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The 1938 Proof Jefferson Nickel holds a special place in American numismatics as it marks the inaugural year of the Jefferson Nickel series. This coin succeeded the long-running Buffalo Nickel, which had been in production since 1913 and was known for its artistic design but also for certain difficulties in striking and durability. The Jefferson Nickel was intended to be a more modern and technically sound replacement, and the debut of the new design in both circulation and proof format in 1938 signaled a fresh chapter for the United States Mint. The Proof 1938 Jefferson Nickel was struck in limited quantities for collectors and represents the beginning of a series that continues to this day.
The design of the Jefferson Nickel was created by Felix Schlag, a German-born sculptor who won a national design competition organized by the Treasury Department. The obverse of the coin features a left-facing portrait of Thomas Jefferson, the third President of the United States, with the inscription “IN GOD WE TRUST” curving along the left rim, “LIBERTY” on the right, and the date “1938” at the lower right. Schlag's rendering of Jefferson is dignified and contemplative, meant to emphasize the philosophical and statesmanlike qualities of the Founding Father. The reverse of the coin depicts Monticello, Jefferson’s famous Virginia estate. The building is portrayed in neoclassical style, with the word “MONTICELLO” prominently displayed below it, flanked by “FIVE CENTS” and “UNITED STATES OF AMERICA.” The Latin motto “E PLURIBUS UNUM” appears above the dome. Notably, the original reverse design was modified slightly in later years for clarity and improved striking.
The 1938 Proof Jefferson Nickel was produced at the Philadelphia Mint, which at the time was the sole mint facility authorized to strike proof coinage. These proof coins were not intended for circulation but were sold directly to collectors, often in complete annual proof sets. The coins were struck using specially prepared dies and polished planchets, with multiple strikes to ensure crisp detail and mirrored surfaces. As a result, they are distinguishable from regular circulation strikes by their brilliant finish, sharp definition, and reflective fields. This quality of manufacture makes proof coins particularly appealing to collectors who value visual perfection and artistry in minting.
The mintage of the 1938 Proof Jefferson Nickel was just 19,365 pieces, making it a key date for proof collectors and one of the scarcer early proof issues in the series. This low mintage was typical for proof coins of the late 1930s, as interest in proof sets had only recently resumed in 1936 after being suspended since 1916. Collectors of that era had to purchase complete proof sets from the Mint, and individual coins from these sets have since been separated and sold individually. Despite their limited production, many of the 1938 proofs were well preserved due to the nature of their original distribution, making high-grade examples still obtainable today, though with steadily increasing demand and value.
Proof Jefferson Nickels from 1938 exhibit particularly strong strike quality and attractive surfaces when properly preserved. In a well-maintained example, Jefferson’s hair, cheekbones, and jawline are rendered with sharp clarity, and the columns and architectural lines of Monticello appear crisp and symmetrical. Fields display a deep mirror finish, contrasting with the frosted design elements—a phenomenon referred to as "cameo contrast" when especially pronounced. While cameo proofs were not intentionally produced in 1938, a limited number of coins display this desirable effect due to slight variances in die preparation and polishing. Such cameo examples are rare and highly collectible, often commanding substantial premiums in the marketplace.
The condition of a 1938 Proof Jefferson Nickel is critical to its value and desirability. Most surviving examples grade between Proof 63 and Proof 66, with higher-grade pieces—especially those designated as “Cameo” or “Deep Cameo”—being much scarcer. PCGS and NGC, the leading third-party grading services, offer these designations when a coin’s devices exhibit significant frost against reflective fields. Proofs with pristine surfaces, minimal hairlines, and original luster are particularly prized, as many early proofs were subject to mishandling or improper storage over the decades. Coins housed in their original Mint packaging may display signs of aging, such as toning, but are often well preserved if kept away from humidity and handling.
For type collectors and Jefferson Nickel enthusiasts, the 1938 Proof is often viewed as an essential acquisition. As the first proof of the series and one of the lowest-mintage entries, it provides both historical significance and collecting prestige. It also serves as a benchmark against which the evolution of the Jefferson Nickel’s design and minting quality can be measured. The Felix Schlag design remained in place with minor modifications for decades, with proof coinage continuing intermittently during wartime and in various finishes—including the introduction of the brilliant proof format in 1950 and the addition of cameo frosting in the 1960s and beyond.
The Proof 1938 Jefferson Nickel also represents a moment in American history when the nation was emerging from the Great Depression and facing looming global conflict. Amid these larger events, the U.S. Mint’s resumption of proof coinage was a sign of renewed public interest in coin collecting and confidence in the nation’s future. The choice of Thomas Jefferson—a symbol of Enlightenment ideals, American innovation, and civic virtue—further underscores the coin’s deeper cultural meaning. Owning a 1938 proof nickel is not only a nod to numismatic history but also a way of honoring the principles that helped shape the early republic.
Today, the 1938 Proof Jefferson Nickel remains a key coin for collectors of 20th-century proof issues, and it is regularly featured in high-grade registry sets and specialized collections. Demand for early proof coinage continues to grow as more collectors seek out complete date runs or focus on classic-era coins with both historical and artistic merit. With its limited mintage, beautiful design, and foundational place in the Jefferson Nickel series, the 1938 proof is more than just a coin—it is a timeless symbol of a transitional era in American coinage and history, preserved in gleaming silver-gray brilliance for future generations to admire.