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1949 Jefferson Nickel Value: Price Guide & Worth
1949 Jefferson Nickel values range from $0.10 to $32,900. Learn about Full Steps designation, D/S overmintmark variety, and how to identify valuable 1949 nickels.
The 1949 Jefferson Nickel is worth $0.10 to $32,900 depending on mint mark, condition, and strike quality.
- Circulated (G-4 to AU-50): $0.10 $2.25
- Uncirculated (MS-60 to MS-67): $2 $825
- Full Steps designation: $10 $15,275 (exponential premium)
- 1949-D/S Overmintmark variety: $30 $32,900 (key variety)
The Full Steps (FS) designation is the single most important value driver. Well-struck 1949-P and 1949-D coins are exceptionally rare due to poor mint craftsmanship that year.
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1949 Jefferson Nickel: Overview and Value
The 1949 Jefferson Nickel represents a fascinating case of conditional rarity in American numismatics. While over 106 million coins were struck across three mintsPhiladelphia, Denver, and San Franciscothe year is notorious for exceptionally poor strike quality at the Philadelphia and Denver facilities. This creates a paradox: common in circulated grades, but extraordinarily rare in top-tier gem condition with Full Steps.
1949 Jefferson Nickel featuring Felix Schlag's original design
The most valuable issue is the 1949-D/S Overmintmark variety, which combines the year's rarest die variety with the scarcest strike characteristic (Full Steps) to create a coin worth up to $32,900. This guide examines values, identification techniques, and grading standards for all 1949 Jefferson Nickel issues.
How to Identify a 1949 Jefferson Nickel
All 1949 Jefferson Nickels feature Felix Schlag's original design, which won a 1938 competition. The obverse displays a left-facing bust of Thomas Jefferson, with the motto "IN GOD WE TRUST" to the left and "LIBERTY * 1949" to the right. The reverse depicts Jefferson's Virginia home, Monticello, with "E PLURIBUS UNUM" above and "MONTICELLO," "FIVE CENTS," and "UNITED STATES OF AMERICA" below.
Mint mark location: to the right of Monticello, between building and rim
The mint mark location for 1949 is on the reverse, to the right of Monticello, between the building and the rim. Three mint configurations exist:
- 1949 (P) Philadelphia: No mint mark (60,652,000 minted)
- 1949-D Denver: Small "D" mint mark (36,498,000 minted)
- 1949-S San Francisco: Small "S" mint mark (9,716,000 minted)
The composition is 75% Copper and 25% Nickel, with a total weight of 5.00 grams and diameter of 21.20 millimeters. The edge is plain. Important: The "FS" initials below Jefferson's portrait are the designer's initials (Felix Schlag) and have no relation to the Full Steps grading designation.
1949 Jefferson Nickel Price Guide
Values vary dramatically based on three factors: mint mark, condition, andmost criticallythe Full Steps (FS) designation. The 1949 series presents a classic conditional rarity scenario where high-mintage coins become exceptionally valuable in top grades due to poor strike quality.
1949 (P) Philadelphia Nickel
With over 60 million struck, this is the highest-mintage issue of the year. However, the Philadelphia mint suffered from notoriously poor craftsmanship in 1949, with overused dies producing weak strikes. This makes MS-65 and higher coins scarce, and Full Steps examples exceedingly rare.
| Grade | Value (Standard Strike) |
|---|---|
| G-4 | $0.10 - $0.25 |
| VF-20 | $0.25 - $0.50 |
| EF-40 | $0.50 - $1.00 |
| AU-50 | $1.00 - $1.75 |
| MS-60 | $2.00 - $4.00 |
| MS-63 | $7.00 - $10.00 |
| MS-65 | $25.00 - $37.00 |
| MS-67 | ~$825 |
Auction record: $1,120(PCGS MS67, PCGS Auction Prices)
| Grade | Value (Full Steps) |
|---|---|
| MS-63 FS | $150 - $200 |
| MS-64 FS | $300 - $450 |
| MS-65 FS | $1,200 - $1,750 |
| MS-66 FS | $5,000 - $7,000 |
Auction record: $7,695(MS66+ FS, Bullion Shark)
1949-D Denver Nickel
The Denver mint struck 36.5 million nickels in 1949, making this a common coin in circulated and lower uncirculated grades. Like Philadelphia, Denver suffered from strike quality issues. Full Steps examples in MS-67 are exceptionally rare, with PCGS estimating fewer than a dozen known.
| Grade | Value (Standard Strike) |
|---|---|
| G-4 | $0.10 - $0.25 |
| VF-20 | $0.25 - $0.50 |
| EF-40 | $1.00 - $2.00 |
| AU-50 | $1.00 - $1.75 |
| MS-60 | $3.00 - $5.00 |
| MS-63 | $6.00 - $8.00 |
| MS-65 | $22.00 - $25.00 |
| MS-67 | ~$800 |
Auction record: $1,323(MS67, Gainesville Coins)
| Grade | Value (Full Steps) |
|---|---|
| MS-63 FS | $10.00 - $22.00 |
| MS-64 FS | $34.00 - $38.00 |
| MS-65 FS | $40.00 - $50.00 |
| MS-66 FS | ~$165 |
| MS-67 FS | ~$2,250 |
Auction record: $8,625(MS67 FS, PCGS CoinFacts)
1949-S San Francisco Nickel
The 1949-S has the lowest mintage of the year at 9.7 million. However, San Francisco produced higher-quality strikes than Philadelphia or Denver, making gem examples more available. This explains why non-FS MS-67 specimens are valued lower than their P or D counterparts despite lower mintage. Full Steps examples remain extremely rare and highly valuable.
| Grade | Value (Standard Strike) |
|---|---|
| G-4 | $0.10 - $0.25 |
| VF-20 | $0.50 - $1.00 |
| EF-40 | $1.00 - $2.00 |
| AU-50 | $1.00 - $2.25 |
| MS-60 | ~$5.00 |
| MS-63 | ~$8.00 |
| MS-65 | ~$22.00 |
| MS-67 | ~$110 |
Auction record: $571(MS67, Gainesville Coins)
| Grade | Value (Full Steps) |
|---|---|
| MS-63 FS | ~$110 |
| MS-64 FS | $150 - $200 |
| MS-65 FS | $215 - $285 |
| MS-66 FS | $1,000 - $2,225 |
| MS-67 FS | $12,000 - $15,000 |
Auction record: $15,275(MS67 FS, Gainesville Coins / PCGS)
Melt Value Note
Based on November 2025 commodity prices, the intrinsic metal value of a 1949 Jefferson Nickel is approximately $0.06 (75% copper at ~$4.97/lb, 25% nickel at ~$6.75/lb). This is negligible and does not represent a value floor for these coins.
Grading 1949 Jefferson Nickels
Grading 1949 Jefferson Nickels requires understanding both wear progression and strike quality. The notorious weak strikes from Philadelphia and Denver mean that even uncirculated coins may lack sharp details, particularly on the Monticello steps.
Grade progression: circulated to uncirculated conditions
Good-4 (G-4): Heavy wear with date barely visible. Jefferson's portrait is outlined but lacks detail. On the reverse, Monticello is a flat outline with no architectural features distinguishable. Rim may be worn to the tops of letters.
Very Fine-20 (VF-20): Moderate wear with all major design elements visible but flattened on high points. Jefferson's cheekbone shows wear, and hairlines merge. On the reverse, the triangular pediment remains clear, but the steps of Monticello are worn smooth or show only 1-2 steps.
Extremely Fine-40 (EF-40): Light wear on highest points. Jefferson's cheek shows slight flattening, and some hairline detail is lost. The triangular pediment is well-defined, and 3-4 steps may be visible on Monticello, though not fully separated.
About Uncirculated-50 (AU-50): Trace of wear only on Jefferson's cheekbone and highest hair curls. On the reverse, slight wear visible on the center of Monticello's roof. Retains 50-75% of original mint luster.
Key areas to check for wear: cheekbone, hairlines, and steps
Mint State-60 to MS-63: No wear, but may have heavy contact marks, poor luster, or weak strike. The distinction between these grades depends on the number and severity of contact marks and overall eye appeal. Steps on Monticello are typically incomplete or blended.
Mint State-64 to MS-65: Above-average to choice uncirculated. Fewer and less severe contact marks. Original mint luster is strong. MS-65 coins show only minor marks visible without magnification. Strike quality varieseven MS-65 coins rarely show Full Steps for 1949-P and 1949-D issues.
Mint State-66 to MS-67: Premium to superb gem quality. MS-66 coins have minimal contact marks, all minor and inconspicuous. MS-67 specimens are nearly flawless with exceptional eye appeal and strong luster. For 1949-P and 1949-D, these grades are extremely rare regardless of Full Steps designation.
Full Steps vs standard strike: the critical value factor for 1949 nickels
Full Steps Designation
The Full Steps (FS) designation is awarded only to business strikes showing sharp, complete definition of Monticello's steps. PCGS requires five full and separate steps with no significant interruption from weak strike, planchet flaw, or contact mark. NGC uses 5FS (five full steps) and 6FS (six uninterrupted steps) designations. This designation creates exponentially higher values, particularly for 1949-P and 1949-D issues where sharp strikes are exceptionally rare.
Strike quality variations: common in 1949 Philadelphia and Denver issues
1949 Jefferson Nickel Die Varieties
Several die varieties exist for 1949, ranging from a major, highly valuable overmintmark to minor doubled dies of specialist interest. The 1949-D/S Overmintmark is the most significant and valuable variety of the year.
1949-D/S Overmintmark (OMM)
This major variety was created when a reverse die originally punched with an "S" for the San Francisco mint was improperly sent to the Denver mint, where a "D" mint mark was punched directly over the "S". This is the key variety for 1949 and holds the auction record for the entire year.
1949-D/S OMM: Key variety with remnants of S visible under D mint mark
Diagnostic Features: Under magnification, remnants of the underlying "S" (particularly its curves) can be seen protruding from beneath the primary "D" mint mark. The underlying "S" should appear under the "D," consistent with one punch overriding another, not as a tooled or scratched addition.
Attributions: PCGS #4039 (Standard Strike), PCGS #84039 (Full Steps), NGC FS-501
| Grade | Value (Standard Strike) |
|---|---|
| G-4 | $30 - $35 |
| VF-20 | $38 - $50 |
| EF-40 | ~$65 |
| AU-50 | ~$95 |
| MS-60 | ~$150 |
| MS-63 | ~$225 |
| MS-65 | $475 - $481 |
| MS-66 | ~$775 |
| MS-67 | ~$2,500 |
Auction record (standard): $2,585(MS67, PCGS CoinFacts)
| Grade | Value (Full Steps) |
|---|---|
| MS-60 FS | ~$175 |
| MS-63 FS | $300 - $400 |
| MS-65 FS | $1,500 - $2,500 |
| MS-66 FS | $7,500 - $10,000 |
Auction record (Full Steps): $32,900(PCGS Auction Prices)
Authentication Critical
The high value of the 1949-D/S variety creates strong incentive for forgery. Altered coins with added or tooled mint marks exist. Any "raw" (uncertified) 1949-D/S should be authenticated by PCGS or NGC before purchase. A genuine overmintmark shows remnants of the "S" beneath the "D" as one punch overlapping another, not as surface scratches or added tooling.
Repunched Mint Marks (RPMs)
Several minor repunched mint mark varieties exist for both Denver and San Francisco issues. These varieties show slight rotation or misplacement of the mint mark punch and are of interest primarily to specialists.
1949-D RPMs: Multiple varieties cataloged (RPM-001 through RPM-004), including D/D Rotated CW and D/D South placements. Gem BU examples may trade in the $21 to $38 range.
1949-S RPMs: Multiple varieties cataloged (RPM-001 through RPM-004), including S/S Rotated CCW and S/S West placements. These carry minimal premiums, likely $10 to $30 for uncirculated specimens.
Doubled Die Varieties
Several minor doubled die varieties are cataloged by specialists. These are typically not prominent enough to receive Cherrypickers (FS) designation from major grading services and add negligible value outside specialist circles:
- 1949 WDDO-001: Class V (Pivoted) doubling visible on LIBERTY, the star, and the date
- 1949 WDDR-001: Class II doubling on E PLURIBUS UNUM
- 1949-D WDDR-001: Class II doubling on E PLURIBUS UNUM and AMERICA
- 1949-D WDDR-002: Class VIII doubling showing portion of an extra step
- 1949-S WDDO-001: Class I (Rotated) doubling on IN GOD WE TRUST, LIBERTY, star, and date
- 1949-S WDDR varieties (001, 002, 003): Various Class II doubled reverses on E PLURIBUS UNUM
1949 Jefferson Nickel Mint Errors
Mint errors are unique production mistakes valued based on their severity, visibility, and whether the date and mint mark remain identifiable. The following error types have been documented for 1949 Jefferson Nickels.
Off-Center Strikes: The coin was improperly seated in the press and struck outside the center of the dies, leaving part of the design missing. Value depends heavily on the percentage off-center. Minor 10-20% off-center strikes are less valuable, while 50-75% off-center strikes with a full date visible are most desirable. Documented 1949 examples trade for $30 to $250, with specific offerings at $240 for both 1949-P and 1949-D specimens.
Lamination Errors: A planchet flaw where a piece of metal has flaked or peeled from the coin's surface. This is a relatively common and minor error type. A 1949-S "BU Uncirculated" lamination error has been offered at $19.99, with typical values ranging $10 to $25.
Broadstrikes: The coin was struck outside of its retaining collar, causing the metal to spread and resulting in a larger diameter and plain edge (instead of the normal reeded edge for Jefferson Nickels). While no 1949-specific auction data was provided in source materials, general Jefferson Nickel broadstrikes trade from approximately $15 (circulated XF) to $200 (MS-63).
Multi-Error Coins: Coins exhibiting two or more distinct mint errors command significant premiums. A remarkable 1949 example combining the D/S Overmintmark variety with a 75% Off-Center strike was sold at auction in 2008. Such pieces combining a major die variety with a major striking error can be valued at $500+, with values varying dramatically based on the specific error combination and grade.
Error Valuation Factors
Error coin values depend on: (1) visibility and dramatic nature of the error, (2) whether the date and mint mark remain identifiable, (3) overall condition, and (4) rarity of the specific error type. Off-center strikes and broadstrikes are generally more valuable than laminations. Multi-error coins combining different mistake types can achieve exponentially higher prices.
Authenticating 1949 Jefferson Nickels
Authentication concerns for 1949 Jefferson Nickels center on three primary issues: the valuable 1949-D/S overmintmark variety, altered or added mint marks, and cleaned or processed surfaces that masquerade as original mint state.
The high value of the 1949-D/S overmintmark creates strong incentive for forgery. Counterfeiters may attempt to add a mint mark to a common 1949-P coin or tool an "S" onto a genuine 1949-D to simulate the valuable variety. On an authentic 1949-D/S, the underlying "S" should appear beneath the "D" as one punch overlapping another, with the "S" curves protruding naturally from under the primary mint mark. A forged version will show tooling marks, an unnatural "pasted on" appearance, or surface scratches that appear added rather than resulting from the minting process. Any raw (uncertified) 1949-D/S should be authenticated by PCGS or NGC before purchase.
Cleaned vs original: hairlines and altered luster indicate cleaning
Added or altered mint marks on other issues are also a concern. Examine the mint mark area under magnification for differences in toning or luster compared to surrounding metal, which may indicate an added mint mark. Look for tooling marks, unnatural edges, or a "raised" appearance inconsistent with the struck nature of genuine mint marks.
Cleaned coins present another authentication challenge. Warning signs include fine, parallel hairline scratches across the coin's fields (often in a circular pattern from "whizzing" or polishing), unnaturally bright and shiny surfaces, dull or "lifeless" luster, and loss of the natural "cartwheel" effect (a rotating band of light visible when tilting a genuine uncirculated coin). Residue buildup of polishing agents may be visible in design crevices around letters and numbers. Cleaned coins will not receive numerical grades from professional services and instead receive "Details" grades (e.g., "EF Details - Cleaned"), which drastically reduces value.
The famous "Henning Nickel" counterfeits from the 1950s do not include 1949 as a known date. Known Henning dates are 1939, 1944, 1946, 1947, and 1953. These counterfeits are typically overweight (approximately 5.4 grams versus the correct 5.0 grams) and often feature a distinctive "looped" or flawed "R" in "PLURIBUS." While 1949 collectors need not worry about Henning counterfeits, awareness of their existence in the Jefferson Nickel series is valuable.
Preserving Your 1949 Jefferson Nickel
Proper storage and handling are essential to maintaining the value of collectible coins. Copper-nickel alloy coins like the 1949 Jefferson Nickel are susceptible to environmental damage, contact marks, and surface deterioration if improperly stored.
Store coins in inert, PVC-free holders such as Mylar 2x2 flips or certified holder "slabs" from PCGS or NGC. Avoid PVC-containing "soft" plastic flips, which can cause green verdigris damage over time. Keep coins in a stable environment with moderate temperature and low humidityavoid attics, basements, or anywhere with temperature fluctuations. Store away from direct sunlight, which can cause uneven toning.
Handle coins only by their edges, never touching obverse or reverse surfaces. Even clean fingers deposit oils and acids that can cause spotting or toning over time. For uncertified coins, wear cotton gloves or use soft, lint-free cloth when necessary. Never clean, polish, or attempt to "improve" a cointhis permanently damages the original surface and destroys numismatic value. Professional grading services will not assign numerical grades to cleaned coins.
For valuable coins, particularly Full Steps specimens or the 1949-D/S variety, professional certification by PCGS or NGC provides both authentication and protection in a tamper-evident holder. This certification also significantly enhances liquidity when selling, as buyers have confidence in the grade and authenticity. Even lower-value coins benefit from proper storage in archival-quality holders to maintain their condition for future generations.
Frequently Asked Questions
How much is my 1949 Jefferson Nickel worth?Value ranges from $0.10 for heavily circulated examples to $32,900 for the finest known examples. Standard circulated coins (G-4 to AU-50) are worth $0.10 to $2.25. Uncirculated examples without Full Steps designation range from $2 to $825 depending on grade and mint mark. Full Steps specimens command exponential premiums, from $10 to $15,275. The 1949-D/S overmintmark variety ranges from $30 in circulated grades to $32,900 for the finest Full Steps example.
The mint mark is located on the reverse (back) of the coin, to the right of Monticello, between the building and the rim. Look for a small letter: no mint mark indicates Philadelphia (P), "D" indicates Denver, and "S" indicates San Francisco. Use magnification if necessary. The designer's initials "FS" (Felix Schlag) below Jefferson's portrait on the obverse are not related to the mint mark or the Full Steps grading designation.
Full Steps (FS) is a special designation awarded to Jefferson Nickels with exceptionally sharp strikes showing complete, uninterrupted steps on the Monticello building on the reverse. PCGS requires five full and separate steps; NGC awards 5FS (five steps) or 6FS (six steps) designations. Because 1949-P and 1949-D nickels are notorious for weak strikes due to worn dies, Full Steps examples are extraordinarily rare and command exponential premiumsoften 10 to 50 times the value of non-FS coins in the same grade.
No. The 1949 Jefferson Nickel contains no silver. It is composed of 75% Copper and 25% Nickel, the standard post-war composition. The wartime silver alloy (35% silver) was used only from 1942-1945 and discontinued four years before 1949. Based on November 2025 commodity prices, the melt value is approximately $0.06, which is negligible compared to numismatic value.
The 1949-D/S is a major die variety where a reverse die originally punched with an "S" for San Francisco was sent to Denver, and a "D" was punched over the "S". Under magnification, you can see remnants of the underlying "S" curves protruding from beneath the primary "D" mint mark. This is the key variety of 1949, valued from $30 in circulated grades to $32,900 for the finest Full Steps example. Due to its value, authentication by PCGS or NGC is essential before purchase.
Professional grading is recommended for coins that appear to be MS-64 or higher, any coin that might qualify for Full Steps designation, or any suspected 1949-D/S overmintmark variety. Grading costs typically range from $20 to $75+ depending on service level and turnaround time. For coins valued under $100 in their current condition, grading may not be cost-effective. However, for potentially valuable specimens, certification provides authentication, assigns an impartial grade, and significantly enhances marketability and liquidity.
Despite the 1949-S having the lowest mintage (9.7 million versus 36.5 million for Denver and 60.6 million for Philadelphia), San Francisco produced higher-quality strikes. Philadelphia and Denver suffered from worn dies and poor craftsmanship in 1949, resulting in weak strikes with incomplete steps on Monticello. This makes well-struck, high-grade examples from P and D mints exceptionally rare and more valuable. The 1949-S is easier to find in gem grades without Full Steps, hence lower values for standard strikes despite lower mintage.
No. The U.S. Mint did not produce any Proof or Special Mint Set (SMS) nickels in 1949. The Proof program was suspended after 1942 due to World War II and did not resume until 1950. Some sources incorrectly reference a "proof version" of the 1949-S valued over $15,000this is actually a business strike graded MS-67 FS (Full Steps), not a Proof. The U.S. Mint did sell uncirculated "Mint Sets" in 1949 containing business strikes from all three mints, with an estimated 5,000 sets produced.
Store in inert, PVC-free holders such as Mylar 2x2 flips or certified slabs from PCGS/NGC. Never use "soft" PVC-containing flips, which cause green verdigris damage. Keep in a stable environment with moderate temperature and low humidity, away from direct sunlight. Handle only by edges, never touching surfaces. Do not clean, polish, or attempt to improve the cointhis permanently damages the surface and destroys value. For valuable specimens, professional certification in a tamper-evident holder provides both protection and authentication.
Several error types are documented: off-center strikes ($30-$250, with 50-75% off-center with full date most valuable), lamination errors ($10-$25, relatively common), broadstrikes ($15-$200 depending on grade), and multi-error coins combining different mistakes ($500+). A notable 1949 multi-error combined the D/S overmintmark variety with a 75% off-center strike. Error values depend on visibility, dramatic nature of the error, whether date and mint mark are identifiable, and overall condition.
Notable Auction Results for 1949 Nickels
Recent auction results demonstrate the dramatic value differences between standard strikes, Full Steps designations, and the key 1949-D/S overmintmark variety. These sales provide important market benchmarks for collectors.
The auction record for any 1949 Jefferson Nickel is held by a 1949-D/S Overmintmark with Full Steps designation, which realized $32,900. This specimen represents the convergence of the year's rarest die variety with its rarest strike characteristic, creating exponential value.
For standard 1949-D/S overmintmarks without Full Steps, an MS-67 specimen achieved $2,585. This demonstrates the significant premium even for the variety in top grades without the Full Steps designation.
Full Steps premiums are evident across all three mints. A 1949-S MS-67 FS realized $15,275, compared to just $571 for a standard MS-67. A 1949-D MS-67 FS brought $8,625 versus $1,323 for a non-FS MS-67. For Philadelphia, an MS-66+ FS achieved $7,695, while a standard MS-67 realized $1,120.
These results underscore the critical importance of strike quality for 1949 Jefferson Nickels. The Full Steps designation can increase value by factors of 10 to 50 times compared to non-FS examples in the same numerical grade. The 1949-D/S variety commands consistent premiums throughout the grade range, with values escalating dramatically in uncirculated grades, particularly when combined with Full Steps designation.
Price Guide Methodology
Values in this guide are compiled from multiple authoritative sources as of November 2025, including NGC Price Guide, PCGS CoinFacts and Auction Prices Realized, Gainesville Coins Price Guide, A Guide Book of United States Coins (Red Book), and verified dealer retail listings. Auction records are documented with specific sources and dates.
Prices represent fair market retail values for properly graded coins with original surfaces. Cleaned, damaged, or problem coins receive significantly lower "Details" grades and values. Market values fluctuate based on precious metal prices, collector demand, and availability. This guide serves as a reference point; actual transaction prices may vary. For coins valued over $500, professional certification by PCGS or NGC is strongly recommended to verify grade and authenticity.
Key sources consulted include: NGC Coin Explorer, PCGS CoinFacts, PCGS Auction Prices, Gainesville Coins Price Guide, Bullion Shark, and additional specialized references cited throughout this guide.
A note on images: To help illustrate coin diagnostics and rare varieties especially complex errors that are difficult to describe in text alone this guide uses AI-generated images. All written values, diagnostics, and variety attributions have been manually reviewed against the cited sources above. While our editorial team works to ensure every image is accurate and helpful, AI-generated illustrations may occasionally misrepresent fine details. If you spot any discrepancy between an image and its written description, please contact us or leave a comment below we review all feedback and correct errors promptly. Numismatic knowledge is a community effort, and your input helps us build a more accurate resource for everyone.