As of December 19, 2025, the 1964 Jefferson Nickel is making headlines in the coin collecting world. While most 1964 nickels are common pocket change worth exactly 5 cents, certain rare versions are selling for $10,000 to over $30,000 at auction.
The reason for this surge isn’t just age; it’s a mystery involving a “secret” minting set and the hunt for a perfect strike.
The “Holy Grail”: The 1964 SMS Nickel
The most valuable 1964 nickel is the SMS (Special Mint Set) variety. Its existence was unknown to collectors until 1993, and its origin remains a mystery.
- What it is: A prototype coin struck with special, polished dies, but it is not a “Proof” coin. It has a distinctive satin-like, matte finish.
- Why it’s rare: Only about 20 to 40 examples are believed to exist.
- The Value: In high grades (like SP67 or SP68), these coins have sold for between $15,000 and $32,000.
- How to spot it: It has razor-sharp details, perfectly square edges (rims), and a smooth, non-reflective satin surface that looks different from a regular shiny coin.
The “Full Steps” (FS) Designation
Even if you don’t have the ultra-rare SMS version, your 1964 nickel could be worth $500 to $10,000 if it has “Full Steps.”
- The Detail: Look at the reverse (back) of the coin at the building, Monticello.
- The Criteria: To get the FS designation, all five or six steps leading up to the building must be clearly visible, sharp, and not interrupted by scratches or “mushy” striking.
- Why it’s hard to find: In 1964, the U.S. Mint was in a rush to produce over 2.8 billion nickels to stop a coin shortage. They used worn-out dies, meaning most coins have blurry, flat steps. A sharply struck 1964 nickel is a major rarity.
Rare 1964 Error Varieties
If your nickel looks “weird,” it might be a valuable error. Collectors are paying high premiums for these specific mistakes:
| Error Type | What to Look For | 2025 Value Range |
| Triple Die Reverse | Clear doubling on the letters “MONTICELLO” and “FIVE CENTS.” | $500 – $1,250 |
| D over D (RPM) | A second “D” mint mark visible underneath the primary one. | $50 – $1,200 |
| Struck on Penny Planchet | The nickel is copper-colored and smaller (penny-sized). | $500 – $1,100 |
| Off-Center Strike | The design is shifted, leaving a blank crescent on the coin. | $100 – $500 |
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Why 1964 is a “Transition” Year
The surge in interest is also due to the historical context of 1964:
- The Coin Shortage: The Treasury “froze” the 1964 date and continued minting them well into 1966 to stop hoarders.
- The Last of the “Old” Style: It was the last year mint marks (like the “D”) appeared on the reverse side before moving to the front in 1968.
- The Silver Myth: Many people incorrectly believe 1964 nickels contain silver. They do not. Only “War Nickels” (1942–1945) contain 35% silver. A 1964 nickel is 75% copper and 25% nickel.
How to Check Your Nickels
- Check the “Steps”: Use a 10x magnifying glass to look at the base of Monticello. If the lines are perfectly straight and separate, you have a potential winner.
- Look for the “S” Myth: There are no “S” mint mark 1964 nickels in circulation. If you see an “S”, it’s either a fake or a highly valuable “wrong-year” error.
- Check the Luster: If the coin looks unusually “satin” or “matte” rather than shiny or scratched, it could be an SMS prototype.