1938-D

Denver's 1938 Jefferson nickel mintage was 5,376,000 coins, the second-lowest in the Jefferson series and establishing the 1938-D as a semi-key from the design's first year. The low figure reflected the Mint's initial production allocation and the short window between the design's October approval and year-end. The coin is noticeably scarcer than the Philadelphia first-year issue and commands meaningful premiums in all grades.

Despite the low mintage, survival in Mint State is adequate because collectors and dealers recognized the scarcity early and set aside examples at the time of issue. The pattern resembles the 1931-S Buffalo nickel: a low-mintage coin that nevertheless has reasonable high-grade survival because contemporaries understood it would become collectable. Gem-quality 1938-D nickels are available at meaningful but not prohibitive premiums, and Full Steps examples command additional premiums for strike quality.

The 1938-D is a required acquisition for complete Jefferson nickel sets and is typically one of the first "better dates" collectors encounter as they build the series. Along with the 1938-S and 1939-D Reverse of 1940, it anchors the early scarcity tier before the famous 1950-D key date enters the picture. Heritage Auctions regularly offers Gem Full Steps examples in the $200 to $800 range depending on grade and strike quality.