1938-D Jefferson Nickel

My Thoughts:

This coin comes well struck, great luster and is typically visually pleasing. It is common to find them nicely toned. It’s a fun year and mint-mark to collect along with the 1938-D Buffalo Nickel. Both make great type set coins. The optimal coin for your money is an undegraded MS65FS or nicely toned MS66FS. The 1938 Reverse is the hardest steps to grade, so you will note some inconsistency by the third party grading companies.

Key Coin Details:

  • Mintage: 5.376 million

  • Strike & Luster Quality: High

  • Full Step Frequency: Medium/Low

  • MS66 Frequency: Common

  • PCGS MS66FS to MS66 Ratio: 15.4%

  • Top Grade (PCGS): MS68+FS (Pop 1/0)

Our Price Guide and PCGS Populations:

  • PCGS MS66: $40 (Pop 2,515)

  • PCGS MS67: $210 (Pop 363, 60 higher)

  • PCGS MS65FS: $70 (Pop 203)

  • PCGS MS66FS: $135 (Pop 388)

  • PCGS MS67FS: $460 (Pop 93)

  • PCGS MS68FS: $1,800 (Pop 9, 1 higher)

Last updated 10/10/2026

Source Notes:

All images and pop counts came from PCGS.com/coinfacts. All price guide info was an approximate average from past sales on Heritage Auctions and Great Collections, specifically for PCGS graded coins (to maintain consistency). We also occasionally pull info and inspiration from a great book called, The Jefferson Nickel Analyst, by Bernard A. Nagengast.

PCGS Full Steps: YES

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PCGS Full Steps: NO

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PCGS Grade: MS67

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PCGS Grade: MS66

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PCGS Grade: MS65

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