1938-S Jefferson Nickel Value Guide How Much Is Yours Worth Today
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The 1938-S Jefferson Nickel is worth anywhere from $1 to $5 in heavily worn condition, but well-preserved examples can fetch $15 to $50 or more — and top-grade specimens have sold for hundreds of dollars at auction. If you just found one of these old nickels in a jar, a drawer, or an inherited coin collection, you’re in the right place to find out what it’s really worth.
What Makes the 1938-S Jefferson Nickel Special
The 1938-S Jefferson Nickel was minted at the San Francisco Mint — that’s what the small “S” mintmark below Monticello on the reverse side means. This was the very first year the Jefferson Nickel series was produced, replacing the Buffalo Nickel that had been in circulation since 1913. That historic first-year status makes 1938-S coins especially interesting to collectors.
The San Francisco Mint struck 4,105,000 of these nickels in 1938, making it the rarest of the three mint locations that year (the others being Philadelphia and Denver). Fewer coins produced generally means higher collector demand — and that’s exactly the case here.
If you want a quick way to identify your coin and check its condition, a coin identifier and value app can help you scan the coin and get an instant estimate based on its grade and mint mark.
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How Condition Affects the 1938-S Jefferson Nickel Value
Coin condition — called “grade” in collector terms — is the single biggest factor in determining what your 1938-S nickel is worth. Coins are graded on a scale from 1 (barely identifiable) to 70 (perfect and uncirculated). Most coins found in old change jars fall somewhere in the middle.
Here’s a general look at how the 1938-S Jefferson Nickel values break down by grade:
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| Grade | Condition Description | Estimated Value |
|---|---|---|
| Good (G-4) | Heavy wear, design still visible | $1 – $2 |
| Fine (F-12) | Moderate wear, major features clear | $3 – $5 |
| Extremely Fine (EF-40) | Light wear on high points only | $8 – $15 |
| About Uncirculated (AU-50) | Slight wear, most luster present | $18 – $30 |
| Mint State (MS-63) | No wear, minor contact marks | $35 – $55 |
| Mint State (MS-65) | Gem quality, strong luster | $75 – $150+ |
You can explore current 1938-S Jefferson Nickel auction prices and MS-grade market data to see how recent sales compare to these estimates. Prices can shift depending on collector demand and market trends.
Your Old Coin Could Be Valuable!
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What to Look for When Examining Your Coin
Before you can estimate the value of your 1938-S Jefferson Nickel, take a close look at a few key areas. First, check the mintmark — flip the coin over and look just to the right of Monticello. A clear “S” means San Francisco. No letter means Philadelphia; a “D” means Denver.
Next, examine Jefferson’s cheek and hair above his ear. These are the highest points on the coin and the first places to show wear. If those details are crisp and well-defined, your coin is likely in better condition than average.
Also look for any signs of cleaning. Collectors strongly prefer coins that haven’t been polished or wiped. A cleaned coin, even in otherwise good condition, can lose 50% or more of its numismatic value. CoinKnow is a great app that can help you identify signs of cleaning and understand how it impacts your coin’s grade.
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Full Step Coins and Why They Matter
One special bonus feature to look for on the 1938-S Jefferson Nickel is something called “Full Steps.” This refers to the steps at the base of Monticello on the reverse. When five or six of these steps are fully struck and sharply defined, the coin is designated FS (Full Steps) — and these coins command a serious premium.
A standard MS-65 1938-S nickel might sell for around $100. But an MS-65 FS example? It could easily reach $300 to $500 or more, depending on the exact strike quality.
Full Steps coins are rare because the design required a very precise strike, and many 1938-S nickels were weakly struck in this area. If yours shows crisp, unbroken steps, you may have a genuinely valuable coin on your hands.
For a detailed breakdown of the full value range of the 1938 Jefferson Nickel including Full Steps premiums, it’s worth reviewing a comprehensive price reference before selling or submitting for grading.
Your Old Coin Could Be Valuable!
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Should You Get Your 1938-S Nickel Graded?
If your coin looks uncirculated or shows Full Steps details, professional grading through PCGS or NGC is absolutely worth considering. A certified coin in a graded holder sells for significantly more than a raw (ungraded) coin, and buyers trust the grade. Submission fees typically start around $20–$30 per coin, so it only makes financial sense for coins likely worth $50 or more.
Not sure if your coin is worth grading? CoinKnow lets you photograph your coin, see an estimated grade, and compare it to recently sold examples — all from your phone. It’s a smart first step before spending money on professional grading services.
If you think you might have a high-grade or Full Steps example, don’t clean it, don’t flip it carelessly, and store it in a protective coin holder right away. Handling damage can drop a coin’s grade — and its value — very quickly.
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Your Old Coin Could Be Valuable!
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Frequently Asked Questions
Q: How do I know if my nickel is the 1938-S version?
A: Look at the reverse (tails side) of the coin. Just to the right of Monticello, you should see a small letter. An “S” means it was made at the San Francisco Mint. Also confirm the date reads 1938 on the front (obverse) side.
Q: Is the 1938-S Jefferson Nickel rare?
A: Compared to later Jefferson Nickels, yes. With just over 4 million minted, it’s the lowest mintage of the three 1938 issues. It’s not extremely rare, but high-grade examples — especially Full Steps coins — are genuinely scarce and sought after by collectors.
Q: Where is the best place to sell a 1938-S Jefferson Nickel?
A: For circulated examples, eBay or local coin shops are practical options. For higher-grade or Full Steps coins, consider submitting to PCGS or NGC first, then selling through a coin auction house where serious collectors are bidding. CoinKnow can also help you find current market comparables so you know what a fair price looks like before you sell.
