The “scandal” and hidden detail implied in the image caption refer to extremely rare and valuable varieties of the 1964 Jefferson Nickel, which can fetch high prices at auction, despite the vast majority of 1964 nickels being common and worth only face value. The extraordinary value is tied to specific minting anomalies or condition, not a widely known scandal.
The two main factors that make a 1964 nickel highly valuable are:
- 1964 Special Mint Set (SMS) Nickels: These are considered “prototype” coins struck with a unique finish to test the look of the Special Mint Set coinage produced later from 1965–1967. The existence of the 1964 SMS set was unknown until the 1990s. These experimental coins have a non-reflective finish, heavy die polishing lines, and sharp details. It is estimated that no more than 20 to 50 of the 1964 SMS nickels exist. The auction record for a 1964 SMS nickel with Full Steps (FS) is over $33,000.
- Full Steps (FS) Detail: This key detail refers to the clarity of the steps on the image of Monticello (Thomas Jefferson’s home) on the reverse of the coin. A coin with the Full Steps designation must show at least five distinct steps with no breaks, indicating a strong strike, which is rare for nickels from this high-mintage year. A high-grade 1964-P nickel with Full Steps sold for $14,100 in 2014, and a 1964-D FS nickel sold for $6,000 in 2021.
- Mint Errors: Various mint errors and varieties can increase the value of a 1964 nickel from a few cents to hundreds or even thousands of dollars. Examples include:
- Double Die Errors: Where the coin image is struck more than once, causing a doubled appearance.
- Off-Center Strikes: Where the coin is struck when the planchet (blank coin) is not properly centered.
- Repunched Mint Marks (RPM): Where the ‘D’ mint mark for the Denver Mint is struck more than once in slightly different positions.
The $10 million figure in your image is likely an exaggeration or refers to the cumulative value of a list of the most valuable Jefferson nickels, not a single 1964 nickel.
Mysterious 1964 US Nickel Worth $32,000 – US Coins
This video is relevant because it discusses the value of a rare 1964 Jefferson Nickel, specifically the one from the Special Mint Set (SMS).
