The 1938-S Jefferson Nickel is worth anywhere from $2 in worn condition to over $1,500 in high-grade mint state. As the first year of the Jefferson Nickel series and a low-mintage issue from the San Francisco Mint, this coin is a prize for everyday collectors and serious numismatists alike.
| Condition | Estimated Value |
|---|---|
| Good to Fine (Circulated) | $2.00 – $5.00 |
| Extremely Fine (About Uncirculated) | $8.00 – $15.00 |
| Uncirculated (MS60 – MS64) | $25.00 – $45.00 |
| Gem Uncirculated (MS65+) | $60.00 – $1,500+ |
| Full Steps (FS) Grade | $200.00 – $5,000+ |
Why the 1938-S Jefferson Nickel Is a Collector Favorite
The year 1938 marked a significant turning point in American coinage history. It was the inaugural year for the Jefferson Nickel, replacing the iconic Buffalo Nickel. Because it was the first year of production, many people tucked these coins away as souvenirs.
However, the San Francisco Mint produced significantly fewer coins than the Philadelphia or Denver mints. This “S” mint mark makes the 1938-S a “key date” or semi-key date for the series. If you have found one in your change or an old jar, the first step is to use the best coin identifier app to confirm its origin and specific variety.
While millions were minted, finding one in high-grade condition is the real challenge. Most coins you find in circulation today will show heavy wear on Thomas Jefferson’s hair or the pillars of Monticello. Professional collectors often use the CoinHix app to track historical sales of these coins to see how prices trend over time.
Historical Context and Mintage Figures
In 1938, the U.S. Mint held a competition to design a new nickel featuring the third President, Thomas Jefferson. Felix Schlag won the $1,000 prize, though his original design was modified before production. The 1938-S is unique because it represents the very beginning of a series that is still in production today.
The San Francisco Mint only produced 4,105,000 nickels in 1938. To put that in perspective, modern nickels are often minted in the hundreds of millions. Because of this relatively low mintage, the 1938-S remains a staple in any serious nickel collection.
Even though it is old, you can still occasionally find these in circulation, though most have been snatched up by collectors. Using a tool like CoinHix can help you determine if the specific coin in your hand is the rarer S-mint or the more common Philadelphia version, which lacks a mint mark.
| Mint Location | Mintage Quantity | Scarcity Rank |
|---|---|---|
| Philadelphia (No Mint Mark) | 18,536,000 | Common |
| Denver (D) | 5,376,000 | Scarce |
| San Francisco (S) | 4,105,000 | Key Date |
Grading and Determining 1938-S Jefferson Nickel Value
The condition, or “grade,” of your nickel is the most important factor in its value. A coin that looks like it just came from the bank is worth significantly more than one that has been rattling in pockets for 80 years.
Coins are graded on a scale from 1 to 70. For the 1938-S, “Good” to “Fine” coins usually have flat details, while “About Uncirculated” coins still show some original mint luster. The highest values come from “Mint State” (MS) coins. You can check the current 1938-S Jefferson Nickel MS price guide to see how much premium collectors pay for these high-quality specimens.
Specifically, look at the steps of Monticello on the back (reverse) of the coin. If the steps are perfectly defined and separated, the coin receives a “Full Steps” (FS) designation. A 1938-S with Full Steps is the “Holy Grail” for Jefferson Nickel hunters and can command prices into the thousands.
Varieties and Errors to Look For
While the 1938-S isn’t famous for major double dies like some other years, there are several “re-punched mint mark” (RPM) varieties that enthusiasts look for. These occur when the “S” was punched into the die more than once, creating a shadowed or doubled effect on the letter.
Another thing to look for is the “S over D” variety, although this is more common in other years of the series. Because 1938 was the first year, the mint was still perfecting the dies. Minor cracks or “cuds” can also add a small premium to the value.
If you suspect you have an error, it is best to refer to an updated 1938 Jefferson Nickel value chart that includes error listings. These specialized coins are often sold at auction for much higher than their standard counterparts, especially if the error is dramatic and visible to the naked eye.
How the 1938-S Compares to Other Nickels
Compared to the 1938 Philadelphia or Denver nickels, the San Francisco version is the clear winner in terms of value. While many people think “old” always means “valuable,” in numismatics, it’s all about the supply and demand.
The 1938-S has a relatively low supply, and because it’s the first year of the design, the demand is always high. Even in lower grades, it carries a premium of many times its face value. By using CoinHix, you can compare your 1938 nickels side-by-side with other years like the silver “War Nickels” (1942-1945) to see which ones are truly worth keeping in a safe.
Keep in mind that while collectors love the 1938-S, it is not primarily made of silver. It is composed of 75% copper and 25% nickel. Its value is entirely based on its rarity as a historical artifact, not its metal content.
| Grade Designation | Key Features | Market Price |
|---|---|---|
| MS66 Full Steps | Perfect steps, high luster | $450 – $600 |
| MS67 Full Steps | Flawless to the naked eye | $1,200+ |
| Circulated Average | Worn details, no luster | $2.50 |
Tips for Selling and Preserving Your Coin
If you believe you have a high-value 1938-S Jefferson Nickel, do not clean it! Cleaning a coin with chemicals or even a soft cloth can create micro-scratches that ruin its numismatic value. A “shiny” coin that has been cleaned is worth much less than a dirty coin with original surfaces.
Store your nickel in a PVC-free plastic holder or a cardboard “2×2” flip. This prevents environmental damage and oils from your fingers from tarnishing the metal. If the coin appears to be in perfect condition, consider having it professionally graded by services like PCGS or NGC.
When selling, local coin shops are great for quick cash, but online auctions or specialized coin groups often yield higher prices for key dates like the 1938-S. Always check the latest market trends on your favorite coin apps before accepting an offer to ensure you’re getting a fair price for your piece of American history.
FAQ
Q: Where is the mint mark on a 1938 Jefferson Nickel?
A: On the 1938-S Jefferson Nickel, the mint mark “S” is located on the reverse (back) side of the coin, to the right of the Monticello building, near the rim.
Q: Is the 1938-S Jefferson Nickel made of silver?
A: No. Jefferson Nickels were made of copper and nickel in 1938. Silver was only used in nickels from mid-1942 through 1945, known as “War Nickels.”
Q: How can I tell if my 1938-S nickel has “Full Steps”?
A: Look at the base of the Monticello building on the reverse. You should see five or six distinct horizontal lines representing steps. If these lines are complete and not interrupted by scratches or weak striking, it may qualify as “Full Steps.”
Q: What is the most expensive 1938-S nickel ever sold?
A: High-grade specimens in MS67 with Full Steps have been known to sell for over $5,000 at major heritage auctions, though most top-tier examples sell in the $1,000 to $2,000 range.