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The 1938-S Jefferson Nickel is worth anywhere from $2 in worn condition to over $1,200 in high-grade mint state. As the very first year of the Jefferson series, this San Francisco minted coin carries significant historical weight and remains a favorite among everyday collectors looking to complete their sets.
| Condition / Grade | Estimated Value |
|---|---|
| Good (G-4) to Fine (F-12) | $1.50 – $3.50 |
| Extremely Fine (XF-45) | $5.00 – $8.00 |
| About Uncirculated (AU-58) | $10.00 – $15.00 |
| Mint State (MS-65+) | $35.00 – $1,200+ |
History of the 1938-S Jefferson Nickel
In 1938, the United States Mint decided it was time to move on from the Buffalo Nickel, which had been in circulation for 25 years. The Treasury Department held a competition for a new design featuring Thomas Jefferson. Felix Schlag won the $1,000 prize, and his portrait of the third president became an American icon. If you have recently found one of these in a jar of old coins, you might want to use a top coin identifier app to confirm its variety before heading to a dealer.
The “S” mint mark on the 1938 nickel indicates it was struck at the San Francisco Mint. This specific year is notable because it was a transition year; while the Buffalo Nickel was still being struck in early 1938, the Jefferson Nickel took over by the end of the year. Because the San Francisco Mint produced the lowest number of these coins compared to Philadelphia and Denver, the 1938-S Jefferson Nickel value is generally higher than its siblings.
Many of these coins were saved by the public because it was a “first year” issue. This means that while they are over 85 years old, you can still find them in relatively good condition. However, finding one that has never been spent—referred to as “Uncirculated”—is where the real money is. Using tools like CoinKnow can help you distinguish between a common circulated coin and a rare gem that belongs in an auction.
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Determining the Mint State Value of a 1938-S Nickel
When evaluating a vintage nickel, the condition is the most critical factor. For the 1938-S, collectors are particularly interested in “Mint State” (MS) coins. These are coins that never entered public circulation and still retain their original luster. To understand the market, you should check the latest 1938-S Jefferson Nickel MS grade market data, as prices can fluctuate based on recent auction sales.
A coin graded MS-60 might look shiny but have some scratches from being in a mint bag. As you move up the scale to MS-65 or MS-67, the price jumps significantly. This is because “Full Steps” (FS) details on the reverse side—the building known as Monticello—are much harder to find on the San Francisco strikes. If you can see five or six clear steps on the front of the building, your coin’s value could triple or quadruple instantly.
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| Grade Designation | Price Range (USD) | Scarcity |
|---|---|---|
| MS-63 | $20 – $30 | Common |
| MS-65 | $40 – $60 | Scored often |
| MS-66 Full Steps | $150 – $250 | Rare |
| MS-67+ Full Steps | $1,000+ | Extremely Rare |
How to Identify the 1938-S Mint Mark
For those who are not seasoned numismatists, locating the mint mark is the first step in valuation. On the 1938 Jefferson Nickel, the mint mark is located on the reverse side (the “tails” side). Look to the right of the Monticello building, near the rim. You will see a small “S” for San Francisco or a “D” for Denver. If there is no letter, it was minted in Philadelphia.
The San Francisco “S” is usually the most sought-after by beginners because its mintage was only about 4.1 million. While that sounds like a lot, it is quite small compared to modern coins that are minted by the billions. If yours looks exceptionally crisp, it is worth consulting a 1938 Jefferson Nickel price guide to see if you have a “Full Steps” variety.
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Identifying these small letters can be hard on the eyes. This is where CoinKnow becomes an essential tool for your hobby. By taking a high-definition photo within the app, you can zoom in on the mint mark area to see if it is a clear “S” or perhaps a re-punched mint mark, which can add even more value to the coin.
Average Prices for Circulated 1938-S Nickels
Most 1938-S nickels found in old jars or inherited collections will be in “circulated” condition. This means they have been touched by many hands and have lost their original shine. However, because 1938 was the first year of issue and the “S” mint is lower mintage, even worn coins are worth more than their face value of five cents.
In “Good” or “Very Good” condition, the coins are mostly flat, with Jefferson’s hair detail worn away. In “Extremely Fine” condition, you can still see most of the lines in the hair and the pillars of Monticello are distinct. Even at the lowest grades, collectors will often pay a premium just to fill a hole in their coin folders.
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| Circulated Grade | Visual Appearance | Retail Value |
|---|---|---|
| Good-4 | Heavily worn; outlines only | $1.25 |
| Fine-12 | Some hair detail visible | $2.50 |
| VF-20 | Moderate wear; pillars clear | $4.00 |
| XF-40 | Slight wear; sharp details | $7.00 |
Key Varieties: The Re-punched Mint Mark (RPM)
One of the most exciting things for a 1938-S Jefferson Nickel collector is searching for “varieties.” During the production process in 1938, some mint marks were stamped into the die twice. This is known as a Re-punched Mint Mark (RPM). These are often invisible to the naked eye but become clear under a 10x magnifying glass or a high-quality smartphone camera.
The 1938-S has several recognized RPM varieties where the “S” is stamped over another “S” at a slightly different angle. If you find one of these, the value can increase by 50% to 100% over the standard price. CoinKnow features a database that helps you recognize these subtle doubling effects.
When you suspect you have an RPM, check the “S” for a “shelf-like” appearance or a double curve. Collectors of Jefferson Nickels are very detail-oriented, and these small errors are what turn a $5 coin into a $50 coin for a specialist collector.
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The “Full Steps” Feature and Why It Matters
If you want to find the “Holy Grail” of 1938-S Nickels, you need to look at the back of the coin. Specifically, look at the steps leading up to the Monticello building. On most nickels from this era, the steps are blurred together due to a weak strike or heavy wear. However, coins that show five or six distinct, uninterrupted lines is called “Full Steps” (FS).
The “Full Steps” designation is only given to coins in Mint State (uncirculated) condition. A 1938-S with Full Steps is incredibly rare because the San Francisco dies were often worn out, leading to mushy details. An MS-66 specimen without full steps might sell for $50, but that same coin with the “FS” designation could easily sell for $300 to $500 at a heritage auction.
Always look for a crisp strike. If the building looks like it has a solid staircase rather than a flat ramp, you have something special. Grading services like PCGS or NGC will specifically label these coins, and they are the most prized pieces in the 1938-S Jefferson Nickel series.
FAQ
Q: Is a 1938-S Jefferson Nickel made of silver?
A: No. Jefferson Nickels made from 1938 to mid-1942 are composed of 75% copper and 25% nickel. Silver was only used in nickels from 1942 to 1945 (known as “War Nickels”) to conserve nickel for the war effort.
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Q: How many 1938-S Nickels were made?
A: The San Francisco Mint produced 4,105,000 Jefferson Nickels in 1938. This is the lowest mintage of the three mints for that year, making the “S” more valuable than the “D” or the Philadelphia (no mint mark) versions.
Q: Can I find a 1938-S Nickel in my pocket change today?
A: While it is extremely rare, it is possible! Most 1938 nickels were pulled from circulation by collectors decades ago, but occasionally “estate” coins are spent by people who don’t realize their value. If you find one, it will likely be heavily worn.
Q: What is the most expensive 1938-S Nickel ever sold?
A: High-grade examples in MS-67 with “Full Steps” have been known to sell for over $5,000 at professional auctions. These specimens are nearly perfect and show no signs of contact with other coins.