Valuable Jefferson nickels are five-cent coins issued by the United States Mint since 1938. They replaced the Buffalo (Indian Head) nickel and remain in production today, making them one of the longest-running coin series in U.S. history.
Designer: Felix Schlag, who won a 1938 design competition.
Obverse (front): Features a portrait of Thomas Jefferson, the third U.S. President and author of the Declaration of Independence.
Reverse (back): Originally depicted Monticello, Jefferson’s Virginia home. Variations exist in later issues.
Composition:
1938–1942 & 1946–2019: 75% copper, 25% nickel.
1942–1945 “War Nickels”: 56% copper, 35% silver, 9% manganese (to save nickel for WWII). These can be identified by a large mintmark over Monticello.
2020–present: Same copper–nickel alloy as pre-war years.
Size & Weight: 21.2 mm diameter, 5 g weight.
Design Changes
1938–2003: Schlag’s original design with Jefferson on the obverse and Monticello on the reverse.
2004–2005 (Westward Journey series): Temporary reverse designs commemorating the Lewis and Clark expedition, plus two new obverse portraits.
2006–present: A forward-facing Jefferson portrait and a refined Monticello reverse.
Top 10 Most Valuable Jefferson Nickels
# | Year / Variety | Special Feature / Variety | Record / Typical High Auction Price |
1 | 1954-S Full Steps | Scarce San Francisco issue with Full Steps details | ~$35,250 |
2 | 1938-D Full Steps | First year of issue, Denver mint, sharp Monticello steps | ~$33,600 |
3 | 1969-D Full Steps | Very rare to find with Full Steps in high grade | ~$33,600 |
4 | 1964 SMS Full Steps | Special Mint Set trial issue, extremely rare | ~$32,900 |
5 | 1949-D “D over S” Full Steps | Over-mintmark error (D/S) plus Full Steps | ~$32,900 |
6 | 1942-D “D over Horizontal D” | Repunched mintmark variety | ~$32,200 |
7 | 1940 Reverse-of-1938 Proof | Proof with earlier reverse die | ~$28,750 |
8 | 1939 Reverse-of-1940 | Reverse die mix-up, highly collectible | ~$23,500 |
9 | 1953-S Full Steps | San Francisco mint, sharp Monticello steps | ~$24,000 |
10 | 1939 Doubled Monticello | Doubled-die reverse (“Monticello” doubled) | ~$20,500–$21,000 |
1. 1954-S Full Steps
The 1954-S is one of the scarcest Jefferson nickels with Full Steps detail. Coins struck at the San Francisco Mint in the 1950s often suffered from weak strikes, making sharp Monticello steps almost impossible to find. When a fully struck example appears at auction, collectors compete fiercely, pushing prices into the mid-$30,000 range. This coin is considered a true rarity in the series.
2. 1938-D Full Steps
As the very first year of the Jefferson nickel series, the 1938 issues hold special appeal. The Denver Mint produced fewer nickels that year, and most examples do not have Full Steps sharpness. Those that do are extremely rare, combining the historical significance of the first year with the technical rarity of a strong strike. Some have sold for more than $33,000.
3. 1969-D Full Steps
Although not an early date, the 1969-D is surprisingly difficult to find with Full Steps. The striking quality of Denver Mint coins from this era was generally poor, leaving the steps on Monticello mushy or incomplete. A few fully struck examples have surfaced, and their rarity has placed them among the top-value Jefferson nickels. At auction, these can bring around $33,600.
4. 1964 SMS Full Steps
The 1964 Special Mint Set (SMS) nickels are mysterious, believed to be prototype pieces or special strikes made at the Philadelphia Mint. Very few exist, and when one also shows Full Steps, it becomes a trophy coin. The unusual finish, rarity, and sharp detail combine to make these worth nearly $33,000 at top levels.
5. 1949-D “D over S” Full Steps
This variety shows a Denver mintmark punched over an earlier San Francisco mintmark. On top of that, finding it with Full Steps detail adds tremendous rarity. Such coins represent a blend of minting history, error collecting, and strike sharpness. Top examples have reached close to $33,000, making this one of the most fascinating and expensive Jefferson nickel varieties.
6. 1942-D “D over Horizontal D”
During World War II, mintmark punching was done by hand, leading to mistakes like this one. On some 1942 Denver nickels, the D mintmark was punched sideways and then corrected, leaving behind the “D over Horizontal D” variety. This rare repunched mintmark, especially in high grade, is worth over $32,000.
7. 1940 Reverse-of-1938 Proof
In 1940, a reverse die meant for the 1938 nickels was mistakenly used for some proof coins. These coins show small but noticeable design differences compared to the standard reverse. Because they combine the rarity of a proof strike with an unintended die pairing, they are prized among advanced collectors. At auction, they’ve reached nearly $29,000.
8. 1939 Reverse-of-1940
This is the opposite of the previous error: in 1939, some nickels were struck using the reverse intended for the following year. The easiest way to tell is by the sharper lettering and slightly different Monticello details. These transitional mix-ups are highly collectible, and fine examples have sold for more than $23,000.
9. 1953-S Full Steps
San Francisco strikes from the early 1950s are notorious for being weak. The 1953-S stands out because it is extremely hard to find with Full Steps detail. Only a handful are known, which explains why collectors are willing to pay $24,000 or more for the finest specimens.
10. 1939 Doubled Monticello
This variety shows dramatic doubling on the reverse lettering, especially visible on “MONTICELLO” and “FIVE CENTS.” It is a true doubled-die, not machine doubling, and collectors value it as one of the classic Jefferson nickel errors. High-grade examples can sell for around $20,500 to $21,000.
ID Tips
To identify a valuable Jefferson nickel, you need to look closely at the date, the mintmark, the sharpness of the strike, and possible minting varieties. Start with the year and mintmark because some issues are far scarcer than others. For example, early Denver and San Francisco strikes like the 1938-D, 1939, 1949-D/S, and 1954-S are well known for their rarity. The large mintmarks over Monticello on wartime nickels (1942–1945) are also an immediate sign that you may be holding something special, and some of these carry hidden overdate errors.
Once you’ve confirmed the basic details, turn the coin over and study Monticello’s steps. A valuable Jefferson nickel often shows “Full Steps,” which means the staircase is sharply defined into five or six complete lines with no breaks from weak strikes or wear. Most nickels never display this level of detail, so when it appears, the coin’s value can rise dramatically, even if the date itself isn’t normally rare.
Another important check is for varieties and errors. Some Jefferson nickels were struck with doubled dies, creating doubled letters on words like “MONTICELLO” or “FIVE CENTS.” Others show mintmark mistakes such as a Denver “D” punched over a San Francisco “S,” or unusual repunched marks where the same letter was struck more than once. Overdates, like the famous 1943/2, reveal traces of one year beneath another. These details are tiny, so a magnifier or jeweler’s loupe is essential.
Finally, condition plays a big role. A Jefferson nickel that looks nearly flawless, with strong luster and no distracting scratches, may be worth far more than the same coin in worn condition. Certified grading by services like PCGS or NGC helps confirm whether a coin is truly uncirculated or has the rare Full Steps designation. Put together, the right combination of date, mintmark, sharp strike, and die variety can transform an ordinary five-cent coin into one of the most valuable nickels in U.S. history.
Sum Up
Jefferson nickels have been around since 1938, and while most are worth only face value, a handful stand out as treasures. When you’re looking through change or collections, it helps to keep a simple checklist in mind.
Focus on:
Date and mintmark: Rare years like 1938-D, 1939, 1949-D/S, 1954-S, and 1964 SMS are especially important. Wartime nickels (1942–1945) with the large mintmark above Monticello are another group to watch.
Full Steps: The staircase on Monticello is the big giveaway. If you can see five or six sharp, unbroken steps, the coin jumps in value.
Varieties and errors: Doubled dies (“MONTICELLO” or “FIVE CENTS” doubled), overdates (like 1943/2), and repunched mintmarks are among the most collectible mistakes.
Condition: A bright, uncirculated nickel with strong luster is always more desirable than a worn one, even if the date isn’t rare.