The 1938‑D Jefferson Nickel might appear modest—just five cents—but its story resonates among coin collectors. With a low mintage of only 5.376 million, this Denver strike is considered a semi‑key date, especially when displaying sharp “Full Steps” on Monticello. High-grade specimens routinely fetch $33,600+, transforming pocket change into serious investment-grade rarity.
The Birth of the Jefferson Nickel Series
- Introduced in 1938, the Jefferson nickel replaced the Buffalo nickel. Designed by Felix Schlag, it features Thomas Jefferson on the obverse and Monticello on the reverse.
- The Denver Mint produced 5,376,000 of the 1938‑D nickels by year-end.
Why the 1938‑D Is a Semi‑Key Date
The term semi‑key date refers to coins with lower mintages and collector demand, and that fits the 1938‑D nickel perfectly:
- It has the fourth‑lowest mintage of any pre‑2004 Jefferson nickel.
- The Denver strike typically exhibits higher-quality strikes than its Philadelphia and San Francisco counterparts.
Full‑Steps: The Feature That Drives Price
Monticello’s six steps—visible beneath Jefferson’s home—are the hallmark of a well-struck coin:
- The dies were weak, making fully struck steps relatively rare in the 1938 series.
- A 1938‑D nickel graded MS68+ Full Steps sold for $33,600 in 2022—demonstrating the power of this feature.
Valuation: From Face Value to Tens of Thousands
| Grade / Feature | Approximate Value |
|---|---|
| Circulated (no Full Steps) | $0.05–$3 |
| MS Uncirculated (no FS) | $5–$20 |
| Full Steps, MS60–MS62 | $200–$500 |
| Full Steps, MS63–MS65+ | $1,000–$10,000 |
| Full Steps, MS66 Full Steps | $10,000–$33,600+ |
Circulated examples are common and inexpensive, but Full‑Steps mint‑state coins reach premium prices.
Identification Guide: What to Look For
- Full Steps: Use a 10× loupe to count six fully separated steps with clear definition on Monticello’s base.
- Mint mark: The “D” is located right of Monticello on the reverse.
- Strike quality: Look for crisp obverse detail and clean lettering—Denver’s dies produced solid strikes in 1938.
Avoid common errors like die deterioration doubling that mimic Full‑Steps but lack real detail.
Why Collectors Chase the 1938‑D
- Scarcity—low mintage and fewer Full-Steps specimens make it appealing.
- Design transition—first year of the Jefferson series with an iconic Monticello design.
- Collector narrative—finding one in change sparks excitement and is easy to verify visually.
Certification & Authentication
- Use PCGS or NGC for authentication and Full‑Steps validation—essential for high-grade coins.
- Slabbed Full‑Steps coins in MS65+ are rare and highly marketable due to their verified status.
Summary of Key Data
| Attribute | 1938‑D Jefferson Nickel |
|---|---|
| Mintage | 5,376,000 |
| Composition | 75% copper / 25% nickel |
| Diameter / Weight | 21.21 mm, 5 g |
| Scarcity | 4th lowest pre-2004 nickel mintage |
| Key Feature | Full Steps (six clear Monticello steps) |
| Top Sale | $33,600 (MS68+ FS, 2022) |
| Price Range | $0.05 (circulated) to $33K+ (mint‑state FS) |
The 1938‑D Jefferson Nickel may seem small, but it carries outsized value due to its mintage rarity, strike quality, and the coveted Full Steps feature. While circulated examples are common, distinguishing Full‑Steps mint‑state coins requires careful inspection—but those who do often find treasure in their pockets.
FAQs
Q1: What are “Full Steps” and why do they matter?
“Full Steps” means all six layers in Monticello’s staircase are sharply visible—a sign of a well-struck coin. These examples typically command 20× higher value.
Q2: How rare is the 1938‑D nickel?
With only 5.376 million minted, it’s one of the lowest-mintage pre-1962 nickels, giving it semi‑key status.
Q3: Can I find one in spare change?
Yes—many circulated examples survive. Still, only a small fraction show Full Steps and uncirculated condition, which make them valuable.