Jefferson Nickel Overview
The 1943 edition does have some historical significance, in addition to its silver content, and therefore may be more valuable than similar coins in other mint years. Pricing the 1943 Jefferson Nickel. When trying to determine a price range for the 1943 Jefferson Nickel, you must first ascertain the coin type. I depends on a lot of things, including mint mark and condition, that only a coin expert can determine and evaluate. There are lots of on-line coin value catalogs you can use for starters-just look.
Minted since 1938, the Jefferson nickel has seen several design and composition changes over its 80 years of production.
The first year of the Jefferson nickel, 1938, marked the end of the Buffalo nickel, a coin which had been very popular but difficult to strike.
The original design of the Jefferson nickel was created by Felix Schlag. It featured on the obverse a profile bust portrait of Thomas Jefferson, the motto “IN GOD WE TRUST” on the left rim, and the word “LIBERTY” and year of mintage on the right rim.
On the reverse of Schlag’s design is Jefferson’s home Monticello, with “E PLURIBUS UNUM” on the upper rim, “UNITED STATES OF AMERICA” on the lower rim, and the denomination “FIVE CENTS” under Monticello.
Schlag’s design was used until 2003, when a series of several commemorative nickels was created. In 2006, Jamie Franki created a new obverse design featuring a forward-facing Jefferson portrait and the word “Liberty” in Jefferson’s script, though the reverse was still Schlag’s Monticello design. This design is still in use today.
Jefferson nickels are made of 75% copper and 25% nickel, although nickels made between 1942 and 1945 have different compositions. Jefferson nickels have a diameter of 12.21mm and a mass of 5g.
For more information on nickels, see our Ultimate Guide to Rare Nickels!
History of the 1943 Jefferson Nickel
The 1943 nickel was minted during America’s involvement in World War II, and since nickel was deemed an important material for the war effort, the composition of the coin was altered to conserve nickel.
This subset of Jefferson nickels, often referred to as “wartime nickels” or simply “war nickels,” were minted from 1943 to 1945. Their altered composition is 56% copper, 35% silver, and 9% manganese.
The wartime nickels are also unique among Jefferson nickels in terms of mint mark. On wartime nickels, the mint mark is prominently displayed above Monticello on the reverse, including a “P” for Philadelphia. This was the first time a mint mark for Philadelphia had appeared on a US coin.
The Jefferson nickel in 1943 saw very high production numbers, with almost 400,000 coins struck. Philadelphia reports minting 271,165,000 nickels. San Francisco reports minting 104,060,000. Denver numbers were especially low, with only 15,294,000 nickels struck.
Important Varieties
There are a couple of notable varieties of the 1943-P nickel, both of which can raise the value of any specimen.
Both are doubled die varieties. This means that when the die was being created, an imperfect placement or alignment cause the hub to strike the die in two slightly different locations, creating a doubling effect on the design of that die. This should not be confused with machine doubling.
The first variety is an overdate, meaning that one date was struck over another date. In this case, the year 1942 was struck originally and then later restruck to 1943. As seen in the below picture, this most commonly manifests as a sort of hook on the bottom left end of the 3.
The second and usually less valuable variety is simply known as a doubled die obverse or a doubled eye error, as the most visible doubling is in Jefferson’s eye. The doubling can also sometimes be seen in the numbers and lettering on the coin.
Valuing the 1943 Jefferson Nickel
Because the 1943 Jefferson nickel contains silver, its minimum value is its melt value, the worth of its metal when melted down. Based on the current price of silver, the melt value of this coin is about $0.92.
However, the numismatic value of the 1943 nickel (what it is worth to collectors) is higher than its melt value, even in lower grades.
For a coin minted in Philadelphia, Good 4 to Fine 12 grades are worth between $1.00 and $2.00. Very Fine 20 to About Uncirculated 50 grades are worth between $2.00 and $3.06. This increases to $5.23 in Uncirculated MS-60 and $21 in Uncirculated MS-65.
San Francisco mintages (signified by a large “S” on the reverse) are worth about ten cents more on average than Philadelphia mintages.
Denver coins (signified by a large “D” on the reverse) are worth about a dollar more than San Francisco mintages.
Some drastic value changes can be seen in the varieties discussed in the previous section. Good to Very Fine grades of the doubled die obverse variety are worth between $18 and $21.
This increases to $41 in Extremely Fine, $60 in About Uncirculated, $93 in Uncirculated (MS-60), and $651 in Uncirculated (MS-65)!
The overdate variety is even more valuable, Good to Fine grades being worth $21 to $35. Very Fine examples are worth $50, and Extremely Fine examples can bring as much as $101.
About Uncirculated overdate coins are valued at $170; Uncirculated (MS-60) coins at $232; and Uncirculated (MS-65) coins at $708.
Perhaps the most crucial element used in grading Jefferson nickels is the staircase on the reverse Monticello design. Coins that clearly display five or six steps are referred to as Full Step, which can greatly increase value.
A Full Step 1943-P nickel graded at MS-67 sold for $1,057.50 in 2017!
Below is a list of the most valuable Jefferson nickels, presented in ascending order. Prices have been updated to reflect the current market.
Decades of experience from numismatic experts informed the research for this list. The images and explanations are a great way to learn more about modern coin collecting!
All values are for coins grading Mint State 65 (MS65). Higher grade examples and those with the Full Steps designation will exceed these prices.
15. 1942-P Proof (silver): $136 in MS65
The 35% silver 'War Nickel' proof issued in 1942 is worth twice as much as its non-silver counterpart from the same year.
14. 1954-S (S Over D): $150 in MS65
The 'S over D' variety of the 1954-S is another example of a mintmark error. You will typically find the bottom of a 'D' jutting out from below the 'S.'
Image: USA CoinBook
Back then, branch mints would simply stamp over an existing mintmark on a die when necessary. Circumstances such as a tight production schedule or a worn-out die might have forced a mint to do so.
13. 1939-P Proof (Reverse of 1940): $168 in MS65
1939 (Reverse of 1940) Jefferson nickel. Image: PCGS
The sharper reverse design used for these proof coins was introduced in the middle of 1939. It was unchanged until 2004.
12. 1955-D (D Over S): $228 in MS65
This is an example of an overpunched mintmark. As the rest of this list will reveal, it's not a particularly uncommon type of error.
In the photo above, you can see the faint shadow of an 'S' behind the outline of the 'D' mintmark. It is found on the right side of the reverse.
11. 1940-P Proof (Reverse of 1938): $254 in MS65
Because it was struck using the old reverse die of 1938, the proof 1940 Jefferson nickel shows less detail than later issues.
Despite being a proof coin, which generally exhibit higher quality strikes, these 1940 Jefferson nickel proofs show softer details due to using worn-out dies.
10. 1945-P (DDR): $286 in MS65
Like the spooky 'Doubled Eye' nickel, this is another doubled die error. It appears on the reverse design. (It's also the last year silver nickels were produced.)
Image: USA CoinBook
The most famous doubled die variety on a U.S. coin is the 1955 Lincoln cent.
9. 2005-D ('Speared Bison'): $325 in MS65
2005 'Speared Buffalo' Jefferson nickel. Image: PCGS
The most modern coin on the list features what looks like a spear running through the bison's back due to a die gouge.
This one-year issue was part of the new set of 'Westward Journey' designs minted from 2004 to 2006.
1943 Nickel Value Chart
8. 1943-P (Doubled Eye): $358 in MS65
Doubling errors are typically some of the most well-known and easy to notice visually.
Yet as the image above shows, it's not an especially recognizable error with the naked eye.
The 1943-P is also a silver war nickel, adding to its appeal.
7. 1949-D (D Over S): $481 in MS65
Like its 1942 counterpart, this coin features another overpunched mintmark.
Image: USA CoinBook
Numismatic insiders often evaluate an error coin's rarity by researching two areas:
- How many existing coins with the error are known so far?
- How many coins were struck by the die that had the error?
Accurate data for these two questions is not always forthcoming. A lot of sleuthing may be required! Values are based on the best possible estimates.
6. 1943-P (3 Over 2, 'Fishhook'): $585 in MS65
Here is another variety of the 1943-P 35% silver nickel. The '3 Over 2' or '3/2' variety is an example of what is often called an overdate error.
Usually, it was easier for the mint to replace one digit of the date rather than use a whole new die. However, in this case, the entire date (all four digits) has been stamped over the previous year.
1943 Nickel Value P
5. 1971-S (No S): $780 in PR65
1943 Nickel Value No Mint Mark
Image: USA CoinBook
Proof Jefferson nickels were only minted in San Francisco in 1971.
However, some 1,655 proofs were mistakenly struck without the 'S' mintmark. This is a tricky 'error by omission.' To date, only a few hundred of these 'No S' 1971 Jefferson nickel proof coins have been graded by NGC and PCGS combined.
Such errors have cropped up on other denominations, as well. One prominent example is the 1922-D 'No D' penny that's missing its intended mintmark.
4. 1946-D (D Over Inverted D): $1,350 in MS65
1946-D (D Over Inverted D) Jefferson nickel. Image: PCGS
Interestingly, this repunched mintmark coin shows an upside-down 'D' that was initially struck backwards!
In this case, the 'D' mint mark was struck upside down before being struck over with a D in the correct position. You can see the curve of the inverted D to the left of the vertical part of the regular D.
3. 1939-P (Double Monticello): $1,500 in MS65
Monticello is the iconic estate designed by Thomas Jefferson. It appears on the reverse design of all Jefferson nickels, with the exception of the Westward Journey subset (2004–2006).
The doubling effect is on the word 'MONTICELLO' and other inscriptions (shown above), not on the building itself.
2. 1942-D (D Over Horizontal D): $4,620 in MS65
Image: USA CoinBook
The strange horizontal alignment of the 'D' (above) is difficult to miss once you see it!
The fact that mintmarks were still hand-punched onto working dies for much of the 20th century made this type of error possible.
On the popular Numista forum, the user edduns points out:
'1989 was the last year of the hand-punched mint-marks on US coins.'
This coin is by far the most desirable Jefferson nickel variety. It's estimated that roughly 20,000 examples exist.
The 'Full Steps' designation is given to sharp, well-struck 1942-D (D/D) coins. This small subset (perhaps 500 examples) sells for a significant premium, with prices up to $10,000.
1. 1964 SMS: $8,750 in MS65
Available only in 1964 Special Mint Sets, it is believed that less than 40 examples of this sharply struck matte proof exist. Its existence was unknown until a 1993 Stack's auction. The 1964 SMS remains one of the rarest Jefferson nickels.
The extraordinary sharp strike on this matte proof 1964 SMS Jefferson nickel is even more impressive than typical proof coins. It was part of a prototype Special Mint Set that was never released.
Honorable Mentions
1994-P (Special Frosted Matte Uncirculated): $30 in MS65
Image: USA CoinBook
This was the first frosted matte finish coin issued in the Jefferson series.
The finish gives the coin a beautiful matte appearance that is the result of sandblasting. Small sand particles impart a 'frosty' look to the surface.
Most proof coins and special mint specimens from the U.S. Mint were produced with a similar style of matte finish before the mid-20th century.
1997-P (Special Frosted Matte Uncirculated): $65 in MS70
This is the second—and sole other—frosted matte issued in the series. It is often seen in MS69 and even MS70 grades. You'll notice it has a considerably higher value than the 1994 version.
That's because the 1997 issue had a limited mintage of only 25,000. Compare that to 167,703 minted for its predecessor.
1942-P (35% silver): $70 in PR65
Image: USA CoinBook
The proof version of the 1942-P Jefferson nickel is distinct from the other early proof coins.
During WWII, nickels were briefly struck from an alloy of 35% silver. Other metals had to be rationed as part of the war mobilization.
These silver 'war nickels' are distinguished by the placement of the mintmark above Monticello on the reverse design. Non-silver nickels put the mintmark to the right of the building.
The usual mintmark location was changed beginning in 1968, moving it to the rim of the obverse design.
1941-P, 1942-P (each): $100 in PR65
Each of these coins were pre-war proofs. They were made by the mint prior to the U.S. getting involved in World War II.
At auction, they tend to garner similar prices.
As proofs, only tens of thousands were minted rather than tens of millions. This relative scarcity supports the higher price.
1939-D: $125 in MS65
By contrast to the last entry, the 1939-D nickel is a regular circulation issue.
So why is it so valuable? It has the lowest mintage (3,514,000) of any standard-issue within the Jefferson nickel series. You can consider it a 'key date' for collectors.
1938-P, 1939-P, 1940-P (each): $130 in PR65
This group includes the earliest proofs in the series. The observation earlier about a much lower original mintage applies.
You can combine these three coins with the 1941 and 1942 issues to make a complete set of pre-war proofs.
Collecting Jefferson Nickels
There are abundant opportunities for collecting Jefferson nickels.
Most of the high prices on this list relate to rare error coins. Aside from these rarities, the Jefferson nickel series is very affordable and accessible.
You can even kickstart your collection simply by merely sifting through pocket change! It's one of the nice advantages of collecting a modern circulating series.
Nickel collectors can also dive into the recent Westward Journey circulating commemorative series. Released from 2004 through 2006, these coins (above) featured the first new designs on the five-cent coin since the Jefferson theme debuted in 1938.