Have a photo? Submit it and we'll credit you.

As an eBay Affiliate, Collector's Key may be compensated if you make a purchase through the link(s) above.

1938-S

Nickels · Jefferson Nickels · 1938–Present
Semi-key
Weight5 g
Diameter21.21 mm
MintSan Francisco
StrikeCirculation strike
Mintage 4,105,000
EdgePlain
Alignment↑↓ Coin
Composition75% Copper, 25% Nickel
DesignerFelix Schlag
Collector's Key IDCK-1339

Collection

collectors own this
on want lists

Your collection

Sign in to track this coin.

About this coinHistory

San Francisco struck 4,105,000 Jefferson nickels in 1938, the lowest mintage in the entire series and establishing the 1938-S as the single-lowest-production regular-issue Jefferson nickel. Like the 1938-D, the coin was recognized early as scarce, and contemporary collectors set aside substantial quantities in Mint State. The survival profile therefore differs from expected low-mintage patterns: circulated examples are reasonably available, and Mint State coins are more common than the mintage would suggest.

Strike characteristics for 1938-S nickels are variable. Some examples show strong detail with Full Steps preservation, while others show the softer strike typical of early San Francisco Jefferson production. Well-struck Full Steps examples command significant premiums over typical strike pieces at the same grade, and specialists building high-grade Jefferson nickel sets prioritize strike quality alongside technical preservation.

The 1938-S is typically grouped with the 1938-D and 1939-D in collector discussions of early Jefferson nickel semi-keys. All three are essential acquisitions for complete date sets and together represent the main pre-1950 scarcity challenges in the series. Collectors typically acquire these coins in the first phase of Jefferson nickel collecting before moving to the 1950-D key date and modern varieties.

Price guideReference

Reference data only — not an appraisal.

GradeDescriptionLowHigh
G-4 Good (G) $0.50 $0.55
VG-8 Very Good (VG) $1 $1
F-12 Fine (F) $1.50 $2
VF-20 Very Fine (VF) $2.50 $2.50
EF-40 Extremely Fine (EF) $3 $3.50
AU-50 About Uncirculated (AU) $3.50 $4
MS-60 Uncirculated (MS) $4 $4.50
MS-63 Choice Uncirculated (MS)
Frequently Asked QuestionsFAQ
How much is a 1938-S Jefferson Nickel worth?
In Good condition it runs about $0.50–$0.55, rising to roughly $4–$4.50 in Uncirculated. These are reference values, not an appraisal.
How many 1938-S Jefferson Nickels were minted?
4,105,000 were struck.
What is a 1938-S Jefferson Nickel made of?
75% Copper, 25% Nickel, weighing 5 g.
What is the melt value of a 1938-S Jefferson Nickel?
Its melt value is its metal content multiplied by the current spot price. See our melt calculator on the metals pages for a live figure.
Is the 1938-S Jefferson Nickel a key date?
It's a semi-key date — scarcer than common issues but more available than the series' key dates.