In the world of numismatics, even the most unassuming coins can hold surprising value. The 1962 Jefferson nickel is a perfect example of this phenomenon. While many may pass these coins by without a second glance, savvy collectors know that some 1962 nickels can be worth far more than their five-cent face value. This comprehensive guide will delve into the intricacies of the 1962 nickel, exploring its history, rarity, and potential worth.
A Brief History of the Jefferson Nickel
Before we examine the specifics of the 1962 nickel, it's important to understand its place in American coinage history:
- The Jefferson nickel design was introduced in 1938, replacing the Buffalo nickel.
- It was designed by Felix Schlag, whose initials (FS) weren't added to the coin until 1966.
- The design has remained largely unchanged for over 80 years, making it one of the longest-running coin designs in U.S. history.
The 1962 Nickel: Specifications and Mintage
Physical Characteristics
- Composition: 75% copper, 25% nickel
- Weight: 5.0 grams
- Diameter: 21.2 mm
- Thickness: 1.95 mm
- Edge: Plain
Design Elements
- Obverse: Profile of Thomas Jefferson facing left
- Reverse: Monticello, Jefferson's Virginia home
- Inscriptions:
- Obverse: "IN GOD WE TRUST", "LIBERTY", "1962"
- Reverse: "E PLURIBUS UNUM", "MONTICELLO", "FIVE CENTS", "UNITED STATES OF AMERICA"
Mintage Figures
- Philadelphia (no mint mark): 97,384,000
- Denver (D mint mark): 280,195,720
- Proof coins (Philadelphia): 3,218,019
Factors Affecting the Value of a 1962 Nickel
Several key elements determine a 1962 nickel's potential worth:
- Mint mark
- Condition (grade)
- Full Steps designation
- Errors and varieties
- Proof vs. circulated coins
Grading Scale for 1962 Nickels
The condition of a coin is crucial in determining its value. The standard grading scale includes:
- Good (G-4) to Very Good (VG-8): Heavy wear, major details visible
- Fine (F-12) to Very Fine (VF-20): Moderate wear, all major features clear
- Extremely Fine (EF-40): Light wear, sharp details
- About Uncirculated (AU-50) to (AU-58): Minimal wear, some luster remaining
- Mint State (MS-60) to (MS-70): No wear, varying degrees of luster and contact marks
1962 Nickel Values by Mint Mark and Condition
1962 Philadelphia (No Mint Mark) Nickel Value
| Grade | Value |
|---|---|
| Circulated | $0.05 |
| MS-60 | $2 |
| MS-65 | $15 |
| MS-67 | $375 |
1962-D (Denver) Nickel Value
| Grade | Value |
|---|---|
| Circulated | $0.05 |
| MS-60 | $2 |
| MS-65 | $40 |
| MS-67 | $5,000 |
1962 Proof Nickel Value
| Grade | Value |
|---|---|
| PR-60 | $4 |
| PR-65 | $8 |
| PR-67 | $12 |
| PR-69 | $70 |
Note: These values are approximate and can fluctuate based on market conditions.
The "Full Steps" Premium
One of the most significant factors that can increase the value of a 1962 nickel is the presence of "Full Steps" on the reverse of the coin. This designation refers to the clarity and completeness of the steps leading up to Monticello.
- A Full Steps designation requires at least five complete steps to be visible.
- This feature is rare, especially on Denver-minted coins from this year.
- The premium for Full Steps can be substantial:
- 1962 (P) Full Steps MS-65: $55 (vs. $15 for standard MS-65)
- 1962-D Full Steps MS-65: $4,250 (vs. $40 for standard MS-65)
Rare 1962 Nickel Errors and Varieties
Errors and varieties can significantly increase a coin's value. Some notable 1962 nickel errors include:
- Off-center strikes: Coins struck off-center by 5-10% or more can be worth $25-$100+
- Double die errors: Visible doubling in the design elements, particularly on the obverse
- Wrong planchet errors: 1962 nickels struck on cent planchets (rare, can be worth $500+)
- Repunched mint marks: Look for doubling or shifts in the "D" mint mark
Example: A 1962-D nickel struck on a 1962-D cent planchet sold at auction for $1,265 in 2019.
Tips for Identifying Valuable 1962 Nickels
- Check the mint mark: Denver (D) coins are generally more valuable in high grades
- Examine Monticello's steps: Use a magnifying glass to look for clear, fully defined steps
- Look for luster: Uncirculated coins should have a bright, frosted appearance
- Inspect for errors: Check for doubling, off-center strikes, or other anomalies
- Compare to reference images: Familiarize yourself with high-grade examples from reputable sources
Preserving Your 1962 Nickels
If you believe you have a valuable 1962 nickel:
- Handle coins by the edges to avoid leaving fingerprints
- Store in non-PVC holders or flips
- Consider professional grading for high-value specimens
- Keep coins in a cool, dry environment to prevent environmental damage
The Market for 1962 Nickels
The market for 1962 nickels, like all collectible coins, can fluctuate based on supply and demand. However, certain trends have remained consistent:
- High-grade uncirculated coins continue to command premiums
- Full Steps examples, especially from Denver, are highly sought after
- Proof coins in top grades (PR-68 and above) have seen steady appreciation
Recent Auction Results
- A 1962-D MS-67 Full Steps nickel sold for $15,600 at a 2020 Heritage Auction
- A 1962 Proof PR-69 Deep Cameo nickel realized $1,380 in a 2021 online sale
Where to Sell 1962 Nickels
For potentially valuable specimens:
- Online marketplaces: eBay, Heritage Auctions, Great Collections
- Coin shows: Connect with dealers and collectors in person
- Auction houses: For rare, high-grade examples
- Local coin shops: May offer slightly above face value for circulated coins
Always research current market values and consider getting multiple offers before selling.
The Future of 1962 Nickel Collecting
As the coins approach their 60th anniversary, interest in high-grade 1962 nickels may continue to grow. Factors that could influence future values include:
- Increasing scarcity of truly uncirculated examples
- Growing appreciation for mid-20th century coinage among younger collectors
- Potential changes to U.S. coinage that could renew interest in classic designs
Conclusion: Is Your 1962 Nickel a Hidden Treasure?
While most 1962 nickels in circulation are worth only face value, the potential for discovering a valuable specimen makes them worth a closer look. By understanding the factors that influence a 1962 nickel's worth – mint mark, condition, Full Steps designation, and potential errors – you'll be better equipped to identify coins of numismatic significance.
Remember, the true value of coin collecting often lies in the thrill of the hunt and the knowledge gained along the way. Whether your 1962 nickel is worth $0.05 or $5,000, it represents a tangible piece of American history and craftsmanship. Happy collecting!
