1938-Present Jefferson Nickel: Design Evolution and Collecting Insights

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1938-Present Jefferson Nickel History

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In early 1938, the Treasury Department initiated a public competition to find new designs for the five-cent piece. Although no explicit reason was given for retiring James Earle Fraser's iconic Indian Head/Buffalo Nickel, it had reached its mandatory 25-year production lifespan, allowing for its replacement. The task at hand was to honor Thomas Jefferson, and the competition rules stipulated that the coin's obverse must feature an "authentic portrait" of the third president. Furthermore, the reverse had to depict a representation of Monticello, Jefferson's historic residence near Charlottesville.

The competition was open to anyone capable of creating models that met the Mint's technical requirements, which were detailed in the public announcement. Out of approximately 390 submitted designs, those crafted by German-American sculptor Felix Schlag were chosen, and he received a prize of $1,000 in April 1938.

Felix Schlag's portrayal of Jefferson drew inspiration from a life-sketch by renowned French sculptor Jean-Antoine Houdon. Schlag's initial artistic perspective of Monticello was met with hesitation by the Federal Commission of Fine Arts, acting as advisors on public art matters. They recommended a more conventional, frontal view of Jefferson's home and suggested replacing Schlag's stylized Art Deco lettering with traditional Roman script. Schlag made the requested changes, submitting revised models for review in July 1938. After some additional modifications to the lettering, particularly the enlargement of "FIVE CENTS," the models gained approval. Due to these delays, production of the new coins only began in September, with the first pieces entering circulation two months later.

The Jefferson Nickel showcases a left-facing bust of the president, clad in period attire and sporting a peruke wig. Encircling the border are the mottos "IN GOD WE TRUST" on the left, "LIBERTY" and the date on the right, separated by a single star. The reverse features a front-facing view of Jefferson's residence, with "MONTICELLO" below it. Around the border are the inscriptions "E PLURIBUS UNUM" above and "UNITED STATES OF AMERICA" below, while "FIVE CENTS" is found beneath "MONTICELLO." Starting in 1966, Schlag's initials, "FS," appeared below the truncation of Jefferson's bust.

Monticello Nickel Planchets (1938-1942)

The mints in Philadelphia (no mintmark until 1980), Denver ('D' mintmark), and San Francisco ('S' mintmark) produced Jefferson Nickels from 1938 onward. Mintmarks were initially placed to the right of Monticello until 1964 when they were temporarily discontinued due to a national coin shortage. They were reintroduced in 1968 but placed beneath the date, to the right of Jefferson's peruke. San Francisco halted coin production after 1954 but resumed minting Jefferson Nickels with the popular 'S' mintmark for circulation in 1968, 1969, and 1970. Since 1971, San Francisco has exclusively struck proof versions for collectors.

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Throughout the series, mintages from all three mints have varied, with some dates having relatively low production figures compared to modern standards. Key dates, such as 1938-D, 1938-S, 1939-D, 1939-S, and 1950-D, are often sought after by collectors. However, true rarity is uncommon in the Jefferson Nickel series, as this era coincided with Americans preserving uncirculated rolls and even entire bags of coins from each date. Instead of date rarity, collectors primarily focus on exceptional quality. Until the late 1980s, when the coin's relief was lowered to achieve consistently sharp strikes, most Jefferson Nickels were rarely found with all details clearly defined. Specifically, the steps of Monticello on the reverse are often incomplete, making coins with "full steps" highly desirable among collectors.

This coin series has its own unique allure for collectors, offering a captivating array of challenging dates and rarities to pursue. The true difficulty in collecting Jefferson Nickels lies not in finding rare dates but in obtaining coins of exceptional quality. Until the late 1980s, most Jefferson Nickels were struck with a high relief that often resulted in less-than-sharp strikes. This led to many coins lacking distinct details, particularly on the steps of Monticello on the reverse. As a result, coins with "full steps" became highly sought-after among collectors, as they exhibit well-defined and complete details on these crucial areas.

The Jefferson Nickel was met with curiosity and excitement upon its introduction, leading many people to save examples of this new coin during its initial years. As a result, these nickels were not commonly found in everyday circulation until around 1940. However, the outbreak of World War II brought significant changes, including the rationing of various resources, including certain metals like nickel. Due to its crucial role in armor plating, Congress made the decision to remove nickel from the composition of the five-cent piece, effective October 8, 1942.

During this period, from late 1942 until the end of 1945, the regular design of the five-cent piece was retained, but the coins were minted using an alloy composed of copper, silver, and manganese. It was originally intended that these emergency coins would be withdrawn from circulation after the war. To distinguish them, a notable feature was incorporated into their design. All three mints added large mintmarks prominently above the dome of Monticello, and notably, the letter ‘P' was introduced as a mintmark for the first time on a U.S. coin during this period.

Monticello Wartime Planchets (1942-1945)

These coins, known as "war nickels," proved to be well-suited for everyday use and remained in circulation for an extended period. They continued to be a common sight until the mid-1960s when the increasing value of silver prompted many individuals to hoard them for their bullion content.

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1938-Present Jefferson Nickel History

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