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

In 1938, German immigrant Felix Schlag won $1,000 in a nationwide competition to design America’s new five-cent coin, beating out 389 other artists. His prize money, worth about $22,000 today, went to pay medical bills after his wife’s death—a bittersweet victory that gave America its first circulating coin featuring a president’s portrait.

Little did Schlag know that some of his Jefferson nickels would one day be worth far more than his prize. Today, rare varieties like the 1954-S can sell for an astounding $35,250, while the 1938-D and 1969-D specimens fetch $33,600 each.

These extraordinary values remind us that sometimes the greatest treasures hide in plain sight, waiting in pocket change for someone to discover their true worth.

Looking for rare Nickels from other years?

• (1913 – 1938): Top 60+ Most Valuable Buffalo Nickels Worth Money
• Even Older?: Top 100 Rarest Nickels Worth Money (Most Expensive)
• Misprint Nickels: Rare Nickel Errors List with Pictures
  

 

 

Most Valuable Jefferson Nickels Worth Money

1. The Ultimate 1954-S Jefferson Nickel: A Collector’s 14-Year Quest

Record Price: $35,250 (PCGS MS67 FS, Legend Rare Coin Auctions)

Imagine searching through thousands of bank rolls for over 14 years, hoping to find just one perfect coin. That’s exactly what one dedicated collector did, examining countless 1954-S Jefferson nickels before finally discovering their first Full Steps specimen—a testament to just how extraordinarily rare these coins truly are.

The 1954-S represents the San Francisco Mint’s final year producing Jefferson nickels before taking a decade-long hiatus. While the mint struck 29.3 million pieces that year, finding one with Full Steps is like searching for a needle in a massive haystack.

What makes this coin worth $35,250? It’s all about those tiny steps at the base of Monticello on the reverse. To qualify for the coveted Full Steps designation, at least five complete, uninterrupted steps must be clearly visible—no breaks, no weakness, no imperfections. For the 1954-S, this is almost impossible to find.

The problem lies in the striking process itself. The deep hair details on Jefferson’s portrait opposite Monticello’s third pillar “steal” metal flow during striking, causing weak impressions on the steps. The San Francisco Mint’s 1954 equipment produced particularly weak strikes, making Full Steps examples extraordinarily scarce.

PCGS has certified only about 25 Full Steps examples from the entire mintage of 29 million coins—that’s roughly one in every 1.2 million! This MS67 Full Steps specimen represents the absolute pinnacle, being the single finest known example. No wonder it commands such an astronomical price, transforming a humble five-cent piece into a $35,000 treasure.

Check 1954 Nickel History, Variety Price Chart & Errors List

 

2. The First Denver Jefferson: 1938-D Nickel

Record Price: $33,600 (PCGS MS68+ FS, Heritage Auctions)

On October 3, 1938, the presses at Denver Mint began striking America’s newest five-cent coin. After 25 years of struggling with the difficult-to-mint Buffalo nickel, the U.S. Mint was eager to launch this new design featuring Thomas Jefferson. By year’s end, Denver had produced 5,376,000 pieces—marking the beginning of a series that would span over 85 years.

This historic transition happened because Felix Schlag, a German immigrant who had arrived in America just nine years earlier, won a national design competition beating 389 other artists. His $1,000 prize money became a bittersweet victory when he used it to pay his recently deceased wife’s medical bills—a poignant reminder of the human stories behind our coins.

What transforms this particular 1938-D nickel from a common first-year issue worth a few dollars into a $33,600 treasure? The answer lies in its extraordinary preservation and strike quality. This coin achieved the coveted MS68+ Full Steps designation—meaning it displays pristine surfaces with dusky amber-gold toning and perfectly struck steps on Monticello.

Among the three mints that produced Jefferson nickels in 1938, Denver actually struck the highest quality pieces. Yet finding one with Full Steps remains exceptionally difficult. This MS68+ specimen stands alone as the single finest certified at PCGS, with no other coin matching its perfection.

The significance extends beyond mere grade. First-year coins hold special appeal to collectors, representing the birth of a series. When you combine that historical importance with unmatched quality—crisp details, lustrous surfaces, and those perfectly defined steps—you create numismatic magic worth over 6.7 million times face value.

Check 1938 Nickel History, Variety Price Chart & Errors List

 

3. The Moon Landing Year Miracle: 1969-D Jefferson Nickel

Record Price: $33,600 (PCGS MS65 FS, Stack’s Bowers)

On July 20, 1969, as Neil Armstrong took his historic first steps on the moon, 600 million people around the world watched in awe. That same year, the Denver Mint struck 202 million Jefferson nickels—but unknowingly created something far rarer than moon dust: a single perfect Full Steps specimen.

The timing could not be more ironic. While NASA engineers achieved the impossible by landing humans on the moon with 1960s technology, the U.S. Mint struggled with something seemingly simpler—striking clear steps on a five-cent coin. The master hub used for Monticello’s design had been in service for nearly 30 years, growing progressively worn and tired.

What makes this 1969-D nickel the “Holy Grail” of Jefferson collecting? Among those 202 million coins, this MS65 Full Steps example stands utterly alone. Not a single other 1969-D nickel has been certified with Full Steps by either PCGS or NGC—making it statistically rarer than a moon rock.

David Bowers dubbed it the “Golden Fleece” of Jefferson nickels, while numismatic writer Scott Schechter declared that owning this coin would make someone “the King of Jefferson Nickel Collectors.” The coin exhibits brilliant platinum-white surfaces with pearlescent luster and faint prooflike reflectivity—a true space-age treasure.

The supreme irony remains: In a year when America proved it could send men 238,900 miles to the moon and back, the Denver Mint could produce only one nickel with properly struck steps. Sometimes the greatest achievements hide in the smallest details, transforming an ordinary pocket coin into a $33,600 numismatic moonshot.

Check 1969 Nickel History, Variety Price Chart & Errors List

 

4. The Phantom Mint Set Mystery: 1964 SMS Jefferson Nickel

Record Price: $32,900 (PCGS SP68 FS, Heritage Auctions)

In 1964, America faced a coin crisis. Vending machines, toll booths, and parking meters were devouring coins faster than the Mint could produce them. Mint Director Eva Adams, the second woman to hold the position, blamed collectors for hoarding coins and took drastic measures—removing mint marks and halting proof coin production to discourage collecting.

Behind the scenes, however, something extraordinary happened. The Mint secretly produced a handful of experimental coins that weren’t supposed to exist—the mysterious 1964 Special Mint Sets. These coins emerged from the shadows nearly 30 years later when they surfaced at a Stack’s auction in 1993, reportedly from Eva Adams’ personal estate after her death in 1991.

What makes these “phantom” coins so valuable? Unlike regular 1964 nickels or even proofs, these SMS specimens display a unique satin-like finish with sculptural depth and die polishing lines that create an almost ethereal appearance. The strike quality surpasses even proof coins, with not just five complete steps but sharp details on the tiny portico steps flanking Monticello’s entrance.

Only an estimated 20 to 50 sets exist in total, making any 1964 SMS coin rarer than most 19th-century rarities. This SP68 Full Steps example from the Steve Strom Collection represents one of just six certified at this grade with none finer, displaying beautiful lilac and ice-blue coloration across its pristine surfaces.

The true purpose of these coins remains unknown—were they prototypes for the 1965-67 Special Mint Sets? Secret presentation pieces? Test strikes that were never meant to leave the Mint? Whatever their origin, these enigmatic nickels transform a year of crisis into numismatic legend, with this example worth 658,000 times face value.

Check 1964 Nickel History, Variety Price Chart & Errors List

 

5. The Post-War Puzzler: 1949-D/S Jefferson Nickel

Record Price: $32,900 (PCGS MS67 FS, Heritage Auctions)

In 1949, America was experiencing the uncertainties of post-war adjustment. Veterans had returned home, the economy was in a mild recession, and families were trying to rebuild normal lives after years of sacrifice. At the Philadelphia Mint, where all coin dies were made, someone made a curious mistake that would create one of the most sought-after Jefferson nickel varieties.

The error began when a mint worker punched an “S” mintmark into a reverse die intended for the San Francisco Mint. But plans changed—perhaps San Francisco had enough dies, or Denver needed more to meet unexpected demand in the booming post-war West. Whatever the reason, that S-marked die was repurposed by punching a “D” over the existing mintmark before shipping it to Denver.

The overpunching wasn’t perfect. The top serif and upper left loop of the underlying “S” remained visible, peeking out from beneath the “D” like a numismatic ghost. Among the 36.5 million nickels Denver struck that year, an unknown but small number bore this telltale double mintmark.

What transforms this MS67 Full Steps example into a five-figure treasure? Beyond the variety itself, this coin displays “potent luster and medium caramel-gold and steel-gray toning” with virtually no flaws under magnification. As the single finest PCGS-certified example, it represents perfection within imperfection.

The 1949-D/S serves as a reminder that even in an era of economic uncertainty—when unemployment reached 7.9% and businesses struggled to adapt from wartime to peacetime production—American craftsmanship could still produce accidental masterpieces. This manufacturing quirk, born from simple human error or expedience, now commands 658,000 times the coin’s face value.

Check 1949 Nickel History, Variety Price Chart & Errors List

 

6. The War Worker’s Mistake: 1942-D/D Over Horizontal D Jefferson Nickel

Record Price: $32,200 (PCGS MS64 FS, Heritage Auctions)

In 1942, America transformed into the “Arsenal of Democracy.” Factory shifts ran 24 hours a day, women filled jobs previously held by men, and rationing became a way of life. At the Denver Mint, workers labored under intense pressure to produce coins for a nation where even pocket change was becoming scarce due to hoarding and increased commerce.

Late one evening, perhaps during a blackout drill or after a double shift, a tired mint employee made an unusual mistake. While punching mintmarks into coin dies—a task done entirely by hand in those days—the worker accidentally positioned the “D” punch horizontally, with the curved side facing down. Realizing the error immediately, they corrected it by punching a properly oriented “D” over the misaligned one.

This human moment of wartime fatigue created one of the rarest Jefferson nickel varieties. The Cherrypicker’s Guide calls it “the rarest of the original 10 major Jefferson varieties in mint state,” with possibly fewer than 100 examples surviving in uncirculated condition.

What makes this MS64 Full Steps example worth $32,200? Beyond the dramatic visual impact of the overlapping mintmarks—easily visible without magnification—this coin represents exceptional preservation. As one of only 10 pieces certified in all mint state grades by PCGS, and tied as the highest graded Full Steps example, it stands as numismatic royalty.

The 1942-D/D serves as a tangible reminder of the home front’s contribution to victory. While American soldiers fought overseas and civilians planted Victory Gardens, even mint workers felt the strain of wartime production. This accidental variety, born from exhaustion and human error during America’s greatest trial, now commands a price that would have bought 644,000 five-cent war stamps in 1942.

Check 1942 Nickel History, Variety Price Chart & Errors List

 

7. The Transitional Treasure: 1940 Reverse of 1938 Jefferson Nickel

Record Price: $28,750 (PCGS PR68, Heritage Auctions)

In the summer of 1940, as German bombs rained down on London during the Battle of Britain and France fell to Nazi forces, America watched nervously from across the Atlantic. The nation stood at a crossroads—officially at peace but preparing for an inevitable war. Even the U.S. Mint found itself in transition, caught between old ways and new necessities.

That transitional moment created one of the rarest Jefferson nickel varieties. When the Mint struck proof coins for collectors in 1940, someone made a fateful decision to use an old reverse die from 1938 rather than the updated 1940 version. The difference seems subtle—wavy, poorly defined steps on Monticello versus straighter, sharper ones—but to collectors, it represents numismatic gold.

Why would the Mint use outdated dies? Perhaps it was simple economy during uncertain times, using up old stock before creating new ones. Or maybe a die setter grabbed the wrong hub in the rush of production. Whatever the reason, only a tiny fraction of the 14,158 proof nickels struck that year bore this obsolete reverse.

This PR68 specimen transforms that quirk of production into a $28,750 masterpiece. Displaying “ice-blue, pink-grapefruit, magenta, and apricot colors” across flawless surfaces, it stands alone as the only PR68 Reverse of 1938 certified by PCGS with none finer. According to experts Ron Guth and Bill Gale, this variety is “approximately fifty times rarer” than the normal Reverse of 1940.

Like America itself in 1940—suspended between isolation and engagement, peace and war—this nickel captures a moment of transition. Its wavy steps harken back to a simpler time, even as the world marched inexorably toward global conflict. Sometimes the most valuable treasures are those that preserve fleeting moments between what was and what would be.

Check 1940 Nickel History, Variety Price Chart & Errors List

 

8. The Neutrality Nickel: 1939-D Jefferson Nickel

Record Price: $26,400 (PCGS MS68 FS, Stack’s Bowers)

On September 1, 1939, German forces crossed into Poland at 4:45 a.m., unleashing the deadliest conflict in human history. Four days later, President Franklin D. Roosevelt proclaimed American neutrality, declaring that all citizens must “remain at peace with all belligerents.” That same year, the Denver Mint produced what would become the second-scarcest regular-issue Jefferson nickel—just 3,514,000 pieces.

The coin’s rarity stems from a curious quirk of collector psychology. In 1938, the Jefferson nickel’s debut year generated tremendous excitement among collectors who eagerly saved the new design. But by 1939, the novelty had worn off. As Europe descended into war and Americans worried about staying out of the conflict, fewer people bothered to set aside the new nickels, especially from the lower-mintage Denver facility.

What makes this MS68 Full Steps example worth $26,400? It represents absolute perfection in a series where perfection is nearly impossible to achieve. Walter Breen noted that the Reverse of 1938 variety (with wavy steps) comprises about 40% of 1939-D survivors, making Full Steps examples exponentially rarer. This specimen displays “faint gold and peach tones” with “tinges of powder blue accenting the rims”—a rainbow of colors born from decades of careful preservation.

Standing alone atop the PCGS Population Report as the single finest example with none graded higher, this nickel captures a moment when America watched nervously from across the Atlantic as the world plunged into darkness. While Congress passed neutrality acts and factories hesitated to produce war materials, this small piece of pocket change circulated through an nation hoping to avoid the conflict that would eventually reshape the global order. Sometimes the most valuable coins are those that preserve the calm before the storm.

Check 1939 Nickel History, Variety Price Chart & Errors List

 

9. The Victory Kiss Nickel: 1945-D Jefferson Nickel

Record Price: $25,000 (PCGS MS68 FS, eBay 2021)

On August 14, 1945, as news of Japan’s surrender spread across America, a spontaneous celebration erupted in Times Square. Over two million people flooded the streets, sailors grabbed and kissed strangers, and photographer Alfred Eisenstaedt captured the most famous kiss in history. That same year, the Denver Mint produced 37.1 million Jefferson nickels—coins that would circulate through the pockets of those celebrating the end of World War II.

Most 1945-D nickels show the wear and tear of their journey through post-war America. Returning soldiers spent them on movie tickets and ice cream sodas with their sweethearts. Factory workers, who had produced bombers and tanks around the clock, used them in vending machines during peacetime shifts. These five-cent pieces helped rebuild a nation transitioning from wartime sacrifice to peacetime prosperity.

What transforms this particular 1945-D from ordinary pocket change into a $25,000 treasure? The combination of perfect MS68 preservation with Full Steps designation makes it extraordinarily rare. This specimen displays “incredible color”—rainbow toning that developed naturally over 76 years, creating a miniature work of art. Among the millions struck, only a handful achieved this level of perfection.

The coin’s value extends beyond mere grade. It represents a frozen moment from America’s greatest celebration—when church bells rang, confetti fell like snow, and strangers embraced in the streets. While Eisenstaedt’s photograph captured one sailor’s kiss, this nickel preserves the everyday currency that jingled in the pockets of millions experiencing that historic Tuesday. Sometimes the smallest artifacts tell the biggest stories, transforming a humble five-cent piece into a $25,000 time capsule of American joy.

Check 1945 Nickel History, Variety Price Chart & Errors List

 

10. The Armistice Anomaly: 1953-S Jefferson Nickel

Record Price: $24,000 (PCGS MS65 FS, Heritage Auctions)

On July 27, 1953, at precisely 10 a.m. in Panmunjom, Korea, American and communist negotiators finally signed the armistice agreement ending three years of brutal conflict. After 158 negotiation sessions spanning two years, the killing stopped—but the war never officially ended. That same year, the San Francisco Mint struggled with its own battle, one fought against worn dies and failing equipment.

The mint produced 19,210,900 nickels in 1953, but something went terribly wrong. Years of continuous use had left the coin dies exhausted and eroded, creating what collectors describe as “mushy” features and “orange peel” surfaces. The hardness of the copper-nickel alloy compounded the problem—the metal simply refused to flow properly into the intricate details of Monticello’s steps.

What makes this MS65 Full Steps example worth $24,000? Expert Jaime Hernandez declared it simply: “For Jefferson Nickels from 1938 to 1960, the 1953-S Jefferson Nickel is the most difficult coin to find with Full Steps characteristics.” Among 19 million struck, PCGS has certified only 24 coins with Full Steps—a survival rate of approximately one in 800,000.

Bernard Nagengast called it one of the “real stoppers” in the Jefferson series. While thousands of 1953-S nickels exist in average condition, finding one with five complete, uninterrupted steps proves nearly impossible. This specimen displays “warm, glowing toning over frosted surfaces” despite the heavy die erosion that plagued the issue. Like the Korean armistice that left two nations technically at war for decades, this nickel represents an imperfect resolution—a coin that shouldn’t exist in perfect form, yet somehow does.

Check 1953 Nickel History, Variety Price Chart & Errors List

 

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Summary: Rare Jefferson Nickels Worth Money

These rare Jefferson nickels showcase extraordinary moments in American minting history. From 1938’s first Denver strikes to present, each coin commands astronomical prices for displaying perfect “Full Steps” details. Wartime errors, die erosion, and human mistakes created these accidental treasures, transforming ordinary five-cent pieces into five-figure numismatic legends worth up to $35,250.