This 1971 Jefferson Nickel Is Worth Upwards of $2,000 — What Makes It Valuable?
Written by
Vance Cariaga
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Daria Uhlig
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U.S. coins worth five cents have been around since 1794, but they were called “half dimes” during the early decades. The term “nickel” wasn’t (um) coined until 1866, though the smaller half dime survived until 1873. The modern version of the nickel, featuring Thomas Jefferson, debuted in 1938 and replaced the Buffalo nickel, according to the U.S. Mint. If you have a 1971 Jefferson nickel, hold on to it — it could be worth a couple thousand dollars.
As CoinWeek noted, by late 1970, the Proof Jefferson nickel master dies had worn to the point that they lacked fine detail. The Mint addressed the problem by creating new masters to restore the original design, which showed Jefferson on the front and his Monticello home on the reverse.
One result of the recutting and redesigning process was that the 1971-S Nickel ended up with many versions, according to CoinWeek. For example, on one of those designs, dubbed ODV-021, the T and R in “trust” on the front of the nickel are slightly thinner than normal.
On the reverse, there are two varieties: RDV-005 and RDV-006, both of which refer to the redesigned Monticello. On RDV-005, the rooftop railings of Monticello are low relief, and on RDV-006 they are much stronger.
Starting in 1971, San Francisco stopped producing nickels for general circulation. Since then, all nickels struck in San Francisco have been proofs, a term that refers to the coin’s finish.
The 1971 Jefferson nickel series included an error known as the 1971 “No S” Jefferson nickel because it lacks the “S” mintmark. The vast majority of 1971-S Nickels are worth no more than a few cents over face value, according to CoinWeek.
However, certain error types in low grade condition are worth up to $800, while higher grade varieties regularly sell for $1,000 to $1,500. One high-grade 1971 “No S” Jefferson nickel fetched a record $2,070 in the January 2012 Heritage FUN Signature Auction, CoinWeek reported.
If you come across a 1971 Jefferson nickel without the “S” mintmark, take it to your local coin dealer or numismatic to see if it is one of the rarer error coins. You could leave hundreds or even thousands of dollars richer.
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