Your Old Coin Could Be Valuable!
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The 1987-P Jefferson Nickel is worth anywhere from $0.05 in circulated condition to over $1,200 for elite “Full Steps” specimens. While most nickels from 1987 found in your pocket change are only worth face value, certain high-grade mint strikes and minor errors can command a significant premium among collectors.
| Condition | Estimated Value |
|---|---|
| Circulated (Average Wear) | $0.05 – $0.10 |
| Uncirculated (MS60 – MS64) | $1.00 – $5.00 |
| Gem Uncirculated (MS65+) | $15.00 – $45.00 |
| High Grade with Full Steps (FS) | $100.00 – $1,200.00+ |
Identifying Your 1987-P Jefferson Nickel
If you’ve recently sorted through a jar of change and found a 1987 nickel with a small “P” next to the date, you are looking at a coin struck at the Philadelphia Mint. During the late 1980s, the United States Mint produced billions of these coins to meet the demands of commerce. Because they were so common, the vast majority of these nickels have survived in worn, circulated condition.
To determine if your specific coin is a hidden treasure or just five cents, you can use a top coin identifier app to get an instant visual assessment. Most everyday Americans won’t find a fortune in their change, but the 1987-P is interesting because it marks a period where the Mint’s die quality was beginning to fluctuate, leading to some rare high-grade survivors.
When using CoinKnow, you can easily categorize your coin by its luster and the sharpness of Thomas Jefferson’s portrait. A coin that looks “shiny” or “brand new” is always the best candidate for further inspection. If the coin has scratches, stains, or a dull grey appearance, it is likely only worth its face value.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Why the Mint Mark and Luster Matter
The “P” mint mark is located on the obverse (front) of the coin, just to the right of Jefferson’s ponytail, above the date. In 1987, the Philadelphia Mint produced over 430 million of these nickels. Because the production volume was so high, finding a coin in “Mint State” (uncirculated) is quite common, but finding one that survived without any “bag marks” or nicks is incredibly difficult.
Collectors look for “original mint luster”—that satin-like sheen that reflects light in a cartwheel pattern. If your coin has this glow, it might be worth more than a few cents. According to current market trends, the 1987-P Jefferson Nickel MS price can jump significantly once it reaches the MS66 or MS67 grade level.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Using CoinKnow allows you to compare your coin against high-resolution photos of graded specimens. This is the first step in deciding whether it is worth paying a professional grading service like PCGS or NGC to certify your coin. Remember, a coin is only “rare” if it has been preserved perfectly since the day it was struck.
| Mint Mark | Mintage Quantity | Rarity Scale |
|---|---|---|
| 1987-P (Philadelphia) | 430,131,000 | Very Common |
| 1987-D (Denver) | 352,153,983 | Common |
| 1987-S (San Francisco Proof) | 4,227,728 | Collector Only |
The “Full Steps” Modifier: The Secret to High Value
For true Jefferson Nickel enthusiasts, the most important feature is on the reverse (back) of the coin: the steps of Monticello. If you look closely at the building, you will see a flight of stairs. In most strikes from 1987, these steps are blurry or blended together. However, a “Full Steps” (FS) nickel is one where five or six steps are clearly visible and uninterrupted.
A 1987-P with Full Steps is a rarity because the dies used in 1987 were often worn down, resulting in mushy details. If you find a 1987-P that shows clean, sharp lines across the stairs, you are likely looking at a coin worth over $100. In extremely high grades like MS67FS, the value can skyrocket.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Referencing the 1987 Jefferson Nickel price guide, we see that the auction record for a 1987-P MS67 Full Steps reached a staggering $1,265. This proves that even modern, common pocket change can be valuable if the strike is perfect. CoinKnow can help you zoom in on these details to see if your coin meets the FS criteria.
Common Errors and Varieties in 1987 Nickels
Whenever millions of coins are produced, mistakes happen. While there are no famous “major” errors for the 1987-P like the 1955 doubled-die penny, there are several “minor” errors that collectors hunt for. These can add a “cool factor” and a small price premium to your find.
One common error is the “Die Crack.” This happens when the metal mold used to stamp the coin begins to break, leaving a raised line of metal on the coin’s surface. Another is the “Clipped Planchet,” where the round metal disc was cut incorrectly, leaving a crescent-shaped bite out of the side of the coin.
Your Old Coin Could Be Valuable!
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| Error Type | Description | Typical Value |
|---|---|---|
| Off-Center Strike | Design is shifted to one side. | $5 – $50 |
| Die Break (Cud) | Raised blob of metal on the edge. | $10 – $30 |
| Doubled Die Obverse | Slight blurring/doubling on letters. | $5 – $15 |
Check your 1987-P carefully for any signs that the coin looks “different” from a standard nickel. Often, what looks like damage is actually a mint error created over thirty years ago.
Is It Worth Getting Your 1987-P Nickel Graded?
Professional grading costs money—usually between $20 and $50 per coin plus shipping. For a 1987-P nickel, it is only worth the investment if you are certain the coin is in Mint State 66 or higher, or if it has the elusive Full Steps designation.
If your nickel was found in a roll from the bank and shows absolutely no signs of wear, it might be worth a closer look. However, if the coin has been circulating in pockets and vending machines since 1987, it will likely grade as “Circulated,” and its value will remain at five cents.
Collectors usually recommend keeping uncirculated 1987-P nickels in protective flips to prevent environmental damage or “toning” (color changes due to oxidation). While some collectors love “rainbow-toned” nickels, most 1987 nickels are preferred in their original, brilliant white state.
Your Old Coin Could Be Valuable!
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How to Calculate Your Coin’s Final Value
When determining the value of your 1987-P Jefferson Nickel, always look at recent “Sold” listings on auction sites rather than “Asking” prices. People can ask for thousands of dollars for a common coin, but that doesn’t mean it sells for that much.
The real market value is determined by what a collector is willing to pay today. Currently, the market is stable for modern nickels. While they aren’t as popular as Silver Morgans or Wheat Pennies, there is a dedicated group of specialists who try to assemble “Registry Sets”—collections of the highest-rated coins for every single year produced. These are the buyers who will pay a premium for your 1987-P if it is truly exceptional.
Use resources like CoinKnow to keep an eye on the market. If you see a surge in interest for 1980s nickels, it might be the perfect time to sell your uncirculated finds.
FAQ
Q: Where is the mint mark on a 1987 nickel?
A: The mint mark is located on the obverse (front) of the coin. Look to the right of Thomas Jefferson’s ponytail, just above the date. You will see either a “P” for Philadelphia or a “D” for Denver. If it’s a proof coin from a set, it will have an “S” for San Francisco.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Q: Is a 1987 nickel made of silver?
A: No, the 1987 Jefferson Nickel is made of a cupro-nickel alloy consisting of 75% copper and 25% nickel. The U.S. Mint stopped using silver in nickels in 1945 (the famous “War Nickels”).
Q: What is the highest price ever paid for a 1987-P nickel?
A: An exceptional 1987-P Jefferson Nickel graded MS67 with Full Steps (FS) sold at auction for over $1,200. Most regular uncirculated examples sell for under $5.
Q: What does “Full Steps” mean on a nickel?
A: “Full Steps” refers to the staircase on Monticello on the reverse of the coin. If at least five steps are clearly defined without any marks or “mushiness” interrupting the lines, the coin receives the FS designation, which significantly increases its value to collectors.