1950-D Jefferson Nickel

Leiana · November 16, 2006 9:27AM

I have a 1981 Blackbook that I picked up recently for fun and I was reading it (smells like old book

) and it made mention of altered date nickels made to look like the 50-D. I was under the impression that this date was not all that rare.

Why would people alter the date to create this nickel? I seem to remember reading somewhere that people used to think it was rare, but I don't know why people thought it was rare or what happened to change their minds.

Can anyone share some insight on this?

Thanks.

-Amanda

SilverEagles92 · November 16, 2006 9:28AM

I paid $15 for my 50-D, and considering that most Jeffersons can be had for less than $1, it's expensive in retrospect. They were hoarded for some reason... Can't remember off the top of my head. Many high grade examples exist.

JRocco · November 16, 2006 9:32AM

Speculation ran high that these were going to be a major rarity so they were saved and hoarded by the thousands.
I believe it is harder to find circulated examples today than MS examples.

Leiana · November 16, 2006 9:33AM

I guess I am not understanding why people would bother to make altered date versions of the coins. I mean, they are not like 14-D Lincolns.

-Amanda

SilverEagles92 · November 16, 2006 9:36AM

Because they were expected to be rare, and are the key (at least in my mind) to the Jefferson series. If one could take a ho-hum 1950 or 1950-S jefferson, and in a few minutes alter the mintmark, they'd make a quick $10 at least. Do that a couple times and you've got profit!

AU58WALKERS · November 16, 2006 9:40AM

I can remember unc 50 d selling for $35.00 and circulated ones were un heard of . this was back in the '50s.
At that time I got two out of circulation.
I bought a nice toned unc for $6.00 in 1966.
I still have all three.

ziggy29 · November 16, 2006 9:44AM

<< I guess I am not understanding why people would bother to make altered date versions of the coins. I mean, they are not like 14-D Lincolns. >>

In the mid-1960s it was selling for $30+. It would make less sense now, but back then, when a 1950-P nickel was worth...well, a nickel...it made more sense. Plus $30 then is like $150-$200 today.

The thing is, the 1950-D nickel's (relative) scarcity was very well known almost immediately after the coin left the Mint. As a result the '50-D was hoarded, almost all of them still mint state to this day.

Another example is the 1931-S cent, which is quite common in AU+ despite having the second lowest mintage in the Lincoln series. Even back then, it was quickly seen as a low-mintage date, and even in the Depression many people could afford to put one cent aside.

Leiana · November 16, 2006 9:50AM

<< 

<< I guess I am not understanding why people would bother to make altered date versions of the coins. I mean, they are not like 14-D Lincolns. >>

In the mid-1960s it was selling for $30+. It would make less sense now, but back then, when a 1950-P nickel was worth...well, a nickel...it made more sense. Plus $30 then is like $150-$200 today. >>

Ah, I see. That makes more sense.

I just never thought about there being altered date Jefferson nickels before.

-Amanda

Xokie · November 16, 2006 9:53AM

Gee-I get an honest request to put on my old timer's hat. There have been numerous times that a particular coin has been popularized and become the object of serious speculation. In 1964/65, when I was just starting college, there was a general upsurge in coin collecting awareness, and just about everyone was collecting coins from circulation and filling in Whitman coin boards. There was a lot of good coins in circulation to be found, lots of buffalo nickles, occasional Indian head cents and even an occasional "V" nickel and barber coin. With a lot of looking and a little luck, you could complete a Jefferson nickel collection-except for the 1950 D, which was virtually impossible to find in circulation, as many were saved in 1950 as a result of the low mintage. The market for the 1950 D became red hot, and it, as speculative things do, acquired a life of its own as an "investment" object. Prices were bid to over $20 each (I remember at least one for $22, may have gone somewhat higher), and raw (DIY B&D grading) was the only option there was. Keep in mind that in this time period people working at McDonalds were paid $1 an hour or less. Twenty bucks was a legitimate half week's pay; equivalent to probably $150-200 bucks now. For perspective, at McDonalds, where I worked and went though the registers in the quite time looking at the change, hamburgers were 15 cents, cheeseburgers were 17 cents, fries were 12 cents, shakes 20 cents, and drinks were 10 and 15 cents. Believe it or not, that was the whole menu, so we got a lot of change to look through. Oddly enough, the market did not collapse, but just eroded gradually over the years. Just FWIW, I never bought one of the $20 variety of 50Ds, and rather recently purchased an extremely nice one (looks MS-65 with full steps) for $12. Took me about 40 years to get that last Jefferson, but I waited for the right price. FWIW.

caitlin · November 16, 2006 9:58AM

Did someone say 1950-d Jefferson Nickel. I just picked this one up from Solid. I wonder if this one is altered?? most likley not.

Leiana · November 16, 2006 10:10AM

Thanks for sharing, Xokie and Caitlin!

-Amanda

CaptHenway · November 16, 2006 10:24AM

<< Because they were expected to be rare, and are the key (at least in my mind) to the Jefferson series. If one could take a ho-hum 1950 or 1950-S jefferson, and in a few minutes alter the mintmark, they'd make a quick $10 at least. Do that a couple times and you've got profit! >>

I'll take all the 1950-S nickels you have......

Altered 1950-D nickels were very rarely seen at ANACS. We had maybe two 1959-D's that had the bottom of the 9 cut away, but the resulting "0" was so small it was not very convincing. Never saw an added D.
TD

cladking · November 16, 2006 10:25AM

Most of the alterred date coins were '59-D's with the tail of the 9 ground off. There were
saome made from '58-D's and other dates as well and most of these were fairly crude. They
would fool a novice or might fool someone else long enough to get out of sight. There were
also numerous counterfeit coins but these apparently got little distribution since they are rarely
seen.

The '50-D nickel was probably the primary impetus for the roll and bag boom of '63-'65. Some
people made an incredible anount of money on these and everyone wanted to get in on the act.
The thinking was that all the millions of young new collectors would want an uncirculated example
of their coins some day so that rolls of tougher dates like '61-P nickels would go to hundreds of
dollars in the future. Old coins like '58-P nickels could set ons up with a comfy retirement. But, of
course, there were too many millions of these coins being set aside. The market cracked and broke
with the threat of the Bible bill which would outlaw coin collecting and the introduction of clad coinage.

Curiously in 1995 at the depts of the market it was very difficult to get more than about $3 whole-
sale for one of these '50-D's. In inflation adjusted dollars an entire roll was worth less than a sin-
gle specimen in 1964. Many of the coins from this era are worth much less today than they were
at that time. The '60-D sm dt cent was going for at least $20 per roll but three years ago was the
lowest priced of all Lincoln cent rolls to date!

nankraut · November 16, 2006 10:36AM

FYI, There were also some counterfeit 1950-D nickels produced during the 60's roll craze. Many people joined the numismatic bandwagon because of the hoarding and inflated prices of the 1950-D nickel, which was a good thing. Lots of money was made (and lost) when these rolls soared to $800+ dollars, and eventually "crashed" back down to around $125 or so. The hype was similar to the MS-65 Morgan dollars, which went up to $500+ per coin, and back down to $75 or so.

It's called Capitalism, folks. It's good and bad.

RichieURich · November 16, 2006 12:18PM

<< 

<< Because they were expected to be rare, and are the key (at least in my mind) to the Jefferson series. If one could take a ho-hum 1950 or 1950-S jefferson, and in a few minutes alter the mintmark, they'd make a quick $10 at least. Do that a couple times and you've got profit! >>

I'll take all the 1950-S nickels you have......

Altered 1950-D nickels were very rarely seen at ANACS. We had maybe two 1959-D's that had the bottom of the 9 cut away, but the resulting "0" was so small it was not very convincing. Never saw an added D.
TD >>

I had a set of circ Jeffersons that I took to a dealer to sell. He informed me the 1950-D had been made from a 1959-D. This wasn't accurate, so I took the set to another dealer, pointed out the 1950-D, told him anothr dealer had questioned it. He believed the 1950-D was genuine and bought the set for the appropriate price.

Shamika · November 16, 2006 12:23PM

<< I have a 1981 Blackbook that I picked up recently for fun and I was reading it (smells like old book)... >>

Ooooo, I LOVE that musty smell of an old book!

Leiana · November 16, 2006 12:26PM

<< 

<< I have a 1981 Blackbook that I picked up recently for fun and I was reading it (smells like old book)... >>

Ooooo, I LOVE that musty smell of an old book!

>>

Makes me sneeze.

Thanks to all who gave their insight! Truly fascinating story. It kindof reminds me of the 31-S Lincolns.

-Amanda

1950-D Jefferson Nickel

Comments

Leave a Comment