Since 1938, the Buffalo Nickel has been superseded by the Jefferson Nickel five-cent piece. This design is still in production today since it has withstood the test of time. Although you might think that nickel is probably not worth collecting, coin collectors can be interested in Jefferson Nickels of particular varieties and mint years.
The nickel has a lengthy history that began in 1886 when the silver half dime was replaced by the Shield five-cent nickel.
The Jefferson five-cent coin is now known as the modern nickel, which includes the nickel from 1946. In 1938, this coin was first produced to mark the 200th anniversary of the Lewis and Clark Expedition.
The Mint held a competition at the beginning of 1938 to select a new nickel designer in order to replace the Buffalo nickel. The Mint also planned to unveil the new nickel, appropriately dubbed Jefferson nickel, in 1943, in honor of President Thomas Jefferson's 200 birthday.
Felix Schlag emerged victorious in the competition, and the Mint hired him to design the new nickel with Jefferson and his famous Monticello home on the reverse. Schlag modeled his portrait from Jean-Antoine Houdon's sculpture of Thomas Jefferson's bust.
In October 1938, the Mint started to produce the currency, and by November, nickels were put into circulation. According to legend, these coins were hoarded in huge quantities and didn't start to circulate until 1940.
During the height of World War II in 1940, the Mint aimed to reduce the amount of nickel present in coins. In 1942, the Mint decided to strike nickels with 9% manganese, 35% silver, and 56% copper instead of the 50% silver and 50% copper that Congress had authorized.
Additionally, this was the first time that the mint mark P—which stands for Philadelphia—was applied to a commonly used American coin. Nonetheless, the nickel's pre-war composition of 75% copper and 25% nickel was restored in 1946.
These coins have been around for many years; thus, considering how long they have been in circulation, the condition of the coin will be crucial in estimating its value. Coin collectors usually only buy coins that are almost flawless in condition. However, it can be difficult to find these coins in such good shape.
In essence, you are attempting to ascertain the grade of a coin when you examine it. Although reputable coin grading agencies issue coin grades, you can use the principles below to get an idea of what the 1946 Nickel value might be and what it looks like under different settings.
Coin collectors want to obtain coins that have never been used in circulation since they are thought to be in the best condition. These coins have not experienced many of the harmful problems that they usually face as they have not been used in circulation. You'll believe these coins were just struck and released by the mint after taking just a quick look at them.
Even while they may still be sought after by coin collectors, coins in extremely fine condition may likely have a few very small flaws. The coin must seem almost new and have just small flaws, like scratches, to receive this grade. The faults in the coin are only noticeable under close examination.
Fine-condition quality coins have seen a lot of circulation and will eventually exhibit indications of deterioration, especially with age. The text and graphics on these coins are still totally intact despite some scratches and other flaws.
This would include the majority of Jefferson Nickels that are now available for purchase. Due to their extensive circulation over many years or even decades, these coins will clearly exhibit dents, scratches, and other problems. Coin collectors might pass over these coins in favor of more physically sound coins. Nevertheless, depending on the mint year and relative scarcity, these coins may be valuable even to collectors.
According to the NGC Price Guide, as of July 2024, a Jefferson Nickel from 1946 in the circulated condition is worth between $0.10 and $0.60. However, on the open market, 1946 S Nickels in pristine, uncirculated condition sell for as much as $2550.
| Year | Mint Mark | Condition | Value Range |
|---|---|---|---|
| 1946 | None | Circulated | $0.10 - $0.60 |
| 1946 | S | Pristine, Uncirculated | Up to $2550 |
Collecting old coins like the 1946 Jefferson Nickel can be a rewarding hobby, especially when you understand the 1946 Nickel value and history. Despite being a common coin, certain varieties and conditions, like the 1946 S Nickel in pristine, uncirculated condition, can be highly valuable.
Whether you’re a seasoned collector or just starting, knowing the history, grading, and pricing of these nickels can enhance your appreciation and guide your collection efforts.
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