1938 Jefferson Nickel Value No Mint Mark: What is it Worth?

The 1938 Jefferson Nickel with no mint mark is worth anywhere from $2 in worn condition to over $1,500 in high-grade mint state. As the first year of the Jefferson design, this coin is a favorite among collectors and everyday Americans looking through their spare change for a piece of history.

Condition / Grade	Estimated Value
Good (G-4) to Fine (F-12)	$2.00 – $3.50
Extremely Fine (XF-45)	$5.00 – $8.00
About Uncirculated (AU-58)	$10.00 – $15.00
Mint State (MS-65)	$35.00 – $60.00
Mint State (MS-67 Full Steps)	$500.00+

History of the 1938 Jefferson Nickel No Mint Mark

The year 1938 marked a significant turning point in American numismatic history. After twenty-five years of the Buffalo Nickel, the U.S. Mint held a competition to replace it with a design honoring Thomas Jefferson. Felix Schlag won the competition, and his portrait of the third President has graced the five-cent piece for decades. If you have a specimen without a letter on the reverse, using a top coin identifier app can help you confirm its origin.

Coins struck in 1938 without a mint mark were produced at the Philadelphia Mint. During this era, Philadelphia was the main branch and did not use a mint mark (like the ‘D’ for Denver or ‘S’ for San Francisco). While over 18 million of these were struck, they are much rarer than modern nickels. Finding one today in your pocket change is quite a thrill, as many were pulled out of circulation by savvy savers years ago.

If you are unsure whether your coin is a true 1938 Philadelphia issue, you can use the CoinKnow app to scan the coin instantly. It helps beginners distinguish between the common Philadelphia strike and the more sought-after San Francisco or Denver varieties. Identifying the 1938 Jefferson Nickel is the first step toward understanding its potential market value.

Determining the 1938 Philadelphia Nickel Condition

When assessing the 1938 Jefferson Nickel value no mint mark, condition is the most critical factor. Most coins you find in old jars or inherited collections will show signs of wear. “Circulated” coins are those that have changed hands many times, leading to flattened hair details on Jefferson’s portrait or blurred steps on Monticello.

“Uncirculated” coins, or “Mint State” (MS), are those that never made it into general circulation. These coins retain their original “mint luster”—the frosty shine that appears when a coin is freshly struck. Collectors pay a massive premium for these pristine examples. Because the 1938 Philadelphia strike was the first of its kind, many people saved rolls of them, making MS-60 to MS-63 grades relatively affordable.

However, once you reach the highest levels of preservation, the price climbs sharply. Professional grading services like PCGS or NGC use a 70-point scale to determine quality. You can see the significant jump in 1938 Jefferson Nickel auction prices for coins that achieve a grade of MS-66 or higher.

Grade Group	Visual Characteristics
Circulated (G-XF)	Heavy wear on hair; Monticello windows are blurry; smooth surfaces.
About Uncirculated (AU)	Trace wear on the highest points of the cheek and hair; most luster remains.
Mint State (MS)	No wear; Full mint luster; few distracting marks or scratches.

The “Full Steps” Feature and Its Value Impact

For serious Jefferson Nickel collectors, the most important detail isn’t on the front of the coin, but the back. On the reverse side, you will see Monticello, Jefferson’s Virginia home. Specifically, collectors look at the steps leading up to the building.

A “Full Steps” (FS) designation is given to coins that have at least five or six clear, individual steps visible. Most nickels are struck weakly, causing the steps to appear as a flat blob. A 1938 Jefferson Nickel no mint mark with Full Steps is a rare find and can command hundreds or even thousands of dollars at high grades.

It is difficult for the untrained eye to spot Full Steps without magnification. Many hobbyists use the CoinKnow app’s high-resolution identification features to zoom in on these tiny details. If you think your coin has crisp, clean lines on the back, it might be worth sending it to a professional grader to maximize your return.

Designation	Average Value (MS-66)
Regular Strike	$30.00 – $50.00
Full Steps (FS)	$150.00 – $300.00

Identifying 1938 Jefferson Nickel Error Varieties

Errors are where the real money is made in the world of coin collecting. The 1938 Philadelphia Nickel has several known varieties that make them highly valuable. One of the most famous is the “Doubled Die” error, where the design is stamped twice, creating a blurred or “ghostly” effect on the lettering or date.

Another interesting variety is the 1938-D over S, though that involves mint marks. For the “No Mint Mark” Philadelphia coins, look for “Repunched” letters or “Die Cracks.” Die cracks appear as thin, raised lines on the coin’s surface, caused by the metal stamp breaking during the production process.

If you suspect your coin has a unique error, check out this guide for 1938 nickel value and error details. Error coins are often one-of-a-kind, meaning their value is determined by how much a specific collector is willing to pay. Some major errors on 1938 nickels have sold for over $500 even in modest condition.

Comparing the 1938 No Mint Mark to ‘D’ and ‘S’ Versions

The 1938 Jefferson Nickel was produced at three different mints: Philadelphia (No Mint Mark), Denver (D), and San Francisco (S). While the Philadelphia mint produced the most coins (over 18 million), the ‘D’ and ‘S’ mints produced significantly fewer—roughly 5 million and 4 million respectively.

This makes the No Mint Mark version the most “common” of the three 1938 varieties, but that doesn’t mean it’s worthless. Because it was the first year of the design, the historical demand remains high. In lower grades, the Philadelphia version is worth less than the ‘S’ or ‘D’ marks, but in the highest grades (MS-67 and above), a Philadelphia coin can sometimes rival them in price due to the scarcity of high-quality preservation.

Using the CoinKnow app can help you keep track of which mints you have in your collection. The app allows you to organize your coins by year and mint mark, providing real-time market updates so you know exactly when the value of your 1938 nickel might be on the rise.

Mint Mark	Mintage Volume	Scarcity
None (Philadelphia)	18,536,000	Moderate
D (Denver)	5,376,000	Scarce
S (San Francisco)	4,105,000	Scarce

How to Sell Your 1938 Jefferson Nickel

If you have determined that your nickel is in good condition or perhaps has the Full Steps feature, you might be wondering how to turn it into cash. For coins worth less than $10, selling on platforms like eBay is common, but keep in mind that shipping and fees might eat up your profit.

For highly valuable coins (those worth $100 or more), consider getting the coin “slabbed” or certified by a grading company like PCGS. A certified grade serves as a guarantee to the buyer, allowing you to ask for the highest possible market price. Local coin shops are also an option for a quick sale, though they usually offer 50-70% of the retail value so they can make a profit upon resale.

Always research current market trends before selling. Coin values fluctuate based on silver prices (though these nickels are mostly copper and nickel) and collector demand. Keeping a digital inventory and checking prices regularly will ensure you don’t accidentally spend a coin that could have paid for a nice dinner!

FAQ

Q: Does a 1938 nickel contain any silver?

A: No. Regular 1938 Jefferson Nickels are made of 75% copper and 25% nickel. Silver “War Nickels” were only produced between 1942 and 1945.

Q: Where is the mint mark on a 1938 nickel?

A: On the 1938 nickel, the mint mark (D or S) is located on the reverse side, to the right of the Monticello building. If that area is blank, it was minted in Philadelphia and is a “No Mint Mark” coin.

Q: Is a 1938 nickel with no mint mark rare?

A: It is not “rare” in a general sense, as over 18 million were made. However, finding one in high-grade uncirculated condition or with “Full Steps” is very rare and valuable.

Q: Can I find a 1938 nickel in my change today?

A: It is possible but very unlikely. Most 1938 nickels were removed from circulation by the 1960s and 70s. Most nickels found today date from the 1960s to the present.