Before we describe the various types of over-mintmarks, you need to know how this error actually happens. In the late 1940s and 1950s all dies were manufactured at the Philadelphia Mint. Mintmarks were punched directly into the die.
Ron Guth, former PCGS numismatist, theorizes how these errors happen. “Either the engraver started with the wrong mintmark punch, or there was a surplus of leftover dies that had already been punched with an S mintmark.”
Let’s view markers for the 1949 D/S, the 1954 S/D and the 1955 D/S. We’ll also look at the elusive but avidly desired 1942-D/D 5C D/Horizontal D.
1949 D/S
The 1949-D over S Nickel features an S under the D mintmark on the reverse. Several hundred of these over-mintmarks left the Mint. PCGS alone has slabbed more than 300. Most of these are gem but few have full steps.
Gem examples retail for about $500, although auction prices hover around $300.
Because of the high mintage, 36,498,000, you can still find these in pocket change and bank rolls.
1954-S/D
This over-mintmark is more common the 1949-D/S. Again, you can find this error in pocket change and bank rolls, although the worth at Gem MS65 is only about $200.
The over-mintmark may be difficult to view in worn coins as the D is faint. Look at the bottom of the S to see the lower part of the D underneath.
In identifying the over-mintmark on this coin, especially if it has any wear, you may need to use a loupe or coin microscope.
1955-D/S
The 1955-D over S mint mark is considered scarce in all grades and retails for about $200 in MS65. Look for the top serif of the S mint mark underneath the top of the D mint mark. You should be able to see this over-mintmark with the naked eye or a loupe.
It should be noted here that full step examples of this and other nickel over-mintmarks are rare and command much higher values.
PCGS has only holdered fewer than 12 of the 1949-D/S Full Step nickels. At MS65, they retail for $1,600. There are no figures or recent sales of a 1954-S/D and 1955-D/S nickels at full steps.
1942-D/D 5C D/Horizontal D
Although not an over-mintmark, the 1942-D/D 5C D/Horizontal D is a coveted variety. Whereas the over-mintmark designation has to do with a Mint employee punching one mintmark over another, this D/D Horizontal D happened when an employee punched the mintmark in the wrong position.
You should have little difficulty identifying this error with the naked eye or a loupe. PCGS notes that this variety is scarce with only a few hundred released into circulation.
Values in low grades retail for hundreds of dollars; in mint state, thousands.
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