Jefferson Nickel Overview
The Jefferson Nickel was first introduced and minted in 1938, and was a replacement to the long-running Indian Head or “Buffalo Nickel.” Designed by Felix Schlag, the Jefferson nickel features a bust of Thomas Jefferson facing left on the front of the coin, and Jefferson’s home, Monticello, on the reverse.
Also found on the front of the coin is the motto “In God We Trust,” as well as the date and the word “Liberty.” The reverse has the motto “E Pluribus Unum” centered above the image of Monticello, and the words “Five Cents” and “United States of America” below.
Composition of the Jefferson Nickel has changed only twice during the coin’s 79 years of production. The composition of the coin from 1938-1941 and 1946-present has been 75% copper and 25% nickel.
During the years of 1942-1945, the Jefferson Nickel was made of a combination of 56% copper, 35% silver, and 9% manganese. There was an effort to help conserve much needed nickel and copper for World War 2.
All Jefferson Nickels weigh 5.0 grams and have a diameter of 21.21mm. The edge is unreeded (lacks the bumps found on the edge of the US dime, quarter, and half dollar.)
History
The 1964 Jefferson Nickel was the first nickel in US history to have over 1 billion coins minted in a year. The US mint at Philadelphia reports making approximately 1,024,672,000 Jefferson Nickels that bear the date of 1964.
This large increase in the amount of Jefferson Nickels minted in 1964 can be attributed to the shortage of other coins in circulation, due to the hoarding of silver in the early 1960s.
Jefferson Nickels in the late 1950s and early 1960s also suffered from poor strikes at the minting facilities. The main reason for the poor quality, was because the dies used to strike the coins did not have as sharp of details as in previous years.
Because of this defect, most Jefferson Nickels from 1964 have a “soft” or “weak” look, with most details of the coin appearing somewhat flat and distorted.
Collecting 1964 Nickels and other Jefferson Nickels
Collecting Jefferson Nickels is one of the easiest and most cost-effective series of coins available for collectors.
Since most dates and mints of Jefferson Nickels can easily be found in everyday circulation, starting a collection is as easy as looking in your pocket change! The most common Jefferson Nickels found will be dated after 1960, as this is when large amounts of nickels were made.
The real challenge in collecting Jefferson Nickels is finding nickels minted during the War Years, dated before 1960, and nickels found in proof sets.
Image Source Flickr user Jonathan Daroca
Most war nickels in average condition can be had for approximately $1, with the price of silver mainly affecting the purchasing price.
Proof Jefferson Nickels can be easily purchased for a slight premium and can only be found in official US mint proof sets. Some proof nickels can be found outside of the mint’s protective packaging due to collectors and dealers “cracking out” the coin.
Jefferson Nickels dated before 1960 are somewhat harder to find and are normally priced at a slight premium. Take for example the 1939-D nickel, which goes for approximately $2.50 in fine condition and uncirculated examples are valued at $28.
All harder-to-find Jefferson Nickels can be found either at online auction sites, like E-bay, or at a local coin dealer. Some dealers may even have either partial or fully completed sets of Jefferson Nickels for sale.
Value
Because of the volume of 1964 Jefferson Nickels produced, they are extremely common and can normally be found in everyday pocket change. All 1964 nickels that are not in uncirculated condition are worth face value.
Although not valuable in a less than new condition, the 1964 Jefferson Nickel can be quite valuable in uncirculated condition.
Because the majority of 1964 Jefferson Nickels were poorly struck, those that display sharp details and are in uncirculated condition can command a slight premium. Coins that are in uncirculated condition and graded by a third party company can bring an average of $8.
The 1964 Jefferson Nickel might not be the rarest or most valuable nickel, but it can be an interesting find that sparks the beginning of a great coin collection!