The People's Nickel
The Jefferson nickel, designed by Felix Schlag, has been in production since 1938 — making it one of the longest-running US coin designs. Based on a public design competition that attracted 390 entries, the original design features Thomas Jefferson on the obverse and his home Monticello on the reverse.
Design Evolution
- 1938–2003 — Original Schlag design. Jefferson faces left, Monticello on reverse.
- 2004–2005 — Westward Journey series. Two new obverse portraits and four new reverse designs celebrating the Lewis and Clark expedition and the Louisiana Purchase.
- 2006–present — New forward-facing Jefferson portrait by Jamie Franki. Return of Monticello reverse.
War Nickels (1942–1945)
During WWII, nickel was a strategic metal needed for armor plating. From mid-1942 through 1945, nickels were struck in a 35% silver alloy (56% copper, 35% silver, 9% manganese). These are easily identified by:
- A large mint mark above Monticello on the reverse (P, D, or S).
- A slightly different color — more silvery-gray than the usual nickel color.
- The "P" mint mark — the first time Philadelphia used a mint mark on any US coin.
War nickels contain approximately 0.0563 troy ounces of silver, giving them a melt value above face value when silver prices are elevated.
Key Dates
- 1938-D — First-year Denver issue. Low mintage (5.37M). $3+ in Good, $20+ in MS-65.
- 1938-S — First-year San Francisco. Low mintage (4.10M). $3+ in Good, $20+ in MS-65.
- 1939-D — Second-lowest mintage (3.51M) of the series. $10+ in Good, $100+ in MS-65.
- 1942-D — Pre-war composition, low mintage. $5+ in MS-63.
- 1950-D — The series key date. Mintage of only 2.63M. Heavily hoarded at the time, so uncirculated examples are available but circulated ones are scarce. $15+ in Good, $25+ in MS-65.
Full Steps (FS) Designation
The most important strike designation for Jefferson nickels. The steps of Monticello on the reverse should show 5 or 6 fully separated, unbroken horizontal lines. Due to the design's geometry, most Jefferson nickels show mushy or incomplete steps.
5 Full Steps (5FS) and 6 Full Steps (6FS) examples carry significant premiums:
- A common-date MS-65 Jefferson nickel: $3–$5.
- The same coin in MS-65 5FS: $20–$100+.
- In MS-65 6FS: $50–$500+ depending on the date.
For some dates (1953-S, 1954-S, many 1960s dates), Full Steps examples are genuinely rare even in lower Mint State grades.
Notable Varieties and Errors
- 1939 Doubled Die Reverse (Doubled Monticello) — Clear doubling on the building. $50+ in circulated grades.
- 1943/2-P Overdate — A 3 punched over a 2 in the date. War nickel variety. $75+ in VF.
- 1945-P Doubled Die Reverse — Doubling on "MONTICELLO" and "FIVE CENTS."
- 1949-D/S Over Mint Mark — A D punched over an S. $20+ in MS-63.
- 2005 Speared Bison — A die gouge creates what appears to be a spear through the bison's back. $50+ in MS-65.
Collecting Strategies
- Complete date and mint set — One of the most affordable complete US coin sets. Achievable for $200–$500 in circulated grades.
- War nickel set — All 11 silver war nickels (1942-P through 1945-S). Under $30 at current silver prices.
- Full Steps collecting — A challenging niche. Building a set of FS nickels across all dates is a lifelong pursuit.
- Proof sets — Jefferson nickel proofs from 1938–1964 and 1968–present are affordable and attractive.
Up Next
This guide is for educational purposes. Where official standards, grading services, organization memberships, or legal requirements apply, consult the primary authority named in the references below or the relevant government agency.
Reviewed on December 22, 2025 by the US Coin Shows editorial team. Editorial policy
Frequently Asked Questions
What is a war nickel?
War nickels (1942–1945) contain 35% silver instead of nickel, which was needed for WWII. They're identified by a large mint mark (P, D, or S) above Monticello on the reverse. The 1942-P was the first US coin to bear a Philadelphia mint mark.
What does Full Steps mean on a Jefferson nickel?
Full Steps (FS) means all 5 or 6 horizontal steps on Monticello's portico are fully separated and distinct, indicating a strong strike. Most Jefferson nickels have mushy steps. FS examples carry premiums of 5x to 100x over non-FS coins.
What is the key date Jefferson nickel?
The 1950-D with a mintage of only 2.63 million is the series key date. It was heavily hoarded in uncirculated condition, so MS examples are available ($25+) but circulated examples are scarce ($15+ in Good).
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