The U.S. nickel, a coin worth five cents, has a long and fascinating history dating back to 1794. However, it wasn’t until 1866 that the term “nickel” was coined to describe this denomination. Prior to that, the coin was known as the “half dime.” Over the years, the design and composition of the nickel have evolved, with the most notable change occurring in 1938 when the modern Jefferson nickel, featuring Thomas Jefferson and his Monticello estate, replaced the iconic Buffalo nickel. Among the various issues of the Jefferson nickel, the 1971 version stands out for its rare varieties and potential value, especially for collectors in search of error coins.
The Introduction of the 1971 Jefferson Nickel
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The 1971 Jefferson nickel is part of a series of coins that were struck in a transitional period. By the end of 1970, the Proof Jefferson nickel master dies had worn down to the point of losing fine detail. To address this issue, the U.S. Mint created new master dies to restore the original design, which depicted Thomas Jefferson on the obverse and his Monticello home on the reverse.
This redesign resulted in a series of coins with slight variations in design. As part of the recutting process, certain versions of the 1971 Jefferson nickel, such as ODV-021, featured minor variations in the details of the lettering, including thinner-than-normal letters on the word “trust.” Furthermore, there are two varieties of the Monticello reverse: RDV-005, which features low relief railings on the rooftop of Monticello, and RDV-006, which shows much stronger relief.
The “No S” Mintmark Error: A Rare Find
One of the most significant discoveries for collectors of the 1971 Jefferson nickel is the “No S” mintmark error. Starting in 1971, the U.S. Mint stopped producing nickels in San Francisco for general circulation. From that point on, all nickels struck in San Francisco were issued as proof coins, which are specially finished for collectors. However, during this transition, some 1971 Jefferson nickels were struck without the “S” mintmark, which is usually found on coins produced in San Francisco.
While the vast majority of 1971-S nickels are worth only a few cents over their face value, the “No S” version of the coin is highly sought after by collectors. The error is rare, making it an exciting find for anyone who comes across one.
The Value of the 1971 “No S” Jefferson Nickel
The value of a 1971 Jefferson nickel depends largely on its condition and whether it contains the “No S” mintmark error. Most 1971-S nickels are only worth a few cents above their face value. However, certain error types in lower-grade conditions can fetch up to $800, while higher-grade examples are regularly sold for between $1,000 and $1,500.
The highest price ever recorded for a 1971 “No S” Jefferson nickel was $2,070, which was achieved at the January 2012 Heritage FUN Signature Auction. This sale highlights the significant value that rare and well-preserved coins can attain in the numismatic market.
How to Identify a 1971 “No S” Jefferson Nickel?
If you suspect that you have found a 1971 Jefferson nickel without the “S” mintmark, it’s essential to have it professionally evaluated. The “No S” error can be difficult to spot, especially if the coin is not in high grade. It’s recommended to consult a local coin dealer or numismatist to determine whether your coin is one of the rarer, more valuable varieties.
In addition to the “No S” error, other variations of the 1971 Jefferson nickel, including the different design types for the obverse and reverse, can also affect a coin’s value. Depending on the specific characteristics of your coin, it may be worth more than the standard issue.
Conclusion
The 1971 Jefferson nickel is a fascinating coin for collectors, thanks to its unique history, design variations, and potential for finding rare error coins. While the standard 1971-S nickel is of limited value, the 1971 “No S” Jefferson nickel is a true numismatic treasure, capable of fetching prices in the thousands of dollars. For anyone with an interest in U.S. coins, particularly those with minting errors, the 1971 Jefferson nickel is a coin worth holding on to.
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