Jefferson Nickel (1938–1964)

The Jefferson nickel is still in production, but for collectors its most interesting years are the first quarter-century: the pre-war issues, the wartime nickels made partly of silver, and a few low-mintage dates from the 1930s and 1950s.

This page focuses on 1938 to 1964, the years Changes Hands lists, and covers the design, the war nickels, grading, key dates and how these coins trade here.

Quick facts

History: a competition and a war

When the Buffalo nickel reached the end of its required twenty-five-year run, the Treasury held an open competition for a new design honoring Thomas Jefferson. Felix Schlag, a German-born sculptor, won in 1938. The Mint asked for changes before production, and the final reverse shows Jefferson's Virginia home, Monticello, straight on. Schlag's initials, FS, were only added below the bust in 1966.

In 1942 nickel became a strategic war metal. From the second half of that year until the end of 1945, the five-cent piece was struck in an alloy of copper, silver and manganese. To make these coins easy to identify and later withdraw, the Mint moved the mint mark to a large letter above Monticello's dome, and for the first time used P for Philadelphia. Each war nickel contains about 0.0563 troy ounces of silver. In 1946 the old alloy and the small mint mark beside the building returned.

How to grade a Jefferson nickel

Wear shows first on Jefferson's cheekbone and the hair above and behind the ear, and on Monticello's steps, pillars and triangular roof. The Changes Hands Grading Standard sets these band diagnostics, checked on both sides:

• Good: full date and mint mark readable, portrait and building outlined, pillars merged together.
• Very Good: hairline and ear outlined; roof line and dome distinct, with some pillars visible.
• Fine: some hair detail behind the ear; all pillars visible though worn; the roof outlined.
• Very Fine: hair partly separated, a defined cheekbone, distinct pillars and some steps.
• Extremely Fine: wear only on the cheekbone and hair above the ear, with window and door detail visible.

Strike, steps and toning

Jefferson nickels are notorious for weak strikes on the steps of Monticello, so weak steps alone do not mean wear. In uncirculated grades, coins showing complete, unbroken steps can earn a Full Steps designation from PCGS or NGC, and that designation carries a real premium on many dates. Changes Hands never assigns Full Steps itself; candidates are referred for certification.

War nickels tone differently from regular nickels. The silver-manganese alloy often turns an even gray or darker shade, which is normal. Uneven, blotchy or very dark surfaces are a different matter, and harsh cleaning that leaves a bright, scrubbed look is treated as damage.

Fakes and look-alikes

A 1944 nickel with no mint mark above the dome is a counterfeit; no genuine circulation nickels of that date were made in the old alloy. The best-known examples were made by Francis Henning in the 1950s. A copper-nickel coin with a mint mark tooled above the dome is another trick, which weight, color and a metal test expose. For the 1939-D, 1939-S and 1950-D, check that the mint mark matches genuine punches.

The 1942 changeover confuses many people. Philadelphia struck both alloys that year, so a 1942 with no mint mark is ordinary copper-nickel, while a 1942 with a large P above the dome is silver. Denver struck only copper-nickel nickels in 1942, so a 1942-D is never a war nickel.

Buying and selling Jefferson nickels on Changes Hands

War nickels trade in interchangeable house-graded pools such as war nickels in Extremely Fine and About Uncirculated, where any genuine wartime date and mint that meets the band can be delivered. Circulated war nickels in lower condition trade in the war nickel bulk class, and the post-war key trades on its own book as the 1950-D in house Extremely Fine.

Every house-graded coin is weighed, measured and metal-tested before two independent graders assess it. Buyers pay no fees; sellers pay 3% plus a one-time grading fee when the coin sells. See the fee schedule.

Key dates

Jefferson Nickel markets

• Jefferson War Nickel, Bulk
• Jefferson Nickel, War nickels 1942–1945 P/D/S (35% silver), Fine
• Jefferson Nickel, War nickels 1942–1945 P/D/S (35% silver), Extremely Fine
• Jefferson Nickel, War nickels 1942–1945 P/D/S (35% silver), About Uncirculated
• Jefferson Nickel 1950-D, House Extremely Fine

Frequently asked questions

Which Jefferson nickels contain silver?

Nickels struck from the second half of 1942 through 1945 are 35% silver. You can recognize them by the large P, D or S above Monticello's dome. A 1942 nickel with a small mint mark beside the building, or none, is regular copper-nickel.

How much silver is in a war nickel?

Each wartime nickel contains about 0.0563 troy ounces of silver in an alloy of 56% copper, 35% silver and 9% manganese, at the standard weight of 5 grams.

What is a Full Steps Jefferson nickel?

Full Steps is a designation PCGS and NGC give to uncirculated nickels whose Monticello steps are completely struck and unbroken. Because the steps were so often weakly struck, Full Steps coins of many dates are scarce and carry premiums.

Is a 1950-D nickel rare?

It has the lowest mintage of the post-war Jefferson nickels, but many were saved in rolls at the time, so uncirculated examples are easy to find. Circulated ones are scarcer than the mintage alone would suggest. This is general information, not investment advice.

Where is the mint mark on a Jefferson nickel?

From 1938 to 1964, outside the war years, it is on the reverse to the right of Monticello, and Philadelphia coins have none. On 1942 to 1945 war nickels it is a large letter above the dome, including P for Philadelphia.

Related series

• Buffalo Nickel
• 90% Junk Silver
• Roosevelt Silver Dime