1938 Proof

Philadelphia struck 19,365 proof Jefferson nickels in 1938, the first year of proof production for the new design. The mintage was substantial compared to the late Buffalo proof figures and reflected renewed collector interest in proof coinage as the Mint restored full proof set production that had been suspended during the earlier 1930s. The 1938 proof is the inaugural piece of the Jefferson proof sub-series and is required for complete proof collections.

Strike quality is generally strong, with mirror fields, frosted devices, and crisp detail on well-preserved examples. Full Steps strike quality on the reverse is particularly valued, and Cameo contrast adds significant premiums for coins with strong device frosting against the mirror fields. PR65 through PR67 examples are available through specialist channels, and higher-grade pieces command meaningful premiums.

The 1938 proof was the first Jefferson proof and carries additional collector interest as a first-year-of-issue example. Many 1938 proofs were preserved in original Mint packaging with the rest of the year's proof set, and collectors pursuing original sealed sets can sometimes acquire the 1938 nickel alongside the cent, dime, quarter, half, and dollar from the same issue. Original-packaging coins command premiums over loose examples of the same grade.