With the price of gold at historic highs, collecting valuable coins can be expensive and risky.  If you collect gold or silver coins, part of the price of the coins will be the value of the precious metal itself.  The second and third factors are the supply and demand for the coin.  How rare is the coin?  How many coin buyers want to buy the coin?

But, because the price of gold is so high, this adds risk to buy coins.  If the price of gold drops, your gold coins will drop in value too.

While this list is not meant to be a complete guide to investing in coins, I think that these tips are essential to know before you start buying and selling coins.

1.  Everyone is overgrading coins these days.  There is a trend within the industry to grade coins very high.  There are more MS 69 and MS 70 slabbed coins than I can remember.  If coin graders become more picky, your MS 70 coins may drop in value quickly.

2.  The coin market right now is getting infiltrated with counterfeit coins.  Chinese coin producers are selling fake US coins into the US coin market.  You have to be careful that you don’t purchase fake US coins.

3. You have to be able to determine that coins you are thinking about buying are not dipped or artificially toned.  If a coin looks too good to be true, it probably is.

4.  When investing in coins, you will be buying and holding coins for some time as wait for them appreciate in value or wait to find a buyer.  Given this you need to make sure that you store your coins in a way to ensure that the quality of the coins does not deteriorate over time.

These are just a few tips for making money coin collecting.  I hope that they help you to make money buying and selling coins.

A coin buying routine is like a golf putting routine.  When Tiger Woods gets ready to make a putt, he follows the same putting routine every time.  You need a similar routine when buying coins.

Any good putting routine takes the golfer from reviewing the layout of the green, to assessing the break of the shot, to addressing the ball, to determining how much force is needed, to striking the ball with your putter.  Having a similar routine for buying coins will give you a system for determining whether to buy a coin or move on to the next.

The coin buying mental game is no less important than having a good golf mental game.  The first thing that you must know is that there are tons of coins out there for you to buy.  Unless you are looking to buying an ultra rare coin, you don’t have to buy the first coin you see.  Take your time.  With a little patience, you will be able to buy a much better coin for your collection.

In today’s buy it now world, coin collectors are buying slabbed coins looking solely at the grading number.  Many of these coin buyers are not selective in their buying.  If they want to buy a 1921 high relief peace dollar graded MS-65, they look at a bunch of certified 1921 peace dollars and buy the first MS-65 they see.  But with a little patience and developing a good coin buying routine, you can buy the best MS-65 1921 high relief peace dollar with stunning eye appeal.

I have not mastered my coin buying routine, as the following steps are being improved as I gain more experience.  However, I do think that it is a pretty good system.  This system assumes that I am looking for a particular coin.  For this example, let’s assume that I am looking to buy a 1921 Peace Dollar.  The 1921 Peace Dollar is the high relief Peace Dollar which just so happens to be the first Peace Dollar ,minted.  It is one of the key date Peace Dollars and perfect for both a U.S. type set collection or the anchor for your Peace Dollar collection.

Here is the coin buying routine I use when looking to buy peace dollars.

1.  Know the grade you want to buy. The 1921 Peace dollar is a key date peace dollar and therefore is not a cheap coin.  The Red Book lists the price of the 1921 Peace Dollar at $120 for VF-20, $285 for MS-60, $775 for MS-64 and $2,500 for MS-65.  If you know that you don’t want to pay in the thousands, you might as well not look at MS-65 1921 Peace Dollars.  Likewise, if you don’t want a circulated Peace Dollar you might as well only look at Mint State coins.  For this example, I am going to  look for an MS-64 Peace Dollar.

2.  Look at the coin grade. Now that I know that I want to buy a MS-64 1921 Peace Dollar, I only look at coins graded MS-64.   Therefore, if I am looking through a dealer’s box of Peace Dollars, I will look at the dealer’s grade on his 1921 peace dollars.  This works great for slabbed coins, but can be a little more difficult for raw coins.  If you are looking at raw coins, you will have to use the rest of this coin buying routine to determine whether the coin is accurately graded.

3.  Determine if coin has good eye appeal. When I started my coin buying routine I learned a lot from Scott Travers’ One-Minute Coin Expert. However, Scott lists eye appeal as the last step in his coin buying routine.  But for the average coin collector, I think that eye appeal should be one of the first steps in determining whether to buy a coin.  If the coin doesn’t have good eye appeal, I don’t want to buy it.  Additionally, eye appeal is an easy tool to quickly weed out the dogs.

4.  Check the rim for dents or nicks. The next step is to start to check out the surfaces of the coin.  I like to start with the rim and move inward.  I find that most people focus on the picture on the coin and often miss imperfections on the rim and surfaces because they become myopic.

5.  Check the fields for scratches, wear, bag marks and other blemishes. These surface imperfections should not detract from the coin’s eye appeal.  If you are looking at MS-65 coins and below, the surfaces might have imperfections.  I don’t like to buy any coin with blemishes on key areas of the coin.  For the 1921 Peace dollar, I don’t want any coin with a mark on Miss Liberty’s face, neck or fields.

6.  Determine whether the coin has good luster. Determining mint luster is about determining how light reflects off the coin.  The more luster a coin has the more light will be reflected from the coin.

7.  Determine whether the toning of the coin is appealing. As coins age, they often tone.  As the coin’s metal interacts with the environment, the metal can turn colors.  Some toning is beautiful and some is unattractive.  When I look at a coins’ toning, I want to make sure that it is appealing and not artificial.

8.  Determine whether the coin has good details. The next step in my coin buying routine is determining whether the coin has a good strike.  Finding full detail coins is one of the most fun aspects of coin collecting for me.  I have written a lot here about collecting full step Jefferson Nickels.  Full Step Jefferson Nickels have a good strike.  Jefferson nickel collectors focus in on the steps of Monticello because this area of the nickel is a good indicator on whether the coin is fully struck.  If the Jefferson nickel has full steps, chances are the rest of the coin will be well struck.  Each coin series has its areas to look at to help determine whether the coin is fully struck.  Remember that just because a coin is Mint State does not mean that it is fully struck.  In fact, in my example of buying a 1921 Peace Dollar, the MS-64 description allows for some weakness in key areas of this coin.  Therefore finding a fully struck 1921 Peace Dollar will be extra special.

9.  Determine how much you are will to pay for the coin. The last step of my coin buying routine is determining the appropriate coin price.  Most coin guides list prices for average coins by grade.  If you have followed this coin buying guide and found a coin that passes all of the above tests, you have a beautiful coin in your hand.  This coin will not be average for its grade, it will be a primo coin.  Continuing with buying 1921 Peace Dollars, following this coin buying guide would have lead me to finding a primo 1921 Peace Dollar.  Chances are that this Peace Dollar is on the very high end of the MS-64 grading scale.  Therefore, since the coin is at the upper end, don’t be afraid to pay more for it.  Use the coin price guides to give you a ballpark price for an average coin of this grade and then determine how much more your are willing to pay for this primo coin.

Like any golfer, you need to consistently follow this coin buying routine everytime you look at buying a coin.  If you practice the steps outlined in this coin buying guide, this routine will become automatic.  You will consistently be able to buy the best coins in a given grade.  This will help you to build a superb coin collection that will be worth more money in the long run than the buyer who just looks at the grade on the certified slab.

I thought that it would be great to interview Jack about being a coin dealer and a Lincoln cent expert. After reading this interview, I encourage you to check out Jack’s online coin store at www.mesacoin.com. Now, on with the interview.

Jack, thank you for agreeing to do this interview. You are famous on CoinTalk and it is a pleasure for me to get to interview you.

How did you start collecting coins?

Jack: I started with the Whitman blue folders in the 1960′s.  My uncle Skip worked at a coin shop in Detroit and would tag me along to coinshows, the shop, etc.  He was my mentor and teacher. Sit and search wheat bags was my #1 job.

How did you move from collecting coins to becoming a coin dealer?

Jack: It became something that I lived and breathed.  There reached a point that I had too many coins, and had lost my focus. I found that I could move some of my extras and build on my collection with the extra money.

When did you start your coin store?

Jack: I started MesaCoin.com in 2008 as an experiment to see if I could beat Ebay at the coin game. I was able to sell for lower prices and provide one on one service to my customers on a much more personal basis.

What advice would you give a coin collector who wants to become a coin dealer?

Jack: ” Specialize.”  Don’t try to be everything to everybody, you’ll get lost in the mix.  Do one thing and do it well.

Do you only sell coins online at Mesa Coin or do you also sell offline?

Jack: The majority of my sales are behind the front lines.  Many of my purchases are for want list customers, and they never see the light of day on my website.  They are ” pre-sold ” at time of purchase.

What advice do you have specifically related to selling coins on an online store?

Jack: You will need to cater to the customer.  You are the liaison between the customer and the bourse.  As you develop customers, your #1 job is to understand their set and their needs.  Most people want a matching set in any given grade.  A picture archive is great.  You can look up your customers’ collections and make sure that the new one will fit.  And, you can dictate purchases to their specific needs.

What about Lincoln cents made you decide to specialize in them?

Jack: I became intrigued with the history and the simple beauty of the wheat cent.  And, as a business man, I know they are the most popularly collected coin in the world.   How can you go wrong with that?

If someone is wanting to start collecting Lincoln cents, what advice would you give them?

Jack: Buy the keys first, but be very careful.  Do not fall into the trap of buying what you plan on spending right now. Buy the books first and window shop.

Research the differences in grades.  Many are not that far apart. What you’ll want to do is budget your set, set a goal, and be realistic.

For example, why buy a F12 SVDB for $1200 when you can buy a VF-20 for $1350 or an XF for $1400.  This coin alone will probably dictate your collection, if you choose to do a “matched set.”

Figure out your budget in advance and start with the most expensive coins first, after your “education buys.”

What Lincoln cents do you think will experience the most appreciation over the long run?

Jack: The keys are the most popular. Avoid the modern registry fever coins, which translates to common dates/grades in plastic that cannot hold up. Pass on that MS-67 1955-S for $100, spend that $100 on an XF or AU semi-key.

Are there any sleeper Lincoln cents you would recommend we watch?

Jack: The 20′s decade is notorious for weakly struck and ugly coins. With some searching, you can learn to spot the primos. Dates that immediately come to mind are the 21-S, 23-S, 24-S, and all branch mint from 1925-1928 in SHARP fully struck and original condition, grades XF and above, AU is ideal. An XF/AU set is the most popular set I help build.

I have asked a lot of questions here.  If you feel there is a better way to elicit this information in a better manner, please don’t hesitate to freehand this interview.

Jack: First thing that is in order for a beginning Lincoln collector is the ” tuition box “.  Buy a roll of generic wheats, then experiment.  Here is your shopping list:

Brillo pad, wire brush, potato, a jar of dip, some ” MS-70 “, a smoker in the family, a dirty thumb, dandruff shampoo and Dellers Darkener, a jar of olive oil and a can of acetone, Q-tip….etc. etc.

Destroy that roll – try everything.  Learn to recognize a baked coin, a dipped coin and see what a Q-tip does to proofs.  Rub a BU common coin with your t-shirt. See how to recolor dipped copper with the sulfer based dandruff shampoo, then dip it again and heat it. Artificial tone them with the MS-70.  See what cigarette smoke, when blown repeatedly on a dipped coin, will do. Try to cover scratches with the dirt on your thumb.  See what burying a cleaned coin in an old envelope in your basement, backyard or on top your water heater for a summer will do.

You must arm yourself with an arsenal of knowledge, and be able to instantly recognize the signs of doctoring.

Buy every book you can find -  the Lange book, Sol Taylor, Doughtery, Wexler, read them twice, then read them again.  Knowledge is king.

End of Interview

Again, I would like to thank Jack for taking the time to share his thoughts about being a coin dealer and collecting Lincoln cents.

I encourage you to check out Jack’s coin store.  Jack’s reputation on the CoinTalk forum is superb.  If you are looking to put together a collection of Lincoln cents, I highly encourage you to check out his site.  I am sure that he will provide you with similar great service.

In a recent article by Mark Fergusen, a Coin Values Market Analyst, he writes about how Lincoln cents are in a spotlight.  In 2009, the United States Mint will be issuing four new lincoln cents with four new designs on the reverse of the lincoln cents.  These coins will depict four different stages of Lincoln’s life from his home in Kentucky, growing up in Indiana, starting his professional career in Illinois, and culminating in the Presidency.

As Fergusen points out in his article, this spotlight is causing Lincoln cent coin values to go up.  The price of the 1909-S V.D.B. lincoln is going up and so is the 1914-D lincoln cent.  These two coins, the 1909-S V.D.B. lincoln cent and the 1914-D lincoln cent, are the key date lincoln cents.  They are the bellweather for lincoln coin values generally.  If the price on these key date lincoln cents is going up, most lincoln cents values will follow.  However, typically they will not appreciate as much as the key date coins.

If you are a lincoln cent collector, prepare for prices on these coins to go up in 2009.  As I mentioned in my article on the hottest coins to buy in 2009, the 2009 lincoln cents and lincoln cent collections generally will be the best coins in 2009.

Do you think that lincoln cent coin values will go up in 2009?  Please share your thoughts in the comments below.

CoinLink has a great recap of the FUN coin show that just took place.  In this article Legend Numismatics discusses the current state of the coin market.  For anyone investing in coins, it is a must read article.

Legend Numismatics states that the coin market is down 10%-20% from its highs in the summer of 2008.  As an investor, looking at declines of only 10%-20% actually doesn’t look too bad to me.  The stock market and bond market experienced huge sell offs during this period.  All and all, the coin market has held its value pretty well.  However, as an investor investing in coins, I would like to see a larger correction.

What did you say Fred?  You heard me right.  I want to see prices really fall on coins.

Bear markets and market corrections can be a great opportunity for investors.  And, this also holds true for collectors investing in coins.

No matter what type of investment you are thinking about making, the most important part of making money investing is the price at which you buy.  If you buy at a low price, you will probably make money investing in coins.  However, it doesn’t matter what coin you buy, if you pay too much for it, you may never experience a gain.  This concept holds true whether you are investing in real estate, investing in stocks or investing in coins.

Let’s take a look at investing in stocks.  Most people are quite smitten with Apple computers rigth now.  On February 25, 2008, AAPL was selling for $125.  Between the week of February 25 and May 12, 2008 the Apple stock price went up $58 or 46%.  That is great!  However, if you bought apple stock on December 24, 2007 instead of February 25, 2008, you would have paid too much for AAPL stock.  In December 24, 2007 AAPL stock traded for $199 a share.  Therefore, you would have lost money investin in Apple Computers.

Investing in coins is the same as investing in stocks.  If you buy at a good price your put yourself in the best position to make money.  However, if you buy at too high a price, you might never make your money back.

Investing in coins in a bull market presents some opportunities to buy coins at low prices.  If a coin has decreased 20% in the last 6 months, let’s hope that when the coin market improves that same coin can will quickly go up in value that same 20%.  This is certainly not a certainty, but if the coin is a high quality coin, investing in coins in a bear market might be a great way for you to make money collecting coins.

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.

1/2 Oz. Gold Buffalo Coin

I am very impressed by how much these products are currently selling on Ebay for.  The 2008-W Uncirculated Gold Buffalo 1 oz. gold coin has gone up in price by 50%.  The 1/10 oz. gold buffalo coin is selling for 112% more than the US Mint sold this coin for.  The 2008-W Uncirculated Gold Buffalo 4 coin set has gone up by 56%.  I am shocked by these staggering premiums.

In addition to being surprised by the premiums being paid on the above gold buffalo coins, I am confused by the price performance of the 1/2 oz. gold buffalo coins.  Unlike the huge premiums being paid for the 1 ounce gold coins and the one-tenth ounce gold coins, the premium being paid for the half ounce gold coins is only 24%.

This lower premium is not just associated with the half ounce uncirculated gold buffalo coin.  The 2008 proof half ounce gold coin, 2008 half ounce uncirculated platinum eagle, and half ounce proof platinum eagle coin all performed worse than the other fractional coins.

Does anyone know why the 1/2 ounce coins are performing worse than the other fractional coins?  I am sure there is something that I am missing here, but it is strange that the half ounce coins all did worse.

Traver divides coin collectors into four types of individuals – accumulator, collector, collector/investor, and investor.  The accumulator coin collector is one who throughout life saves a coin here and there when he finds a coin of interest.  These coin collectors tend to be the type that find an unusual coin in pocket change and then saves the coin.

The second type of coin collector that Traver specifies is collector.  Collectors collect coins solely for the aesthetic beauty of the coins with no regard for their economic value.

I will skip the third type and move right to the fourth coin collector type – the investor.  The investor coin collector is one who is focused solely on investing in coins and then selling it for a profit in the future.  This type of coin collector does not care about coin history or the design of coins.  They see coins as an investment vehicle no different than buying shares of stock in a company.

I skipped the fourth type of coin collector becuase it is a hybrid between the collector and the investor.  These coin collectors collect coins because they love coins and with the hope of turning a profit through their coin investments.  Traver believes that very few coin collectors fall solely into the collector category or the investor category.  Instead, most coin collectors love coins for their history, artistry and value.

I certainly fall into this collector/investor category.  I collect US coins because I love the way they look.  I love the history behind each coin.  And, I hope to accumulate an investment asset with my coin collection.

But, in some ways I disagree with the linear nature of Travers coin spectrum.  I don’t actually think that coin collectors fall on one point on this spectrum.  At times I am an accumulator.  At times I am an investor.  Other times I collect coins solely for their beauty with no hope that they will go up in value.

Here is an example that I think we all can relate to.  I love to collect Jefferson nickels.  But, deep down, my Jefferson nickel collection is not about investing in coins.  I don’t really think that this collection will go up in value that much.  Instead, I am collecting these Jefferson nickels because I love Thomas Jefferson and I love the look of these US coins.

So what type of coin collector are you?  I would love to hear your thoughts on this topic.

2007 American Eagle Platinum Coin

The price of gold and the price of silver have also decreased during this time period, but the price of platinum has fallen even more.  The price of platinum has been affected by the turmoil in the auto industry.  Platinum is used in some key components in cars.  Since car production is way down since July 2008, the demand for platinum has fallen significantly.  As the demand has fallen, so has the price of platinum.

Does the low price of platinum present an opportunity to invest in platinum coins?  Well, if I knew that, I would be a very wealthy man.  Knowing whether platinum will go up in price is beyond my expertise.  But, I am intrigued by how much it has fallen.  If you are looking to invest in platinum coins, you should be able to buy them for much cheaper than you could 6 months ago.  The question is whether the price of platinum will continue to go down or climb back up.

If you believe that platinum has reached a bottom, then now is the time to invest in platinum coins.  However, despite the auto bailout, the turmoil in the auto industry could continue to pull down the price of platinum.  Remember rule #1 of investing in coins.  You make your money buy buying coins at a good price.  The buy phase is where you make your money.

So, will you invest in platinum coins in 2009?

1938-D
1938-S
1939-D
1939-S
1950-D

According to David Bowers in The Official Red Book a Guide Book of Buffalo and Jefferson Nickels: Complete Source for History, Grading, and Values (Official Red Books), a set of these key date Jefferson nickels should only cost about $395 in Mint State 66.  This number will go up dramatically if you want Full Step Jefferson nickels in each of these key dates.

1938-D – MS66 – $40
1938-S – MS66 – $20
1939-D – MS66 – $125
1939-S – MS66 – $150
1950-D – MS66 – $60

While $395 is nothing to sneeze at, it is a lot cheaper than what you will have to spend on other US coins key dates.  As you know, I am planning on building a nickel type set collection.  For my Jefferson nickel representing the design from 1938 – 1965 in regular alloy, without initials, my us coin will be a key date Jefferson nickel.  I want to find a 1938-D 5 full step nickel.