The 15 Most Valuable Jefferson Nickels: Complete Price Guide
The 15 Most Valuable Jefferson Nickels
Complete price guide to the rarest Jefferson nickel varieties, errors, and key dates worth hundreds to thousands of dollars
Introduction
Below is a comprehensive list of the most valuable Jefferson nickels, presented in ascending order of value. Decades of experience from numismatic experts informed the research for this definitive guide, providing collectors with current market prices and detailed explanations of what makes these coins so valuable.
All values shown are for coins grading Mint State 65 (MS65), with the understanding that higher grade examples and those with special designations like "Full Steps" will command even greater premiums. While most Jefferson nickels are common and affordable, these 15 varieties represent the elite specimens that can transform an ordinary collection into a valuable numismatic portfolio.
Table of Contents
- 1. 1964 SMS: $8,750
- 2. 1942-D (D Over Horizontal D): $4,620
- 3. 1939-P (Double Monticello): $1,500
- 4. 1946-D (D Over Inverted D): $1,350
- 5. 1971-S (No S): $780
- 6. 1943-P (3 Over 2): $585
- 7. 1949-D (D Over S): $481
- 8. 1943-P (Doubled Eye): $358
- 9. 2005-D (Speared Bison): $325
- 10. 1945-P (DDR): $286
- 11. 1940-P Proof (Reverse of 1938): $254
- 12. 1955-D (D Over S): $228
- 13. 1939-P Proof (Reverse of 1940): $168
- 14. 1954-S (S Over D): $150
- 15. 1942-P Proof (silver): $136
- Honorable Mentions
- Collecting Jefferson Nickels
1964 SMS: $8,750 in MS65
Available only in 1964 Special Mint Sets, it is believed that fewer than 40 examples of this sharply struck matte proof exist. Its existence was unknown to the numismatic community until a 1993 Stack's auction brought it to light, making the 1964 SMS one of the rarest and most mysterious Jefferson nickels.
Extreme Rarity
- Fewer than 40 examples believed to exist
- Unknown until 1993 Stack's auction
- Part of prototype Special Mint Set
- Never officially released to public
Technical Excellence
The extraordinary sharp strike on this matte proof exceeds even typical proof coins. The exceptional detail and quality reflect the experimental nature of the prototype Special Mint Set program.
The Holy Grail
The 1964 SMS Jefferson nickel represents the ultimate prize for Jefferson nickel specialists. Its combination of extreme rarity, historical significance as a prototype, and superior strike quality makes it the undisputed king of the series, commanding prices that reflect its legendary status among modern coin rarities.
1942-D (D Over Horizontal D): $4,620 in MS65
The strange horizontal alignment of the underlying "D" mintmark creates the most desirable Jefferson nickel variety among error collectors. This dramatic repunched mintmark resulted from the hand-punching process used for mintmarks through 1989, which occasionally created these spectacular errors.
Error Creation
The horizontal "D" beneath the normal mintmark is easily visible once identified. This error occurred when a mintmark was initially punched horizontally before being corrected with a properly oriented strike.
Population Estimates
Approximately 20,000 examples are estimated to exist. The subset with "Full Steps" designation (perhaps 500 examples) can command prices up to $10,000, reflecting the premium for exceptional strike quality.
Historical Context
This variety highlights the hand-punched mintmark era that ended in 1989. The manual process occasionally created these dramatic doubled and repunched mintmark varieties that are highly prized by error collectors and Jefferson nickel specialists.
1939-P (Double Monticello): $1,500 in MS65
This variety features dramatic doubling on the word "MONTICELLO" and other reverse inscriptions, though not on the building itself. The doubling effect creates a clear shadow that's easily identifiable once you know what to look for, making it one of the more obvious error varieties in the Jefferson series.
Identifying the Double
Monticello is Thomas Jefferson's iconic estate that appears on all Jefferson nickel reverses except the 2004-2006 Westward Journey subset. The doubling affects the lettering around the building rather than the architectural details, creating clear separation between the original and doubled impressions.
First-Year Appeal
The 1939 date adds first-year significance to this already desirable variety. As the inaugural year of the Jefferson nickel series, any major variety from 1939 carries extra collector appeal, combining the excitement of error collecting with historical importance.
1946-D (D Over Inverted D): $1,350 in MS65
This fascinating repunched mintmark variety shows an upside-down "D" that was initially struck backwards before being corrected with a properly oriented "D." The curve of the inverted D remains visible to the left of the vertical part of the regular mintmark, creating a distinctive and easily identifiable error.
Error Process
The "D" mintmark was initially struck upside down before being overpunched with a correctly oriented "D." This double process creates the visible remnants that make this variety so distinctive.
Post-War Significance
The 1946 date represents the first full post-World War II production year, when mints resumed normal operations after wartime silver nickel production ended in 1945.
1971-S (No S): $780 in PR65
Proof Jefferson nickels were exclusively minted in San Francisco in 1971, making the missing "S" mintmark a dramatic "error by omission." Approximately 1,655 proofs were mistakenly struck without the required mintmark, creating one of the most sought-after modern proof errors.
Error by Omission
This represents a classic "error by omission" where the absence of something expected creates rarity. Only a few hundred examples have been graded by major services, suggesting many remain unidentified in collections. Similar "No S" errors have occurred on other denominations, such as the famous 1922-D "No D" penny.
Authentication Important
Given the value involved, proper authentication is crucial for "No S" varieties. The 1971-S proof set was exclusively produced in San Francisco, so any proof nickel from 1971 lacking the "S" mintmark represents a genuine error rather than a different mint's production.
1943-P (3 Over 2, "Fishhook"): $585 in MS65
This variety of the 1943-P 35% silver nickel features an overdate error where "3" appears over "2," creating what collectors call a "fishhook" appearance. Unlike typical overdate errors that modify single digits, this variety shows the entire four-digit date stamped over the previous year's date.
Silver War Nickel Appeal
The 1943-P represents part of the World War II silver nickel series, adding silver content value to the numismatic premium. These silver "war nickels" were produced from 1942-1945 using 35% silver, 56% copper, and 9% manganese.
Overdate Mechanics
Rather than replacing one digit of the date, this variety shows all four digits stamped over the previous year. This more extensive overdate process was occasionally used when it was easier to re-punch entire dates rather than individual numerals on working dies.
1949-D (D Over S): $481 in MS65
Like its 1942 counterpart, this coin features an overpunched mintmark where a "D" mintmark was punched over an existing "S" mintmark. The shadow of the underlying "S" remains visible, creating another example of the dramatic mintmark errors possible during the hand-punched era.
Rarity Evaluation
Numismatic experts evaluate error coin rarity by researching two key factors:
- How many existing coins with the error are known
- How many coins were struck by the error die
Research Challenges
Accurate data for these questions isn't always available, requiring careful sleuthing by specialists. Values are based on the best possible estimates of surviving populations and original production.
1943-P (Doubled Eye): $358 in MS65
While doubling errors are typically among the most recognizable varieties, the doubled eye on Jefferson's portrait requires careful examination to identify. This subtle but genuine doubling error adds to the appeal of the 35% silver war nickel composition.
War Nickel Bonus
The 1943-P represents part of the wartime silver nickel series, providing both numismatic interest and silver content value. The 35% silver composition was used to conserve nickel for military applications during World War II.
Subtle Variety
Unlike dramatic doubled dies such as the famous 1955 Lincoln cent, the doubled eye variety requires careful examination and good lighting to identify. This subtlety may mean additional examples remain unidentified in collections.
2005-D ("Speared Bison"): $325 in MS65
The most modern coin on this list features what appears to be a spear running through the bison's back due to a die gouge. This one-year design was part of the Westward Journey commemorative series minted from 2004-2006, representing the first new Jefferson nickel designs since 1938.
Modern Variety Appeal
The "Speared Bison" variety demonstrates that valuable errors continue to occur in modern production. The Westward Journey series introduced temporary new designs celebrating the Lewis and Clark expedition, making any varieties from this special subset particularly interesting to collectors.
Die Gouge Error
Die gouges occur when foreign material or damage to the die creates unintended raised lines on struck coins. The "spear" effect resulted from a linear gouge in the die that created the appearance of an object piercing the bison.
1945-P (DDR): $286 in MS65
This doubled die reverse (DDR) error appears on the final year of silver nickel production. The 1945-P represents the last year silver nickels were produced before returning to the standard copper-nickel composition, adding historical significance to the variety's appeal.
Historical Significance
The 1945 date marks the end of wartime silver nickel production as World War II concluded. The transition back to normal composition makes 1945 varieties particularly significant for collectors interested in wartime coinage.
Doubled Die Heritage
The most famous doubled die variety on any U.S. coin remains the 1955 Lincoln cent, which established the template for recognizing and valuing these dramatic errors. The 1945-P DDR follows this tradition of collectible doubled die varieties.
1940-P Proof (Reverse of 1938): $254 in MS65
Because it was struck using the older reverse die from 1938, the proof 1940 Jefferson nickel shows less detail than later issues. Despite being proof coins, which generally exhibit superior strike quality, these examples show softer details due to the worn-out dies being used for production.
Die Usage Variety
This variety demonstrates how mint production practices created collectible differences. Using older dies for proof production created a distinct variety that's identifiable by its softer reverse details compared to regular 1940 proof issues struck with fresh dies.
1955-D (D Over S): $228 in MS65
Another example of an overpunched mintmark variety, the faint shadow of an "S" remains visible behind the "D" mintmark. This error type was relatively common during the hand-punched mintmark era when branch mints would occasionally stamp over existing mintmarks on dies.
Identifying the Error
The remnants of the "S" mintmark can be seen on the right side of the reverse, appearing as a faint shadow behind the outline of the "D" mintmark. Good lighting and magnification help identify this variety.
Production Factors
Circumstances such as tight production schedules or worn-out dies might have forced mints to overpunch existing mintmarks rather than prepare fresh dies. These practical considerations created the varieties we collect today.
1939-P Proof (Reverse of 1940): $168 in MS65
The sharper reverse design used for these proof coins was introduced in the middle of 1939 and remained unchanged until 2004. This variety represents an interesting transitional period when the Jefferson nickel design was refined during its first year of production.
Design Evolution
The 1939 proof with 1940 reverse demonstrates the design refinements that occurred early in the Jefferson nickel series. The sharper reverse details introduced mid-year became the standard that lasted for 65 years until the Westward Journey series temporarily changed the designs.
1954-S (S Over D): $150 in MS65
The "S over D" variety shows the bottom portion of a "D" mintmark protruding from below the "S". This overpunched mintmark variety follows the pattern of other similar errors from the hand-punched era, when branch mints would modify existing dies as production needs required.
Visual Identification
Collectors can typically identify this variety by looking for the bottom curve of a "D" jutting out from below the "S" mintmark. This remnant of the original mintmark creates the distinctive appearance that defines the variety.
1942-P Proof (silver): $136 in MS65
The 35% silver "War Nickel" proof issued in 1942 commands twice the value of its non-silver counterpart from the same year. This proof represents the beginning of wartime silver nickel production and the last proof coins produced until after World War II ended.
Silver Content Premium
The 35% silver composition adds both intrinsic silver value and historical significance. War nickels are distinguished by large mintmarks above Monticello on the reverse, unlike regular nickels that place mintmarks to the right of the building.
War Nickel Series
The 1942-P proof silver nickel represents an excellent introduction to wartime silver nickels for collectors interested in silver content combined with numismatic value. These coins provide historical significance and precious metal content in an affordable package.
Honorable Mentions
Several additional Jefferson nickels deserve recognition for their value and significance, though they don't quite reach the top 15. These coins offer excellent collecting opportunities at various price points.
| Coin | Value (MS65/PR65) | Significance |
|---|---|---|
| 1994-P Special Frosted Matte | $30 | First frosted matte finish in series |
| 1997-P Special Frosted Matte | $65 (MS70) | Limited 25,000 mintage |
| 1942-P (35% silver) | $70 (PR65) | Wartime silver composition |
| 1941-P, 1942-P Pre-war Proofs | $100 each | Pre-WWII proof production |
| 1939-D Key Date | $125 | Lowest mintage (3,514,000) |
| 1938-P, 1939-P, 1940-P Proofs | $130 each | Earliest series proofs |
Special Finishes
The 1994-P and 1997-P special frosted matte uncirculated nickels represent the only coins in the Jefferson series with this distinctive finish. Created through sandblasting, the matte appearance gives these coins a unique "frosty" look reminiscent of early 20th-century proof coins.
Key Date Opportunity
The 1939-D, with the lowest mintage of any regular-issue Jefferson nickel at 3,514,000 pieces, represents the true key date of the series. Its relative affordability makes it accessible to collectors seeking a genuine rarity without the premium pricing of major varieties.
Collecting Jefferson Nickels
There are abundant opportunities for collecting Jefferson nickels, making this series particularly attractive to both beginning and advanced collectors. Most high prices on our list relate to rare error coins, while the basic Jefferson nickel series remains very affordable and accessible to collectors of all budgets.
Accessibility Advantages
- Still found in pocket change occasionally
- Modern circulating series remains affordable
- Multiple collecting approaches possible
- Error varieties provide excitement
Westward Journey Series
The 2004-2006 Westward Journey commemoratives featured the first new designs since 1938, celebrating the Lewis and Clark expedition. These special designs add variety and historical significance to modern collections.
War Nickel Specialty
The 1942-1945 silver war nickels offer precious metal content combined with historical significance. These 35% silver coins track both numismatic and silver market values.
Getting Started
Jefferson nickel collecting offers one of the best entry points into modern coin collecting. The series' accessibility allows new collectors to build sets through pocket change hunting while learning to identify varieties and errors. The presence of valuable rarities keeps the hobby exciting and rewarding.
Collection Strategies
- Date and mintmark sets (1938-present)
- War nickel specialty (1942-1945)
- Proof type collection
- Error and variety hunting
- Westward Journey commemoratives
Advanced Collecting
- Full Steps designation pursuit
- High-grade examples (MS67+)
- Complete variety collection
- Special finishes and prototypes
- Registry set competition
Modern Advantage
One of the nice advantages of collecting a modern circulating series is the ability to kickstart your collection by searching through pocket change. While finding valuable varieties requires patience and knowledge, the thrill of discovery keeps Jefferson nickel collecting engaging and affordable for collectors at every level.
Conclusion
The Jefferson nickel series demonstrates that modern coins can achieve remarkable values through a combination of errors, varieties, and special production circumstances. From the legendary 1964 SMS worth nearly $9,000 to accessible war nickels with silver content, this series offers collecting opportunities for every budget and interest level.
Understanding what makes Jefferson nickels valuable—whether through mint errors, low mintages, or special compositions—enables collectors to make informed decisions and potentially discover overlooked treasures. The series' continuing production ensures that new varieties and errors may emerge, keeping Jefferson nickel collecting dynamic and exciting for future generations of numismatists.
Disclaimer: This guide is for educational purposes only and should not be considered investment advice. Coin values fluctuate based on market conditions, rarity, condition, and collector demand. Prices shown are estimates based on MS65 grades and may vary significantly for different conditions. Always consult with qualified numismatic professionals before making significant purchases.