PARRIS ISLAND COINS » 1964 Jefferson Nickel Value: How Much is it Worth Today?

1964 Jefferson Nickel Value: How Much is it Worth Today?

1964 Jefferson Nickel

For most US coins, 1964 was the year they switched from specie metals (silver and gold) to base metals (copper, tin, zinc, etc.) But the nickel has been a clad coin since 1866 so 1964 was business as usual for this 5-cent. Jefferson Nickels were introduced in 1938 and they’re still coined today, with a few design changes. Let’s assess the 1964 Jefferson Nickel Value.

1964 Jefferson Nickel Value Chart

Mint Mark  Low Mint State (MS 60) Mid Mint State (MS 65) Proof (PR/PF 65)
1964 (P) No Mint Mark Jefferson Nickel Value $0.28 $9.13 $3.30
1964-D Jefferson Nickel Value $0.28 $5.70 No D-Proofs

 

1964 Jefferson Nickel Specifications

Thomas Jefferson was a Founding Father who became the 3rd US President. He was born on April 13th, 1943. So as the 200th anniversary of his birth approached, the US Mint decided to place him on a coin. They ran a contest to design this new nickel, and Felix Schlag was the winner. We used his obverse design until 2004 and we still use Schlag’s reverse design today.

For reference, the obverse is the heads side of a coin and the reverse is the tails side. And from the start, this coin was 75% copper and 25% nickel with silverish coloring. For a while during the war years, we switched the coin to a silver-copper-manganese alloy so we could divert nickel to the military since it’s an important component for weapons and equipment.

Nickel coins were designed to have a copper core with a nickel coat on top so it would look like the original 5-cent coin, which was a Silver Half Dime. Ironically, that change in metal composition happened in 1866, and it was driven by the same reason as the 1965 switch to silver. Back then, citizens were hoarding silver coins as bullion, melting them down for sale.

But while the 1965 coin shortage was caused by a rise in silver prices due to consumerism, the spike in the late 1800s was caused by the Civil War. Either way, the result was the same, and we substituted silver coinage with cheaper metals. The Jefferson Nickel replaced the Buffalo Nickel due to its numerous coinage problems since it had been used for 25 years.

  • Category: Jefferson Nickel
  • Mint Branches: Philadelphia and Denver
  • Total Mintage: 2,815,919,922
  • Obverse Designer: Felix Oscar Schlag
  • Reverse Designer: Felix Oscar Schlag
  • Composition: 75% Copper + 25% Nickel
  • Diameter: 21 mm (0.835 inches)
  • Thickness: 35mm (0.077 inches)
  • Weight: 5g
  • Edge: Plain

Oddly, the Jefferson Nickel didn’t have its designer’s initials until 1966 and it’s not clear why. Maybe he forgot to put them on the model. But Schlag was a German immigrant who had only been in the US for 9 years when he won the coin contest, so maybe he didn’t know about the specs. This could also be the reason for his unusual design choices on this 5-cent piece.

For example, he placed United States of America at the bottom. Other coins tend to have it at the top. But although he was asked to change his winning reverse design – he had depicted Monticello at an angle instead of head-on – he still easily won the $1,000 prize. He competed against 389 other artists, and it took the judges four days to select his winning coin design.

The Obverse of the 1964 Jefferson Nickel

The Obverse of the 1964 Jefferson Nickel
Image: Rob Paulsen Coin

The obverse (heads side) of the 1964 Jefferson Nickel shows Thomas Jefferson in profile, facing right. The motto In God We Trust runs along the right rim, in front of his face and the legend Liberty curves along the left rim, behind his head. After the Y in Liberty, there’s a five-pointed star followed by the mint date. The designer’s initials were not used on this coin.

The Reverse of the 1964 Jefferson Nickel

The Reverse of the 1964 Jefferson Nickel

The reverse (tails side) of the 1964 Jefferson Nickel features Monticello, Thomas Jefferson’s mansion in Virginia. The upper rim reads E Pluribus Unum. The word Monticello is directly below the building in a horizontal layout. Under that is the denomination, Five Cents, and United States of America, both curved. The mint mark is at the right corner of the building.

1964 Jefferson Nickel Value and Varieties Guide

In 1964, the mint made several varieties of the Jefferson Nickel, including proofs, business strikes, and special mint sets (SMS). You can also find several error varieties. A business strike, also called a trade coin, regular strike, or circulation strike is a coin intended for everyday use. But proof coins and SMS are sold straight to collectors at a premium price.

1964 (P) No Mint Mark Jefferson Nickel Value

1964 (P) No Mint Mark Jefferson Nickel Value
Image: usacoinbook

In 1964, the Philadelphia Mint coined 1,028,622,762 Jefferson Nickels including proofs, but we’ll look at the proof coins separately. Philadelphia coins didn’t get consistent mint marks until 1979 since Philadelphia was the first branch of the US Mint. Mint marks were added to identify the other branches once they opened. Let’s review the 1964 Jefferson Nickel’s specs.

  • Type: Jefferson Nickel
  • Edge: Smooth
  • Mint Mark: None
  • Place of Minting: Philadelphia
  • Year of Minting: 1964
  • Face Value: 5 Cents
  • Highest Price: $9,700 in September 2022
  • Quantity Produced: 1,028,622,762
  • Designer: Felix Schlag
  • % Composition: 75% Copper, 25% Nickel
  • Mass: 5g
  • Diameter: 21mm

In September 2022, a 1964 (P) No Mint Mark Jefferson Nickel graded Genuine sold for $9,700 on eBay. The highest coin grade by PCGS is an MS 67. They’ve found 3, and they estimate the current value at $1,150. As for Full Steps coins, an MS 67 FS sold for $14,100 in September 2014 but only $3,960 in July 2022. The PCGS value estimate for 2023 is $5,500.

1964-D Jefferson Nickel Value

1964-D Jefferson Nickel Value

In 1964, the Denver Mint made 1,787,297,160 Jefferson Nickels. They all had the D Mint Mark, and no proof coins were minted in Denver. The coins came in exceptional condition and you can find samples graded MS, PL (Proof-Like), DPL (Deep-Proof-Like), and FS PL (Full Steps Proof-Like). But before we check the sales records, Let’s look at the coin specs.

  • Type: Jefferson Nickel
  • Edge: Plain
  • Mint Mark: D
  • Place of Minting: Denver
  • Year of Minting: 1964
  • Face Value: 5 Cents
  • Highest Price: $6,325 in September 2009
  • Quantity Produced: 1,787,297,160
  • Designer: Felix Schlag
  • % Composition: 75% Copper, 25% Nickel
  • Mass: 5g
  • Diameter: 21mm

In May 2022, an MS 67+ sold for $1,750, but back in September 2009, an MS 66 FS was $6,325. And in February 2022, a coin graded MS 66 FS PL sold for $3,840. We’ll look at coin grades later, but for now, know that PL coins have the sharpness and shine of proof coins but are struck as circulation coins. Today, the highest PCGS coin is MS 67 estimated at $1,750.

1964 (P) Proof Jefferson Nickel Value

1964 (P) Proof Jefferson Nickel Value
Image: pcgs

The original purpose of proof coins was to ensure the dies were made correctly, so a copy often stays in the archives for assaying while a few may be sent to museums or libraries. Proofs come in three styles – matte, mirror-like, and reverse proof. In 1964, they made the usual mirrored proofs by burnishing the planchets in a vat full of 6mm stainless steel balls.

The balls are called satellites, and they give the coin its trademark shine. Proof dies are also scrubbed with horsehair brushes until they shine. On mirrored proofs, the field is mirror-like and the device is frosted. This frosting is created by dipping the die in acid, but a little of the acid pickling wears off each time the die is struck, so later coins have a weaker frost finish.

The earliest 50 to 100 coins with the strongest contrast are graded as Deep Cameo (DCAM) by PCGS or Ultra Cameo by NGC. The grade below that is cameo. The proof coins themselves are graded as PF by NGC or PR by PCGS. Jefferson Nickels have another grade called FS. It means Full Steps and describes coins where you can count at least 5 of the Monticello steps.

  • Type: Jefferson Nickel
  • Edge: Smooth
  • Mint Mark: None
  • Place of Minting: Philadelphia
  • Year of Minting: 1964
  • Face Value: 5 Cents
  • Highest Price: $949 in September 2004
  • Quantity Produced: 3,950,762
  • Designer: Felix Schlag
  • % Composition: 75% Copper, 25% Nickel
  • Mass: 5g
  • Diameter: 21mm

In 1964, almost 4M proof coins were struck at the Philadelphia Mint, none of them with mint marks. In September 2004, a coin in the perfect grade of PF 70 sold for $949. But in 2012 September, a PR 69 CAM only sold for $141. In October 2021, a PR 69 DCAM did a bit better, selling for $475. The prices are low because PCGS has graded over 200 of them.

1964 Jefferson Nickel Special Mint Set (SMS) Value

1964 Jefferson Nickel Special Mint Set (SMS) Value
Image: pcgs

In the 1960s, silver prices shot up so the public started hoarding silver coins as bullion. Most people melted these coins down and sold the silver at market prices. Others stashed the coins and waited for prices to go even higher. This led to a national coin shortage. Mint Director Eva Adams wrongly believed it was collectors that were hoarding coins, not ordinary citizens.

So she directed that all coins minted from 1965 to 1967 would have no mint marks to prevent this habit. The mint would also stop producing the proof coins they usually sold to collectors. Instead, they made Special Mint Sets (SMS). It seems the mint started SMS trials in 1964. They used polished dies, just like proofs, but the planchets weren’t burnished before striking.

  • Type: Jefferson Nickel
  • Edge: Plain
  • Mint Mark: None
  • Place of Minting: San Francisco
  • Year of Minting: 1964
  • Face Value: 5 Cents
  • Highest Price: $32,900 in January 2016
  • Quantity Produced: 20 to 50
  • Designer: Felix Schlag
  • % Composition: 75% Copper, 25% Nickel
  • Mass: 5g
  • Diameter:21mm

1964 SMS coins were graded as SP which means Specimen or Special Proof. They combined the features of proof coins and mint state coins, and they were only struck once but at a high pressure to make up for the additional strikes on other coin types. But nobody knew about these 1964 SMS coins until the 1990s. They allegedly belonged to Eva Adams’ private estate.

After she died, they were sold by Lester Merkin, a famous auctioneer and coin dealer who was said to be a friend of hers, so the coins seem suspect. They’re quite valuable though, and extremely rare. In September 2004, an SP 67 sold for $4,140. And only one SP 68 is known, estimated at $23,500. But an SP 68 FS sold for $32,900 in January 2016 and retains value.

 Grading 1964 Jefferson Nickels

The top coin appraisers are PCGS (Professional Coin Grading Service), NGC (Numismatic Guaranty Company), and ANACS (American Numismatic Association Certification Service). They all use variants of the Sheldon Coin Grading Scale, which goes from PO 1 (Poor) to Mint State 70 (MS 70). As we said, high-end Jefferson Nickels may be graded FS for Full Steps.

In addition to these grades, when you submit coins in bulk, NGC sometimes uses descriptive grades instead of numbers. You can request this for common coins. Let’s review them below.

  • Details – Coins that were cleaned, chemically improved, or damaged e.g. XF Details.
  • Brilliant Uncirculated (BU) – MS 60 to MS 70 coins that were cleaned, damaged, or chemically altered to improve their color or add artificial toning.
  • Choice Uncirculated – MS 63 to MS 70 that were cleaned, damaged, or chemically altered to improve their color or add artificial toning.
  • Gem Uncirculated (GEM UNC or GEM BU) – MS 65 to MS 70 coins that were cleaned, damaged, or chemically altered to improve color or add artificial toning.

You might get confused when you look at online auction records because some countries use different lettering systems. For example, the UK uses UNC (Uncirculated) instead of AU (About Uncirculated), and some countries use FDC (Fleur de Coin) instead of MS. If you’re unsure, check the coin details to see which country it was graded in and where the seller is.

You might also see coins graded as PL for Proof-Like or DPL for Deep-Proof-Like. These are shiny mirror-like coins that were struck on non-proof planchets with non-proof dies, which means the dies and planchets were not polished or burnished before striking. These coins are often sold in Uncirculated Sets, and mint staff hand-pick them before they leave the mint.

The coins are part of the regular strike, but they have sharper details and a finer satin-finish so they’re packaged as Uncirculated Sets with one circulating coin from every branch of the mint e.g. PDS sets from Philadelphia, Denver, and San Francisco. These sets are sold at a premium price before they get damaged in circulation and often drift into commercial trade.

1964 Jefferson Nickel Errors List

Mint errors can raise the investment value of any coin, and at least 20 are listed by Cherry Pickers. The most common ones are doubling or tripling errors when the second or third strike lands on a slightly different spot from the first strike. They happen if the planchet or the die move in mid-strike. Off-center errors are when the planchet shifts before striking.

1964-D Jefferson Nickel D/D RPM Error

1964-D Jefferson Nickel DD RPM Error
Image: pcgs

RPM means re-punched mint mark. It’s a doubling or tripling error where subsequent mint marks land in a different position. RPMs are written as D/D (D over D). You’ll see traces of the earlier impression underneath. In July 2022, a D/D graded MS 66 sold for $19,800. PCGS has only graded two of these error coins, and their estimated value in 2023 is $22,500.

1964 (P) Jefferson Nickel TDR Proof Error

1964 (P) Jefferson Nickel TDR Proof Error
Image: pcgs

TDR means tripled-die reverse. It’s when the second and/or third impression on the reverse die was a little bit off the mark. It’s a reasonably rare error – and it’s on a proof coin too! But since it got transferred onto a whole batch of coins, it became a variety. In July 2021, a PR 67 sold for $855 on eBay. Meanwhile, PCGS has graded two MS 68s, estimating them at $1,272.

 

Additional 1964 Jefferson Nickel Errors

Type of Error

Error Description

Grade

Price

Improperly Annealed Nickel and Copper Layers of the Planchet Didn’t Fully Combine MS 62 $40
90% Obverse Indent and Cupped Foreign Object Dented the Coin Leaving it Mostly Blank and Deformed MS 64 $130
Double Struck with 2nd Strike Off-Centre Uniface Completed Coin Struck Again While Exiting the Press, Shape Deformed, Restruck Spot Blank on One Side MS 64 $100
Four Strikes with Three Off-Centre Coin Struck Multiple Times, Misaligned, Deformed MS 64 $1,200
Double Strike Broadstruck Completed Coin Struck Again While Exiting the Press, Collar Prematurely Detached on 2nd Strike MS 65 $500
Incomplete Punched Planchet Planchet Wasn’t Punched Through, Perforated Curve Down the Middle AU 55 $180
Reverse Die Cap Previous Coin Got Stuck on the Die, Blocking and Blurring the Coin Below MS 63 $270
Wrong Planchet with Damage Nickel Struck on a Damaged Penny Planchet AU 55 $150
Struck Thru Cloth Fabric Slipped Between the Die and the Planchet MS 64 $860
Wrong Planchet Foreign Coin Nickel Struck on Filipino 10 Centavo Planchet MS 65 $1,000

 

1964 Jefferson Nickel FAQs

How Much is a 1964-D Nickel Worth Today?

In mid-mint states, it’s only worth about $5 to $10 because they’re so easy to find in MS 65. But in MS 67 or higher, PCGS estimates the coin’s 2023 value at $1,750. Only 7 are known. But this is an estimate so your practical experience may differ. After all, between March and July 2022, four of these coins sold, and their prices all hovered from a mere $280 to $408. 

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