Nickel Coins: Exploring the 5-Cent Marvel

Nickel coins are five-cent coins named for the nickel in their composition. Usually American, these coins have a fascinating history with changing compositions and iconic designs.

With modern inflation, small denominations like five-cent nickels may seem inconsequential. But these coins have historical significance, like the shift from silver “half dimes” to copper-nickel “nickel” coins as a consequence of the US Civil War.

Some significant nickels among collectors are:

• 1913 Liberty Nickel

• 1880 Shield Nickel

• 1913-S Buffalo Nickel Type 1

• 1937-D “Three-Legged” Buffalo Nickel

• 1877 and 1878 Proof-Only Shield Nickels

• 1867 Shield Nickel “With Rays” Proof

• 1942-1945 Silver Jefferson “War Nickels”

They might seem insignificant in commerce, but nickel coins are full of numismatic, historic, and cultural value. We’ve harnessed our years of coin industry experience to create this comprehensive guide on the history, varieties, value, and future of nickel coins.

Pictured above: Current American nickel design, 2006-P Monticello Jefferson nickel graded MS67FS by PCGS | Image credit: PCGS CoinFacts, Free use

Composition and Characteristics

First, what are nickels made of? In the US, circulated nickels have been made of 75% copper and 25% nickel since 1866 (except 1942-1945 war nickels). In fact, the nickel is the only US coin that’s kept the same composition into modern times.

Here are the other specs of American nickel coins:

• Diameter: 21.21 mm (0.835 in); Shield nickels - 20.5 mm (0.807 in)

• Edge: Plain

• Weight: 5 g (~0.18 oz)

• Thickness: 1.95 mm (0.077 in)

Speaking of thickness, nickels are the thickest American circulation coins. They’re also the only coin still named for their metal content.

Why use nickel in coins?

For one, it’s cheap and abundant. Secondly, alloys with nickel, particularly cupronickel, are malleable, durable, corrosion-resistant, and heat-resistant. Nickel is also lightweight and lustrous.

However, it took a while for mints to harness these benefits.

Pictured above: Ancient Greco-Bactrian copper-nickel coin minted circa 190-180 BC from British Museum | Image credit: Trustees of the British Museum, CC-BY-SA-4.0

Evolution of Nickel Coins

Today, we know “nickels” as five-cent coins, typically American. But the earliest “nickel” coins were minted around 2nd-century BC by Graeco-Bactrian kings from a copper-nickel alloy.

That said, using nickel in coins wasn’t common until the 1800s, when countries started using base metals (e.g. nickel, copper, zinc) instead of just precious metals (e.g. gold, silver).

The first early US coins to incorporate nickel were Flying Eagle cents, made from 12% nickel and 88% copper from 1857 to 1858.

Switzerland established the more popular composition and five-cent denomination in 1879 when they started minting 5-cent centimes and 10-cent centimes from cupronickel.

The first pure nickel coins ever came from Switzerland in 1881 when they introduced 99.99% nickel 20-cent centimes, using this composition until 1938 before shifting to cupronickel. Austria and Hungary soon introduced their own pure nickel denomination, the 10 fillér coins, in 1892.

When did American nickels start?

Pictured above: Obverse & reverse of 1865 three-cent US coin, the first cupronickel American coin | Image credit: PCGS CoinFacts, Free use

American Nickel Coins

Initially, the American five-cent coin wasn’t called “nickel,” but rather “half dime” or “half disme.” Moreover, the first US “nickels” minted from 1792 to 1873 were actually made of silver.

So, why is 5 cents called a nickel? It dates back to 1860s America.

Amid the Civil War era, people hoarded silver and gold coins, eventually driving most coins (including the half dime) out of circulation.

After the war ended in 1865, the government had an abundance of nickel — which wasn’t valuable enough to hoard — from wartime industrialization. They introduced base-metal coins, starting with the original “nickel” in 1865 — the copper-nickel three-cent coin.

American industrialist Joseph Wharton successfully lobbied Congress to change the half dime to a copper-nickel composition in 1866.

The resulting coin was called the “Shield nickel” after the nickel in its composition. Since three-cent “nickels” were abolished in 1889, the term “nickel” became standard for five-cent US coins, especially after the half dime denomination was ended with the Coinage Act of 1873.

The name even remained on five-cent coins containing no nickel, like the “War Nickels” minted from 1942 to 1945.

Pictured above: Reverse of 1922 Canadian 5-cent "nickel" coin, first year issue | Image credit: Jerry "Woody" on Flickr, CC-BY-SA-2.0

What About Nickel Coins in Other Countries?

The only other country that calls five-cent coins “nickels” is Canada.

The Royal Canadian Mint established five-cent pieces in 1858 as sterling silver coins, but changed the composition to 99.9% nickel in 1922. The coin was called a “nickel” both for its composition and similar size to American nickels.

Canadian nickel compositions have varied, including brief chrome-plated steel types during wartime, copper-nickel varieties (75% copper, 25% nickel) from 1982 to 2000, and the current nickel-plated steel varieties (94.5% steel, 3.5% copper, 2% nickel).

The famed US nickel has similarly evolved but in design.

Nickel Designs & Cultural Significance

Who is on the nickel? It depends on the era. Currently, the American nickel features Thomas Jefferson, Founding Father and third president.

Since the first American “nickel” coin in 1866, there have been four main series, each with designs emblematic of the American culture of that era.

Pictured above: Reverse & obverse of 1873 Shield Nickel coin | Image credit: National Numismatic Collection, National Museum of American History; Public domain

1. Shield Nickel (1866-1883)

The first official “nickel” coins, Shield nickels were designed and produced quickly. As such, the design adapted the two-cent design introduced in 1863.

Many symbols were typical of early American coins, like the 13 stars (13 colonies), laurel branches (victory), and arrows (military strength).

The central shield represented strength from unity, particularly unity among the states. The shield was also an important Union Army symbol during the recently ended Civil War.

The shield nickel’s specifications:

• Designer: 4th US Mint Chief Engraver James B. Longacre

• Obverse Design: Adaptation of his two-cent coin design introduced in 1863; Version of the Great Seal of the United States featuring union shield with heraldic cross pattee, two arrows, and draped laurel branches; Inscriptions “IN GOD WE TRUST” along the top and the mintage year at the bottom; Denticles around rim

• Reverse Design: Denomination (“5”) encircled by 13 stars with or without 13 rays in between; Inscriptions “UNITED STATES OF AMERICA” along top and “CENTS” along bottom, with dots between each; Denticles around rim

• Mints: Philadelphia Mint (no mint mark)

• Total Circulated Mintage: 128,048,204

• Lowest Circulated Mintage: 1880 at 16,000

• Highest Circulated Mintage: 1867 Without Rays at 28,890,500

Only two intentional varieties exist for shield nickels, distinguished by their reverse:

1. Rays / With Rays (1866-1867): 13 rays separating the stars surrounding the “5” denomination

2. Without Rays / No Rays (1867-1883): Rays removed to make punching the design easier and extend die life

Unfortunately, the design changes didn’t resolve the striking issues. Charles E. Barber became the new Chief Engraver in 1880 and Congress approved his new nickel design in 1882.

That said, Shield nickel proof coins were struck until June 1883.

Pictured above: Obverse & reverse of 1887-P Liberty Head nickel coin | Image credit: National Numismatic Collection, National Museum of American History; Public domain 

2. Liberty Head / “V” Nickel (1883-1913)

In early 1883, the Liberty Head nickel replaced the Shield design, entering circulation on February 1st. The redesign was intended to be uniform with redesigned three-cent and one-cent coins, but only the Liberty Head nickel went forward.

Some elements carried over from the Shield nickel, like the 13 stars, denticled rims, and overall reverse element placement. A larger inspiration, however, was the Morgan dollar introduced in 1878.

The Liberty Head nickel’s specs:

• Designer: 5th Chief Engraver Charles E. Barber

• Obverse Design: Left-facing Liberty wearing coronet inscribed “LIBERTY” & wreath, encircled by 13 stars; Mintage year at bottom; Denticles around rim

• Reverse Design: Denomination (Roman numeral “V” for 5) surrounded by wreath of corn, wheat, and cotton with bow at bottom; Inscriptions “UNITED STATES OF AMERICA” along the top, “E PLURIBUS UNUM” along the bottom or above wreath with “CENTS” at bottom with dots on either side; If present, mint mark below left dot; Denticles around rim

• Mints: Philadelphia (all years, no mint mark); Denver (1912, “D” mint mark); San Francisco (1912, “S” mint mark)

• Total Circulated Mintage: 602,010,875

• Lowest Circulated Mintage: 1912-S at 238,000

• Highest Circulated Mintage: 1911-P at 39,557,639

The “V nickel” nickname emerged from the Roman numeral denomination.

Like the Shield nickel, the Liberty Head nickel had two intentional reverse varieties:

Without Cents (February-June 1883): “E PLURIBUS UNUM” inscribed along bottom

With Cents (June 1883-1913): Slightly smaller wreath, “E PLURIBUS UNUM” moved to top & “CENTS” added at bottom to prevent scammers from gold-plating the nickels to pass as five-dollar gold coins

According to provisions of 1890 legislation, the Liberty Head nickel could’ve been redesigned in 1890 but it remained.

Technically, the series ended after 1912, but five 1913 Liberty Head nickels are known. These are among the rarest coins ever.

Pictured above: Obverse & reverse of 1859 (Type I) Indian Head cent | Image credit:  National Numismatic Collection, National Museum of American History; Public domain

3. Indian Head / Buffalo Nickel (1913-1938)

The Buffalo or Indian Head nickel replaced the Liberty Head during the iconic Renaissance of American Coinage.

The elements were symbolically American in a more grounded sense, honoring Native Americans and wildlife amid the “Wild West” expansion.

The Indian Head nickels were coined every year except during economic recessions in 1922, 1932, and 1933.

Indian Head nickel specs:

• Designer: American sculptor James Earle Fraser

• Obverse Design: Right-facing Native American profile; Inscriptions “LIBERTY” on upper right & mintage year on lower left

• Reverse Design: Left-facing buffalo (American bison) standing on a hill or flat ground; Inscriptions “UNITED STATES OF AMERICA” along top, “E PLURIBUS UNUM” on upper right, and “FIVE CENTS” at bottom; If present, mint mark centered under “FIVE CENTS”

• Mints: Philadelphia (no mint mark); Denver (“D” mint mark); San Francisco (“S” mint mark)

• Total Circulated Mintage: 1,212,995,919

• Lowest Circulated Mintage: 1926-S, at 970,000

• Highest Circulated Mintage: 1936-P at 119,001,420

Once again, the reverse had two main intentional changes:

1. Type I (1913): Buffalo on raised hill with “FIVE CENTS” inscribed on it

2. Type II (1913-1938): Buffalo on flat ground with “FIVE CENTS” inscribed in recess under it to address striking problems & short die life

Additionally, the “LIBERTY” inscription was moved and emphasized slightly in 1916.

Unfortunately, none of the changes made the buffalo nickel strike distinctly or maintain their highest design elements well. Therefore, the coin was redesigned after the mandatory 25-year period in 1938.

Pictured above: Obverse & reverse of 1938 Jefferson nickel, first in the series, graded MS68 FS (Mint State 68 with Full Steps) | Image credit: PCGS CoinFacts, Free use

4. Jefferson Nickel (1938-Present)

The US Mint held a contest for the initial Jefferson nickel design, announcing the winner on April 24, 1938. The only non-inscription requirements were Thomas Jefferson on the obverse and his home Monticello on the reverse.

After some design changes, production of Jefferson nickels began in October 1938, then released for circulation in November.

The only versions not containing nickel are “War Nickels” from 1942 to 1945 made of 56% copper, 35% silver, and 9% manganese.

The Jefferson nickel has changed the most, but here are the overall specs through 2023:

• Designer: German-American sculptor Felix Schlag (1938-2003 both sides, 1938-2004 obverse, 2006-present reverse); AIP Designer Jamie N. Franki (2005 reverse, 2006-present obverse); American artist Joe Fitzgerald (2005 obverse)

• Obverse Design: Portrait of Thomas Jefferson centered & facing left or on left side & looking forward; Inscriptions “IN GOD WE TRUST” on left border or upper right border, “LIBERTY” on right border or in Jefferson’s handwriting on lower right, mintage year after “LIBERTY” with star between or below “Liberty” on bottom right; If present, mint mark at bottom right below mintage year; Designer’s initials “FS” (1966-2004) or “JF” (2005-present) at bottom of Jefferson’s bust

• Reverse Design: Front-facing view of Monticello; Inscriptions “E PLURIBUS UNUM” along top, “MONTICELLO” below building, “FIVE CENTS” and “UNITED STATES OF AMERICA” layered along bottom; Designer’s initials “FS” to right of Monticello (2006-present)

• Mints: Philadelphia (no mint mark pre-1979, “P” from 1942-1945 & 1979-present); Denver (“D” mint mark); San Francisco (“S” mint mark); No mint marks 1965-1967

• Total Circulated Mintage: 70,223,084,417

• Lowest Circulated Mintage: 1950-D at 2,630,030

• Highest Circulated Mintage: 1964-D at 1,787,297,160

You might’ve noticed some discrepancies for 2004 to 2005 — that’s because they were commemorative nickels.

The only American commemorative coins to be nickels were the 2004 to 2005 nickels in the “Westward Journey” series. The series celebrated the 200th anniversaries of the Lewis & Clark Expedition (Corps of Discovery) and Louisiana Purchase.

Commemoratives are popular for collectors, but they’re not the only types.

Pictured above: Reverse & obverse of key date 1866 Shield nickel Type 1 With Rays, graded MS66+ by PCGS | Image credit: PCGS CoinFacts, Free use

Collecting and Numismatics

Each US nickel series has its own “key dates” — issues that are more valuable to collectors, especially with a good condition grade.

Shield Key Dates

• 1877 & 1888 Proof-Only: Hard to find, worth $1,200 to $25,000

• 1867 With Rays Proof: Only 60 known, worth $30,000 to $75,000

• 1880: Lowest circulation mintage, worth $2,750 to $125,000

Liberty Head Key Dates

• 1913: Only 5 known, record sale in 2010 for $3.7 million

• 1912-S: Lowest circulation mintage, worth $140 to $12,500

• 1885: Second lowest circulation mintage, worth $375 to $35,000

• 1886: Third lowest circulation mintage, worth $175 to $75,000

Pictured above: Obverse & reverse of key date 1913 Proof Liberty Head nickel, graded PR-66 by PCGS (the finest grade known for this issue) | Image credit: PCGS CoinFacts, Free use

Indian Head (Buffalo) Key Dates

• 1913-S Type 1: Low mintage, worth $100 to over $79,000

• 1926-S: Lowest circulation mintage, worth up to $322,000

• 1916/16 DDO: Doubling on “16” in mintage year, worth $2,500 to $155,000

• 1937-D “Three Legs”: Die contact error erased one of buffalo’s legs, worth $350 to $110,000

Jefferson Key Dates

• 1942-1945 Wartime Varieties: Worth $5 to $20,000

• 1971 No S Proof: Only error coin missing mint mark in the series, worth $800 to $4,500

• 1994-P and 1997-P SMS: Special strikes & second lowest mintage for circulation issues, worth $10 to $900

• 1939 Doubled Monticello: Doubled-die reverse, most dramatic on word “MONTICELLO,” worth $120 to $11,500

Regardless of where your nickel coin collection starts, there are plenty of options to choose from, both historic and yet-to-be-seen editions.

Pictured above: Close up of doubling on reverse of 1939 "Doubled Monticello" Jefferson nickel | Image credit: PCGS CoinFacts, Free use

Nickel Coins: Lustrous Underdogs of Numismatics

Today, five cents isn’t a lot, and some have advocated abolishing nickels. But these unique coins have historic value, representing key shifts in American culture over the years.

Whether you collect Shield, Liberty Head, Indian Head, Jefferson varieties — or another country’s five-cent coin — nickels coins one-of-a-kind additions to any collection.

Buy nickel coins today!