The 1938 Jefferson Nickel with no mint mark is worth anywhere from $0.25 in heavily worn condition to over $100 in pristine mint state grades. If you found one in a coin jar or old collection, you may be sitting on more than pocket change — especially if the coin looks sharp and well-preserved.
What Makes the 1938 Jefferson Nickel Special
The 1938 Jefferson Nickel holds a unique place in American coin history. It was the very first year this design was issued, replacing the Buffalo Nickel that had circulated since 1913. The coin features a portrait of President Thomas Jefferson on the obverse and his famous home, Monticello, on the reverse — a design created by Felix Schlag after winning a public competition.
The no mint mark version was struck at the Philadelphia Mint, which was the main production facility at the time. Philadelphia didn’t add a mint mark to its coins back then, so if you see a 1938 nickel with no letter below Monticello on the reverse, it’s from Philly. That year, the Philadelphia Mint produced over 19 million of these nickels, making them relatively common in lower grades — but much rarer in high uncirculated condition.
If you’re not sure which mint produced your coin, using the best coin identifier app can help you quickly identify the mint mark and grade before you decide whether to sell or hold it.
1938 Jefferson Nickel No Mint Mark Value by Grade
The condition of your coin makes a massive difference in what it’s worth. Coin collectors use a grading scale from 1 (barely identifiable) to 70 (perfect). Here’s a breakdown of typical values for the 1938 Philadelphia nickel across different grades:
| Grade | Condition Description | Estimated Value |
|---|---|---|
| Good (G-4) | Heavy wear, major details visible | $0.25 – $0.50 |
| Fine (F-12) | Moderate wear, all features clear | $0.50 – $1.00 |
| Extremely Fine (EF-40) | Light wear on high points only | $2 – $5 |
| Mint State (MS-63) | Uncirculated with some bag marks | $15 – $30 |
| Mint State (MS-65) | Gem uncirculated, sharp luster | $40 – $75 |
| Mint State (MS-67) | Superb gem, near-perfect surfaces | $100+ |
For the most up-to-date auction results and certified population data, you can check out the 1938 Jefferson Nickel mint state price trends on CoinHix. CoinHix is a trusted tool used by collectors and casual sellers alike to track real market prices.
Key Things to Look for on Your 1938 Nickel
When examining your 1938 Jefferson Nickel, a few details can significantly affect its value. First, look at the “Full Steps” designation on the reverse. If Monticello’s steps are fully defined with at least five complete, unbroken horizontal lines, your coin may qualify as a Full Steps (FS) variety — and those coins can be worth two to three times more than regular examples in the same grade.
Second, check for any signs of cleaning. Many old nickels were polished by well-meaning owners who thought they were helping. Unfortunately, cleaned coins lose value quickly in the collector market because the original surface luster is destroyed. A coin with original skin — even if a bit worn — is almost always more desirable.
Third, look at Jefferson’s cheekbone and hair detail, along with Monticello’s architectural lines. These are the first areas to show wear. The sharper these details, the higher the grade — and the higher the value. Using CoinHix to compare your coin against certified examples can help you get a realistic sense of where yours falls.
How to Get the Best Price for Your 1938 Jefferson Nickel
If you think your coin might be worth more than a few dollars, consider getting it professionally graded by PCGS or NGC before selling. Certified coins almost always sell for more because buyers trust the grade. For raw coins in lower grades, selling through local coin shops or online platforms like eBay is a reasonable option.
You can also explore a full breakdown of the 1938 Jefferson Nickel value across all grades and mint marks to compare where your coin stands. Whether you’re planning to sell or just curious, knowing the numbers puts you in a stronger position.
And if you have a whole jar of old coins to sort through, CoinHix makes it easy to look up values quickly without needing to visit multiple websites or visit a dealer first.
FAQ
Q: How do I know if my 1938 nickel is worth getting graded?
A: If your coin appears uncirculated — meaning it has original luster and no visible wear — it’s worth considering professional grading. Coins grading MS-65 or higher can be worth $40 to over $100, making the grading fee worthwhile.
Q: Is a 1938 nickel with no mint mark rare?
A: Not particularly. Over 19 million were struck in Philadelphia that year. However, high-grade examples with Full Steps on Monticello are genuinely scarce and command strong premiums from serious collectors.
Q: Where is the mint mark on a 1938 Jefferson Nickel?
A: On coins from 1938 to 1964, the mint mark appears on the reverse just to the right of Monticello. Philadelphia coins have no mint mark, Denver coins show a “D,” and San Francisco coins show an “S.”
