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The 1938-D Jefferson Nickel is worth anywhere from $2 in worn condition to over $6,500 in high-grade mint state with Full Steps. This first-year issue from the Denver Mint is highly prized by collectors because it marks the debut of the iconic Thomas Jefferson design that replaced the Buffalo Nickel.
| Condition | Estimated Value |
|---|---|
| Circulated (Good to Extremely Fine) | $2.00 – $15.00 |
| About Uncirculated (AU50 – AU58) | $18.00 – $25.00 |
| Uncirculated (MS60 – MS65) | $30.00 – $120.00 |
| Uncirculated (MS66 – MS67 with FS) | $250.00 – $6,500.00+ |
Historical Significance of the 1938-D Jefferson Nickel
If you just found a 1938 nickel in your pocket change or a jar of old coins, you are holding a piece of American history. For many Americans, identifying old treasures is made easier with a top coin identifier app which can quickly distinguish between common years and valuable mint marks. The year 1938 was a transition year for the United States Mint. The beloved Buffalo Nickel was being retired after its 25-year run, and the government held a competition to find a new design featuring Thomas Jefferson and his home, Monticello.
The winner was Felix Schlag, whose portrait of Jefferson still survives in modified forms on our nickels today. The Denver Mint (signified by the “D” mint mark) produced significantly fewer nickels than Philadelphia in this inaugural year. Specifically, only 5,376,000 nickels were struck in Denver. While this might sound like a large number, it is quite small compared to modern production runs that reach into the billions.
Because it was the first year of a new series, many people at the time saved these coins. This means that while they are over 80 years old, you can still find them in relatively good condition. However, finding a “D” mint mark is always a bonus for a casual hunter. If you aren’t sure if your coin is a Denver strike, the CoinKnow app can help you locate the tiny “D” on the reverse side next to Monticello.
Your Old Coin Could Be Valuable!
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Understanding 1938-D Jefferson Nickel Value by Grade
The value of your 1938-D Jefferson Nickel is primarily determined by its “grade,” which is a fancy way of describing its state of preservation. Coins that have been passed around in pockets for decades lose their sharp details. The hair on Jefferson’s head becomes flat, and the pillars of Monticello on the back start to blur. Collectors pay a premium for “Mint State” coins that look exactly like they did the day they left the Denver Mint.
Your Old Coin Could Be Valuable!
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For those looking for precise market data, checking the 1938-D Jefferson Nickel current market prices is essential before selling. Even a small increase in grade from MS65 to MS66 can double the price of the coin. Most common versions found today will fall into the “Circulated” category, which still commands a price well above face value.
Your Old Coin Could Be Valuable!
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| Grade Designation | Retail Value Range |
|---|---|
| Good (G-4) | $1.50 – $2.50 |
| Fine (F-12) | $3.00 – $5.00 |
| Extremely Fine (XF-45) | $8.00 – $12.00 |
| About Uncirculated (AU-55) | $15.00 – $22.00 |
The Importance of “Full Steps” on Your 1938-D Nickel
If you look at the back of your nickel, you will see Monticello, Jefferson’s estate. Underneath the building are steps. In the world of high-end coin collecting, the “Full Steps” (FS) designation is the “Holy Grail” for Jefferson nickel collectors. Most nickels were struck with slightly worn dies or insufficient pressure, causing the steps to look like a flat blob.
A coin that shows five or six clear, individual steps is extremely rare. For a 1938-D nickel, reaching the Full Steps designation can catapult the value from $50 to over $1,000. This is where CoinKnow becomes a collector’s best friend, as the app provides high-resolution examples and AI recognition to help you see those tiny details.
Professional grading services like PCGS and NGC are the only ones authorized to officially label a coin as “Full Steps.” If you believe your 1938-D nickel has these sharp lines, it is worth consulting a professional. You can read more about how fine details impact the 1938 Jefferson Nickel worth to understand why these tiny steps matter so much.
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1938-D Jefferson Nickel Mint Mark Varieties and Errors
While most 1938-D nickels are standard strikes, there is one famous variety that collectors hunt for: the “D over S” (D/S) Mint mark. During production at the Denver mint, some dies were accidentally punched with a “D” directly over a previously punched “S” (San Francisco). If you have one of these, you have hit a mini-jackpot!
The D/S variety is highly sought after because it represents a mistake in the mint’s quality control process. You may need a magnifying glass or a digital microscope to see it clearly. The CoinKnow app’s magnification feature can help you inspect the area to the right of the Monticello building to see if there is a faint “S” hiding behind your “D.”
| Variety Type | Estimated Average Value |
|---|---|
| Standard 1938-D | $2 – $30 |
| 1938-D/S (Repunched Mint Mark) | $75 – $500+ |
| Double Die Obverse (DDO) | $50 – $200 |
Where to Sell Your 1938-D Jefferson Nickel
Once you’ve identified that your 1938-D nickel has significant value, your next step is finding a buyer. For coins worth less than $20, your local coin shop or an eBay listing are usually the best options. These common “circulated” coins are great for beginner collectors but aren’t worth the high fees of professional auction houses.
Your Old Coin Could Be Valuable!
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If your coin is in stunning, uncirculated condition or has the “D/S” variety, consider getting it certified by a grading service. Once graded, these coins can be sold at major auctions where serious collectors bid thousands of dollars. Always research current sold listings rather than “asking prices” to get a realistic idea of what your coin will bring in the current market.
Finally, remember that condition is everything. Never clean your coin! Cleaning a nickel with soap or polish will actually destroy its numismatic value, even if it looks shinier to your eyes. Collectors prefer the original “patina” or “toning” that comes with age. If you’re unsure about the surface of your coin, use CoinKnow to compare it with images of original, uncleaned coins.
FAQ
Q: Where is the mint mark on a 1938-D Jefferson Nickel?
A: On the 1938 Jefferson nickel, the mint mark is located on the reverse (tails) side. Look to the right of the Monticello building, between the building and the edge of the coin. A “D” indicates the Denver Mint. If there is no letter, it was made in Philadelphia.
Your Old Coin Could Be Valuable!
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Q: Is a 1938 nickel made of silver?
A: No, the 1938-D nickel is composed of 75% copper and 25% nickel. The famous “War Nickels” made of 35% silver were only produced between 1942 and 1945.
Q: Why is the 1938-D more valuable than the 1938 Philadelphia nickel?
A: The Denver Mint produced about 5.3 million nickels, while Philadelphia produced over 18 million. The lower mintage makes the 1938-D somewhat harder to find, especially in high grades, leading to a higher market value.
Q: What does “Full Steps” mean?
A: “Full Steps” refers to the five or six clearly defined horizontal lines on the steps of Monticello on the reverse side. This indicates a very crisp, strong strike, which is highly desirable for collectors.