1938 Nickel Value (2026 Guide): Errors List, “D”, “S” & No Mint Mark Worth

The 1938 Jefferson nickel is one of the most historically important coins in American history — it was the very first year of a series that still runs today. Replacing the Buffalo nickel after its mandatory 25-year run, this five-cent piece introduced Felix Schlag’s now-famous design featuring Thomas Jefferson on the obverse and his Virginia home, Monticello, on the reverse.

While millions were struck across three mints, certain varieties command eye-popping prices — a single 1938-D in top grade sold for $33,600 at Heritage Auctions in 2022. Knowing what separates a five-cent coin from a $33,000 coin comes down to mint mark, condition, the Full Steps (FS) designation, and a handful of rare errors.

 

1938 Nickel Value By Variety

The 1938 nickel was minted in three business-strike varieties — Philadelphia (no mint mark), Denver (D), and San Francisco (S) — plus proof versions exclusively struck at Philadelphia. Each variety carries distinct values based on mintage rarity and overall 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 top of the auction leaderboard belongs to a 1938-D graded MS-68+, which sold for a remarkable $33,600 at Heritage Auctions in July 2022 — the highest price ever paid for any business-strike 1938 nickel. The 1938-S in MS-67 Full Steps reached $9,200 at Heritage in August 2004, while a Philadelphia MS-67 Full Steps example brought $8,625 at Bowers & Merena in May 2006.

Among proof versions, the 1938 PR-67 set the record at $5,980 through Heritage in May 2001, and a PR-68 achieved $4,560 at a later sale. Another 1938-D MS-68 sold for $5,980, showing that top-grade Denver mint examples consistently draw strong collector interest.

Philadelphia MS-67 pieces have sold for $5,040 and $3,562 at different auctions. Mid-grade examples are more accessible, with a 1938 MS-66 having sold for $2,875. Error and variety specimens like the 1938 QDO FS-105 in MS-67 Full Steps reached $2,703 at Heritage Auctions in January 2016.

Also worth noting is the 1938-D in MS-67+ Full Steps, which brought $4,993.75 at Heritage in 2014 — a price that reflects strong ongoing demand for sharply struck Denver first-year issues. These results spanning 2001 to the present demonstrate that grade, mint mark, and strike quality together determine where a 1938 nickel lands in the value spectrum.

 

History Of The 1938 Nickel Value Story

The Jefferson nickel was born out of a design competition announced by the U.S. Treasury in late January 1938, with a cash prize of $1,000 for the winning artist. The deadline for submissions was April 15, 1938, and the judges — including Mint Director Nellie Tayloe Ross and three professional sculptors — reviewed all 390 entries on April 20 before announcing the winner four days later.

Felix Oscar Schlag, a German-born artist who had immigrated to the United States in 1929 after training at the Munich University of Fine Arts, submitted entry #340 and won the competition. Henry Kreis earned second place and Wheeler Williams received third place recognition, facts confirmed by archival research at the National Archives in College Park, Maryland.

Schlag’s original reverse design showed Monticello from a striking three-quarter perspective, emphasizing architectural depth. The Treasury Department rejected that version outright, forcing him to replace it with a flat, front-on view — all without additional compensation, per the competition rules.

Interestingly, Schlag believed the simplified image looked too generic, so he added the word “MONTICELLO” beneath the building to make it identifiable. Art historian Cornelius Vermeule later observed that Schlag’s portrait of Jefferson closely resembles sculptor Jean-Antoine Houdon’s 1789 bust — a detail that gives the obverse its sense of authentic historical authority.

Production began at all three mints on October 3, 1938. By November 15, 1938, the coin was officially released into circulation, and the public began hoarding these “first year” pieces almost immediately — creating a nickel shortage that persisted well into the early 1940s.

One notable gap in the original design: Schlag did not include his initials anywhere on the coin, apparently by oversight. They were finally added to the obverse in 1966, more than 25 years after the series launched. Schlag remained a friend to the coin-collecting community throughout his life, attending numismatic conventions before his passing in 1974.

From 1938 to 2003, the Jefferson nickel kept Schlag’s original obverse and reverse. During 2004 and 2005, the reverse celebrated the Lewis and Clark bicentennial with commemorative 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

The three business-strike varieties span a wide rarity range, with Philadelphia being the most available and San Francisco the scarcest of the regular issues. Proof coins are rare in an absolute sense, but the Cameo proof — with only about 50 known survivors from an original mintage of 19,365 — is in a class of its own.

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 That Affect 1938 Nickel Value

Understanding the physical details of the 1938 Jefferson nickel is the first step toward accurately grading and valuing your coin. Felix Schlag’s design packed a great deal of detail into both sides, and knowing what to look for — especially on the reverse steps — can mean the difference between a $10 coin and a $10,000 one.

The Obverse Of The 1938 Nickel

The obverse (front) shows a left-facing profile of Thomas Jefferson, based closely on Jean-Antoine Houdon’s 1789 bust — a detail identified by art historian Cornelius Vermeule. Jefferson’s portrait includes a colonial-era pigtail, and the top of his head nearly touches the rim of the coin.

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

Note that Felix Schlag’s initials were absent from this design until 1966, when they were finally added below Jefferson’s portrait — so your 1938 coin will not show “FS” initials anywhere.

The Reverse Of The 1938 Nickel

The reverse shows a front-on (head-on) view of Monticello, Jefferson’s neoclassical mansion near Charlottesville, Virginia. The word “MONTICELLO” appears on a ribbon below the building, and “E PLURIBUS UNUM” sits along the top edge of the coin.

“FIVE CENTS” curves beneath “MONTICELLO,” and “UNITED STATES OF AMERICA” runs along the base. Denver and San Francisco coins show their mint mark (“D” or “S”) to the right of Monticello; Philadelphia coins have no mint mark in that location. The steps at the base of Monticello on this 1938 version are “wavy” and somewhat ill-defined compared to later years — a known characteristic of the original hub that the Mint corrected by recutting the hub in 1939.

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

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

PCGS (Professional Coin Grading Service) awards the FS label when five steps are clearly visible; NGC (Numismatic Guaranty Corporation) splits its designation into 5FS (five full steps) and 6FS (six full steps), a split it introduced in 2004.

To check your own coin, flip it to the reverse and use a 5x magnifying glass to examine the base of the Monticello building. Count the incuse lines between the steps: four complete, unbroken lines equal five full steps; five unbroken lines equal six full steps — and any nick, merge, or weak area that cuts across a step line disqualifies the coin.

According to numismatic researcher Bill Fivaz, the weak area on 1938 nickels almost always falls beneath the third pillar of Monticello, because 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 examples by roughly 2.43 to 1, meaning a genuine Full Steps coin is meaningfully scarce. A Full Steps designation can multiply a coin’s value by 5 to 20 times compared to 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 — it contains no silver (only the 1942–1945 “War Nickels” contain silver, at 35%). The coin has a plain, smooth edge with no reeding or lettering.

The 1938 reverse used the original “Reverse of 1938” hub, which showed curved or wavy steps. In 1939 the Mint recut the hub to create straighter, better-defined steps on Monticello — producing two distinct varieties that year (“Reverse of 1938” and “Reverse of 1940”) and making 1938-dated Full Steps coins especially prized by collectors.

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

 

1938 Nickel Value Mintage & Survival Data

Philadelphia led production in 1938 with 19,496,000 business-strike coins, while Denver contributed 5,376,000 pieces and San Francisco struck just 4,105,000 — the lowest regular-issue mintage of the year. The Philadelphia Mint also produced 19,365 proof coins, making this one of the smallest proof mintages in the entire Jefferson nickel series.

Survival rates vary considerably across the three mints. Philadelphia coins survived at a 43.60% rate, leaving approximately 8.5 million examples in existence today; Denver coins came in at 42.78%, with roughly 2.3 million surviving; and San Francisco actually preserved the highest proportion at 48.72%, with around 2 million specimens still around.

The higher San Francisco survival rate is likely because collectors recognized the coin’s “first year, lowest mintage” status and set rolls aside from the start.

Proof coins survived at a much higher 77.46% rate, with around 15,000 examples remaining from the original 19,365 struck. Cameo proofs — those with frosted devices against mirror-like fields — are extraordinarily rare, with only about 50 known survivors, representing a tiny 0.26% survival rate from the proof mintage.

The Mint halted proof production entirely from 1943 through 1949, during and after World War II, making these pre-war 1938 proofs even more significant to collectors of the series.

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. 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.

The 1938 Jefferson nickel was produced in five distinct forms across three mint facilities. Philadelphia dominated business-strike production with nearly 19.5 million coins, while Denver and San Francisco contributed lower numbers that make them more desirable to advanced collectors today.

The San Francisco coin stands alone as the scarcest business strike of the year, with just over 4 million pieces. Proof coins were struck exclusively at Philadelphia for direct sale to collectors, and among those proofs, Cameo examples with sharp frosted contrast are the true rarities of the 1938 issue.

 

1938 No Mint Mark Nickel Value

The 1938 Philadelphia nickel is the inaugural issue of the Jefferson nickel series, with nearly 19.5 million pieces struck — a substantial mintage that keeps circulated examples affordable. However, finding a well-struck example with Full Steps on Monticello is genuinely challenging, because striking quality was inconsistent throughout this first year of production.

The 1938 “Reverse of 1938” hub features wavy, softly defined steps compared to later issues. According to PCGS CoinFacts data, non-Full Steps examples in PCGS holders outnumber Full Steps examples by approximately 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+ specimen sold on eBay for $3,562. The Full Steps designation delivers a 5 to 20 times value premium over a same-grade coin without it, making strike quality the single most important factor for high-grade Philadelphia examples.

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 a semi-key date with a mintage of just 5,376,000 pieces — the fourth lowest in the entire Jefferson nickel series and historically significant as the very first Jefferson nickel ever struck at the Denver Mint. Despite limited production, high-grade examples are surprisingly available; over 200 examples have been certified 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 specimens are scarce but findable in MS-65 and MS-66 without excessive difficulty. However, PCGS data confirms that the population drops sharply at the MS-67 Full Steps level, and no 1938-D has been certified MS-68 with Full Steps designation.

In July 2022, Heritage Auctions sold an MS-68+ Full Steps example for $33,600 — the all-time auction record for any 1938 nickel. A 2014 Heritage sale brought $4,993.75 for an MS-67+ Full Steps example, confirming that top-grade 1938-D coins with superior strike quality are consistently among the most sought-after coins in the series.

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 the key date of the three business strikes, with just 4,105,000 produced — nearly five times fewer than the Philadelphia issue. Many collectors recognized this as a first-year, low-mintage coin and saved examples from the start, which is why the San Francisco survival rate (48.72%) is actually higher than Philadelphia’s despite the smaller mintage.

The San Francisco Mint had a known practice of using dies well beyond their prime condition in this era, resulting in weak strikes even on uncirculated examples. This makes Full Steps specimens from San Francisco meaningfully rarer than those from Denver or Philadelphia — and researchers like Bill Fivaz have noted that 1938-S “five-steppers” are especially hard to locate compared to Denver issues of the same period.

In August 2004, Heritage Auctions sold an MS-67 Full Steps example for $9,200, which remains the record for this issue. An MS-68 non-FS example achieved $1,645 at Heritage in August 2016. Even mid-grade uncirculated examples in MS-65 typically sell for $20 to $25, reflecting the coin’s desirability as the scarcest regular 1938 nickel.

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 carries a mintage of only 19,365 pieces — not only one of the lowest in the Jefferson series, but historically significant as the very first proof Jefferson nickels ever produced. Each piece was hand-polished before striking and then carefully struck two or more times using specially prepared dies to produce the sharp detail and mirror-like fields that distinguish proof coinage from business strikes.

Most surviving examples grade between PR-64 and PR-66; PR-67 specimens are considerably scarcer, and PR-68 coins are genuinely difficult to find. No proof 1938 nickels have ever been certified PR-69 or PR-70 by PCGS or NGC. It is also important to know that the Mint ceased proof production entirely from 1943 through 1949 due to World War II, making these 1938 proofs the earliest specimens in an interrupted run that did not resume until 1950.

In May 2001, Heritage Auctions sold a PR-67 example for $5,980, and a PR-68 achieved $4,560 at a later sale. These prices reflect both the historical importance of this first-year proof and the genuine scarcity of high-grade examples.

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

The FS-401 through FS-403 varieties feature hand-engraved modifications to letter and digit details on the obverse — specifically all letters in “IN GOD WE TRUST” and “LIBERTY,” plus the digits “1” and “9” in the date.

The most recognizable diagnostic feature of FS-401 is a lower serif added to the “S” in “TRUST,” visible under moderate magnification. These re-engraving modifications were made by Mint engravers during the proof die preparation process, creating distinct die states within the same 19,365-piece mintage.

The three sub-varieties (FS-401, FS-402, and FS-403) differ in the extent and exact location of the re-engraving work on the obverse letters. FS-403 is the most desirable of the three: in April 2021, eBay sold a PR-67+ FS-403 example for $2,150, demonstrating strong collector appetite for this particular die state. These varieties are primarily sought by advanced specialty collectors who are building comprehensive sets of the proof Jefferson nickel series.

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

CAM stands for Cameo — a designation given to proof coins where the raised design elements (devices) appear frosty white against deeply reflective, mirror-like fields. This visual contrast is highly prized and was largely a matter of chance in the 1938 era, since the Mint did not intentionally engineer it the way modern proof coins are produced today.

Cameo proof Jefferson nickels from 1938 through the mid-1950s are considerably rarer than standard proofs of those same years, because early dies lost their frosted character after striking just a small number of coins. The 1938 Cameo proof represents only a tiny fraction of the already limited 19,365 proof mintage, with survival data suggesting only about 50 examples are known — a 0.26% survival rate that makes this one of the scarcest varieties in the entire 1938 issue.

In April 2019, Heritage Auctions sold a PR-67 Cameo example for $5,040, outperforming standard PR-67 proofs of the same year. This premium reflects the combination of condition rarity and the visual appeal that cameo contrast adds to any early-series proof.

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 Value — Error List

The inaugural year of the Jefferson nickel saw several die-making errors that collectors actively hunt today. These errors are not random damage — they are genuine manufacturing mistakes that occurred during the hubbing process at the Philadelphia Mint, where the working die receives impressions from the master hub.

When the hub strikes the die at slightly shifted angles or multiple times in quick succession, the result is a doubled, tripled, or even quadrupled image on certain design elements.

Understanding these varieties and their diagnostics can help you identify a potentially valuable coin hiding in a pocket full of ordinary nickels.

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

DDO stands for Doubled Die Obverse — a die variety created when the hub strikes the working die more than once at slightly different angles, leaving overlapping impressions on obverse design elements. The 1938 FS-101 and FS-106 varieties both show doubling most visibly on the letters in “LIBERTY” and “IN GOD WE TRUST,” with FS-106 (DDO-008) displaying especially pronounced doubling on Jefferson’s profile.

To identify these varieties, use a loupe or magnifying glass at 5x or higher and look for raised, rounded doubling on the letters — the doubling on a genuine DDO should appear as a doubled shelf of raised metal, not as flat or machine-doubled die shifts.

Circulated examples sell for $20 to $50, while the PCGS-certified auction record stands at $570 for an MS-66 specimen. That makes the DDO FS-101 an accessible error variety even for beginning collectors.

2. 1938 QDO FS-105

QDO stands for Quadrupled Die Obverse — a significantly rarer variety than even a doubled die, caused by four separate misaligned hub impressions during die manufacture. On the 1938 QDO FS-105, the four-fold spread is strongest on “LIBERTY,” the star between “LIBERTY” and the date, and “IN GOD WE TRUST,” with lesser spread visible on Jefferson’s nose and the hair at the back of his head.

GreatCollections auction records show the QDO FS-105 selling in a range of $39 to $259 across various grades, making lower-grade examples affordable entry points for error collectors. High-grade examples with Full Steps are dramatically more valuable: in January 2016, Heritage Auctions sold an MS-67 Full Steps example for $2,703, while standard circulated examples bring around $20.

Quadrupled dies are significantly scarcer than doubled dies because four misaligned hub impressions during die production were a particularly rare manufacturing event.

 

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?

A 1938 nickel’s value depends on mint mark, condition (grade), and whether it carries the Full Steps (FS) designation. Circulated Philadelphia examples in average condition are worth roughly $6 to $10, while the lower-mintage 1938-D and 1938-S command slightly more even in worn grades (around $2–$4 each).

High-grade examples in Mint State (uncirculated) condition are where real value emerges — the all-time record is $33,600 for a 1938-D MS-68+ Full Steps sold at Heritage Auctions in July 2022, while 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 coin is a specially produced collector’s piece made with extra care. For the 1938 proof nickel, the Philadelphia Mint hand-polished the planchets (blank coin discs) before striking them at least twice with specially prepared dies to create deeply reflective, mirror-like surfaces with crisp design detail.

Only 19,365 were produced, all at Philadelphia, and they were never placed in general circulation. Most 1938 proofs grade between PR-64 and PR-66; PR-67 is scarce, and no PR-69 or PR-70 examples are known to exist. A PR-67 sold for $5,980 at Heritage Auctions in May 2001.

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

The mint mark on a 1938 Jefferson nickel is on the reverse (back), positioned to the right of the Monticello building. A “D” indicates Denver, and an “S” indicates San Francisco; if there is no letter in that spot, the coin was struck at Philadelphia.

This location stayed standard on Jefferson nickels until 1968, when the mint mark moved to the obverse (front) near the date. Identifying the mint mark correctly is critical, since the Philadelphia coin has a mintage nearly five times larger than the San Francisco issue.

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

Full Steps (FS) is a special grading designation for Mint State Jefferson nickels that show at least five completely uninterrupted steps at the base of Monticello on the reverse. PCGS awards the FS label for five or more complete steps; NGC splits the designation into 5FS (five steps) and 6FS (six steps), a distinction it introduced in 2004.

To check your coin, use a 5x magnifying glass on the reverse and 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 that cuts all the way across a single step disqualifies the coin. The Full Steps designation can multiply a coin’s value by 5 to 20 times compared to a same-grade example without it.

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

The 1938-D nickel had a mintage of only 5,376,000 — less than one-third of the Philadelphia figure — making it the fourth lowest mintage in the entire Jefferson nickel series. It is classified as a semi-key date, meaning it is noticeably scarcer than average but not so rare that only wealthy collectors can afford it.

Over 200 examples have been certified at MS-67 by PCGS, and it is one of the few pre-1965 nickels where MS-68 examples are known. The record price for the 1938-D is $33,600, paid for an MS-68+ Full Steps example 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 — Felix Oscar Schlag, a German immigrant who moved to the United States in 1929, won the open design competition and was awarded $1,000 for his entry (out of 390 total submissions). Either through a misunderstanding or oversight, Schlag did not include his initials anywhere in his winning design.

The Mint did not add “FS” (for Felix Schlag) to the obverse below Jefferson’s portrait until 1966 — 28 years after the coin debuted. Schlag remained an active figure in numismatic events throughout his life and passed away in 1974.

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

A DDO (Doubled Die Obverse) error shows raised, rounded doubling on obverse lettering like “LIBERTY” and “IN GOD WE TRUST” — use a loupe at 5x to 10x magnification and look for a distinct secondary impression of the letters, not just a flat machine smear. The FS-101 and FS-106 varieties are the two confirmed DDO varieties for this year; the FS-106 shows particularly strong doubling on Jefferson’s portrait.

A QDO (Quadrupled Die Obverse), designated FS-105, is even rarer and shows four overlapping impressions most prominently 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 example.

8. Is the 1938 nickel made of silver?

No — the 1938 nickel contains no silver. It is made of 75% copper and 25% nickel, which gives it a silver-like appearance. Only Jefferson nickels struck between 1942 and 1945 contain silver (35%), and those “War Nickels” are easy to identify by a large mint mark positioned above Monticello on the reverse (instead of to the right).

If you see a large “P,” “D,” or “S” above the building, you have a silver war nickel; if the letter is small and to the right, or absent, it is a standard copper-nickel coin.

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

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

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

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

Never clean a 1938 nickel — or any collectible coin. Cleaning, polishing, or even gently wiping a coin destroys its original surface luster and leaves hairline scratches that trained graders can spot instantly under magnification. A cleaned coin is permanently devalued; PCGS and NGC label cleaned coins as “details” coins that typically sell for a fraction of what a problem-free example commands.

Even a very common, low-grade 1938 nickel retains more value in honest, original condition than it does after any cleaning. If your coin has environmental deposits or spots, take it to a professional numismatist for advice before touching it.