What Nickels Are Worth Keeping?

The pursuit of valuable nickels can transform ordinary pocket change into potential treasures. While most nickels circulating today hold only their five-cent face value, certain rare or unique examples can command significantly higher prices. Understanding the specific characteristics that distinguish these valuable coins helps in identifying and preserving them.

Understanding Nickel Value Drivers

A nickel’s market value beyond its face value is shaped by several criteria. Rarity, often dictated by low mintage numbers or historical events that limited survival rates, influences a coin’s worth. A coin produced in smaller quantities or one that saw extensive circulation and loss due to wear will be scarcer and more valuable.

The physical condition, or grade, of a coin is another determinant of its value. Coins free from wear, scratches, or environmental damage, often called “uncirculated” or “mint state,” command higher prices than those showing signs of extensive handling. Professional grading services assess a coin’s condition, with higher grades signifying better preservation and greater value. A mint mark, a small letter indicating the mint facility where the coin was produced, can also play a role. The presence or absence of specific mint marks, or their position, can create variations in value for otherwise similar coins.

Mint errors and varieties represent unintentional anomalies that occurred during the production process, and these can increase a coin’s appeal and value. Such errors might include doubled dies, where design elements appear duplicated, or overdates, where one date is struck over another. These imperfections are sought after by collectors, as they represent deviations from standard production. Collector interest and broader market trends also contribute to the demand for certain nickels, influencing their value.

Specific Nickels to Look For

Several specific nickel types and variations are sought after by collectors, each with characteristics that contribute to their value.

Buffalo Nickels, minted from 1913 to 1938, feature valuable examples. The 1937-D “Three-Legged” Buffalo nickel is an error caused by excessive die polishing, which removed one of the buffalo’s legs, making it collectible. Other notable Buffalo nickels include the 1913-S Type 2, which had a low mintage, and the 1916 Doubled Die Obverse, exhibiting doubling on the date and lettering. The 1918/7-D overdate, where an ‘8’ was struck over a ‘7’, and the low-mintage 1926-S are also prized. Collectors also value Buffalo nickels with a “Full Horn” designation, indicating that the bison’s horn details are fully visible.

Jefferson Nickels, in production since 1938, also offer valuable varieties. Key dates include the 1939-D and the 1950-D, both known for their lower mintages and demand. “War Nickels,” minted from 1942 to 1945, are distinctive because they contain 35% silver, 56% copper, and 9% manganese, a change to conserve nickel for the war effort. These silver-content nickels are identifiable by a large mint mark (P, D, or S) located above Monticello on the reverse. Errors include the 1939 Doubled Monticello, showing doubling of text on the reverse, and the 1943-P 3 over 2 overdate. The 2004-D “Peace Medal” and the 2005-D “Speared Bison” are more modern examples with distinct reverse variations or die gouges. The “Full Steps” designation is important for many Jefferson nickels, indicating that at least five or six full steps are visible at the base of Monticello on the reverse.

Liberty Head Nickels, also known as “V Nickels,” were minted from 1883 to 1912 and carry more value due to their age. Key dates in this series include the 1885, 1886, and the 1912-S, which had a limited mintage. The most valuable nickel is the 1913 Liberty Head Nickel, with only five known examples, making it a rarity that was never officially released into circulation.

Identifying Key Features and Errors

Identifying valuable nickels requires careful examination of specific features and potential errors. Locating the date and mint mark is the first step; on Buffalo nickels, the date is below the Indian’s neck and the mint mark is on the reverse, below the buffalo, while on Jefferson nickels, the date and mint mark are on the obverse (front). Using a magnifying glass or a jeweler’s loupe, between 5x and 10x magnification, is important for observing fine details.

When inspecting for errors, several types are relevant to nickels. Doubled dies appear as distorted or overlapping letters, numbers, or design elements, indicating a duplicated image. Overdates or overmintmarks occur when one date or mint mark is punched over an older one, visible as remnants of the underlying feature. Repunched mint marks (RPMs) show a mint mark struck multiple times or in slightly different positions, creating a displaced or blurred appearance.

Die breaks and cracks are raised lines or irregular shapes on the coin’s surface, resulting from damage to the coining die, and can add value depending on their prominence and location. The “Full Steps” designation on Jefferson nickels refers to the clear visibility of at least five steps at the base of Monticello. Similarly, on Buffalo nickels, a “Full Horn” indicates that the entire outline of the buffalo’s horn is visible. Adequate lighting, such as a strong, direct light source, is important to highlight these subtle features and imperfections.

Caring for and Valuing Your Collection

Proper care and handling are important to preserving the value of any significant nickel. It is important to never clean coins, as this diminishes their value by removing the natural patina and can cause damage to the surface. Most collectors and experts prefer coins in their original, untouched condition, even if they appear dirty or toned. When handling coins, always hold them by their edges between the thumb and forefinger, avoiding touching the coin’s obverse or reverse surfaces, as oils from the skin can cause damage over time.

For storage, use materials designed for coin preservation, such as non-PVC (polyvinyl chloride) flips, acid-free cardboard holders, or inert plastic capsules. Avoid common household items like plastic baggies, which may contain PVC and can harm coins over time. Storing coins in a cool, dry environment, away from extreme temperature fluctuations and direct sunlight, helps prevent environmental damage.

If you believe you have a valuable nickel, seeking a professional appraisal is the reliable way to determine its worth. Reputable coin dealers or certified numismatists have the expertise to assess a coin’s authenticity, grade, and market value. Organizations like the American Numismatic Association (ANA) offer resources for finding accredited coin professionals who can provide a valuation. While online databases and forums can offer initial research and comparative pricing, they should not be considered definitive for high-value items.