The 1938 Jefferson Nickel with no mint mark is worth anywhere from $1.50 in well-circulated condition to over $800 in high-grade mint state. As the very first year of the Jefferson design, this “Philadelphia” strike is a true piece of American history that many people still find in their change today.
| Condition / Grade | Estimated Value |
|---|---|
| Good / Very Good | $1.25 – $2.50 |
| Fine / Extremely Fine | $3.00 – $6.00 |
| Uncirculated (MS60+) | $15.00 – $45.00 |
| Gem Mint (MS66+) | $100.00 – $800.00+ |
History of the 1938 Jefferson Nickel
The year 1938 marked a significant turning point in United States coinage history. It was the year the U.S. Mint finally retired the beloved, yet difficult-to-strike Buffalo Nickel in favor of a modern design honoring the nation’s third President, Thomas Jefferson.
This change wasn’t just aesthetic; the Buffalo Nickel had many issues with die wear and detail clarity. To find a replacement, the Treasury Department held an open competition. Felix Schlag won the $1,000 prize with his portrait of Jefferson and his Virginia home, Monticello.
If you have discovered one of these coins in your attic or pocket change, using the best coin identifier app can help you confirm if your specimen is the common Philadelphia strike.
While millions were minted, finding one in pristine condition is becoming increasingly rare. Because this was the “First-Year-of-Issue,” many Americans saved them at the time, which explains why many surviving examples are still in decent shape.
However, the “No Mint Mark” version specifically tells us it was produced in Philadelphia. Unlike the San Francisco (S) and Denver (D) mints, the Philly mint didn’t place letters on these coins until much later in the series.
Identifying the 1938 Philadelphia Nickel
Checking for a mint mark is the first step in determining your coin’s potential worth. On 1938 nickels, the mint mark is located on the reverse (the “tails” side) of the coin. Look to the right of the Monticello building.
If you see nothing there—just smooth metal near the rim—you have the Philadelphia variety. If you are struggling to spot tiny details, CoinHix is an excellent tool that allows you to zoom in and identify these subtle features quickly.
The absence of a mint mark doesn’t mean the coin is rare, as Philadelphia produced over 18 million of these. Yet, because collectors love first-year sets, demand remains high for any 1938 nickel.
It is also important to differentiate between a regular strike and a “Proof” strike. Philadelphia also minted 19,692 proof coins for collectors that year. These have a mirror-like finish and are significantly more valuable than the coins intended for general circulation.
Grading and Condition Impacts Value
In the world of coin collecting, condition is king. A coin that looks “dirty” or “scratched” to the naked eye will usually sell for its silver value or a small premium. However, a coin that looks like it just came off the press can be worth a small fortune.
When professionals at PCGS or NGC grade a coin, they look at high points like Jefferson’s cheekbones and the steps of Monticello. If these areas are flat and worn, the grade is “Circulated.” If the original mint luster is present, it is “Uncirculated.”
For those interested in market trends, the 1938 No Mint Mark nickel value in Mint State shows a steep climb as the grade reaches MS67. Even a small scratch can drop the price by hundreds of dollars.
To keep a pulse on these fluctuating prices, many hobbyists rely on CoinHix to track their collection’s current market value against recent auction sell prices.
| Grade (Sheldon Scale) | Description | Value Range |
|---|---|---|
| G-4 (Good) | Heavily worn, outlines clear | $1.50 |
| VF-20 (Very Fine) | Moderate wear on hair/steps | $4.00 |
| AU-50 (About Unc) | Trace wear on high points | $10.00 |
| MS-65 (Gem Bu) | Exceptional luster and strike | $65.00 |
The Significance of Full Steps (FS)
If you want to find the real “treasure” in this series, you need to look at the steps leading up to the Monticello building. Serious collectors look for the “Full Steps” (FS) designation.
This means that you can see five or six distinct, uninterrupted lines on the staircase. Because the dies used in 1938 were often slightly weak, it was very rare for the coin to strike with that much detail.
A 1938 Jefferson Nickel with Full Steps can easily sell for double or triple the price of a standard one. You can find more 1938 Jefferson Nickel historical value and auction records regarding these specific FS varieties online.
Using a magnifying glass to check those steps is the first thing a pro collector does. If you see those clear lines, you aren’t just holding a nickel; you’re holding a specimen that is highly sought after by registry set collectors.
1938 Jefferson Nickel Errors to Look For
Minting errors can turn an ordinary 5-cent piece into a high-value item. While the 1938 Philadelphia mintage was generally high quality, mistakes did happen. The most common errors include double dies and off-center strikes.
A “Doubled Die Reverse” (DDR) is one of the most famous. Look closely at the lettering “MONTICELLO” or “FIVE CENTS.” If you see a slight ghosting or overlapping of the letters, you may have found a doubled die.
Other errors include “Lamination Cracks,” where the surface of the coin peels back due to impurities in the metal. While cool to look at, these usually only add a few dollars to the value unless the peeling is dramatic.
Identifying these errors can be tricky for beginners. This is where an app like CoinHix comes in handy, as it allows you to compare your coin against photos of known errors to see if you really have something special.
| Error Type | Rarity | Premium Value |
|---|---|---|
| Double Die Reverse | Rare | +$50 – $200 |
| Off-Center Strike (10%+) | Very Rare | +$100 – $500 |
| Die Cracks | Common | +$2 – $10 |
How to Sell Your 1938 Nickel
If you’ve determined that your nickel is worth more than face value, you have a few options for selling. For coins worth under $20, online marketplaces like eBay or Etsy are your best bet. Collectors browsing these sites are often looking for specific years to fill their albums.
For higher-end coins, such as those that might be graded MS66 or have Full Steps, you should consider a professional auction house like Heritage Auctions or Stack’s Bowers. However, these venues usually require the coin to be “slabbed” (certified) by a grading service first.
Keep in mind that if you take your coin to a local coin shop, the dealer needs to make a profit. They will usually offer you 50% to 70% of the retail price. This is a great way to get cash instantly, but you won’t get the maximum value.
Always clean your coins with nothing but a soft cloth—and even then, be careful. Harsh chemicals or scrubbing will destroy the “numismatic” value immediately, leaving you with a coin that is worth just five cents.
FAQ
Q: Does every 1938 nickel have no mint mark?
A: No. While the Philadelphia mint (no mint mark) produced 18 million, the Denver (D) and San Francisco (S) mints also produced Jefferson nickels in 1938. The “D” and “S” marks are found on the reverse side.
Q: Why is my 1938 nickel so shiny?
A: It could either be a Proof coin (meant for collectors) or it could have been polished by someone in the past. If it’s a genuine Proof, it’s worth $40 or more. If it was polished, the value unfortunately drops significantly.
Q: Is the 1938 nickel made of silver?
A: No. Standard Jefferson nickels are 75% copper and 25% nickel. Silver “War Nickels” were only produced between 1942 and 1945.
Q: What is the most ever paid for a 1938 Philadelphia Nickel?
A: High-grade specimens in MS68 with Full Steps have sold for upwards of $6,000 at professional auctions, though these are incredibly rare.