One of my dreams is to travel across the United States following the footsteps of Lewis and Clark.  Few things are as American as exploring unknown lands.  The Westward Journey nickels celebrates the exploration of the Louisana Purchase Land.

The Westward Journey Nicke Series is comprised of four US nickels – the 2004-P nickel, 2004-D nickel, 2005-P nickel and 2005-D nickel.  Additionally, after 2005 the design of the 2006 nickel to the present has a different obverse than the pre-2004 nickels.

2004 Louisiana Purchase Peace Nickel

2004 Nickel

The 2004 Louisiana Purchase Peace nickel bears the image of the original Lewis and Clark Indian Peace Medal commissioned for Lewis and Clark.  This Peace Nickel is my second favorite design.  While being a simple design, I love the history behind this design.

The Indian Peace Medal symbolizes the desire of peace between the Indians and the US Government.

2004 Keelboat Nickel

2004 Keelboat Nickel

The second coin in the Westward Journey Nickel Series is the 2004 Keelboat nickel.  This coin depicts the keelboat that Lewis and Clark used to navigate some of the rivers of the Louisiana Purchase.

2005 Bison Nickel

2005 Bison Nickel

The third coin was the 2005 American Bison Nickel.  This is my favorite coin in the series.  The bufallo will always be a symbol of the United States and the West.  I love that it would used in this US coin series.

2005 Ocean In View Nickel

2005 Ocean In View Nickel

The last coin in the Westward Journey Nickel Series was the 2005 Ocean In View Nickel.  This is a great image.  Can you imagine the excitement of Captain Clark when he wrote in his journal that he has made it to the Pacific Ocean?

I really think that the US Mint did a great job with this Westward Journey Nickel Serie.  What is your favorite nickel of this series?

Lehigh96 from the CoinTalk forum has written a great guide to help us to understand what is a 6FS Jefferson nickel and a 5FS Jefferson nickel.  Lehigh96 has taken photographs of Jefferson nickels from his coin collection and uses these coins to point out how the third party grading services grade Jefferson nickels when giving a full step Jefferson nickel.

You can read Lehigh96′s article here – The FS (Full Step) Designation for Jefferson Nickels.

If you would like to read my prior articles on full step Jefferson Nickels here are my recommendations.

• Jefferson Nickel Expert – This article is an interview with a Jefferson nickel expert, Bernard Orgovan.  In this Jefferson nickel article, he describes in detail how to determine whether a Jefferson nickel is a Full Step Jefferson nickel.
• Full Step Jefferson Nickels
• Finding Full Step Jefferson Nickels

Again, I highly recommend that you check out Lehigh96′s great Jefferson nickel guide.  Additionally, search around the CoinTalk forum for some of Lehigh96′s other posts.  He has an unbelievable collection of toned coins.  His toned coin collection has got me addicted to collecting toned coins.  But, make sure you read his Full Step Jefferson Nickel Guide.

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.

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.

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.

The design of the reverse of the Jefferson nickel depicts Monticello with 6 full steps leading up to the front door of Jefferson’s Monticello.  Finding a us nickel with these 6 Full Steps is very rare.  In fact finding a 5 Full Step nickel is also rare.  But why?  Aren’t all coins stamped the same?

It turns out that the answer to that question is no.  Finding nickels with sharply defined steps is tough because the Mint often used old dies to make these us coins.  Additionally, for some years the dies used to make the Jefferson nickels only had 5 steps and not 6.

I don’t know about you, but I find this fascinating.  It is fun to become knowledgeable for what to look for when evaluating the value of coins.  I can just imagine my sense of victory when I find my first 5 or 6 Full Step Jefferson nickels.

1938 Nickel

The 1938 nickel was minted at the Philadelphia Mint, Denver Mint and the San Franscisco Mint.  The Philadelphia Mint struck 19,496,000 1938 nickels.  The Denver Mint struck 5,376,00 1938-D nickels.  The San Francisco Mint struck 4,105,00 1938-S nickels.  Only the Philadelphia mint produced proof nickels in 1938.  Only 19,365 proof nickels were minted that year.

In looking at the 1938 nickel value, it seems tha Mint State nickels are not hard to find from any of these mintmarks.  The real issue with the 1938 nickel is finding a sharply struck 1938 nickel.  As with most Jefferson nickels, the real nickel value comes from finding a 1938 nickel with 5 Full Steps.  According to A Guide Book of Buffalo and Jefferson Nickels, one out of twenty coins in the Mint State 65 qualtiy or higher will have 5 Full Steps.  So that is my mission.  I want a 5 Full Step 1938 nickel.

Do you have any advice that you can give me to help me find my 5 Full Step 1938 nickel?  I would love to hear your advice for buy this Jefferson nickel and any other us coins.

I like the idea of beginning my nickel collection with the 1938 nickel.  1938 is the first date that the Jefferson nickel was minted.  Since this is the first year that the Jefferson nickel was minted, I believe that this is a good place to start my collection.

I originally thought about working backwards.  Maybe starting with a 2008 jefferson nickel, then buying the 2005 Jefferson Ocean in View, etc.  However, I think that my nickel type set collection needs to start the first Jefferson nickels, 1938.

How do you decide which coins to buy?  What is your favorite Jefferson nickel?  Please share your thoughts in the comments below.

If you would like to read my other articles about my U.S. Nickel type set collection, here are the other articles in this series.

• US Nickel Type Set Collection

• U.S. Nickel Type Set

• 1950-D Jefferson Nickel – A Key Date?

As I have been working on putting together a list of key date coins, I thought that the 1950-D Jefferson Nickel fit this bill.  If you look at the mintage numbers for this coin, it only has slightly over 2.6 million coins.  This is the lowest mintage for any Jefferson Nickel.

However, when I read Scott Travers’ Top 88 Coins to Buy and Sell: 44 Winners and 44 Losers, I was surprised to see him state that this coin is over priced.  Scott’s analysis has taught me an important lesson.  You can’t just look at mintage numbers when investing in coins.  You have to look at the history of the coin.  According to Scott Travers, when this coin was being struck, coin collectors realized that the mintage numbers were low.  Therefore, they started to hoard this coin.  So, while the mintage numbers are low for the 1950-D Jefferson nickel, the number of saved coins is higher than other Jefferson nickels.

This is an important lesson for coin collectors.  Don’t just make your buying decision based off of  mintage numbers.  Research more about your coins.  This research will help you to make good buying decisions and build a more valuable coin collection.  Additionally, this research is the fun part of coin collecting.

So is the 1950-D Jefferson Nickel a key date for this US nickel type?  Yes, and no.  I will list it as a key date because of its low mintage number, but you have to make sure that you don’t over pay for it.

If you would like to read my other articles about my U.S. Nickel type set collection, here are the other articles in this series.

• US Nickel Type Set Collection

• U.S. Nickel Type Set

A U.S. nickel type set collection is comprised of 14 types of us nickel coins.  The 14 types of U.S. nickel type set coints are as follows:

1866 – 1867 Shield With Rays
1867 – 1883 Shield Without Rays
1883 Liberty Head Without CENTS
1883 – 1913 Liberty Head with CENTS
1913 Buffalo Type I
1913 – 1938 Buffalo Type II
1938 – 1965 Jefferson, regular alloy, without initials
1942 – 1945 Jefferson, silver alloy
1966 – 2003 Jefferson, regular alloy, with designer’s initials (FS)
2004 Jefferson Keelboat
2004 Jefferson Indian Peace Medal
2005 Jefferson Bison
2005 Jefferson Ocean in View
2006 New Jefferson portrait, with restyled Monticello on the reverse

I am looking forward to starting my U.S. nickel type set.  In a follow up post, I will discuss which of these US coins will be my first coin that I purchase.  So, if you are interested in my us nickel coin collection, please subscribe to my us coin blog.