Jefferson Nickel role hunters should be on the lookout for valuable 1968-S through 1970-S full-step rarities, often overlooked and sometimes even confused with proof strikes. True, these are ultra rarities; but looking for them sharpens the eye and several dozen or more may still be at large in bank rolls.
In 1968, the “S” mintmark for Jefferson nickels was reintroduced for circulating coinage after a hiatus from 1965 to 1967. During that time, the Mint prohibited mintmarks due to coin hoarding, pursuant to Coinage Act of 1965, meant to alleviate a coin shortage and to discourage hoarding of silver coins.
Mintmarks were restored to circulating coins in 1968. In 1971, the San Francisco Mint struck only proof nickels.
The purpose of this article is to call attention to values associated with business strikes for those critical years. Also, newer hobbyists in general should be able to distinguish the difference between mint state business strikes and proof strikes.
Let’s begin with proof strikes for these years. These largely have no value unless PR69 deep cameo.
The San Francisco mint was extraordinarily busy making business strikes: 1968-S mintage: 103,437,510; 1969-S mintage: 123,009,631; and 1970-S mintage: 214,464,814.
Because of huge quotas, dies weren’t swapped out as they normally would, meaning deterioration limited the number of full-step coins. Only those at the beginning of the manufacturing process produced those rarities.
In fact, you will not find a 1969-S nickel with full steps. f you find one, you bagged the unicorn. None are thought to exist, although this ANACS example was offered in 2009 by Heritage Auctions. A reserve of $1200 was put on the coin, but it did not sell.
There is a reason it did not sell. I question whether this even has full steps. It definitely would not crossover to PCGS or NGC:
That said, PCGS has holdered 25 full-step 1968-S and 106 full-step 1970-S. NGC has holdered 13 1968-S FS and 36 1970-S FS.
See this PCGS chart for values:
True, you might not be able to find a full-step 1968-S through 1970-S. Nevertheless, knowing the rarities of these dates and the enormous mintages of each, it still is worth checking, even if only to distinguish the business strike from the proof strike.
Concerning other denominations:
The San Francisco Mint struck business strike and proof cents from 1968-74, with the facility shifting to producing proof coinage for collectors after 1975. The San Francisco Mint also produced business strike Roosevelt dimes from 1946-55 but did not produce circulating dimes between 1968 and 1974. The facility produced quarters and half dollars from 1968 through 1974. After 1975, the California Mint produced proof coinage, with business strikes in some years for collectors.
Finally, the San Francisco Mint made Eisenhower dollars from 1971 to 1978, but did not produce copper-nickel business strikes during all of those years. It also minted business strike dollars later with the Susan B. Anthony series.
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