The 1938-D Jefferson Nickel is a significant coin in American numismatics, marking the debut of the Jefferson Nickel series that replaced the Buffalo Nickel. Struck at the Denver Mint, this coin is cherished for its historical importance, classic design, and potential value, especially in high grades.
While not as rare as some other key dates in the series, the 1938-D Jefferson Nickel can be worth more than its face value, particularly for well-preserved examples, making it a compelling find for collectors.
Historical Context
Introduced in 1938, the Jefferson Nickel was designed by Felix Schlag to honor Thomas Jefferson, the third U.S. President. The coin’s release followed a national competition, with Schlag’s design chosen for its elegant depiction of Jefferson and Monticello, his Virginia estate.
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The 1938-D Jefferson Nickel was minted during the tail end of the Great Depression, with the Denver Mint producing 5,376,000 coins—a moderate mintage compared to the Philadelphia issue but significant as part of the series’ inaugural year. Its historical role and silver content (in early years) add to its collectible appeal.
The 1938-D Jefferson Nickel is part of the early silver-alloy series (1938–1942), composed of 75% copper and 25% nickel, before wartime composition changes. Its value is driven by condition, with uncirculated examples and those with Full Steps (sharp details on Monticello’s steps) commanding premiums.
Key Features
- Obverse: Features a left-facing portrait of Thomas Jefferson, with “IN GOD WE TRUST” along the left rim, “LIBERTY” and “1938” on the right, and the “D” mintmark below the date.
- Reverse: Depicts Monticello with “E PLURIBUS UNUM” above, “UNITED STATES OF AMERICA” along the rim, and “FIVE CENTS” below.
- Composition: 75% copper, 25% nickel.
- Diameter: 21.2 mm.
- Weight: 5 grams.
- Special Note: Coins with Full Steps (FS), showing clear, distinct steps on Monticello, are rare and significantly more valuable due to the design’s susceptibility to wear.
Rarity and Value
The 1938-D Jefferson Nickel is not considered rare due to its mintage of over 5 million, but its value increases in higher grades, particularly for coins with Full Steps. Circulated examples are common and affordable, but uncirculated coins, especially those graded MS-65 or higher with Full Steps, can fetch substantial premiums.
The Full Steps designation, indicating sharp detail on Monticello’s six steps, is highly sought after, as many coins from this era lack this feature due to weak strikes or wear.
Below is a chart of approximate values for the 1938-D Jefferson Nickel based on grade (data sourced from numismatic references, as of July 23, 2025):
| Grade | Approximate Value (USD) | Full Steps (USD) |
|---|---|---|
| Good (G-4) | $0.50 – $1.00 | – |
| Fine (F-12) | $1.00 – $2.00 | – |
| Very Fine (VF-20) | $2.00 – $4.00 | – |
| Extremely Fine (EF-40) | $5.00 – $10.00 | – |
| About Uncirculated (AU-50) | $10.00 – $20.00 | $50.00 – $100.00 |
| Uncirculated (MS-63) | $20.00 – $40.00 | $100.00 – $200.00 |
| Uncirculated (MS-65) | $50.00 – $100.00 | $500.00 – $1,000.00+ |
Note: Prices are approximate and can vary based on market trends, auction results, and specific coin characteristics, such as luster or toning. Coins graded by PCGS or NGC with a Full Steps (FS) designation often command significant premiums.
Why It’s Valuable
Several factors contribute to the 1938-D Jefferson Nickel’s potential worth:
- Inaugural Year: As part of the first year of the Jefferson Nickel series, it holds historical significance.
- Condition Rarity: High-grade examples, especially with Full Steps, are scarce due to striking inconsistencies and circulation wear.
- Collector Demand: The coin’s role in the Jefferson series and its affordability in lower grades make it popular for set collectors.
- Full Steps Appeal: The Full Steps designation dramatically increases value, as few coins retain this detail.
Why Collectors Love It
The 1938-D Jefferson Nickel is a favorite for its historical significance as part of the series’ debut and its elegant, timeless design. Its moderate mintage makes it accessible for collectors building a Jefferson set, while high-grade and Full Steps examples offer a challenge for advanced numismatists. The coin’s connection to the pre-World War II era and its classic depiction of Jefferson and Monticello add to its charm, making it a rewarding addition to any collection.
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Tips for Collectors
- Check for Full Steps: Examine the reverse under magnification to identify clear, distinct steps on Monticello, as this feature significantly boosts value.
- Authentication: Have high-grade or Full Steps coins graded by PCGS or NGC to confirm authenticity and condition.
- Storage: Store in archival-quality holders in a cool, dry environment to preserve the coin’s luster and prevent corrosion.
- Market Trends: Monitor auction results and consult reputable dealers to stay informed on values, especially for Full Steps examples.
Conclusion
Could your 1938-D Jefferson Nickel be worth more than you think? While circulated examples are affordable, uncirculated coins and those with Full Steps can command impressive premiums, making this coin a potential treasure in your collection.
As a piece of the Jefferson Nickel’s inaugural year, the 1938-D combines historical significance, classic design, and collectible appeal. Whether you’re a beginner or a seasoned collector, this nickel offers a chance to own a piece of numismatic history with the potential for significant value.
