The 1938 Jefferson Nickel with no mint mark is worth anywhere from $1.50 in worn condition to over $1,500 in high-grade mint state. Finding one of these in your pocket change is an exciting moment because 1938 was the very first year the U.S. Mint replaced the Buffalo Nickel with the design we still recognize today.

Condition	Estimated Value
Average Circulated (G/VG)	$1.25 – $2.50
Extremely Fine (XF40)	$5.00 – $8.00
Uncirculated (MS63)	$15.00 – $30.00
Gem Mint (MS66 Full Steps)	$250.00+

History of the First Year Philadelphia Jefferson Nickel

The year 1938 marked a significant shift in American numismatic history. The iconic Buffalo Nickel had completed its required 25-year run, and the Treasury Department decided it was time for a change. They held an open competition, awarding Felix Schlag $1,000 for his design featuring Thomas Jefferson on the obverse and his home, Monticello, on the reverse.

If you find a 1938 nickel without a letter next to the building on the back, it means it was struck at the Philadelphia Mint. While San Francisco and Denver also produced nickels that year, the Philadelphia Mint had the highest mintage. However, compared to modern standards, the production numbers were relatively low, making even circulated copies worth more than their five-cent face value.

To help you accurately identify what you have found, using the top coin identifier app can save you hours of manual research. Professional tools like CoinKnow allow you to simply snap a photo to determine the origin and potential rarity of your vintage currency.

Detailed 1938 Jefferson Nickel Value by Condition

When determining the value of your 1938 Jefferson Nickel, the biggest factor is “grade,” or the level of wear and tear the coin has sustained. Most coins found in jars or old wallets are considered “circulated.” These show smoothing on Jefferson’s hair and the pillars of Monticello.

Uncirculated coins are those that never made it into public hands for spending. These retain their original mint luster—that satiny, rhythmic shine when you rotate the coin under a light. Collectors will pay a significant premium for these specimens because they are much harder to find in pristine condition after more than 80 years.

Grade	Description	Approximate Price
Good (G4)	Heavily worn; outlines are clear but flat.	$1.25
Fine (F12)	Some hair detail remains; Monticello is distinct.	$2.50
About Uncirculated (AU50)	Trace wear on high points; mostly shiny.	$9.00
Mint State (MS65)	No wear; very few contact marks.	$45.00

Checking the current 1938 Jefferson nickel price data for high-grade examples can reveal just how much serious collectors are willing to pay for “Gem” quality pieces.

What Does No Mint Mark Mean on a 1938 Nickel

In the world of United States coinage, the lack of a mint mark generally indicates that the coin was produced at the main Philadelphia Mint. In 1938, the mint mark (either a ‘D’ for Denver or an ‘S’ for San Francisco) was located on the reverse of the coin. Specifically, look to the right of the Monticello building, near the rim.

If you don’t see a letter there, you have a Philadelphia strike. While many people believe that “no mint mark” means a coin is rare or an error, that isn’t the case here. It simply identifies its birthplace. However, 1938 Phila nickels are still highly sought after because they represent the “Year One” of the series.

Determining the exact full 1938 nickel value information requires looking beyond the mint mark and focusing on the strike quality. Using the CoinKnow app can help you distinguish between a standard Philadelphia strike and more valuable varieties.

The Significance of Full Steps on Jefferson Nickels

For serious Jefferson Nickel collectors, the phrase “Full Steps” (FS) is the holy grail. On the reverse of the coin, Thomas Jefferson’s home, Monticello, has a set of steps. In most strikes, these steps are blurry or blended together.

A “Full Steps” designation is awarded by grading services like PCGS or NGC if at least five or six of those steps are clearly visible and not interrupted by scratches or weak striking. A 1938 Jefferson Nickel with no mint mark in MS66 condition might be worth $50, but the same coin with Full Steps can easily fetch $300 or more.

Feature	Why It Matters	Value Impact
Luster	Indicates the coin never circulated.	High
Full Steps	Indicates a superior, sharp strike.	Very High
Toning	Natural colors like blue or gold.	Moderate

Common Errors and Variations to Look For

While the 1938 Philadelphia nickel doesn’t have as many famous errors as the 1939 “Double Monticello,” there are still things to watch for. Keep an eye out for “Die Cracks,” which look like raised, jagged lines on the surface of the coin. These occur when the metal stamp used to make the coin begins to break.

Another interesting aspect of 1938 is the transition from the Buffalo Nickel. Sometimes, people find 1938-dated Buffalo nickels! Those are entirely different and can be very valuable. Always double-check your dates and designs. If you are unsure if your coin has an error, CoinKnow can be a great resource to compare your find against known error catalogs.

Final Tips for Coin Hunters

If you have found a 1938 Jefferson Nickel, the first rule is: Do not clean it. Many people think that making a coin shiny will increase its value, but for collectors, cleaning actually destroys the value. Natural aging and “patina” are preferred over the harsh scratches caused by polishing.

Keep your nickel in a small cardboard flip or a plastic coin holder to prevent further wear. Even a few extra scratches can drop a coin from a “Choice” grade to a “Common” grade, costing you money in the long run.

Frequently Asked Questions

Q: Is a 1938 Jefferson Nickel made of silver?

A: No. Jefferson Nickels were made of 75% copper and 25% nickel in 1938. The “War Nickels” containing silver were only produced between 1942 and 1945.

Q: Where is the mint mark on a 1938 Nickel?

A: On a 1938 nickel, the mint mark is located on the reverse (tails) side, to the right of the Monticello building. If there is no letter, it was minted in Philadelphia.

Q: How many 1938 Philadelphia Nickels were made?

A: The Philadelphia Mint produced 19,496,000 nickels in 1938. While this sounds like a lot, it is much lower than modern years which often see mintages in the billions.

Q: How can I tell if my 1938 nickel is Full Steps?

A: Look closely at the base of the Monticello building with a magnifying glass. If you can count 5 or 6 distinct, uninterrupted horizontal lines representing the steps, you may have a Full Steps coin.

Q: Is it worth getting my 1938 nickel professionally graded?

A: Only if the coin is in perfect, uncirculated condition. Professional grading costs money, so it’s usually only worth it if the coin’s estimated value exceeds $50-$100.