Price Guide for 1938 Nickel Variants
This guide presents price ranges for variants from three sources: eBay sales, third-party auctions, and PCGS guides. Values are shown for various conditions, allowing collectors to compare across different market segments. Price estimates may vary between sources, especially for rarer variants.
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3rd Party PriceCirculated: $7.00 – $270.00Uncirculated: $11.00 – $23,575.00
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eBayCirculated: $4.89 – $81.00Uncirculated: $6.50 – $3,900.00
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PCGS Price GuideCirculated: $1.00 – $28.00Uncirculated: $31.00 – $30,000.00
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3rd Party PriceCirculated: $21.00 – $414.00Uncirculated: $7.00 – $1,093.00
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eBayCirculated: $2.00 – $90.00Uncirculated: $0.01 – $3,562.49
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PCGS Price GuideCirculated: $1.00 – $10.00Uncirculated: $11.00 – $1,400.00
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3rd Party PriceCirculated: $6.00 – $32.00Uncirculated: $9.00 – $5,980.00
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eBayCirculated: $9.38 – $57.11Uncirculated: $3.99 – $1,750.00
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PCGS Price GuideCirculated: $2.00 – $6.00Uncirculated: $10.00 – $2,350.00
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3rd Party PriceCirculated: $9.50 – $47.76Uncirculated: $16.00 – $30,550.00
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eBayCirculated: $20.00 – $37.00Uncirculated: $18.53 – $1,249.00
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PCGS Price GuideCirculated: $5.00 – $27.00Uncirculated: $30.00 – $37,500.00
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3rd Party PriceUncirculated: $6.00 – $1,645.00
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eBayCirculated: $8.22 – $52.00Uncirculated: $0.99 – $829.99
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PCGS Price GuideCirculated: $1.00 – $5.00Uncirculated: $7.00 – $2,000.00
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3rd Party PriceCirculated: $13.00 – $66.00Uncirculated: $25.00 – $25,300.00
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eBayCirculated: $12.50 – $75.00Uncirculated: $39.00 – $6,250.00
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PCGS Price GuideCirculated: $11.00 – $55.00Uncirculated: $65.00 – $30,000.00
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3rd Party PriceUncirculated: $104.00 – $2,160.00
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eBayUncirculated: $44.44 – $1,050.00
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PCGS Price GuideUncirculated: $75.00 – $1,150.00
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3rd Party PriceCirculated: $650.00 – $750.00Uncirculated: $29.00 – $9,200.00
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eBayUncirculated: $31.00 – $1,600.00
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PCGS Price GuideUncirculated: $40.00 – $5,000.00
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3rd Party PriceCirculated: $12.00 – $1,725.00Uncirculated: $24.11 – $5,980.00
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eBayCirculated: $43.01Uncirculated: $10.00 – $1,410.00
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PCGS Price GuideUncirculated: $50.00 – $16,000.00
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3rd Party PriceCirculated: $200.00 – $1,000.00Uncirculated: $18.00 – $33,600.00
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eBayUncirculated: $18.50 – $1,449.99
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PCGS Price GuideUncirculated: $11.00 – $35,000.00
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3rd Party PriceUncirculated: $94.00 – $4,700.00
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eBayUncirculated: $100.00 – $230.00
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PCGS Price GuideCirculated: $16.00 – $62.00Uncirculated: $70.00 – $3,000.00
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3rd Party PriceUncirculated: $89.00 – $3,760.00
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eBayUncirculated: $59.03 – $3,383.00
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PCGS Price GuideUncirculated: $110.00 – $650.00
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3rd Party PriceUncirculated: $94.00 – $930.00
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eBayUncirculated: $48.00 – $399.95
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PCGS Price GuideUncirculated: $125.00 – $500.00
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3rd Party PriceUncirculated: $348.00
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eBayUncirculated: $125.00 – $299.95
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3rd Party PriceCirculated: $125.00 – $450.00Uncirculated: $16.00 – $8,625.00
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eBayCirculated: $15.00 – $20.00Uncirculated: $8.50 – $3,324.99
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PCGS Price GuideUncirculated: $12.00 – $1,850.00
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3rd Party PriceUncirculated: $129.25 – $246.75
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eBayUncirculated: $72.88 – $570.00
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PCGS Price GuideCirculated: $35.00 – $55.00Uncirculated: $65.00 – $600.00
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3rd Party PriceUncirculated: $517.00 – $540.50
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eBayUncirculated: $354.00 – $625.00
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PCGS Price GuideUncirculated: $175.00 – $725.00
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3rd Party PriceUncirculated: $76.88 – $276.00
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eBayCirculated: $25.00 – $33.00Uncirculated: $33.95 – $345.00
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PCGS Price GuideCirculated: $4.00 – $50.00Uncirculated: $55.00 – $275.00
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3rd Party PriceUncirculated: $111.63 – $2,702.50
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eBayUncirculated: $75.01 – $625.00
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PCGS Price GuideUncirculated: $70.00 – $1,050.00
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eBayUncirculated: $77.66 – $600.00
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PCGS Price GuideUncirculated: $40.00 – $600.00
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eBayUncirculated: $235.00 – $350.00
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PCGS Price GuideUncirculated: $45.00 – $1,500.00
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3rd Party PriceUncirculated: $2,760.00 – $5,040.00
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PCGS Price GuideUncirculated: $1,150.00 – $7,500.00
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3rd Party PriceUncirculated: $132.00 – $630.00
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eBayUncirculated: $66.09 – $995.00
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PCGS Price GuideUncirculated: $80.00 – $3,000.00
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3rd Party PriceUncirculated: $84.00 – $432.00
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eBayUncirculated: $110.00 – $1,595.00
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PCGS Price GuideUncirculated: $120.00 – $3,000.00
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3rd Party PriceUncirculated: $99.00 – $910.63
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eBayUncirculated: $129.99 – $2,150.00
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PCGS Price GuideUncirculated: $125.00 – $1,200.00
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3rd Party PriceUncirculated: $30.00 – $11,500.00
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eBayCirculated: $17.00Uncirculated: $15.50 – $682.75
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PCGS Price GuideUncirculated: $32.00 – $3,500.00
Design and Specifications of the 1938 Nickel
1938 marked the first year of production for the Jefferson Nickel, replacing the Buffalo Nickel design. This new design was chosen through a public competition, won by German-born sculptor Felix Schlag. The Jefferson Nickel represented a significant shift in American coinage, moving away from the Native American and buffalo imagery to honor one of the Founding Fathers.
The introduction of this coin coincided with the tail end of the Great Depression, making it a historically significant issue. It’s worth noting that the original reverse design was modified slightly before production, with the perspective of Monticello being adjusted to a straight-on view.
| Weight | 5.0 grams |
|---|---|
| Diameter | 21.2 mm |
| Mint Marks | D, S |
| Composition | 75% copper, 25% nickel |
| Obverse Design | Portrait of Thomas Jefferson, designed by Felix Schlag |
| Reverse Design | Monticello, Jefferson's home, designed by Felix Schlag |
Rarity Factors and Value Drivers
The condition of 1938 Jefferson Nickels significantly impacts their value, especially for high-grade examples. Coins in uncirculated condition (MS60 and above) command substantial premiums, with prices increasing dramatically for grades MS65 and higher.
Key areas to examine include Jefferson’s hair and cheek on the obverse, and the steps of Monticello on the reverse. Full Steps examples, where all five or six steps are clearly visible, are highly prized by collectors and can fetch significant premiums.
The original mint luster is also crucial for uncirculated coins, with any signs of wear or cleaning significantly reducing value. Toning, if present, should be natural and attractive to enhance desirability.
Mintage: 19,496,000
Rarity Scale: Common
Circulation Status: Widely Circulated
Preservation Rarity: Scarce in grades MS66 and above
Varieties Errors: None significant
Market Demand: Moderate, as first-year issue
Mintage: 5,376,000
Rarity Scale: Uncommon
Circulation Status: Widely Circulated
Preservation Rarity: Rare in grades MS66 and above
Varieties Errors: None significant
Market Demand: Moderate to High, due to lower mintage and first-year status
Mintage: 4,105,000
Rarity Scale: Uncommon
Circulation Status: Widely Circulated
Preservation Rarity: Very Rare in grades MS66 and above
Varieties Errors: None significant
Market Demand: High, due to lowest mintage and first-year status
As the first year of issue, 1938 Jefferson Nickels hold special appeal for collectors, often commanding a premium over common dates from subsequent years. The San Francisco and Denver issues, with their lower mintages, are particularly desirable in high grades.
Strike quality varies among 1938 nickels, with well-struck examples being more valuable. Coins with sharp details, especially those showing Full Steps on Monticello, are highly sought after.
While not typically collected for toning, nicely toned examples can command premiums if the coloration is attractive and natural. Additionally, error coins, such as off-center strikes or die cracks, while rare for this year, can be valuable if discovered.
