1938 US Coins: Values & Mintages

US coinage in 1938

Felix Schlag's Jefferson nickel replaced the Buffalo nickel after a public design competition.

New this year: the Jefferson Nickel.

Last year of the Buffalo Nickel.

The Mint in the 1930s

The Great Depression cut demand for new coins to some of the lowest levels of the century. Several issues from 1931 to 1933 have tiny mintages for the time, including the 1931-S cent and the 1932-D and 1932-S Washington quarters. Gold coins were recalled in 1933 and US gold coinage for circulation ended.

Production recovered later in the decade as the economy improved. The Washington quarter, introduced in 1932, became permanent; the Peace dollar ended in 1935; and the Jefferson nickel replaced the Buffalo nickel in 1938. Proof coins were sold to collectors again from 1936 and coin collecting grew quickly as a hobby, helped by inexpensive coin boards for filling in dates and mint marks.

How many coins were made in 1938

Counting the circulation issues on this page, US mints struck 280,591,600 coins dated 1938 across 14 issues. That is 55% fewer than in 1937 (619,612,600). In 1939 the figure rose to 674,020,800.

It was the smallest year since 1933.

By mint: Philadelphia 211,950,000 (76%, down from 474,728,000), Denver 38,434,600 (14%, down from 91,267,600) and San Francisco 30,207,000 (11%, down from 53,617,000).

Those coins held about 6,480,505 troy ounces of pure silver.

1938 coins by denomination

Cents: 191,872,000 struck in 3 circulation issues of the Lincoln Wheat Cent, down 51% on 1937. The scarcest is the 1938-S (15,180,000) and the most plentiful the 1938 (156,682,000).

Nickels: 35,997,000 struck in 4 circulation issues of the Buffalo Nickel and Jefferson Nickel, down 65% on 1937. The scarcest is the 1938-S (4,105,000) and the most plentiful the 1938 (19,496,000).

Dimes: 35,817,000 struck in 3 circulation issues of the Mercury Dime, down 56% on 1937. The scarcest is the 1938-D (5,537,000) and the most plentiful the 1938 (22,190,000).

Quarters: 12,304,000 struck in 2 circulation issues of the Washington Quarter, down 57% on 1937. The scarcest is the 1938-S (2,832,000) and the most plentiful the 1938 (9,472,000).

Half Dollars: 4,601,600 struck in 2 circulation issues of the Walking Liberty Half Dollar, down 65% on 1937. The scarcest is the 1938-D (491,600) and the most plentiful the 1938 (4,110,000).

Every 1938 circulation issue at a glance

• 1938-D Walking Liberty Half Dollar: 491,600 struck, 3rd lowest of 65 in the series, down from 1,676,000 in 1937.
• 1938-S Washington Quarter: 2,832,000 struck, 6th lowest of 144 in the series, up from 1,652,000 in 1937.
• 1938-S Jefferson Nickel: 4,105,000 struck, 3rd lowest of 146 in the series.
• 1938 Walking Liberty Half Dollar: 4,110,000 struck, more than 52% of the series' 65 issues, down from 9,522,000 in 1937.
• 1938-D Jefferson Nickel: 5,376,000 struck, 4th lowest of 146 in the series.
• 1938-D Mercury Dime: 5,537,000 struck, 15th lowest of 77 in the series, down from 14,146,000 in 1937.
• 1938-D Buffalo Nickel: 7,020,000 struck, 25th lowest of 64 in the series, down from 17,826,000 in 1937.
• 1938-S Mercury Dime: 8,090,000 struck, 24th lowest of 77 in the series, similar to 1937.
• 1938 Washington Quarter: 9,472,000 struck, 23rd lowest of 144 in the series, down from 19,696,000 in 1937.
• 1938-S Lincoln Wheat Cent: 15,180,000 struck, 25th lowest of 140 in the series, down from 34,500,000 in 1937.
• 1938 Jefferson Nickel: 19,496,000 struck, 16th lowest of 146 in the series.
• 1938-D Lincoln Wheat Cent: 20,010,000 struck, 30th lowest of 140 in the series, down from 50,430,000 in 1937.

The 2 more plentiful issues are listed in the tables below.

Lincoln Wheat Cent: The Depression low and the late 1930s boom

The Depression cut cent demand sharply. Production fell to 19 million in Philadelphia in 1931. San Francisco struck just 866,000, creating the 1931-S, a key date that many people saved at the time, so it is more available in uncirculated grades than its mintage suggests. Output stayed low in 1932 and 1933, with no San Francisco cents in either year. Recovery began in 1934, when Philadelphia struck 219 million.

Proof cents returned in 1936, first with a satin finish and later with a brilliant finish. The 1936 also has a doubled die obverse. Output climbed through the late 1930s and topped 887 million in Philadelphia in 1941 as the defense buildup increased spending. Because collecting albums became popular in this decade, many rolls were saved, so uncirculated red coins from 1934 onward are much easier to find than earlier dates.

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Buffalo Nickel: Depression gap, record output and the legless bison

No nickels were made in 1932 or 1933. Production resumed in 1934 and climbed to a series high of 119 million at Philadelphia in 1936. Proofs returned in 1936 and 1937, first with satin and then brilliant finishes. The 1935 has a doubled die reverse.

Two famous varieties come from Denver. In 1936 a die was polished so heavily that the bison has three and a half legs. In 1937 a similar polishing removed the front leg entirely, creating the 1937-D three-legged nickel, one of the most popular varieties. In 1938 only Denver struck Buffalo nickels before the Jefferson nickel replaced it. Some 1938-D coins show a D over S mint mark. These later dates are common and often well struck.

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Jefferson Nickel: Felix Schlag's new nickel

In 1938 Felix Schlag won the design competition for a new nickel. His portrait of Thomas Jefferson with Monticello on the reverse was released in November. The Mint modified his original design, changing Monticello from an angled view to a straight front view. The 1938-D and 1938-S were saved in rolls by collectors.

The 1939 has a doubled MONTICELLO reverse variety. The 1939-D is a semi-key with 3.5 million made. The reverse hub was sharpened around 1940. Some 1939 and 1940 coins with the older, softer steps are collected as the Reverse of 1938. Collectors grade these nickels by the number of steps on Monticello. Fully struck steps are scarce for many dates. Output climbed to more than 200 million in 1941.

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Washington Quarter: A bicentennial tribute becomes permanent

The Washington quarter was introduced in 1932 for the 200th anniversary of George Washington's birth. John Flanagan's portrait is based on Jean-Antoine Houdon's bust, while the eagle reverse carries the mint mark below the wreath. Philadelphia struck 5.4 million, but Denver and San Francisco made only 436,800 and 408,000. Those two branch mint coins are the keys of the series.

No quarters were struck in 1933 during the Depression. The 1934 Philadelphia coins come with light and heavy motto styles, plus a doubled die obverse with strong doubling in IN GOD WE TRUST. Other scarce dates include the 1936-D, 1937-S and 1938-S. Denver made no quarters in 1938. Proof quarters were offered again from 1936. A 1937 doubled die obverse is another recognized variety of the period.

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Walking Liberty Half Dollar: A pause then steady Depression output

No half dollars were struck from 1930 to 1932 while the Depression cut demand for coins. San Francisco resumed with 1,786,000 in 1933. From 1934 all three mints produced halves in most years. Philadelphia passed 12 million in 1936. Denver skipped 1940 and San Francisco skipped 1938.

Proof Walking Liberty halves were offered from 1936. The 1938-D, with only 491,600 struck, is the lowest mintage of the later years and the key of this period. Coins of the 1930s are easier to find in uncirculated grades than earlier dates because roll collecting caught on during the decade. Strikes also tend to be sharper than on the coins of the 1920s, though full detail on Liberty's hand is still uncommon. Most worn examples are now valued for their silver.

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Mercury Dime: Prewar abundance

Mintages kept rising as the economy recovered and defense spending grew. Philadelphia struck 22,190,000 dimes in 1938, then 67,740,000 in 1939, 65,350,000 in 1940 and 175,090,000 in 1941. Denver and San Francisco followed the same curve, from 5,537,000 for the 1938-D to more than 43 million each in 1941. In all, the three mints made 510,413,000 Mercury dimes dated 1938 to 1941.

Proofs were struck every year, rising from 8,728 in 1938 to 16,557 in 1941. Collectors kept saving business strikes by the roll. As a result, almost every date of the period is easy to find uncirculated. The 1938-D is the scarcest of the group by mintage but is still a common coin. Strikes are generally better than in the 1920s, so full-band examples exist for every date, though the bands still vary a lot from coin to coin.

These are the dimes that most often turn up in old jars, coin folders and inherited collections. A worn piece is worth its metal value, since every one contains 0.0723 troy ounces of silver. Uncirculated coins with full bands bring a small premium or more. Silver dimes stayed in circulation until the Mint switched to copper-nickel clad in 1965, after which people pulled the old silver ones from change, so many of these coins spent only a couple of decades in use.

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