Interview With Bernard Orgovan, A Jefferson Nickel Expert

The following is an interview that I did with Bernard Orgovan, a coin collector, coin dealer, and Jefferson nickel expert. As a coin collector and coin dealer, Bernard specializes in Jefferson nickels. I met Bernard on the CoinTalk Forums where he has been nice enough to help me learn how to get started collecting full step Jefferson nickels.  After reading this interview, I encourage you to check out Bernard’s online coin store at www.bigbcoins.com.  Now, on with the interview.

Bernard, thank you for agreeing to do this interview. As we have discussed, I am interested in collecting full step Jefferson nickels. Thank you very much for agreeing to help me to get started in collecting full step jeffersons nickels.

I have read your about page on your site, Big B Coins,  where you state that you specialize in collecting and dealing Jefferson nickels.

What led you to specialize in collecting Jefferson nickels?

Bernard: I was first attracted to Jefferson nickels because I believed that they were a good value. Once I started studying the series, I became enamored with the design; I think it is a beautifully-designed coin.

Why do you like to collect full step nickels?

Bernard: I like to look for full-step nickels primarily for the challenge. While the coin design is beautiful, there are two reasons why Jefferson nickels are not often found with full steps. First, the copper-nickel alloy is very hard. For this reason, high striking pressures have to be used, and this often resulted in dies wearing out quickly. Second, the high point of Jefferson’s hair on the obverse corresponds with the steps on the reverse. This means that only well-struck coins will have full steps. Collectors of all series try to find well-struck coins, for instance, full-split-band Mercury dimes or full-head Standing Liberty quarters.

Where should a beginning coin collector go to find full step Jeffersons? Can you find them in coin rolls from banks? Is it worthwhile to buy uncirculated rolls of nickels?

Bernard: A beginning collector should not necessarily start trying to collect full-step Jeffersons, because it is very challenging, and someone may get discouraged easily. However, if a collector is inclined and motivated, then they will find this to be a very rewarding quest.

Modern Jefferson nickels, from the 1990s to present, almost all have full steps. Because of design changes and improvements in coin presses, these are relatively easy to locate, and can be found in circulation, or in rolls from the bank. Earlier full-step coins are almost impossible to locate in this fashion, though, and are usually found in one of two ways. First, you can purchase individual coins from dealers that have been well-preserved. Sometimes dealers will have full-step coins set aside and marked as such. Often, though, dealers aren’t aware that their nickels have full steps, or don’t want to be bothered looking. This presents a bargain-hunting opportunity for a collector who does want to take the time. A coin worth several hundreds of dollars can be purchased for only a couple of dollars, if you take the time to look carefully.

On the other hand, you need to be aware of coin dealers who will label a coin “full steps” when it is not actually. While there are varying opinions on exactly what constitutes full steps, the market has generally decided that 5 full steps, without breaks, is acceptable. Most technically, the design has 6 steps, but for many dates in the series, 6-step coins are unknown. Collectors, then, seek the best coins they can find, which often results in having to use a 5-step coin, or sometimes even 4.

If you want to purchase older rolls to hunt for full steps, you should be aware that many of these coins have been searched already. Your best bet is to purchase original, bankwrapped rolls that have never been opened. These, however, are few and far between, not to mention expensive.

I know that a lot of coin collectors have a hard time telling whether or not a particular nickel has full steps. Could you tell me how you determine whether a nickel is a full step nickel?

Bernard: Sure. If you look at the reverse of a nickel from 1938-2003 (the design changed in 2004), look closely at the steps of Monticello. You will hopefully see horizontal lines that represent the steps. These steps are supposed to be complete, from left to right, going under all 4 pillars, completely uninterrupted. They do not have to be strong, just complete. I highly recommend you use a loupe or magnifying glass (I use a 10x loupe) to look at the steps, as small details are important here. You don’t want to have any nicks breaking the continuity of the steps.

Since this is a highly visual concept that I’m trying to describe, I would refer the reader to the best reference I have seen for counting steps:

http://varietynickels.com/pages/jefferson-nickel/grading/understanding-full-steps.php

This will make very clear how to look for full steps, as well as an alternate method of counting steps, called the “four quarter step count.” I use this method personally, and I find it to be much more accurate. In this technique, one counts the number of steps visible under each pillar. If I say a nickel has two full steps, that doesn’t tell you much, but if I say the step count is 5-3-2-5, then you have a much better picture of what the steps look like.

As a coin dealer specializing in selling Jefferson nickels, are there any Jeffersons that you think will be particularly good investments?

Bernard: I want to be careful in answering this question, because I don’t sell coins as investments, and you should be wary of anyone who does. While coins may increase in value, they may decrease as well. Coins should primarily be collected because you enjoy them. If they happen to make money for you too, well that’s great.

That being said, coins in the Jefferson series have been trending upward lately. As with any series, key date coins are the ones most likely to increase in value. For the Jefferson series, there are no major rarities (which is one of the reasons it’s a good series to collect) but the rarest dates are 1950-D, 1939-D, 1939-S, 1938-D, and 1938-S. For the market right now, I think 1950-D coins are a great buy. The 1950-D nickel is also a great example of why not to invest in coins! About 30 years ago, an average uncirculated 1950-D nickel sold for as much as $50. Today you can buy the same coin for $15-20. They are on the way back up, but it will be awhile before they reach their previous levels.

Let me take a moment to go on a tangent and talk about the relative rarity of the two key coins to this set: The 1950-D and 1939-D. The 1950-D has the lowest mintage of the series, but it was known at the time it was being released that it was a low mintage coin, so many of these coins were set aside by collectors and dealers. In fact, I would venture to say that there are far more uncirculated 1950-D nickels than there are circulated ones! You can buy a circulated 1950-D coin for about $10, and an uncirculated one for about $15-20! Now, the 1939-D has a higher mintage, but very few of these exist in mint state. So, you can buy a circulated 1939-D coin for $5-6, but an average uncirculated one (say MS-63) will cost nearly $100.

End of Interview

Again, I would like to thank Bernard for helping me personally with learning how to collect full step Jefferson nickels.  I would also like to thank Bernard for agreeing to this interview.  I think that Bernard has provided some great information for both beginner coin collectors and old pros.

I encourage you to check out Bernard’s coin store.  Bernard is looking through his inventory of Jefferson nickels to find me some nice full step nickels.  I am sure that he will provide you with similar great service.

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5 Responses to “Interview With Bernard Orgovan, A Jefferson Nickel Expert”

1. Nick Says:
   January 8th, 2009 at 10:34 am

   Thanks for the link to your blog, what a nice surprise. Very well written, interesting and informative. I will be sure to stop by often!

   -Nick (CT user pghpanthers2)

2. Coinblogger Says:
   January 8th, 2009 at 11:23 am

   Nick,

   Thank you so much for stopping by and leaving a comment. I hope that you stop by often!!

   Thanks,
   Fred

3. Dave Stuydent Says:
   January 27th, 2009 at 9:00 pm

   thanks for the interview. The Jefferson nickel is one of my favorites too. Learning about the steps is just another piece of knowlege I was missing. Many thanx.

4. Jim Reichel Says:
   July 9th, 2009 at 6:39 pm

   Excellent read and ty for the description of full steps. Quite a bit different than what I had heard before, but actually makes more sense.

   thanks,
   Jim

5. Randy @ 1936 Buffalo Head Nickel Says:
   July 16th, 2009 at 8:04 pm

   Hi, I really have enjoyed your site. Thank You.

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