1912 Nickel Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

The 1912 Liberty Head Nickel — also called the “V” Nickel — is one of the most historically significant coins in the entire American five-cent series.

It was the last year the Liberty Head design was officially struck for circulation, closing a 29-year run that began in 1883. And for the first and only time, nickels were produced at all three operating U.S. Mints simultaneously: Philadelphia, Denver, and San Francisco.

That dual distinction — final year of the type and the only year branch mints joined in — drives collector demand across every grade. A worn Philadelphia example starts around $11.40, while a pristine San Francisco coin can exceed $2,380 in Mint State.

Mint mark and condition are everything when it comes to 1912 Nickel Value.

 

1912 Nickel Value By Variety and Mint Mark

The 1912 nickel was struck at three mints — Philadelphia, Denver, and San Francisco — each with its own mintage and value. If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)

 

Top 10 Most Valuable 1912 Nickel Worth Money

The highest single auction result belongs to the 1912-D MS-67, which realized $41,125 at Legend Rare Coin Auctions in November 2018. That figure reflects just how rarely a Denver-mint example survives in near-perfect condition.

The 1912-S MS-66 follows closely at $37,375, sold at Heritage Auctions on January 3, 2012 — remarkable given the coin’s already tiny mintage of 238,000. Grade sensitivity is extreme at the upper end of the scale.

The 1912 Proof PR-68 sold for $27,600 at Heritage Auctions in September 2005, showing that strike quality and surface preservation matter as much as rarity. A later PR-68 example at Heritage (January 2019) realized $17,400, reflecting colorful original toning that appealed to collectors.

For the Philadelphia business strike, the auction record stands at $5,875 for a single PCGS MS-66+ example, sold at Heritage Auctions on January 7, 2015 — and that is the only coin ever certified at that grade level by PCGS.

 

History of the 1912 Nickel: End of an Era

Charles E. Barber — born in London in 1840 and son of William Barber, the fifth Chief Engraver of the U.S. Mint — designed the Liberty Head nickel in 1883. He borrowed elements from George T. Morgan’s silver dollar portrait and carried over James Barton Longacre’s use of Roman numerals for denomination.

The coin replaced the troublesome Shield Nickel and entered circulation on June 26, 1883. It would survive for nearly three decades, becoming ubiquitous in everyday commerce, particularly as coin-operated vending machines surged in popularity during the early 1900s.

By 1909, however, Treasury officials had already begun thinking about replacing the design. The Mint was modernizing its coinage — Lincoln cents and new gold pieces had already received fresh designs from outside artists. Prominent sculptor James Earle Fraser approached Treasury officials with a proposal featuring a Native American portrait on the obverse and an American bison on the reverse.

On January 13, 1912, Fraser’s design received preliminary approval. On December 13, 1912, Mint Superintendent Robert E. Preston ended production of the Liberty Head nickel at Philadelphia, quietly closing the chapter on one of America’s most enduring coin designs.

On December 24, 1912, the San Francisco Mint struck its first nickel — only four business days of production remained before year’s end. One of the first forty examples struck was used by former San Francisco Mayor James D. Phelan to pay the first fare on the city’s first streetcar on December 28, 1912.

Adding a footnote of mystery to the series, five 1913-dated Liberty Head nickels are known to exist, struck without official Mint authorization. One sold in 2018 for $4.5 million — making 1912 not just the last official year, but the boundary between history and legend.

Also Read: Top 60+ Most Valuable Buffalo Nickels Worth Money

 

Is Your 1912 Nickel Rare? Rarity by Variety

Not all 1912 nickels are equal — mint mark and grade create enormous differences in rarity and value. Use the CoinValueChecker to find out which one you’re holding.

 

Key Features of the 1912 Nickel

Familiarizing yourself with the features of the 1912 nickel helps you recognize its true value. Understanding design elements, mint mark locations, and surface characteristics can also help you distinguish an authentic coin from a counterfeit.

The Obverse of the 1912 Nickel

The front of the 1912 nickel features Lady Liberty’s left-facing profile, a symbol of freedom and national identity. A coronet with the word LIBERTY is perched on her head, while laurel and wheat sprigs decorate her curly hair.

Liberty’s portrait is surrounded by thirteen stars representing the original colonies, with the date 1912 inscribed along the bottom edge. The coronet and the hair directly above it are the highest contact points on the coin — they wear first and determine the grade most quickly.

The Reverse of the 1912 Nickel

The reverse displays a large Roman numeral “V” at the center, representing the coin’s five-cent denomination. A laurel wreath symbolizing victory surrounds the V.

The inscription UNITED STATES OF AMERICA arcs along the upper rim, with the Latin motto E PLURIBUS UNUM above the wreath. The denomination CENTS appears along the lower edge. Nickels from Denver and San Francisco carry a “D” or “S” mint mark directly below the wreath.

One grading tip: look for the ear of corn on the lower-left of the reverse wreath. On most 1912 examples — at all three mints — this feature is weakly struck or flat. A fully detailed corn ear is a sign of above-average strike quality and commands a premium.

Other Features of the 1912 Nickel

In addition to the main obverse and reverse features, here are the key physical specifications:

• Diameter: 21.2 millimeters
• Weight: 5.00 grams
• Edge: Plain (no reeding)
• Metal Composition: 75% copper, 25% nickel
• Designer: Charles E. Barber, Chief Engraver of the U.S. Mint

Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)

 

1912 Nickel Mintage & Survival Data

Philadelphia dominated production at 26,234,569 pieces — the second-highest mintage of any denomination that year, behind only the Lincoln cent. Denver contributed 8,474,000 pieces. San Francisco, beginning its production run only on Christmas Eve 1912, struck just 238,000 pieces before the year ended.

Survival rates tell a more nuanced story. The 1912-S, despite its tiny original mintage, shows a proportionally stronger survival rate in circulated grades because collectors recognized its significance almost immediately and set examples aside.

The Philadelphia issue, struck by the tens of millions for active circulation, suffered the heaviest attrition through decades of daily use. This is why sharply struck, high-grade Philadelphia pieces are genuinely scarce despite a seemingly large original mintage.

One important data point for investors: the PCGS MS-66 population for the 1912-S rose from just 8 examples (in January 2012) to over 50 by early 2017, contributing to a dramatic price decline at that grade level. A PCGS MS-66 that sold for $37,375 in January 2012 fetched only $3,525 at Heritage’s January 2017 FUN auction. This population growth is a reminder to always verify current PCGS and NGC census data before making major purchases.

Proof coins, with a survival rate above 90%, were preserved from the outset. The three major grading services (CACG, NGC, and PCGS) have combined to certify over 1,300 of the 2,145 proof examples struck — a near-complete archival record in certified form.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1912 Nickel Value

The 1912 nickel rewards careful examination. Start with the reverse and look for a mint mark — a “D” or “S” changes the coin’s trajectory entirely.

From there, assess the surface honestly: is Liberty’s coronet sharp? Are the stars fully defined? Is the ear of corn on the reverse wreath visible, or is it flat? These details separate a Fine from an AU, and that gap is rarely small.

Run your coin through the Coin Value Checker App to get a baseline read, then consider professional grading if the result surprises you. PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) certification doesn’t just confirm a grade — it opens the door to the serious collector market.

 

1912 Nickel Value Guides by Variety

The 1912 Liberty Head nickel came in five distinct varieties, each with its own mintage, survival profile, and collector demand. Understanding which variety you own is the first step toward an accurate valuation.

• 1912 No Mint Mark – Philadelphia issue, most common variety in circulation today
• 1912-D – Denver Mint, the first and only nickel ever struck at Denver in this series
• 1912-S – San Francisco Mint, the lowest-mintage regular-issue nickel in the Liberty Head, Buffalo, and Jefferson series combined
• 1912 Proof – Struck exclusively for collectors at Philadelphia, with mirror-like surfaces
• 1912 CAM (Cameo Proof) – A rare subset with frosted devices against deeply reflective fields; only the first few dozen strikes from fresh dies carry this designation

 

1912 No Mint Mark Nickel Value

Philadelphia struck 26,234,569 nickels in 1912 — the dominant output by far — but quality control was notably poor. According to PCGS CoinFacts, most examples show strike weakness on some of the stars and on the ear of corn on the left side of the reverse.

The working hubs used to create 1912 dies may not have been fully impressed, resulting in dies incapable of producing sharp strikes regardless of operator effort. This means that a fully struck Philadelphia example is genuinely scarce, even among coins graded Mint State.

All grades through MS-65 are relatively common. Only in MS-66 does the Philadelphia issue become scarce — the best example ever certified by PCGS is a single MS-66+. The auction record stands at $5,875 for that MS-66+ example, sold at Heritage Auctions on January 7, 2015.

The following chart tracks the most significant auction results for the 1912 No Mint Mark Nickel across certified grades.

Demand for the 1912 No Mint Mark Nickel has remained steady — this chart breaks down where the market currently stands.

 

1912-D Nickel Value: Denver’s Only Liberty Head

The Denver Mint had never produced a Liberty Head nickel before 1912, and it never would again. That makes the 1912-D the only Denver-mint entry in the entire 29-year Liberty Head series — a distinction that drives consistent collector premiums across all grades.

With 8,474,000 pieces struck, the 1912-D is a semi-key date, significantly scarcer than common Philadelphia issues from 1899–1911. According to PCGS numismatist Ron Guth, circulated examples are readily available, but sharply struck Mint State coins are another matter.

The coin is known for being weakly struck, particularly in Liberty’s hair at the forehead and on the reverse wreath details. Gem-quality examples with strong strike and original color are among the more challenging finds in the series — and they command it.

PCGS reports the most frequently seen Mint State grade as MS-64, followed by MS-63. Gems are plentiful through MS-65 but become scarce in MS-66, with no examples certified higher. The auction record of $41,125 for an MS-67 example (graded by NGC, sold at Legend Rare Coin Auctions in November 2018) is the highest price ever realized for any 1912 business-strike nickel.

Below are the top recorded auction sales for the 1912-D Nickel, spanning two decades of active collector market activity.

The chart below offers a broad view of how all 1912-D Nickel varieties have performed over the past twelve months.

 

1912-S Nickel Value: The Key Date of the Series

The 1912-S occupies a category of its own — not just within the 1912 series, but within the broader nickel universe. Its mintage of 238,000 pieces is the lowest of any regular-issue circulating nickel across the Liberty Head, Buffalo, and Jefferson series combined. It is also almost twice as rare as the famous 1909-S VDB Lincoln cent.

Production was compressed into an extraordinarily short window: coinage began only on Christmas Eve, 1912, and ran for just four business days. One of the first forty examples struck was used by former San Francisco Mayor James D. Phelan to pay the inaugural fare on the city’s first streetcar on December 28, 1912.

The 1912-S was simultaneously the first nickel ever struck at the San Francisco Mint and the final year of the Liberty Head design — two historic distinctions that drove immediate collector hoarding from the moment it was released.

Strike quality is a persistent concern. According to PCGS CoinFacts, almost all examples show weakness above Liberty’s forehead and on the ear of corn on the lower-left of the reverse wreath. CoinWeek’s Charles Morgan and Hubert Walker note the overall appearance is softer than Philadelphia-minted examples, likely due to technical differences between the two mints.

In MS-66, the PCGS population stands at approximately 10 examples, with none graded higher at PCGS. The auction record is $37,375 for a PCGS MS-66 example, sold at Heritage Auctions on January 3, 2012. Buyers should note that this grade’s population grew substantially after 2012, and values have adjusted accordingly.

This chart documents the highest auction prices realized for the 1912-S Nickel, one of the most pursued business strikes in the Liberty Head series.

The chart below captures how that demand has played out over the past year.

 

1912 Proof Nickel Value

The 1912 Proof nickel was never intended for circulation. Struck at the Philadelphia Mint exclusively for collectors as part of that year’s minor proof sets, these coins represent the finest technical output the Mint produced in 1912.

A total of 2,145 examples were struck. Philadelphia’s engraving department prepared five obverse dies and four reverse dies to produce them, though no distinguishing markers between individual die pairings have been identified by researchers to date. Unlike the three business strikes, proof coins sidestep the strike weakness that plagued 1912 circulation coinage — the deliberately slow, double-struck process ensured complete detail on every device.

Most 1912 Proofs are brilliant but typically lack deep mirrors. When authors Gloria Peters and Cynthia Mohon published The Complete Guide to Shield and Liberty Head Nickels in 1995, only 563 proof examples had been certified and none had earned the PR-67 grade. Through November 2024, more than 100 examples have earned PR-67. Whether undiscovered coins emerged or grading standards evolved is a point of ongoing numismatic debate.

Values start around $325 for a Choice Proof (PR-63) and climb steeply — the finest examples reach $10,000 or more. The official PCGS auction record is $27,600 for a PR-68 example sold at Heritage Auctions in September 2005.

The following records capture the auction history of the 1912 Proof Nickel across all major grading tiers.

Market activity for the 1912 Proof Nickel picked up sharply from mid-2025 onward, with September marking the busiest month on record before settling into a consistently active — if slightly cooler — pattern through early 2026.

 

1912 CAM Nickel Value: The Rarest 1912 Variety

The CAM (Cameo) designation — where frosted, raised design elements contrast against deeply mirrored background fields — separates a small elite subset of 1912 Proofs from the rest. This effect is not cosmetic; it is a product of freshly prepared dies and survives only through the first few dozen impressions before the fields deteriorate.

The 75% copper, 25% nickel alloy is extremely hard and stubborn, causing proof dies to lose their cameo contrast quickly. As a result, researchers estimate that only approximately 11% of surviving 1912 Proofs qualify for a CAM (Cameo) designation, and a mere 0.2% — fewer than 10 total known examples — can achieve the DCAM (Deep Cameo) designation, where both the frost and the mirror fields are most intense.

As of November 2024, the top population stands at: PCGS PR-67+CAM (1 example), NGC PF-67+CAM (3 examples), and CAC PR-67 DCAM (10 stickered out of coins graded). A PR-67+ CAM sold for $17,625 at auction, compared to just $1,860 for a PR-67 Brilliant at the same grade level — a premium that illustrates just how much cameo contrast matters to collectors.

On this issue, the highest-contrast coins are not always the highest-graded, which reflects both the fragility of the cameo effect and the difficulty of preserving it across more than a century.

Below are the standout auction results for the 1912 Cameo Proof Nickel, where surface quality drives value as much as grade.

Cameo contrast commands a premium that grade alone cannot explain — this chart tracks market activity on the 1912 CAM Nickel.

Also Read: 22 Rare Nickel Errors List with Pictures (By Year)

 

Rare 1912 Nickel Error List

Several minting errors in the 1912 nickel series command a premium from collectors. Let’s examine each one.

1. Off-Center Strike

An off-center strike occurs when the planchet shifts out of alignment before the dies make contact, leaving part of the design missing and a blank crescent of exposed metal on the opposite side.

On a 1912 nickel, the most desirable examples are struck 10%–50% off-center but still show a complete or partial date — date visibility is essential for identification and value. A coin with no visible date drops sharply in collector interest regardless of how dramatic the shift appears. Well-documented examples in circulated grades typically sell from $100 to $400, with dramatic high-grade specimens pushing further at auction.

2. Clipped Planchet

A clipped planchet results from a misalignment in the blank-cutting process, where the cutting punch overlaps a section of metal already punched out, producing a coin with a curved or straight “bite” taken from its edge.

On a 1912 nickel, the curved clip is the most common form, typically affecting between 5% and 15% of the coin’s circumference. The key diagnostic is the Blakesley effect — a corresponding weakness in design detail directly opposite the clip, caused by insufficient metal flow during striking. A 1912 nickel with a clipped planchet error typically sells for $50–$300 depending on condition.

3. Lamination Error

A lamination error occurs when impurities — gas, dirt, or grease — become trapped under the surface of the metal blank during planchet preparation, creating a weakness that causes the surface to flake, peel, or split.

On the 1912 Liberty Head nickel, these errors appear as raised blisters, missing patches, or peeling layers, most visibly on the fields or across Liberty’s portrait. Severity determines the premium: a minor surface flaw carries modest interest, while a dramatic mid-strike split that preserves design detail on both separated layers can command $150–$500 or more.

4. Struck-Through Error

A struck-through error happens when foreign material — grease, cloth, wire, or debris — becomes lodged between the die and the planchet at the moment of striking, preventing full metal flow and leaving a recessed void in the coin’s surface.

On a 1912 nickel, grease-filled dies are the most frequently encountered form, typically appearing as flat, detail-free areas across Liberty’s portrait or within the reverse lettering. A genuine struck-through will show sharp surrounding detail contrasting against the affected area, distinguishing it from simple wear. Values range from $75 to several hundred dollars, with location — particularly any error across Liberty’s face — being the key driver.

5. Die Crack

Die cracks occur when a die develops fractures from metal fatigue during extended use, transferring as raised lines across subsequently struck coins.

On a 1912 nickel, die cracks most commonly appear as thin raised lines running through fields or across lettering. In advanced cases, a full die break — called a “cud” — can develop, where a section of the die face breaks away and leaves a raised blank area at the coin’s rim. Since 1912 was the final year of Liberty Head production and Philadelphia dies were used heavily through December, late-stage die cracks are not uncommon on Philadelphia examples. Minor cracks add $25–$75 in premium; dramatic cud errors on a clearly identified 1912 nickel can reach $200 or more.

6. Doubled Die Obverse (DDO)

Minor doubled die obverse varieties have been noted on 1912 Liberty Head nickels, with doubling visible on the date digits under magnification.

These are not major listed varieties in the Cherrypickers’ Guide (FS) or Wexler Doubled Die files and are generally not attributed by PCGS or NGC. As a result, they carry very small premiums — typically $25–$75 over a non-error coin — and require careful loupe examination to verify. Collectors interested in die varieties should examine the date area under at least 5× magnification.

 

How to Spot a Counterfeit 1912-S Nickel

The 1912-S is the most frequently counterfeited coin in the Liberty Head series, given its value and relative obscurity compared to issues like the 1909-S VDB cent.

The genuine 1912-S uses the exact same mint mark punch as the 1909-S VDB Lincoln Cent. It should show a square, boxy “S” with a distinctive notch in the upper serif and a subtle lump in the upper loop. Any 1912-S with a “trumpet-tail” S style — commonly seen on Morgan dollars — should be treated as suspect.

Altered mint marks, where an “S” is scratuted or soldered onto a Philadelphia coin, are the most common form of fraud. Look for uneven depth, tool marks around the base of the letter, or any disruption to the surrounding field. For any 1912-S with significant value, professional certification by PCGS or NGC is strongly recommended.

 

Where to Sell Your 1912 Nickel

Now that you know the value of your 1912 nickel, you may be wondering where to sell it for the best price.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1912 Nickel Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1912 Nickel Value

1. What is a 1912 nickel worth today?

A worn 1912 Philadelphia (no mint mark) nickel in Good condition starts around $3.50–$11. A circulated 1912-D runs from $15 to $150 depending on grade. The 1912-S begins at approximately $140 in Good and exceeds $2,380 in Mint State. Proof examples start at $325.

2. What makes the 1912 nickel so valuable?

The 1912 nickel was the final official issue of the 29-year Liberty Head series and the only year all three U.S. Mints — Philadelphia, Denver, and San Francisco — struck this design simultaneously. The 1912-S had the lowest regular-issue mintage of any circulating nickel in American history.

3. Is the 1912 nickel the most expensive in the series?

No. The 1913 Liberty Head nickel holds that distinction — only five were struck without official authorization, and one sold in 2018 for $4.5 million. Within officially issued dates, the 1885 and 1886 are the acknowledged key dates, though the 1912-S commands the strongest premiums in high grades.

4. Does a 1912 nickel contain silver?

No. Despite its silvery appearance, the 1912 nickel contains no silver at all. It is composed of 75% copper and 25% nickel — the standard composition for U.S. five-cent pieces since 1866. The alloy gives the coin its color. (Note: Silver War Nickels from 1942–1945 are a separate series and do contain 35% silver, but the 1912 nickel predates that by 30 years.)

5. How do I find the mint mark on a 1912 nickel?

Look at the reverse (back) of the coin. The mint mark sits just below the wreath, above the “C” in CENTS along the lower rim. A “D” means Denver; an “S” means San Francisco. Philadelphia coins carry no mint mark — if the space is blank, your coin is a Philadelphia issue.

6. What does MS mean on a coin grade?

MS stands for Mint State — meaning the coin was never circulated. MS grades run from MS-60 (lowest uncirculated) to MS-70 (perfect). For 1912 nickels, MS-65 (Gem Uncirculated) is where significant premiums begin. MS-66 and above are genuinely rare for all three mint varieties.

7. Why does the 1912-S cost so much compared to the 1912-D?

The 1912-S had a mintage of just 238,000 pieces — roughly 36 times fewer than the 1912-D’s 8,474,000. In addition, the 1912-S is the lowest-mintage regular-issue circulating nickel in the combined Liberty Head, Buffalo, and Jefferson series. That scarcity, combined with its historical status as the first nickel ever struck at San Francisco, supports its premium across all grades.

8. How much is a 1912 Proof nickel worth?

A 1912 Proof nickel (PR designation) starts around $325 for a Choice PR-63 example. Values rise steeply with grade — a PR-67 Brilliant sold for $1,860, while a PR-67+ CAM (Cameo Proof) realized $17,625 at auction. The overall auction record for the series is $27,600 for a PR-68 example sold at Heritage Auctions in September 2005.

9. What happened to 1912-S nickel values when PCGS populations rose?

This is an important lesson for any collector. In January 2012, only 8 examples of the 1912-S were certified PCGS MS-66 — the highest grade at the time. By early 2017, that number had risen to over 50. A coin that sold for $37,375 at Heritage in January 2012 realized just $3,525 at Heritage’s January 2017 FUN auction — a 91% drop in value. Always check current PCGS and NGC population reports before paying top dollar for high-grade examples.

10. Should I clean my 1912 nickel before selling it?

Never clean a coin before selling it. Cleaning — even with mild soap or a soft cloth — removes original surface metal and leaves hairline scratches visible under magnification. Cleaned coins are designated “Details” by PCGS and NGC and sell for a fraction of the price of problem-free coins in the same grade. Leave the coin exactly as found, store it in a non-PVC holder, and let the grading service assess it as-is.