Jefferson Nickel

The United States' Jefferson Nickel design has featured a profile of President Thomas Jefferson on the obverse since 1938.

Specifications

 * Designer: Felix Schlag
 * Obverse Design: Thomas Jefferson Bust
 * Reverse Design: Monticello
 * Edge: Plain
 * Weight: 5 grams
 * Diameter: 21.2 millimeters
 * Composition:  Copper (75%), Nickel - (25%)
 * Dates Minted: 1938 - Present

Background
Up until 2003, there was probably no U.S. coin series more un-loved and un-appreciated than the Jefferson nickel. Perhaps that’s because the Jefferson nickel replaced one of the most beautiful, most beloved of all U.S. coin series, the Buffalo nickel. The Jefferson nickel would always suffer in comparison to its predecessor. Add to that the fact that there really are no Jefferson nickel rarities to present a challenge in the series, at least not amongst the regular issue Jeffersons.

But all that changed in 2004. Two new distinct Jefferson nickels were introduced that year, both with reverse designs commemorating the Lewis and Clark Expedition. The first 2004 nickel featured a reverse that recalled a famous U.S. Indian Peace Medal design of the early 1800's. This design showed two hands clasping in friendship; one hand has a U.S wristband, while the other, a Native American wristband. Above the clasped hands are a pipe and hatchet. Later in 2004, a different reverse design came out– this one showing the Lewis and Clark keelboat paddling down river.

The new 2004 reverse designs were the first major nickel design changes since the Jefferson nickel was introduced in 1938. But that was just the beginning! In 2005, there would be two MORE new reverses, again commemorating the Lewis and Clark Expedition. The first 2005 nickel reverse showed a bison (essentially giving the United States another Buffalo nickel), while the second new 2005 nickel reverse showed the Pacific coastline with the words above it, “Ocean in View! O the Joy!”

But it wasn’t just the two new reverses that made the 2005 nickels special– for the first time since 1938, the United States had a new nickel OBVERSE as well! Well... not completely. It was still Thomas Jefferson on the obverse. But it wasn’t the familiar Jefferson bust we’d been familiar with from 1938 to 2004. THIS obverse featured a large, close-up depiction of Jefferson turned just a quarter more towards the face of the coin than before. SO close was this Jefferson close-up, that only the face, not the hair, made it onto the face of the coin– a true portrait innovation in U.S. coins! Not only that, “LIBERTY” was in cursive.

The 2005 nickels marked the end of the special Lewis and Clark commemoration nickel series. But it wasn’t the end of changes for the Jefferson nickel. True, Virginia legislators saw to it that the familiar Monticello reverse design of 1938-2003 would NOT be forever banished from the nickel. So Jefferson’s Monticello home returned to the nickel reverse in 2006. BUT.. there was yet another change in the nickel in 2006: a brand NEW Thomas Jefferson obverse design– drastically different from not only the 1938-2004 nickels, but from the 2005 nickel as well! Now, Jefferson is turned and completely facing the front of the nickel. Will the 2006 Jefferson nickel be the pattern for Jefferson nickels in years to come. It would appear so.

Classification
But what does all this mean, apart from a unique three year-period where one U.S. coin type kept changing obverse and reverse designs? It means that numismatists who classify coin series, will have to figure out how to classify the Jefferson nickels throughout all its changes. It does get tricky. All nickels from 1938 to present are Jefferson nickels, but we have very distinctly DIFFERENT types of Jefferson nickels. And these are major modifications, not minor modifications. Would the Jefferson nickel Type I be the 1938-2003 issues, or would they include the 2004 issues with the same Jefferson bust, but different reverse designs? And should the 2005 nickel, with its one-year-only unique Jefferson bust and unique reverse designs, be considered a series unto itself, or just part of the Jefferson series? And does the new 2006 Jefferson nickel, with ITS new obverse bust, begin a new era in Jefferson nickels, or did that begin in 2005? Or 2004?

These questions, I think, simply serve to make this formally stodgy series, more fun. More interesting. Prior to 2004, the most variety you had in Jefferson nickels were the 1942-45 “War Nickels” that contained 40 % silver and big mintmarks ABOVE Monticello, but otherwise, looked like regular Jefferson nickels.

Collecting
True, the Jefferson nickel series DID generate some excitement back in the 1950's and 1960's, when everybody was looking for the supposedly “scarce,” if not “rare” 1950-D nickel. There were “only” 2.6 1950-D nickels struck, a pretty low amount for a modern nickel, and word got out that THIS was the key to the series and would be truly hard to find. So people found them, and saved them in DROVES! As a result, the 1950-D Jefferson is still the scarcest regular issue Jefferson nickel, but can still be bought for around $30 in the highest mint-state level conditions, but you can triple that for full-step 1950D nickels in MS 66 FS condition. Furthermore, the 1950-D FS 67 PCGS nickels go between 5k and 7k. Unreal.

Closer to modern times, two Jefferson nickels generated excitement in coin collecting circles, but these nickels were special issues, not circulation issues you could find in change. Specifically, in 1994 and 1997, special “matte finish” nickels were produced for inclusion in commemorative coin sets that year. Today the 1994 “matte proof” nickel costs around $75, while the 1997 “matte proof” retails $200. Again, don’t look for them in change.

Besides the 1950-D and the “matte” nickels of the 1990's, only the 1938-D, the 1938-S and the 1939-D are worth up to $15 in uncirculated condition. Still, with all the recent changes in the Jefferson nickel series, more collectors may take notice of Jefferson and push up demand, thus, pushing up prices. Many coin dealers feel the Jefferson nickel series is due for an awakening of interest.

Grading
A key element to pay attention to, one that differentiates an exceptional mint state Jefferson nickel from a basic, run-of-the-mill mint state Jefferson, are the Monticello steps on the reverse. “Full Step” Jefferson nickels, especially on Jeffersons from the 1938 to the 1960's, command more of a premium. Keep an eye out for Jeffersons with those all-important “full steps.”

Now might be a good time to try and complete a date/mintmark set of 1938-2003 (or 2004 to complete the obverse type set) Jefferson nickels. Prices are still VERY cheap per coin, and you might cheaply be able to complete a set they may soon be in hot demand.

Mints

 * Philadelphia Mint (no mintmark)
 * New Orleans Mint (O mintmark)
 * San Francisco Mint (S mintmark)