Almost every Jefferson nickel in circulation is worth five cents, including the 1964 nickels that people often set aside. The nickels worth keeping fall into three groups. First, the wartime nickels dated 1942 to 1945 with a large mint mark above Monticello contain 35 percent silver, worth approximately $2.25 each with silver assumed at $40 per troy ounce. Second, a short list of Jefferson dates and varieties brings $10 to several hundred dollars: the 1939 doubled Monticello, the 1943/2-P overdate, the 1950-D, the 1954-S/D and 1955-D/S, and the 2005 "speared bison." Third, older Buffalo and Liberty Head nickels are collector coins, and their key dates are worth hundreds to thousands. Everything else is face value unless it is uncirculated with exceptional strike.
Quick answer
- Most nickels are worth five cents, 1964 included.
- War nickels (1942-1945, big mint mark above the building) are 35 percent silver, about $2.25 each at $40 silver.
- A few Jefferson varieties and the Buffalo and Liberty keys are worth $10 to thousands.
How to check yours, step by step
A 5x or 10x loupe and good light are enough for most of this. A scale is useful for the war nickels.
- Read the date on the obverse. On Jefferson nickels it is at the lower right, behind Jefferson's collar. On Buffalo nickels it is on the shoulder of the Indian portrait, and it is often worn away.
- Look above the dome of Monticello on the reverse. A large P, D or S above the dome means a war nickel, struck from late 1942 to 1945 in a copper, silver and manganese alloy. They are the only US coins before 1979 to carry a P.
- Find the regular mint mark. On Jefferson nickels from 1938 to 1964 (except war nickels), it is small, on the reverse to the right of Monticello. From 1968 onward it is on the obverse below the date. On Buffalo nickels it is on the reverse below FIVE CENTS.
- Check the mint mark itself under the loupe. On 1954-S and 1955-D coins, look for traces of a second letter under the visible one: a D under the S, or an S under the D. That is a repunched mint mark.
- Look at the letters and digits for doubling. On a 1939 nickel, look at MONTICELLO and FIVE CENTS on the reverse for clear, separated doubled letters. On a 1943-P, look at the 3 for the curve of a 2 beneath it.
- Look at the bison on 2005 nickels. On the 2005-D American Bison reverse, a die gouge runs through the bison's back like a spear. That is the "speared bison."
- Judge the steps last. On uncirculated Jefferson nickels, look at the steps under the pillars of Monticello. Five or six complete, unbroken steps raise the value of a mint state coin substantially. Worn coins do not qualify.
War nickels and the melt math
From October 1942 through 1945 the Mint replaced nickel, a war material, with an alloy of 56 percent copper, 35 percent silver and 9 percent manganese. Each war nickel weighs 5 grams and holds 0.05626 troy ounces of pure silver. The table assumes $40 silver. To recalculate, multiply 0.05626 by the spot price.
| Silver price | Silver in one war nickel | Roll of 40 | 100 coins |
|---|---|---|---|
| $30 | About $1.69 | About $68 | About $169 |
| $40 | About $2.25 | About $90 | About $225 |
| $50 | About $2.81 | About $113 | About $281 |
Dealers usually buy circulated war nickels at or slightly under melt. Uncirculated coins with full steps are worth more, and the scarcer dates carry premiums in high grade.
Note that 1942 is split. The 1942 with no mint mark and the 1942-D are the normal copper-nickel alloy with a small mint mark right of the building. The 1942-P and 1942-S, with the large mark above the dome, are silver. Worn war nickels often look a little darker or more grey-brown than ordinary nickels, but the mint mark is the reliable test.
Jefferson nickels worth money
These approximate values assume original coins with no damage or cleaning.
| Coin | What to look for | Circulated | Uncirculated |
|---|---|---|---|
| 1938-D and 1938-S | First year, branch mints | $1-3 | $5-20 |
| 1939 doubled MONTICELLO | Strong doubling on the reverse lettering | $25-80 | $150-600+ |
| 1939-D and 1939-S | Lower mintages | $3-15 | $25-100 |
| 1942-1945 war nickels | Large mint mark above the dome | $2-3 | $5-20 |
| 1943/2-P overdate | Curve of a 2 under the 3 | $40-100 | $200-600+ |
| 1943-P doubled eye | Doubled Jefferson eye | $25-60 | $100-400 |
| 1950-D | Low mintage of about 2.6 million | $8-15 | $15-35 |
| 1954-S/D | D under the S | $5-20 | $30-100 |
| 1955-D/S | S under the D | $5-20 | $30-100 |
| 1971 proof, no S | Missing mint mark, from a proof set | Not applicable | $800-1,500 |
| 2005-D speared bison | Die gouge through the bison's back | $25-75 | $100-300 |
| Any date with full steps, uncirculated | 5 or 6 unbroken steps | Not applicable | $10-1,000+ by date |
The 1950-D deserves an honest note. With the lowest mintage of any regular Jefferson nickel, it was hoarded by the roll as soon as it was released. That means many survive in uncirculated condition, and the price has stayed modest.
The 2004-2005 Westward Journey nickels
For the bicentennial of the Louisiana Purchase and the Lewis and Clark expedition, the Mint issued four new reverses and a new obverse: the 2004 Peace Medal and Keelboat, and the 2005 American Bison and Ocean in View, with a new larger Jefferson portrait in 2005. They were made in the hundreds of millions and are worth five cents in circulated condition. The 2005-D speared bison is the main exception. Proofs and uncirculated set coins are worth $1-5. The 2006 return to the Monticello reverse with a forward-facing Jefferson is also common.
The 1964 nickel
Many people keep 1964 nickels because 1964 is famous for silver dimes, quarters and halves. The nickel was never silver in 1964, and the Mint struck more than 2.8 billion of them, more than any year before it, because of a national coin shortage. A circulated 1964 or 1964-D nickel is worth five cents. Only uncirculated coins with full steps carry a real premium, and the special mint set coins from 1964, which are rare, look nothing like change.
Full steps explained
Monticello on the reverse sits on a flight of steps below the columns. On most nickels the steps are mushy or broken, because that part of the design sits opposite the highest point of Jefferson's portrait, and metal does not flow fully into both. When five or six steps are complete and unbroken across their full length, PCGS and NGC add a Full Steps designation. For many dates in the 1950s and 1960s, Full Steps examples are scarce, and a common date that is worth a dollar in ordinary uncirculated condition can be worth hundreds with full steps in high grade. A few dates, such as the 1953-S and 1954-S, are well known for this. Look straight at the steps with a loupe under a single light source, and count only steps that are complete from end to end, with no nicks breaking a line.
Searching rolls of nickels
Rolls from a bank still turn up the occasional war nickel and 1950s or 1960s date, though much less often than a generation ago. The efficient approach is to look at the reverse first, since the large mint mark above the dome is visible at a glance, and then turn the coins over for dates. Set aside anything from 1938 to 1964 with an uncirculated look, every 1939 and 1943, every 1954-S and 1955-D, and every 2005 bison. The rest go back to the bank at face.
Buffalo and Liberty nickels
Older nickels are collector coins in almost any condition. Even worn common dates are worth more than face, and the key dates are some of the most famous coins in American collecting.
| Coin | Typical circulated value |
|---|---|
| Buffalo nickel, readable common date | $0.50-3 |
| Buffalo nickel, no date | $0.25-0.50 |
| 1913-S Type 2 Buffalo | $300-600 |
| 1918/7-D overdate Buffalo | $1,000+ |
| 1921-S and 1926-S Buffalo | $50-200 |
| 1937-D three-legged Buffalo | $600-900 in Good |
| Liberty Head nickel, common date | $1-5 |
| 1883 Liberty, no CENTS | $5-15 |
| 1885 and 1886 Liberty | $250-600 |
| 1912-S Liberty | $100-250 |
| Shield nickel, 1866-1883, common | $15-40 |
The Buffalo nickel guide covers dates, mint marks and the three-legged variety in detail. The 1913 Liberty Head nickel, with five known, is worth millions and was never issued, so any example in an estate should be treated as a copy or an altered date.
Common mistakes
- Keeping every 1964 nickel. They are not silver and not scarce. Face value, unless uncirculated with full steps.
- Treating every 1942 nickel as silver. Only the 1942-P and 1942-S with the large mint mark above the dome are war nickels.
- Calling worn or flat strikes "doubled." Machine doubling looks like a flat shelf next to the letters and adds no value. A real doubled die shows two complete, rounded images.
- Cleaning nickels. Polishing removes the original surface and leaves hairlines, which cuts the premium on any key date.
- Expecting Westward Journey nickels to be rare. Except for the speared bison, they are common.
- Restoring a dateless Buffalo with acid. Date-restoring chemicals bring back a faint date, but they etch the coin and buyers discount it heavily.
What to photograph
Use daylight, no flash, and keep the phone flat above the coin.
- The obverse straight on, with the date readable.
- The reverse straight on, showing Monticello and the area above the dome.
- A close-up of the mint mark, especially for 1954-S, 1955-D and war nickels.
- A close-up of MONTICELLO and FIVE CENTS on any 1939 nickel.
- A close-up of the steps for uncirculated Jefferson nickels.
- The bison's back on any 2005 bison nickel.
When to get it looked at in person
- A local coin dealer can sort a jar of nickels in minutes and will buy war nickels at a price tied to silver.
- PCGS or NGC grading costs from about $20-60 per coin, plus shipping and fees. It makes sense for a 1939 doubled Monticello, a 1943/2-P, a speared bison, a 1971 no-S proof, Buffalo and Liberty key dates, and uncirculated coins that may have full steps.
- An auction house suits key-date Buffalo and Liberty nickels and complete high-grade sets.
For the rest of the change jar, the what pennies are worth money guide, the what dimes are worth money guide and the error coins guide cover the other denominations.