After the Buffalo Nickel circulated for 25 years, meeting the minimum time span for a coin to bear the same design, the US Mint introduced the Jefferson Nickel. First struck in 1938 with a composition of 75% copper and 25% nickel, the Jefferson Nickel saw a temporary change in materials during World War II. From 1942 to 1945, to preserve nickel for the war effort, these coins were composed of 56% copper, 35% silver, and 9% manganese. Post-war, the Mint reverted to the original composition, and while the designs have evolved, the Jefferson Nickel remains the five-cent piece in use today.
In January 1938, the US Mint sought a new design for the five-cent piece, hosting a public competition. The only requirements were that Thomas Jefferson should appear on the obverse and Monticello, Jefferson’s home, on the reverse. German-born American sculptor Felix Schlag won the contest and a $1,000 prize for his design, selected by Mint Director Nellie Tayloe Ross. Production began in October 1938, although Schlag’s initials were not added to the nickel until 1966.
At the start of World War II, nickel was critical for the war effort, prompting a temporary change in the coin’s composition. From 1942 to 1945, Jefferson Nickels were crafted from an alloy of copper, silver, and manganese. To mark this change, a large mint mark was placed above Monticello on the reverse, including the first use of the “P” mint mark for Philadelphia. These silver nickels are commonly known as “War Nickels.”
In 2002, the bicentennial of the Lewis and Clark expedition inspired a redesign of the nickel to honor the explorers. Virginia Representative Eric Cantor expressed concerns about permanently removing Monticello from the coin, leading to legislation that allowed for different designs from 2003 to 2005, with a return to Monticello in 2006. The resulting Westward Journey series featured four designs commemorating the expedition, with Jefferson on the obverse and varying reverse images, including the 2004 Peace Medal, the 2004 Keelboat, the 2005 Bison, and the 2005 Western Waters.
In 2006, the Mint returned to the Monticello reverse design, but with a new obverse rendition of Jefferson by artist Jamie Franki, who had designed the reverse for the 2005 Westward Journey Bison Nickel. This updated design remains in use today.
Jefferson Nickels are generally among the less-popular US collectibles due to their widespread availability and ongoing production. Typically, they range in price from $0.10 to around $10, with a few rarer varieties worth $100 or more in Mint State or Proof condition. Only seven varieties have been valued over $500 in certain conditions, and just two of those exceed $1,000.
While Jefferson Nickels are among the most inexpensive coins to collect, they are also among the least popular. Most Jefferson Nickels, especially newer releases, are worth less than $1. However, rare varieties can fetch over $500. If you believe you have a valuable Jefferson Nickel, it is wise to consult a numismatic professional like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Company (NGC) to determine its worth. At Bullion Hunters, we offer expert advice and a comprehensive selection of collectible coins. Visit our website or contact us to explore our inventory and supplement your collection with timeless pieces of numismatic history.