What Are Old Nickels Worth? How to Find Their Value

Understanding the potential worth of old nickels involves more than just their face value; it requires examining several distinct characteristics that determine their market appeal. This exploration delves into identifying different types of old nickels and the elements that contribute to their value.

Identifying Different Old Nickel Types

The United States Mint has produced various types of nickels throughout history, each with unique designs that help in their identification.

The Shield Nickel, minted from 1866 to 1883, was the first five-cent piece made of a copper-nickel alloy. Its obverse features a large shield with a cross at the top and laurel branches, along with the motto “IN GOD WE TRUST” and the date below. The reverse displays a large numeral “5” surrounded by 13 stars, with early issues from 1866 to mid-1867 also including rays between the stars.

Following the Shield Nickel, the Liberty Head Nickel, also known as the “V” Nickel, was produced from 1883 to 1913. This coin’s obverse shows Lady Liberty facing left, adorned with a coronet bearing the word “LIBERTY” and encircled by 13 stars, with the date positioned beneath her portrait. The reverse prominently features a large Roman numeral “V” (for five) within a wreath. Some early 1883 issues initially omitted the word “CENTS” from the reverse.

The Buffalo Nickel, or Indian Head Nickel, was struck from 1913 to 1938 and is recognized for its distinct imagery. The obverse presents a profile of a Native American, while the reverse depicts an American bison, commonly known as a buffalo, standing on a mound. An important variation occurred in 1913; early coins (Type I) showed the denomination “FIVE CENTS” on a raised mound, which tended to wear off quickly. This led to a design modification (Type II) later that year, where the denomination was recessed below a line to improve durability.

Jefferson Nickels have been in production since 1938. The standard design features Thomas Jefferson’s profile on the obverse and his home, Monticello, on the reverse. A particularly notable subset includes “wartime nickels,” minted from mid-1942 to 1945. These specific years also feature a large mint mark placed above Monticello on the reverse.

Key Value Determinants

Several factors contribute to an old nickel’s market value, moving beyond its historical significance to specific quantifiable attributes.

The physical condition, or grade, of a coin is a primary determinant of its worth. Coins are assessed based on the amount of wear they have sustained, ranging from “Good,” where major details are still visible despite heavy wear, to “Fine,” indicating less wear with some original luster and most details present. “Uncirculated” coins, which show no signs of wear and retain their original sharp features and luster, command the highest values.

Rarity significantly influences a coin’s value, often tied directly to its mintage figures. Mintage refers to the total number of coins produced by a mint for a specific year or design. A lower mintage number results in a rarer coin. The number of surviving coins, known as the survival rate, is also important, as it further refines the true rarity of a coin beyond its original production quantity.

Production errors and varieties can also increase a coin’s appeal and value. These anomalies, such as doubled dies where the design appears to be struck twice, or overdates where one date is struck over another, are unique deviations from the standard production process. The metal composition of certain nickels also plays a role in their intrinsic value. Wartime Jefferson Nickels, produced from 1942 to 1945, contain 35% silver, 56% copper, and 9% manganese. This silver content gives them a melt value that can exceed their face value.

Researching and Valuing Your Nickels

Determining the specific value of your old nickel involves carefully identifying its key features and consulting reliable resources.

Locating the date is fundamental for all nickels. For Shield Nickels, the date is below the shield. On Liberty Head Nickels, the date is below Lady Liberty’s portrait. Buffalo Nickels have their date beneath the Native American profile. Jefferson Nickels display the date below Jefferson’s portrait.

Identifying the mint mark is also important.

• Shield Nickels do not have mint marks.
• On Liberty Head Nickels, mint marks (D for Denver, S for San Francisco) are rare and appear only in 1912, located on the reverse.
• Buffalo Nickels have their mint mark (D or S) on the reverse, beneath the bison.
• For Jefferson Nickels, the mint mark’s location varies by era. From 1938 to 1964 (excluding wartime issues), it is on the reverse to the right of Monticello.
• Wartime Jefferson Nickels (1942-1945) feature a large mint mark (P, D, or S) prominently placed above Monticello on the reverse.
• After 1968, the mint mark is found on the obverse, below the date.

Once these details are identified, using reputable valuation resources is the next step. “A Guide Book of United States Coins,” widely known as the “Red Book,” is an annually updated publication that provides retail pricing, historical information, and mintage figures for U.S. coins. Trusted online numismatic databases and recent auction results can offer current market values and insights into specific coin sales. For coins suspected of being particularly rare, having a high grade, or possessing unique errors, seeking a professional coin appraiser can be beneficial.