility of the steps on Monticello:
- 5 or 6 fully visible steps significantly increase value
- Full Steps coins are rare for 1938 due to weak initial die quality
Full Steps Premium
| Grade | Regular Price | Full Steps Price |
|---|---|---|
| MS65 | $40 | $300 |
| MS66 | $70 | $1,000 |
| MS67 | $300 | $5,000+ |
Prices are approximate and can vary based on market conditions
Proof Coins
The San Francisco Mint also produced proof coins in 1938:
- Limited mintage of 19,300
- Most available examples grade PR64 to PR66
- PR67 specimens are rare
- Record sale: PR67 grade sold for $5,980 in 2001
Proof Coin Values
| Grade | Estimated Value |
|---|---|
| PR63 | $100 – $125 |
| PR64 | $125 – $150 |
| PR65 | $150 – $175 |
| PR66 | $200 – $250 |
| PR67 | $500 – $600 |
| PR68 | $1,000 – $1,500 |
Notable 1938 Nickel Errors and Varieties
While errors are relatively uncommon due to the low mintage, some valuable variations exist:
-
Doubled Die Error
- Visible doubling on Jefferson's features or inscriptions
- Can fetch up to $15 in circulated condition, $50+ in uncirculated
-
Re-punched Mint Mark
- Mint mark struck at different angles
- Highly sought-after, worth up to $100 in high grades
-
Re-punched Date
- Date numbers show doubling or overlapping
- Can sell for around $20 in circulated condition, $50+ in uncirculated
-
Full Steps "Error"
- Not truly an error, but a desirable variety
- Extremely rare for 1938
- A 1938-D Full Steps MS68+ sold for $33,600 in 2022
Collecting and Investing in 1938 Nickels
For collectors and investors, 1938 nickels offer an intriguing opportunity:
- Historical significance as the first year of issue
- Relatively low mintages across all mints
- Potential for high-value specimens in top grades
Tips for collectors:
- Focus on high-grade examples when possible
- Look for Full Steps varieties
- Pay attention to strike quality and luster
- Consider proof coins for their rarity and appeal
Building a 1938 Nickel Collection
A comprehensive 1938 Jefferson nickel collection might include:
- Regular strikes from all three mints (P, D, S)
- Proof example
- Full Steps varieties (if budget allows)
- Notable errors or varieties
Investment Potential
While past performance doesn't guarantee future results, historical data shows promising trends:
| Year | MS65 Value | MS66 Value | MS67 Value |
|---|---|---|---|
| 2000 | $20 | $40 | $100 |
| 2010 | $30 | $60 | $200 |
| 2020 | $40 | $70 | $300 |
| 2023 | $45 | $80 | $350 |
Values are approximate and based on non-Full Steps examples
Preservation and Care
To maintain the value of your 1938 nickels:
- Store in non-PVC holders or albums
- Handle coins by their edges, using cotton gloves
- Keep away from extreme temperatures and humidity
- Consider professional conservation for valuable specimens
The Future of 1938 Nickel Values
As with many numismatic items, the value of 1938 nickels is likely to appreciate over time:
- Increasing scarcity as coins are lost or damaged
- Growing interest in early Jefferson nickels
- Potential for new discoveries of high-grade specimens
While circulated examples may not see dramatic increases, top-grade coins and notable errors could continue to command premium prices.
Conclusion: A Coin with Enduring Appeal
The 1938 Jefferson nickel represents more than just its face value. It's a piece of American history, marking the debut of a design that would last for decades. Whether you're a seasoned collector or just starting out, these coins offer a fascinating glimpse into the world of numismatics.
From the common Philadelphia issues to the scarcer Denver and San Francisco mintages, each 1938 nickel tells a story. Their value ranges from just above face value to thousands of dollars for the finest specimens, making them accessible to collectors of all levels.
As you explore the world of 1938 nickels, remember that condition is key, mint marks matter, and sometimes, it's the subtle details like Full Steps that can make all the difference. With their historical significance, variety of collecting options, and potential for appreciation, 1938 Jefferson nickels remain a compelling choice for numismatists and investors alike.
Happy collecting, and may your search for the perfect 1938 nickel be both rewarding and enlightening!
