United States Jefferson Nickels
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 | Shop |
|---|---|---|---|---|---|
| 1938 — First Year | 19,515,365 | $0.30 | $25+ | $150+ | Shop |
| 1939-D | 3,514,000 | $4+ | $100+ | $1,500+ | Shop |
| 1942–1945 War Nickels (35% Silver) | Varies | $3.25+ (melt) | $15+ | $100+ | Shop |
| Common Postwar Date | Varies | Face value | $5+ | $50+ | Shop |
| 1950-D — Lowest Mintage | 2,630,030 | $15+ | $25+ | $150+ | Shop |
| 1950 Proof — Resumed After WWII | 51,386 | $50 – $150+ | DCAM: $500+ | Shop | |
| Modern (1965–present) | Varies | Face value | $1 – $10+ | $25+ | Shop |
These Jefferson nickels values reflect typical retail ranges for problem-free coins, and War Nickel figures track the current silver price. For every other denomination, see our full U.S. coin price guide, or work through a specific coin step by step with What's My Coin Worth? Because Full Steps strikes are scarce for most dates, compare recent sold listings before paying a premium.
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
Related Coin Guides
Frequently Asked Questions
What is the most valuable regular-issue Jefferson Nickel?
Why is the 1950-D common in high grade despite its low mintage?
What is a War Nickel and how do I identify one?
What is Full Steps on a Jefferson Nickel?
Who designed the Jefferson Nickel?
What is a good entry point for collecting Jefferson Nickels?
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