1938 Nickel Value (Errors List, “D”, “S” & No Mint Mark Worth)

The 1938 Jefferson nickel marks a significant moment in American coinage history as the inaugural year of a series that continues today.

Replacing the Buffalo nickel after 25 years, this five-cent piece introduced Felix Schlag’s iconic design featuring Thomas Jefferson and Monticello. While most 1938 nickels remain relatively common, certain varieties, mint marks, and grades command impressive premiums.

Understanding the factors that influence value—from mint location and striking quality to rare errors—helps collectors identify potentially valuable specimens in this historically important first-year issue.

 

1938 Nickel Value By Variety

The 1938 nickel was minted in three varieties—Philadelphia (no mint mark), Denver (D), and San Francisco (S)—each with distinct values based on rarity 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 Worth Money

The most valuable 1938 nickels show a substantial price range based on grade and mint mark. At the top is a 1938-D MS-68, which sold for $33,600, representing the highest price achieved for this year. The 1938-S MS-67 reached $9,200, while the standard Philadelphia 1938 MS-67 brought $8,625.

Among proof versions, the 1938 PR-67 and PR-68 sold for $5,980 and $4,560 respectively. Another 1938-D MS-68 achieved $5,980, demonstrating consistent strong performance for Denver mint high-grade examples.

Standard MS-67 pieces from Philadelphia sold for $5,040 and $3,562 at different auctions. Mid-grade coins show more modest values, with a 1938 MS-66 selling for $2,875. Specialty varieties like the 1938 QDO FS-105 MS-67 reached $2,703.

These auction results from 2004 to present clearly demonstrate how grade and mint mark combinations directly impact 1938 nickel values.

 

History Of The 1938 Nickel

The nickel is the present-day 5-cent coin. The United States Mint issued the Jefferson nickel in 1938, replacing the hard-to-mint buffalo nickel.

The Mint launched a competition in which the winning sculptor or coin designer would be required to create a coin depicting Thomas Jefferson, a founding father and our country’s third president. Artist Felix Schlag won the competition, and the Mint commissioned him to design the new nickel with Jefferson on the obverse and his Monticello home on the reverse.

After several iterations, the Mint approved Schlag’s design. The coin went into production in October 1938 and was released into circulation in November of the same year.

The public, anxiously awaiting the release of the Jefferson, immediately began hoarding the coin, resulting in a nickel coin scarcity that lasted well into the early 1940s.

From 1938 to 2003, the Jefferson nickel retained the same obverse and reverse design. From 2004 to 2005, the reverse bore a commemorative design before resuming the original Schlag design.

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

 

Is Your 1938 Nickel Rare?

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

 

Key Features Of The 1938 Nickel

Understanding the 1938 Jefferson nickel’s design elements helps collectors identify authentic specimens and assess condition. Felix Schlag’s winning design featured distinctive details on both sides. The coin’s physical specifications remained standard throughout production. Learning these key features enables accurate grading and valuation.

The Obverse Of The 1938 Nickel

The obverse features a left-facing profile of Thomas Jefferson. His portrait includes a colonial-era pigtail and closely resembles Jean-Antoine Houdon’s 1789 bust. The top of Jefferson’s head nearly touches the rim.

The motto “IN GOD WE TRUST” arcs clockwise along the left side from his chest to hairline. The word “LIBERTY” and the date “1938” appear clockwise on the right side behind Jefferson. A small five-pointed star divides these two inscriptions.

The Reverse Of The 1938 Nickel

The reverse displays a front view of Monticello, Jefferson’s Virginia mansion. The building’s name “MONTICELLO” appears on a ribbon below the structure. The motto “E PLURIBUS UNUM” is positioned at the top edge.

The denomination “FIVE CENTS” curves slightly after the word “MONTICELLO.” The words “UNITED STATES OF AMERICA” follow along the base. Denver and San Francisco mint marks appear to the right of Monticello. Philadelphia coins bear no mint mark.

Other Features Of The 1938 Nickel

The 1938 nickel weighs 5 grams and measures 21.20 millimeters in diameter. Its composition is 75% copper and 25% nickel. The coin features a plain, smooth edge without reeding or lettering.

The 1938 reverse shows curved steps on Monticello, a characteristic that changed in 1939. The Full Steps designation became an important grading factor for collectors. Well-struck examples with sharp step details command premium prices.

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

 

1938 Nickel Mintage & Survival Data

Production of the 1938 Jefferson nickel varied significantly across the three mints. Philadelphia dominated output with 19,496,000 coins, while Denver contributed 5,376,000 pieces and San Francisco added 4,105,000 pieces. The mint also produced 19,365 proof coins specifically for collectors.

What’s notable about these coins is how differently they survived over time. Philadelphia nickels retained a 43.60% survival rate, leaving about 8,500,000 examples available today. Denver coins fared similarly at 42.78%, with roughly 2,300,000 pieces still around.

San Francisco actually performed better, achieving a 48.72% survival rate and preserving approximately 2,000,000 specimens. Proof coins naturally survived at a much higher rate of 77.46%, with 15,000 examples remaining. The Cameo proof variety has an extremely low 0.26% survival rate, with only 50 known specimens from the original proof mintage.

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 CoinValueChecker App.

 

1938 Nickel Value Guides

• 1938 No Mint Mark (Philadelphia)– Mintage: 19,496,000 pieces. No mint mark appears on these coins.
• 1938-D (Denver)– Mintage: 5,376,000 pieces. Considered a semi-key date due to its low mintage.
• 1938-S (San Francisco)– Mintage: 4,105,000 pieces. The lowest mintage of the business strike varieties.
• 1938 Proof– Mintage: 19,365 pieces struck at Philadelphia. One of the lowest mintages in the proof series.
• 1938 CAM (Cameo Proof)– Proof coins with full cameo contrast are considerably scarcer than standard proofs.

The 1938 Jefferson nickel was produced in five distinct varieties across three mint facilities. Philadelphia led production with nearly 19.5 million business strikes, while Denver and San Francisco contributed lower mintages that make them more desirable to collectors today.

The San Francisco issue stands out as the scarcest business strike with just over 4 million pieces. Proof coins were exclusively struck at Philadelphia for collectors, with only 19,365 produced.

Among these proofs, Cameo specimens with sharp frosted contrast are particularly rare and command significant premiums. Each variety offers different levels of availability and value in today’s market.

 

1938 No Mint Mark Nickel Value

The 1938 Philadelphia nickel represents the first year of the Jefferson nickel series. With nearly 19.5 million pieces struck, it remains fairly common across most grades.

Circulated examples hold minimal premiums, but the coin becomes valuable in higher mint state grades. Finding well-struck examples with Full Steps on Monticello proves challenging, as striking quality was inconsistent during this inaugural year.

In May 2006, Bowers & Merena sold an MS-67 Full Steps example for $8,625. More recently in January 2023, an MS-67+ specimen sold on eBay for $3,562. The Full Steps designation significantly impacts value for this inaugural year issue.

Auction records show that high-grade examples with Full Steps consistently achieve strong prices at major sales.

Market activity remains steady for this inaugural year nickel, with collectors actively pursuing well-preserved specimens.

 

1938-D Nickel Value

 

The 1938-D Jefferson nickel is considered a semi-key date due to its mintage of just 5,376,000 pieces. This represents the fourth lowest mintage in the Jefferson nickel series. Despite limited production, high-grade examples are available, and even gem specimens can be found. This is one of the few pre-1965 dates where MS68 examples exist.

Full Steps specimens are particularly desirable but scarce. These can be located in MS65 and MS66 grades without excessive difficulty. However, the population drops significantly at the MS67 Full Steps level.

In July 2022, Heritage Auctions sold an MS68+ Full Steps example for $33,600. This price reflects strong collector demand for top-grade specimens of this first-year Denver issue.

Auction results demonstrate consistent premium valuations for high-grade examples, particularly those with Full Steps designation.

Collector interest remains strong for this semi-key date, with active bidding across multiple grade levels.

 

1938-S Nickel Value

 

The 1938-S Jefferson nickel is considered a key date with just over 4 million coins produced. This represents one of the lowest mintages in the series. Many collectors and speculators saved these first-year coins, making them more available than the mintage suggests.

San Francisco had a practice of using dies beyond their prime condition, resulting in weak strikes even on uncirculated examples. This makes Full Steps specimens from San Francisco rarer than those from Denver or Philadelphia.

In August 2004, Heritage Auctions sold an MS67 Full Steps example for $9,200. An MS68 specimen achieved $1,645 at Heritage in August 2016. These prices reflect the challenge of finding sharply struck San Francisco examples.

Auction records reveal notable price premiums for high-grade specimens, especially those displaying sharp step details.

Market activity shows sustained collector interest in this key date, with steady demand across various conditions.

 

1938 Proof Nickel Value

The 1938 proof Jefferson nickel has one of the lowest mintages in the series with only 19,365 pieces struck. Each proof coin was hand-polished and carefully struck to produce highly detailed surfaces. Most examples range in PR64 to PR66 condition.

PR67 specimens are much scarcer, while PR68 or higher grades are very difficult to find. No proof nickels graded PR69 to PR70 are currently known to exist. This limited availability in top grades creates strong collector demand.

In May 2001, Heritage Auctions sold a PR67 example for $5,980, reflecting the premium values these first-year proofs achieve.

Auction results demonstrate steady appreciation for high-grade proofs, with top specimens achieving premium prices over time.

Collector demand for these low-mintage inaugural proofs remains consistently strong across all grade levels.

 

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

The FS-401 variety features hand-engraved modifications to all letters in “IN GOD WE TRUST” and “LIBERTY,” along with the digits 1 and 9 in the date. Most notably, a lower serif was added to the “S” in “TRUST.” These re-engraved varieties represent die modifications made during the proof production process.

The three varieties (FS-401, FS-402, and FS-403) differ in the extent and location of the re-engraving work. Each represents a distinct die state within the 19,365 proof mintage. These specialized varieties appeal to advanced collectors seeking subtle die variations.

Among the three varieties, FS-403 commands the highest values. In April 2021, eBay sold a PR67+ FS-403 example for $2,150, reflecting strong collector demand for this specific re-engraved variety.

Auction records for these re-engraved varieties show selective collector interest, with FS-403 achieving the strongest results.

Market activity remains limited for these specialized proof varieties, appealing primarily to advanced variety collectors.

 

1938 CAM Nickel Value

Proof Jefferson nickels from 1938 through the mid-1950s exhibiting full cameo contrast are considerably scarcer and more valuable than standard proofs. Cameo specimens feature frosted devices against mirror-like fields, creating visual contrast. These early cameo proofs are relatively rare compared to later issues.

The 1938 Cameo proof represents a small subset of the already limited 19,365 proof mintage. Finding examples with strong cameo contrast proves challenging due to production methods of that era. Most collectors encounter standard proofs rather than cameo versions.

In April 2019, Heritage Auctions sold a PR67 Cameo example for $5,040. This demonstrates the premium collectors pay for cameo contrast on these first-year proofs.

Auction records show cameo proofs consistently commanding premiums over standard proofs due to their superior visual appeal.

Market activity reflects strong specialist interest in these rare early cameo specimens with sharp contrast.

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

 

Rare 1938 Nickel Error List

While most 1938 Jefferson nickels are relatively common, certain die varieties and minting errors significantly increase their value. The inaugural year of production saw several notable doubled die and quadrupled die errors that collectors actively seek.

These errors occurred during the die-making process, creating distinctive doubling on specific design elements. Understanding these varieties helps collectors identify potentially valuable specimens.

1. 1938 DDO (FS-101 And FS-106)

The 1938 FS-106 (DDO-008) variety features doubled die characteristics on “LIBERTY” and “TRUST.” The most distinctive feature is the doubling visible on Jefferson’s profile.

Both FS-101 and FS-106 represent different doubled die states, with FS-106 showing more pronounced doubling on the portrait.

These errors occurred when the die received multiple impressions during the hubbing process, causing slight shifts that created the doubled image. Collectors can identify these varieties with careful examination using magnification.

2. 1938 QDO FS-105

The 1938 QDO FS-105 shows strong quadrupled spread toward the center on “LIBERTY,” the star, date, and “IN GOD WE TRUST.” Lesser spread appears on Jefferson’s nose and hair details at the back of his head.

This quadrupled die obverse variety sells for around $20 in circulated grades. This error represents an even more severe hubbing misalignment than doubled dies, creating four distinct impressions.

In January 2016, Heritage Auctions sold an MS67 Full Steps example for $2,703, demonstrating the premium high-grade specimens command. The variety appeals to error coin specialists.

 

Where To Sell Your 1938 Nickel?

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 Market Trend

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

 

FAQ About The 1938 Nickel         

1. How much is a 1938 Jefferson Nickel worth?

The value of a 1938 Jefferson nickel varies significantly based on mint mark, condition, and variety. Circulated examples from Philadelphia hold minimal premiums, while the 1938-D and 1938-S are more valuable due to lower mintages of 5,376,000 and 4,105,000 respectively.

High-grade specimens command substantial prices: an MS68+ Full Steps 1938-D sold for $33,600, while an MS67 Full Steps 1938-S reached $9,200. Philadelphia MS67 Full Steps examples have sold for up to $8,625. The Full Steps designation significantly impacts value across all varieties.

2. What is a “proof” 1938 nickel?

A 1938 proof nickel is a specially produced collector coin with only 19,365 pieces struck at Philadelphia. Each proof was hand-polished and carefully struck to produce highly detailed surfaces with mirror-like fields. These coins were never intended for circulation and were sold directly to collectors.

Most examples range in PR64 to PR66 condition, with PR67 specimens being much scarcer. PR68 or higher grades are very difficult to find, and no PR69 to PR70 examples are currently known. A PR67 example sold for $5,980 in 2001.

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

On 1938 Jefferson nickels, the mint mark appears on the reverse (back) of the coin, positioned to the right of Monticello. Denver-minted coins display a “D” mint mark, while San Francisco coins show an “S” mint mark in this location. Philadelphia-minted nickels do not bear any mint mark.

This mint mark placement remained standard for Jefferson nickels until 1968, when the location changed to the obverse near the date. Identifying the mint mark is crucial for determining value, as the 1938-S has the lowest mintage at 4,105,000 pieces.