1938 Nickel Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

1938 Nickel value ranges from $0.05 face value to $33,600. That record sale was a Grade 68 example sold through Heritage Auctions in July 2022. Got one sitting around? Upload a photo of yours below for a quick value range, then scroll down to browse recent eBay sales and see what collectors are actually paying today.

 

1938 Nickel Value By Variety

Three business-strike varieties were minted in 1938 — Philadelphia (no mint mark), Denver (D), and San Francisco (S) — plus proofs struck only at Philadelphia. Each one carries different values based on mintage and condition.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

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

 

Top 10 Most Valuable 1938 Nickel Value Records

The king of the 1938 auction charts is a 1938-D graded MS-68+ that hammered for $33,600 at Heritage Auctions in July 2022. That’s the highest price ever paid for any business-strike 1938 nickel. A single grade point and a Full Steps designation made all the difference. The 1938-S in MS-67 Full Steps hit $9,200 at Heritage in August 2004, and a Philadelphia MS-67 Full Steps brought $8,625 at Bowers & Merena in May 2006.

Proofs have their own hierarchy. The 1938 PR-67 set its record at $5,980 through Heritage in May 2001, and a PR-68 reached $4,560 at a later sale. Another 1938-D MS-68 sold for $5,980, proving that top-grade Denver coins consistently draw serious money. Philadelphia MS-67 pieces have brought $5,040 and $3,562 at different auctions. Even the 1938 QDO FS-105 in MS-67 Full Steps pulled $2,703 at Heritage Auctions in January 2016 — so error coins belong in this conversation too.

 

History Of The 1938 Nickel Value Story

The Jefferson nickel came out of a public design competition the U.S. Treasury announced in late January 1938. The prize was $1,000. The deadline was April 15, 1938, and the judges — Mint Director Nellie Tayloe Ross and three professional sculptors — reviewed all 390 entries on April 20 before naming the winner four days later.

Felix Oscar Schlag, a German-born artist who immigrated in 1929 after training at the Munich University of Fine Arts, submitted entry #340 and took the prize. Henry Kreis came in second and Wheeler Williams third, per archival records at the National Archives in College Park, Maryland.

Here’s the part I love: Schlag’s original reverse showed Monticello from a dramatic three-quarter angle. The Treasury rejected it outright and made him replace it with a flat, head-on view — without paying him a dime extra, per the competition rules. Schlag thought the simplified image looked too generic, so he added “MONTICELLO” beneath the building just so people could tell what it was. Art historian Cornelius Vermeule later pointed out that Schlag’s Jefferson portrait closely resembles Jean-Antoine Houdon’s 1789 bust — which gives the obverse real historical weight.

Production kicked off at all three mints on October 3, 1938. By November 15, the coin hit circulation, and the public started hoarding these “first year” pieces almost immediately. That hoarding created a nickel shortage lasting well into the early 1940s.

One fun detail: Schlag never put his initials on the coin. Apparently it was just an oversight. They weren’t added to the obverse until 1966 — more than 25 years after the series launched. He stayed active in the collecting community, attending numismatic conventions until his passing in 1974.

From 1938 to 2003, the nickel kept Schlag’s original obverse and reverse. During 2004 and 2005, the reverse featured Lewis and Clark bicentennial designs, before returning to the Schlag reverse in 2006 alongside a new three-quarters obverse portrait by Jamie Franki.

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

 

Is Your 1938 Nickel Value High or Low? Rarity Explained

Philadelphia is the easiest to find. San Francisco is the scarcest business strike. But the Cameo proof is in a completely different league — only about 50 survivors from an original mintage of 19,365. That’s a 0.26% survival rate. Good luck tracking one down.

For detailed rarity rankings and specific variety information about your 1938 nickel, our Coin Identifier and Value App provides accurate assessments to help you understand exactly how uncommon your coin is within the Jefferson nickel series.

 

Key Features That Affect 1938 Nickel Value

Knowing what to look for on both sides of this coin is how you separate a $10 nickel from a $10,000 one. Felix Schlag packed a lot of detail into the design, and the reverse steps are where the real money hides.

The Obverse Of The 1938 Nickel

The front shows a left-facing profile of Thomas Jefferson, modeled after Jean-Antoine Houdon’s 1789 bust. You’ll notice a colonial-era pigtail, and the top of Jefferson’s head nearly touches the rim.

“IN GOD WE TRUST” arcs clockwise along the left side, running from his chest up to his hairline. Behind Jefferson on the right, “LIBERTY,” a small five-pointed star, and “1938” all run clockwise.

One thing to remember: Felix Schlag’s initials weren’t added until 1966. So your 1938 coin won’t show “FS” anywhere on it.

The Reverse Of The 1938 Nickel

Flip it over and you’ll see a head-on view of Monticello, Jefferson’s mansion near Charlottesville, Virginia. “MONTICELLO” appears on a ribbon below the building, and “E PLURIBUS UNUM” runs along the top edge.

“FIVE CENTS” curves beneath “MONTICELLO,” with “UNITED STATES OF AMERICA” along the base. Denver and San Francisco coins show their mint mark (“D” or “S”) to the right of Monticello; Philadelphia coins have nothing there. Pay attention to the steps at the base — on 1938 coins they look “wavy” and soft compared to later years. That’s a known characteristic of the original hub, which the Mint corrected by recutting it in 1939.

The Full Steps (FS) Designation And The 1938 Nickel Value Premium

Full Steps (FS) is a grading designation only for Mint State Jefferson nickels showing at least five completely uninterrupted steps at the base of Monticello’s entrance.

PCGS awards the FS label when five steps are clearly visible. NGC splits it into 5FS and 6FS (a distinction introduced in 2004).

To check yours, flip to the reverse and grab a 5x magnifying glass. Look at the base of Monticello and count the incuse lines between the steps. Four complete, unbroken lines equal five full steps. Five unbroken lines equal six full steps. Any nick, merge, or weak spot that cuts across a step line disqualifies the coin.

Researcher Bill Fivaz noted that the weak area on 1938 nickels almost always falls beneath the third pillar of Monticello. The deep hair detail on the obverse directly opposite that spot “steals” metal during striking.

Among 1938 nickels in PCGS holders, non-Full Steps examples outnumber Full Steps by roughly 2.43 to 1. That makes a genuine FS coin meaningfully scarce. The designation can multiply a coin’s value by 5 to 20 times over a same-grade example without it.

Other Features Of The 1938 Nickel

The 1938 nickel weighs 5 grams and measures 21.20 millimeters in diameter with a thickness of 1.95 mm. Its composition is 75% copper and 25% nickel — no silver at all. Only the 1942–1945 “War Nickels” contain silver, at 35%. The edge is plain and smooth with no reeding or lettering.

The 1938 reverse used the original “Reverse of 1938” hub with curved, wavy steps. In 1939 the Mint recut the hub for straighter, sharper steps — creating two distinct varieties that year (“Reverse of 1938” and “Reverse of 1940”). That’s one reason 1938-dated Full Steps coins are especially prized.

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

 

1938 Nickel Value Mintage & Survival Data

Philadelphia led the way with 19,496,000 business strikes. Denver added 5,376,000, and San Francisco struck just 4,105,000 — the lowest regular-issue mintage of the year. Philadelphia also produced 19,365 proofs, one of the smallest proof runs in the entire Jefferson series.

Here’s where it gets interesting. San Francisco had the lowest mintage but the highest survival rate at 48.72% — roughly 2 million coins still around. Collectors spotted the “first year, lowest mintage” combo early and tucked rolls away. Philadelphia survived at 43.60% (about 8.5 million coins), and Denver at 42.78% (roughly 2.3 million).

Proofs survived at a much higher 77.46% rate, with around 15,000 still out there from the original 19,365. Cameo proofs are a different story entirely — only about 50 known survivors, a 0.26% survival rate. The Mint stopped making proofs from 1943 through 1949 because of the war, which makes these pre-war 1938 proofs even more collectible.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1938 Nickel Value

Wondering what your 1938 nickel is actually worth? You don’t need to be an expert or spend money on professional services. Just grab your phone and take a clear photo of your coin. Advanced technology can instantly analyze its condition, identify the mint mark, and provide current market values based on real-time data.

Getting an accurate assessment has never been easier. Start checking your coins today with the Coin Identifier and Value App.

 

1938 Nickel Value Guides

• 1938 No Mint Mark (Philadelphia) — Mintage: 19,496,000 pieces. The most common of the three business strikes; no mint mark appears on these coins.
• 1938-D (Denver) — Mintage: 5,376,000 pieces. A semi-key date; this was the fourth lowest mintage in the entire Jefferson nickel series and the first Jefferson nickel ever struck at Denver.
• 1938-S (San Francisco) — Mintage: 4,105,000 pieces. The lowest mintage of the three business strikes; considered a key date. San Francisco’s practice of running dies past their prime makes Full Steps examples especially scarce.
• 1938 Proof — Mintage: 19,365 pieces struck at Philadelphia. One of the lowest proof mintages in the Jefferson series; no PR69 or PR70 examples are known to exist.
• 1938 CAM (Cameo Proof) — A subset of the 19,365 proof mintage showing frosted devices against mirror-like fields. Only about 50 examples survive, making this one of the rarest varieties in the entire 1938 issue.

Five distinct forms across three mints. Philadelphia dominated with nearly 19.5 million business strikes, while Denver and San Francisco’s lower numbers make them more attractive to advanced collectors.

San Francisco stands alone as the scarcest business strike with just over 4 million pieces. Proofs came exclusively from Philadelphia, and among those, Cameo examples with sharp frosted contrast are the true prizes of the 1938 issue.

 

1938 No Mint Mark Nickel Value

Most people assume the first-year Philadelphia nickel must be valuable. With nearly 19.5 million struck, circulated examples are actually quite affordable. The real challenge is finding one with Full Steps on Monticello — striking quality was all over the place during this debut year.

The 1938 “Reverse of 1938” hub has those wavy, softly defined steps you won’t see on later issues. PCGS data shows non-Full Steps examples outnumber Full Steps by roughly 2.43 to 1 across the series, and for this inaugural year, the ratio skews even further toward non-FS coins.

In May 2006, Bowers & Merena sold an MS-67 Full Steps example for $8,625. More recently in January 2023, an MS-67+ went on eBay for $3,562. That Full Steps designation delivers a 5 to 20 times premium over a same-grade coin without it. Strike quality is the single biggest value driver for high-grade Philly examples.

High-grade examples with Full Steps consistently bring strong prices at major auctions.

Market activity stays steady for this first-year nickel, with collectors actively chasing well-preserved pieces.

 

1938-D Nickel Value

$33,600 for a nickel. That’s what a 1938-D MS-68+ Full Steps brought at Heritage Auctions in July 2022 — the all-time record for any 1938 nickel. The Denver mint struck only 5,376,000 of these, making it the fourth lowest mintage in the entire Jefferson series and the very first Jefferson nickel ever produced at Denver.

Despite the low mintage, high-grade raw examples are surprisingly available. Over 200 have been slabbed at MS-67 by PCGS alone, and this is one of the very few pre-1965 Jefferson nickels where MS-68 examples actually exist. Full Steps coins are scarce but findable in MS-65 and MS-66. The population drops off a cliff at MS-67 Full Steps, though, and no 1938-D has been certified MS-68 with Full Steps.

A 2014 Heritage sale brought $4,993.75 for an MS-67+ Full Steps example. Top-grade 1938-D coins with sharp strikes are consistently among the most sought-after in the series.

Auction results show consistent premiums for high-grade examples, especially those with Full Steps.

Bidding stays active across multiple grade levels for this semi-key date.

 

1938-S Nickel Value

If you’re cherrypicking 1938 nickels for Full Steps, skip San Francisco first — you’ll go crazy. The San Francisco Mint ran dies well past their prime in this era, so even uncirculated examples often show mushy steps. Bill Fivaz has noted that 1938-S “five-steppers” are especially hard to locate compared to Denver issues.

Just 4,105,000 were struck — nearly five times fewer than Philadelphia. That makes it the key date of the three business strikes. Interestingly, the San Francisco survival rate (48.72%) is actually higher than Philadelphia’s. Collectors spotted the low mintage early and squirreled rolls away.

In August 2004, Heritage Auctions sold an MS-67 Full Steps example for $9,200 — still the record for this issue. An MS-68 non-FS brought $1,645 at Heritage in August 2016. Even mid-grade uncirculated examples in MS-65 typically sell for $20 to $25. This coin earns its key-date reputation.

Sharp step details push prices up fast on high-grade specimens.

Collector demand for this key date stays strong across all conditions.

 

1938 Proof Nickel Value

Only 19,365 proof Jefferson nickels were struck in 1938 — the very first proof run for the series. Each planchet was hand-polished before being struck two or more times with specially prepared dies. The result is that sharp, mirror-like finish that separates proofs from business strikes.

Most survivors grade between PR-64 and PR-66. PR-67 is considerably scarcer, and PR-68 coins are genuinely tough to find. Nobody has ever certified a 1938 proof at PR-69 or PR-70. Keep in mind the Mint stopped making proofs entirely from 1943 through 1949 because of World War II, so these 1938 proofs sit at the start of an interrupted run that didn’t resume until 1950.

Heritage Auctions sold a PR-67 for $5,980 in May 2001, and a PR-68 reached $4,560 at a later sale. First-year status plus genuine scarcity at the top end keeps these coins in demand.

Top specimens have appreciated steadily over the years.

Demand for these low-mintage inaugural proofs holds strong across all grade levels.

 

1938 Re-Engraved Obverse Design Proof Nickel Value (FS-401 To FS-403)

These varieties show hand-engraved modifications to the obverse lettering and date — specifically all letters in “IN GOD WE TRUST” and “LIBERTY,” plus the digits “1” and “9” in the date. Mint engravers made these changes during proof die preparation, creating distinct die states within the same 19,365-piece mintage.

The easiest diagnostic on FS-401 is a lower serif added to the “S” in “TRUST.” You can spot it under moderate magnification. The three sub-varieties (FS-401, FS-402, and FS-403) differ in how much re-engraving was done and exactly where.

FS-403 is the one to hunt. In April 2021, an eBay sale of a PR-67+ FS-403 brought $2,150. These are specialist coins — you won’t find casual buyers competing for them, but advanced variety collectors building comprehensive proof sets will pay up.

FS-403 consistently pulls the strongest auction results among the three sub-varieties.

These appeal mainly to advanced variety collectors, so market activity is selective but real.

 

1938 CAM Nickel Value

Ever seen a proof coin where the devices look frosty white against deep, mirror-like fields? That’s Cameo. In 1938, the Mint wasn’t engineering that contrast on purpose — it happened by chance. Early strikes from fresh dies picked up the frost, but it wore off fast. After a handful of coins, the effect was gone.

That’s why Cameo proofs from 1938 through the mid-1950s are so much rarer than standard proofs. The 1938 Cameo represents a tiny sliver of the already limited 19,365 proof mintage. Only about 50 examples are known — a 0.26% survival rate.

Heritage Auctions sold a PR-67 Cameo for $5,040 in April 2019, outperforming standard PR-67 proofs from the same year. I think the visual appeal of that frosted contrast justifies every penny of the premium.

Cameo proofs consistently command premiums over standard proofs at auction.

Specialist interest in these rare early cameo specimens stays strong.

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

 

Rare 1938 Nickel Value — Error List

The first year of the Jefferson nickel produced several die-making errors that collectors actively chase today. These aren’t random damage — they’re genuine manufacturing mistakes from the hubbing process at the Philadelphia Mint.

When the hub strikes the die at slightly shifted angles or multiple times in quick succession, you get doubled, tripled, or even quadrupled images on certain design elements. Knowing the diagnostics can help you spot a valuable coin hiding in a pile of ordinary nickels.

1. 1938 DDO (FS-101 And FS-106)

DDO means Doubled Die Obverse — the hub struck the working die more than once at slightly different angles, leaving overlapping impressions. On the 1938 FS-101 and FS-106, doubling shows up most clearly on “LIBERTY” and “IN GOD WE TRUST.” FS-106 (DDO-008) has especially strong doubling on Jefferson’s profile.

Grab a loupe at 5x or higher and look for raised, rounded doubling on the letters. Genuine DDO doubling appears as a doubled shelf of raised metal — not the flat, slidey look of machine doubling.

Circulated examples sell for $20 to $50. The PCGS auction record is $570 for an MS-66. That makes this an accessible error variety even if you’re just getting started with cherrypicking.

2. 1938 QDO FS-105

QDO stands for Quadrupled Die Obverse. Four separate misaligned hub impressions during die manufacture — that’s a completely different kind of rare compared to a standard doubled die. On the 1938 QDO FS-105, the four-fold spread hits hardest on “LIBERTY,” the star between “LIBERTY” and the date, and “IN GOD WE TRUST.” You can also catch lesser spread on Jefferson’s nose and the hair at the back of his head.

GreatCollections records show the QDO FS-105 selling from $39 to $259 across various grades. Affordable entry points exist. But high-grade Full Steps examples are a different ballgame: Heritage Auctions sold an MS-67 Full Steps for $2,703 in January 2016, while standard circulated examples bring around $20.

 

Where To Sell Your 1938 Nickel Value For Maximum Return

Finding the right marketplace maximizes your coin’s value. Whether you prefer online auctions, local dealers, or specialized coin shows, each option offers distinct advantages. For a comprehensive comparison of selling platforms, their benefits, and potential drawbacks.

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

 

1938 Nickel Value Market Trend

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

 

FAQ About The 1938 Nickel Value

1. How much is a 1938 Jefferson Nickel worth?

It depends on mint mark, grade, and whether it has the Full Steps designation. Circulated Philadelphia examples run about $6 to $10 in average condition. The lower-mintage 1938-D and 1938-S bring around $2–$4 each even in worn grades.

The real money is in Mint State coins. The all-time record is $33,600 for a 1938-D MS-68+ Full Steps sold at Heritage Auctions in July 2022. MS-67 Full Steps examples of the Philadelphia and San Francisco issues have sold for $8,625 and $9,200 respectively.

2. What is a “proof” 1938 nickel, and how is it different from a regular one?

A proof is a specially made collector’s piece. The Philadelphia Mint hand-polished the planchets before striking them at least twice with specially prepared dies, creating deeply reflective, mirror-like surfaces with crisp detail. Only 19,365 were made, all at Philadelphia, and they never entered general circulation.

Most grade between PR-64 and PR-66. PR-67 is scarce, and no PR-69 or PR-70 examples exist. A PR-67 sold for $5,980 at Heritage Auctions in May 2001.

3. Where is the mint mark on a 1938 nickel?

Check the reverse, to the right of Monticello. “D” means Denver, “S” means San Francisco. No letter? That’s Philadelphia.

This location stayed standard until 1968, when the mint mark moved to the obverse near the date. Getting the mint mark right matters — the Philadelphia coin has a mintage nearly five times larger than San Francisco.

4. What is the Full Steps (FS) designation, and how do I check my 1938 nickel?

Full Steps is a special designation for Mint State Jefferson nickels showing at least five completely uninterrupted steps at the base of Monticello. PCGS awards FS for five or more complete steps. NGC splits it into 5FS and 6FS, a distinction introduced in 2004.

Grab a 5x magnifying glass and look at the reverse. Count the incuse lines between the steps — four complete, unbroken lines mean five full steps; five unbroken lines mean six. Any nick, merge, or weakness cutting all the way across a step disqualifies the coin. The FS designation can multiply value by 5 to 20 times over a same-grade coin without it.

5. Why is the 1938-D nickel more valuable than the Philadelphia issue?

Simple math. The 1938-D had a mintage of only 5,376,000 — less than one-third of Philadelphia’s output. That makes it the fourth lowest mintage in the entire Jefferson series and a semi-key date.

Over 200 examples have been slabbed at MS-67 by PCGS, and it’s one of the few pre-1965 nickels where MS-68 examples exist. The record is $33,600 for an MS-68+ Full Steps at Heritage Auctions in July 2022.

6. Did Felix Schlag really design the Jefferson nickel, and why are his initials missing on 1938 coins?

Yes. Schlag, a German immigrant who came to the U.S. in 1929, won the open competition and collected $1,000 for his entry (out of 390 submissions). He just never put his initials on the design — apparently an oversight.

The Mint didn’t add “FS” below Jefferson’s portrait until 1966, 28 years after the coin debuted. Schlag stayed active at numismatic events and passed away in 1974.

7. How do I tell if my 1938 nickel has a DDO or QDO error?

For a DDO (Doubled Die Obverse), use a 5x to 10x loupe and look for raised, rounded doubling on “LIBERTY” and “IN GOD WE TRUST.” You want a distinct secondary impression — not a flat machine smear. FS-101 and FS-106 are the two confirmed DDO varieties for 1938. FS-106 shows particularly strong doubling on Jefferson’s portrait.

The QDO (Quadrupled Die Obverse), designated FS-105, is rarer and shows four overlapping impressions on “LIBERTY,” the star, and “IN GOD WE TRUST.” Circulated DDO examples sell for $20 to $50; the PCGS auction record for DDO FS-101 is $570 for an MS-66.

8. Is the 1938 nickel made of silver?

No. It’s 75% copper and 25% nickel. Only Jefferson nickels from 1942 to 1945 contain silver (35%), and those “War Nickels” are easy to spot — they have a large mint mark above Monticello instead of to the right.

Large “P,” “D,” or “S” above the building = silver war nickel. Small letter to the right, or no letter = standard copper-nickel.

9. What are the 1938 re-engraved proof varieties (FS-401, FS-402, FS-403), and are they worth looking for?

These are die-state sub-varieties within the 19,365 proof mintage where Mint engravers hand-modified working dies after initial hubbing. FS-401 shows re-engraved lettering on “IN GOD WE TRUST,” “LIBERTY,” and the digits “1” and “9,” with a distinctive added lower serif on the “S” of “TRUST.”

FS-402 and FS-403 differ in extent and placement. FS-403 is the most valuable — a PR-67+ sold for $2,150 on eBay in April 2021. These appeal to advanced proof specialists and variety collectors, not casual buyers.

10. Should I clean my 1938 nickel before selling it?

Never. Cleaning destroys original surface luster and leaves hairline scratches that graders spot instantly under magnification. PCGS and NGC label cleaned coins as “details” grades, and those sell for a fraction of problem-free examples.

Even a beat-up, low-grade 1938 nickel is worth more in honest, original condition than after any cleaning. If your coin has environmental deposits or spots, take it to a professional numismatist before you touch it.