The 1971 Jefferson Nickel might just be hiding in your coin collection, and if you’re lucky, it could be worth over $2,000. But what makes this seemingly ordinary nickel so valuable? Let’s break it down.
A Brief History of the Nickel
Nickels have been around in the U.S. since 1794, but back then, they were called “half dimes.” The term “nickel” came into use in 1866. The modern version featuring Thomas Jefferson on the front started in 1938, replacing the Buffalo Nickel. This iconic design has remained ever since, but some rare varieties have caught the eyes of collectors, especially those made in 1971.
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What Happened in 1971?
By late 1970, the master dies used to make Proof Jefferson nickels were wearing out. These dies are important because they give the coins their detailed appearance. As a result, the U.S. Mint had to recut and redesign them to restore the original design. The changes created some unique variations that coin collectors love.
Key Features of the 1971 Jefferson Nickel
There are several different varieties of the 1971 Jefferson Nickel, especially from the San Francisco Mint, which stopped making nickels for circulation that year. All the nickels from San Francisco are now proofs, meaning they have a shiny, polished finish.
Some of the standout features of the 1971-S Nickel are the differences in the lettering on the coin. One version, known as ODV-021, shows thinner letters in the word “TRUST” on the front. On the back, two varieties of Monticello (Jefferson’s home) stand out: RDV-005 has low-relief railings, while RDV-006 has much more pronounced details.
The Rare “No S” Mintmark Error
The 1971 Jefferson Nickel series has one rare error that makes it particularly valuable: the “No S” mintmark. Most nickels made in San Francisco in 1971 have an “S” mark, but some were minted without it. These error coins are highly sought after by collectors. In low grades, they can be worth around $800, but high-grade versions have sold for $1,000 to $1,500. The highest recorded price was $2,070 at a 2012 auction.
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How to Know If Your Nickel Is Valuable
If you find a 1971 Jefferson Nickel without the “S” mintmark, it’s worth taking to a coin dealer for evaluation. Even if it’s not an error coin, certain varieties are still valuable. Who knows? You might have a nickel worth thousands just sitting in your pocket.