1938 Jefferson Nickel: Do You Need This in Your Collection?

The 1938 Jefferson nickel has been around since the last days of the Great Depression and remains one of the easiest and least expensive coin sets to complete.

But do you need it in your collection? Let’s take a closer look!

Key Features of the 1938 Jefferson Nickel

As the first year of the Jefferson Nickel series, the 1938 Jefferson Nickel holds a special place in the hearts of coin collectors.

Here are some key features of this classic coin:

• Minted in Philadelphia.
• Designed by Felix Schlag, a German immigrant and artist
• The obverse features a left-facing portrait of Thomas Jefferson, the third President of the United States.
• Reverse features an image of Jefferson’s home, Monticello
• Composition: 75% copper, 25% nickel
• Diameter: 21.2 mm
• Weight: 5 grams
• Edge: Plain

The 1938 Jefferson Nickel is unique in that it was minted alongside the Buffalo Nickel series, which ended in the same year.

As a result, only a limited number of 1938 Jefferson Nickels were produced, making them a rare find for collectors.

One interesting fact about the 1938 Jefferson Nickel is that the designer, Felix Schlag, used his profile to model Jefferson’s portrait.

Schlag’s initials can also be found on the coin, on the right side of Jefferson’s bust.

Current Market Value

As of November 17, 2023, the current market value of a 1938 Jefferson Nickel varies depending on the condition and mintmark of the coin.

According to USA Coin Book, the average value of this coin is around $0.23 up to $1.75 for circulated conditions and it can go for up to $18 for brilliant uncirculated ones. For proof versions with a grade of PR-65, it is valued at $134.

It is important to note that the value of a 1938 Jefferson Nickel can fluctuate over time and is subject to market conditions.

Additionally, the condition and authenticity of the coin can greatly impact its value. It is recommended to have your coin appraised by a professional if you are unsure of its value or condition.

Factors Affecting Value

When determining the value of a 1938 Jefferson Nickel, there are a few key factors to consider. These include:

1. Date and Mintmark Variety
   • The date and mintmark variety of the coin is a crucial factor in determining its value. 
   • Some 1938 Jefferson Nickels were minted in San Francisco, which tend to be more valuable than those in Philadelphia or Denver. 
2. Grading Condition
   • The condition of the coin is also important when determining its value. Coins in excellent condition, with little to no wear and tear, are worth more than those heavily worn. 
   • When grading a 1938 Jefferson Nickel, it’s important to look for any scratches, dents, or other signs of damage.
3. Full Steps
   • One unique feature of the 1938 Jefferson Nickel is the “Full Steps” designation. This refers to the number of steps visible on the reverse side of the coin. 
   • Coins with a full set of steps are considered to be more valuable than those with fewer steps. 
   • However, it’s important to note that full-step nickels are rare and can be difficult to find.
4. Rarity
   • Finally, the rarity of the coin is also a major factor in determining its value. While the 1938 Jefferson Nickel is not necessarily rare, certain varieties and mintmarks can be harder to find than others. 
   • For example, the 1938-D nickel is generally considered to be the rarest of the 1938 nickels and is, therefore, more valuable.

Is it Worth Collecting?

Overall, the 1938 Jefferson Nickel is a highly collectible coin that is sure to impress. With its rich history, unique design, and potential for value appreciation, it is a great choice for any coin collector. 

Related Articles:

• 1917 Standing Liberty Quarter: Do You Need This in Your Collection?
• 1930-S Buffalo Nickel: Do You Need This in Your Collection?