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The 1946-S Jefferson Nickel is worth anywhere from $0.15 in worn condition to over $1,500 for rare “Full Steps” specimens in high grades. Most coins found in pocket change today are worth face value or a small premium, but specific mint errors and high-quality strikes can command impressive prices from serious collectors.
| Condition | Approximate Value |
|---|---|
| Circulated (Good to Fine) | $0.10 – $0.25 |
| About Uncirculated (AU50+) | $0.50 – $2.00 |
| Uncirculated (MS63+) | $5.00 – $35.00 |
| High Grade (MS66 Full Steps) | $500.00+ |
Understanding the 1946-S Jefferson Nickel Value
Finding an old nickel in your change can be an exciting moment, especially when it dates back to the immediate post-war era. If you’ve discovered a nickel with an “S” on the back, you are holding a piece of history struck at the San Francisco Mint. While many of these coins are common, knowing how to identify a premium specimen is key to professional collecting.
To help you quickly identify what you have, many enthusiasts use a top coin identifier app to scan their finds for immediate feedback on year, mint mark, and obvious errors. The 1946-S is particularly interesting because it marked the first year that nickel production returned to the standard copper-nickel composition after the silver “War Nickels” of 1942-1945.
Because hundreds of millions of nickels were produced in 1946, most heavily circulated examples are only worth a few cents over face value. However, the 1946-S has a much lower mintage than its Philadelphia counterpart, making it slightly more desirable for those trying to complete a “book” or collection of Jefferson nickels. If your coin still has its original mint luster and looks like it was never spent, its value could climb significantly.
Your Old Coin Could Be Valuable!
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Historical Context and Mintage Figures
In 1946, the United States was transitioning from a wartime economy back to peace. The “War Nickels,” which contained 35% silver to save nickel for the war effort, were discontinued. The 1946 Jefferson Nickel returned to its original 75% copper and 25% nickel alloy, which is why you won’t see the large mint mark over the dome of Monticello that characterized the 1942-1945 issues.
The San Francisco Mint produced a total of 58,382,000 nickels in 1946. While this sounds like a massive number, it is significantly lower than the 161 million struck in Philadelphia that same year. This lower supply often gives the San Francisco variety a slight price edge in uncirculated conditions.
Your Old Coin Could Be Valuable!
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When evaluating your coin, you can use CoinKnow to track current market trends. Knowing the population of similar coins helps determine if your nickel is a “common find” or a “rarity.” It is also helpful to check a dedicated 1946 nickel value guide for deep-dives into mintage history and survival rates of high-grade examples.
Grading and Condition: The Key to Profit
The single most important factor in determining the price of your 1946-S Jefferson Nickel is its grade. Professional grading scales run from 1 (poor) to 70 (perfect). Most nickels found in jars or “In the wild” will fall between Good (G) and Extremely Fine (EF).
Your Old Coin Could Be Valuable!
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For a 1946-S to carry significant value, it generally needs to be in “Mint State” (MS). This means it has no wear on the high points of Thomas Jefferson’s cheek or the steps of Monticello. To see how these grades affect the price, you can view the 1946-S nickel MS grade price chart.
| Grade Designation | Description | Estimated Price |
|---|---|---|
| VG8 (Very Good) | Heavily worn, Jefferson’s hair is flat. | $0.15 |
| XF40 (Extremely Fine) | Light wear on high points; hair detail visible. | $0.75 |
| MS65 (Gem Uncirculated) | Brilliant luster, very few marks. | $25.00 |
| MS66 Full Steps | Strictly graded with 5-6 clear steps. | $450.00+ |
The “Full Steps” Phenomenon
If you look at the back of a Jefferson Nickel, you will see the building known as Monticello. On the front of the building are a set of steps. In the world of coin collecting, the “Full Steps” (FS) designation is the “Holy Grail” for Jefferson nickel enthusiasts.
Because the dies used in 1946 were often worn or the striking pressure was insufficient, the steps on Monticello frequently appear as a blurred blob. A 1946-S Jefferson Nickel that shows five or six distinct, uninterrupted steps is extremely rare. While a standard MS66 1946-S might sell for $40, an MS66 FS (Full Steps) version could easily fetch over $1,000 at auction.
Your Old Coin Could Be Valuable!
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When searching through your coins, use a magnifying glass to inspect this area. If you think you see clear lines, you might want to use CoinKnow to compare your coin against high-resolution photos of confirmed Full Steps examples. This tiny detail is often the difference between a coin worth a dollar and one worth a car payment.
Valuable 1946-S Nickel Errors to Watch For
Errors are another way a common nickel can become a high-value treasure. During the minting process, things sometimes go wrong, resulting in unique variations that collectors love. For the 1946-S, there are several “re-punched mint marks” (RPM) known to exist.
An RPM occurs when the “S” was punched into the die more than once, often at slightly different angles or positions. If you see a “shadow” or a double-image of the S, you have an error coin. Other common errors include “Double Die” strikes, where the lettering or the date looks like it was doubled.
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| Error Type | What to Look For | Value Premium |
|---|---|---|
| Repunched Mint Mark (RPM) | Doubling visible on the ‘S’ mark. | $5 – $50 |
| DDR (Double Die Reverse) | Doubling in “Monticello” or “Five Cents”. | $20 – $100 |
| Off-Center Strike | Design is shifted off the coin blank. | $10 – $200+ |
How to Store and Sell Your 1946-S Nickel
If you discover that your 1946-S nickel is in high-grade condition or features a rare error, you must protect it immediately. Touching the face of the coin can leave oils that cause dark spots or corrosion over time. Instead, hold the coin only by its edges and place it in a PVC-free plastic “flip” or a cardboard 2×2 holder.
Before selling, it is wise to consult multiple sources to ensure you aren’t being underpaid. Using tools like CoinKnow can provide you with recent “sold” listings from auction houses, which is a more accurate representation of value than simply looking at “asking prices.”
For coins worth more than $150, you might consider having them professionally graded by services like PCGS or NGC. This “slabbing” process guarantees the coin’s authenticity and grade, making it much easier to sell for a premium price to investors and serious hobbyists.
FAQ
Q: Where is the mint mark on a 1946 Jefferson Nickel?
A: The mint mark is located on the reverse (back) of the coin, to the right of the Monticello building, near the rim. If you see an “S,” it was made in San Francisco. If you see a “D,” it was made in Denver. If there is no letter, it was made in Philadelphia.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Q: Is the 1946-S Jefferson Nickel made of silver?
A: No. Silver was removed from the nickel composition in 1946. These coins are made of 75% copper and 25% nickel. Only nickels dated 1942 through 1945 with a large mint mark above the dome contain silver.
Q: What is the most ever paid for a 1946-S Nickel?
A: A 1946-S Jefferson Nickel graded MS67 with Full Steps has sold for over $5,000 in past auctions. Most coins, however, are worth much less, typically under $1 in average condition.
Q: How can I tell if my 1946-S nickel has “Full Steps”?
A: Look at the back of the coin at the base of the Monticello building. You must see 5 or 6 complete horizontal lines representing the stairs. If the lines are interrupted by marks or are blurred together, it does not qualify for the “Full Steps” designation.