Jefferson Nickels — Key Dates, War Nickels & Complete Collector Guide
1938–Present • The Hoarded 1950-D • 35% Silver War Nickels • Full Steps
Jefferson Nickel Value Guide
Key Dates and Typical Values by Era
| Date / Issue Type | Mintage | Circulated | MS-63+ | MS-65 Full Steps |
|---|---|---|---|---|
| 1938 — First Year | 19,515,365 | $0.30 | $25+ | $150+ |
| 1939-D | 3,514,000 | $4+ | $100+ | $1,500+ |
| 1942–1945 War Nickels (35% Silver) | Varies | $1.50+ | $15+ | $100+ |
| Common Postwar Date | Varies | Face value | $5+ | $50+ |
| 1950-D — Lowest Mintage | 2,630,030 | $15+ | $25+ | $150+ |
| 1950 Proof — Resumed After WWII | 51,386 | $50 – $150+ | DCAM: $500+ | |
| Modern (1965–present) | Varies | Face value | $1 – $10+ | $25+ |
Origins of the Jefferson Nickel
The Jefferson Nickel replaced the Buffalo Nickel in 1938, chosen through a public design competition open to American sculptors — an unusual and democratic approach for U.S. coinage at the time. Felix Schlag's winning design placed Thomas Jefferson's left-facing profile on the obverse and Jefferson's Virginia home, Monticello, on the reverse, honoring the third president on America's five-cent piece. The design has remained in production, with only minor modifications, for nearly 90 years — making it, in its current form, the longest-continuously-produced nickel design in American history.
Struck primarily in the standard 75% copper / 25% nickel alloy used since 1866, the Jefferson Nickel has seen relatively few dramatic design changes over its long run, with two notable exceptions: a temporary wartime composition switch during World War II, and a series of commemorative reverse redesigns in 2004 and 2005 marking the bicentennial of the Lewis and Clark Expedition, before the standard Monticello reverse returned in 2006.
Silver War Nickels (1942–1945)
When nickel metal became critical for military applications during World War II, the Mint temporarily removed it from the five-cent piece entirely. From mid-1942 through 1945, Jefferson Nickels were struck in a 35% silver alloy (along with copper and manganese) rather than the standard copper-nickel composition — the only time in the coin's history it has contained precious metal. To make these wartime coins easy to identify and eventually sort out of circulation for their silver content, the Mint placed an unusually large mint mark directly above Monticello's dome on the reverse — including, for the first and only time in the series, a "P" mint mark for Philadelphia-struck coins, since Philadelphia nickels normally carried no mint mark at all.
Standard copper-nickel composition resumed in 1946. War Nickels remain popular with both collectors and silver stackers today, since they carry genuine melt value well above face value while still being widely available and affordable compared to other silver-era coinage.
The 1950-D — A Rarity Undone by Its Own Fame
The 1950-D is the Jefferson Nickel series' undisputed key date, with just 2,630,030 struck at the Denver Mint — the lowest mintage of any circulating Jefferson Nickel in the series' entire history. The shortage stemmed from a recession-era lull in demand for new nickels in the region served by Denver that year, combined with the Mint prioritizing other denominations. San Francisco struck no nickels at all in 1950, having ceased regular circulating coin production there in 1947, leaving only the Philadelphia and Denver dates for that year.
What makes the 1950-D genuinely unusual among key dates is what happened next: unlike most low-mintage rarities, which go unnoticed for years or decades before scarcity is recognized, the Mint's own published mintage figure immediately caught public attention in 1950, triggering an intense wave of speculative hoarding. Promoters and everyday collectors alike saved thousands of full rolls and bags before the coins ever circulated. The paradoxical result: today, well-preserved Mint State 1950-D nickels are actually fairly plentiful and inexpensive — certified gems often sell for as little as $30 to $40 — while genuinely worn, circulated examples are comparatively harder to find, since so few ever saw real use. Worth noting for context: several 1920s-era Buffalo Nickel dates (the 1921-S, 1924-S, 1926-S, and 1931-S) actually had lower mintages than the 1950-D, meaning the frenzy surrounding this date was driven as much by promotional hype and timing as by genuine, proportionate rarity.
Key Dates and Notable Issues
1950-D
1939-D
1942–1945 War Nickels
1938 — First Year
1950 Proof
Full Steps Condition Rarities
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Browse War Nickels and common dates to certified key dates including the 1950-D and 1939-D — Full Steps examples carry meaningful premiums even on ordinary dates.
Jefferson Nickel References on Amazon
Where to Buy Jefferson Nickels
These are the marketplaces and resources used by serious Jefferson Nickel collectors for buying and research.
eBay
eBay — War Nickels
JM Bullion
Kitco
Money Metals Exchange
SD Bullion
Silver Gold Bull
FRC Coin Price Guide
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Frequently Asked Questions
What is the most valuable regular-issue Jefferson Nickel?
The 1950-D has the lowest mintage in the series at 2,630,030, but it's more famous than genuinely valuable — because the low mintage was recognized immediately in 1950, intense speculative hoarding preserved thousands of rolls, meaning certified gem examples today often sell for just $30 to $40. The 1939-D (3,514,000 struck) is arguably the tougher coin to find in genuinely circulated, worn condition, since it wasn't hoarded to nearly the same degree at the time.
Why is the 1950-D common in high grade despite its low mintage?
The Mint's own published mintage figure for the 1950-D caught immediate public attention that year, triggering a wave of speculative hoarding — collectors and promoters saved thousands of full rolls and bags before the coins ever entered general circulation. As a result, well-preserved Mint State examples are paradoxically common today, while genuinely worn, circulated 1950-D nickels are comparatively harder to find, since relatively few ever actually saw everyday use.
What is a War Nickel and how do I identify one?
From 1942 through 1945, the Mint temporarily removed nickel metal from the five-cent piece for military use during World War II, replacing it with a 35% silver alloy. War Nickels are easily identified by their unusually large mint mark placed above Monticello's dome on the reverse — including, uniquely for this series, a "P" mint mark on Philadelphia-struck coins, which normally carried no mint mark at all. Standard copper-nickel composition resumed in 1946.
What is Full Steps on a Jefferson Nickel?
Full Steps (FS) is a PCGS/NGC designation for Jefferson Nickels showing complete, unbroken definition of the steps leading up to Monticello's entrance on the reverse — a detail that proved consistently difficult for the Mint to strike fully across most years of the series. Because well-struck examples are often much scarcer than a date's raw population suggests, Full Steps designation can add significant value even to otherwise common dates.
Who designed the Jefferson Nickel?
Felix Schlag won a rare public design competition held by the U.S. Mint in 1938, open to American sculptors, placing Thomas Jefferson's profile on the obverse and his Virginia home, Monticello, on the reverse. The design has remained the standard, with only minor modifications — including a temporary set of Lewis and Clark bicentennial reverse redesigns in 2004–2005 — for nearly 90 years.
What is a good entry point for collecting Jefferson Nickels?
Common postwar dates in circulated condition are available for essentially face value, making the series one of the most accessible in American numismatics to start collecting directly from pocket change or bank rolls. From there, most collectors pursue War Nickels as a distinctive silver-era subset before working toward the genuine key dates — the 1950-D and 1939-D — and eventually specializing in Full Steps condition rarities for a more demanding, long-term collecting challenge.
Full Step Jefferson Nickels Can Be Found In Change and Are Worth A Small Fortune: Complete Guide: Errors, Full Step, Silver, Toned and More
A Guide Book of Buffalo and Jefferson Nickels - Features hundreds of full-color photographs, including high-resolution enlargements of key overdates and errors.
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