1938 Jefferson Nickel Value Guide

The Full Steps designation is not technically an error — it is a strike quality designation awarded by PCGS and NGC to coins showing five or six complete, uninterrupted horizontal lines at the base of Monticello. The master hub used for the inaugural 1938 Jefferson nickel dies had insufficient relief in the step area, meaning most coins emerged from the presses with soft, incomplete steps regardless of how carefully they were struck.

To identify a Full Steps coin, examine the reverse under a 10× loupe and count the horizontal lines at the base of Monticello's portico. Each line must run completely from edge to edge with no breaks, blending, or contact marks interrupting it. Five fully defined lines earns the 5FS designation; six lines (exceptionally rare on 1938 nickels) earns 6FS. No 6FS examples of any 1938 nickel are currently documented by PCGS or NGC.

The premium for Full Steps is the largest multiplier in the Jefferson nickel series. A 1938-P in MS-67 without Full Steps is worth roughly $150–$200; the same coin with Full Steps commanded $8,625 at Bowers & Merena in 2006. Denver strikes carry the most available FS examples due to superior planchet preparation and die pressure. San Francisco FS coins are the scarcest, with an MS-67 FS carrying a PCGS valuation around $5,000 and the 1938-S being the key date in this designation category.

The DDO FS-101 is the most significant and prominent doubled die obverse variety known for the 1938 Jefferson nickel. The error originated during die preparation when the working die received two hub impressions at slightly different angles, creating a permanent doubling imprinted on every coin struck from that die. Because this was the first year of Jefferson nickel production, die preparation procedures were being established, contributing to these early hub doubling events.

Look for clear, raised doubling on the word LIBERTY and on the legend IN GOD WE TRUST. Unlike machine doubling (which creates a flat, shelf-like echo), this hub doubling produces rounded, three-dimensional separation between the doubled elements. Jefferson's portrait details, particularly near the hair above the ear, may also show secondary doubling. A 10× loupe is sufficient for identification in most grades.

Greysheet currently prices the DDO FS-101 at $130–$360 for uncirculated examples, significantly above the standard 1938-P coin in the same condition range. Circulated examples with clear doubling still fetch $20–$130 depending on grade and clarity of the doubling. A PCGS-graded MS-66 specimen sold for $570 at auction, confirming strong collector demand for this first-year series variety. It is catalogued as PCGS variety FS-101 by CONECA standards.

The QDO FS-105 is a significantly rarer variety than the more commonly discussed DDO FS-101. Rather than two hub impressions, this working die received four separate hub strikes at progressively offset angles during the die preparation process — a result of the die hubbing not being completed in a single pressing cycle, as was the pre-WWII standard for U.S. Mint die production. Each extra impression added another layer of displaced imagery onto the die face.

The diagnostic zone for the FS-105 is LIBERTY, the star between LIBERTY and the date, and IN GOD WE TRUST. Look for strong layered impressions on the letters — not just doubling but four distinct, overlapping outlines on the most dramatically shifted elements. Lesser spreading also appears on Jefferson's nose profile and the hair curls at the back of his head. Due to the rotational nature of the quadrupling, different letters show different degrees of separation.

This variety commands premium values in high grades because its strong, dramatic appearance makes it visually compelling even to casual collectors. Circulated grades start around $20–$40, while MS-65 examples approach $100–$200. A remarkable MS-67 example achieved $2,703 at auction per PCGS data, and a Greysheet-listed MS range of $35–$295 confirms its widespread collector recognition. The designation FS-105 follows CONECA nomenclature for the 1938 Jefferson nickel die variety series.

The DDO FS-106 is the third catalogued doubled die obverse variety for the 1938 Philadelphia nickel. It represents a separate working die from the FS-101, with its own distinct doubling geometry and diagnostic points. Like the FS-101, it arose from the hub-and-die manufacturing process in use at the U.S. Mint in 1938, where working dies were created by forcing a hardened hub into a softer die blank — sometimes requiring multiple impressions that introduced slight rotational or lateral offsets.

The doubling on the FS-106 is generally considered somewhat less dramatic than on the FS-101, which is one reason it is less widely discussed despite being separately catalogued. The primary diagnostic areas are IN GOD WE TRUST and the date numerals, where a secondary hub impression left a measurable but more subtle separation. Collectors should use a minimum 10× loupe and compare against reference images specific to FS-106, as the doubling can resemble mechanical doubling to an untrained eye.

Greysheet values the FS-106 at $34–$295 in uncirculated grades — closely mirroring the QDO FS-105 pricing range, which reflects broadly similar collector demand for both secondary varieties. Circulated examples with confirmed attribution sell for $20–$50 depending on grade. Because fewer examples have been submitted for variety attribution compared to the FS-101, population data is thinner, making high-grade attributed examples especially rewarding to find. CONECA attribution as DDO FS-106 for 1938 Jefferson nickels is the accepted catalog reference.

In 1938, U.S. Mint workers still hand-punched mint marks individually onto each working die using a separate punch and a mallet. This manual process required multiple blows to drive the mint mark to sufficient depth, and the punch occasionally moved slightly between strikes. When the second or third punch landed at a different position or angle, the result was a repunched mint mark (RPM) — a doubled or otherwise displaced ghost of the original punch visible alongside or underneath the primary mint mark impression.

On 1938-D coins, look to the right of Monticello on the reverse where the D mint mark sits. An RPM will show a secondary D outline either to the north, south, east, or west of the primary letter, or at a slight angle. On 1938-S coins, the same applies to the S mint mark. The displacement can range from barely perceptible under magnification to strongly doubled examples that even circulated, worn coins show clearly. The most dramatic RPMs command the highest premiums.

Light RPMs (minor displacement) are typically worth a modest $3–$5 over the standard coin's value — collectible as curiosities but not investment-grade rarities. However, strongly doubled or dramatically shifted RPMs on high-grade uncirculated coins can reach $100 or more with attribution. Jefferson nickel RPMs are actively catalogued by the Cherrypickers' Guide and CONECA, giving advanced collectors a systematic reference for attributing and pricing specific die combinations from the 1938-D and 1938-S issues.

The 1938 Jefferson nickel proof was the first proof nickel issued by the U.S. Mint since 1916 — a 22-year gap that makes this issue historically significant. A total of 19,365 proof coins were struck at Philadelphia for collector sets. All proof coins from this era received hand-polished dies and specially prepared planchets, giving them mirror-like fields and sharper-than-normal device definition. However, only a small subset of those proofs exhibit the Cameo (CAM) or Deep Cameo (DCAM) contrast finish.

Cameo proofs show pronounced frosting on the raised design elements (Jefferson's portrait, Monticello, and inscriptions) contrasting against deeply reflective, liquid-mirror fields. This effect is most prominent on the first coins struck from a freshly polished die — as the die sees more strikes, the frosting on the devices gradually wears down, producing coins with progressively less contrast. Standard proofs with minimal cameo contrast are the most common and least valuable; strongly frosted CAM examples are genuinely scarce.

PCGS auction records confirm a PR-67 Cameo example sold for $5,040 at Heritage Auctions in April 2019, and a prior Heritage sale in August 2016 brought $4,700 for the same grade designation. Standard proofs in PR-63 to PR-67 grades typically range from $65 to $500. Deep Cameo (DCAM) designations — the strongest possible contrast — are exceptionally rare on 1938 proofs and have limited public auction data. The Greysheet lists standard 1938 proofs and cameo proofs as separate catalog entries, with CAM values reaching well into the thousands for top-pop examples.