A 1968-S Jefferson nickel with Full Steps graded MS66FS sold for $4,140 at Heritage Auctions. The 1968-D Full Steps is so rare that PCGS has certified only a single example in existence. Most circulated specimens are worth face value — but the right condition and variety can change everything.
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The Full Steps (FS) designation is the single biggest value driver on 1968 Jefferson nickels. This checklist helps you determine whether your coin might qualify before spending money on professional grading.
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The 1968 Jefferson nickel saw the return of mint marks after a three-year absence, and this transitional period produced several notable error varieties. The five cards below cover the most significant, from the near-mythical Denver Full Steps to the prized Repunched Mint Mark proof variety — each with real identification details and documented values.
MOST VALUABLE$18 – $4,140+
The Full Steps designation on a 1968-S Jefferson nickel represents the pinnacle of what this date can be. San Francisco produced over 103 million business-strike nickels in 1968, yet the strike quality and heavy bag handling during production meant that very few survived with all five or six Monticello step lines complete and uninterrupted.
To identify a potential Full Steps specimen, flip the coin to the reverse and examine the base of Monticello under a 10× loupe. Five or six thin horizontal lines should run unbroken across the full width of the building's steps. Any interruption — even a single bag mark crossing one line — disqualifies the coin from the FS designation at PCGS or NGC.
Collectors pay enormous premiums for confirmed Full Steps examples because of extreme scarcity within such a large mintage. PCGS has certified only 25 examples with Full Steps across all grades for the 1968-S business strike, and just three coins reach MS66FS — the finest certified level. The top auction record of $4,140 was set by a PCGS MS66FS example at Heritage Auctions in June 2004, a figure that underscores how transformative the FS designation is for this date.
RAREST$500 – $8,740+
The 1968-D Full Steps is one of the rarest Jefferson nickel varieties of the modern era. PCGS has certified exactly one example in the Full Steps category — a single coin graded MS64FS — making it an extreme numismatic rarity despite the Denver Mint's production of more than 91 million nickels that year. The uneven die pressure and aggressive bag-handling at the Denver Mint in 1968 all but ensured that Full Steps survivors would be vanishingly rare.
Visually distinguishing a potential 1968-D FS requires the same loupe examination as the 1968-S: five or six complete, uninterrupted step lines across the base of Monticello. The challenge is that Denver strike quality was notably inferior to San Francisco in 1968, producing softer impressions on the step area even on coins that otherwise appear gem uncirculated.
Because only one PCGS-certified example exists, authentic market comparables are nearly non-existent. The single certified coin's value is speculative but likely substantial — coinvaluapp.com references values up to $8,740 for the highest-grade 1968-D FS examples based on registry comparables. Any new submission grading MS64FS or higher from Denver would be a major numismatic event and command aggressive bidding at major auction venues.
MOST FAMOUS$50 – $500+
The 1968-S Doubled Die Obverse is the most widely searched die error among 1968 Jefferson nickels. It occurred during the die-making process when the master hub struck the working die multiple times in slightly different rotational positions — a technique known as Class I rotated hub doubling. The result is a shifted, doubled impression baked permanently into every coin struck from that die.
On the strongest examples, doubling is visible to the naked eye on the inscription LIBERTY, the motto IN GOD WE TRUST, and the four-digit date. Proof coins from 1968-S are especially prone to this error, and CONECA (the Combined Organizations of Numismatic Error Collectors of America) and Brian's Variety Coins document dozens of distinct WDDO (Working Die Doubled Obverse) varieties — numbered WDDO-001 through WDDO-036 — each with unique die markers and doubling characteristics.
Collector demand is driven both by the visual drama of the doubling and by the historical significance of this being the first year mint marks returned to U.S. nickels. The strongest, most visually distinct WDDO varieties on proof coins command premiums in the hundreds of dollars. Common die varieties with subtle doubling are worth modest premiums over standard strikes, while the boldest examples attract serious specialized bidding.
BEST KEPT SECRET$25 – $300+
The 1968-D Doubled Die Reverse occurs when the reverse die received multiple hub impressions in slightly misaligned positions during the die-making process. Unlike the obverse DDO varieties that concentrate doubling on Jefferson's portrait, the DDR affects the architectural and inscription elements on the back of the coin — making it a distinct and separately collected variety.
The most prominent doubling on 1968-D DDR coins appears on the motto E PLURIBUS UNUM, the word MONTICELLO, and the denomination FIVE CENTS. Under a 10× loupe, each affected letter shows a clearly offset secondary impression rather than the flat "shelf" created by machine doubling. Brian's Variety Coins documents three distinct DDR varieties for the 1968-D: WDDR-001, WDDR-002, and WDDR-003, each with unique spread characteristics.
Denver DDR varieties are less commonly encountered than the San Francisco proof DDO errors, partly because fewer collectors actively search Denver business-strike rolls for this variety. Their comparative obscurity among the broader collecting public contributes to undervaluation in the open market — knowledgeable error coin specialists often find these for modest sums at coin shows, then resell to focused variety collectors at significant premiums.
MOST VALUABLE PROOF$100 – $1,705+
The 1968-S Repunched Mint Mark variety, catalogued as FS-501 (formerly FS-038), is the most valuable proof coin variety from this date. It occurred during die preparation when the "S" punch was applied to the working die more than once, each impression landing in a slightly different position. The result is a clearly doubled or shadowed S mint mark visible under magnification on the obverse of the coin.
This error is significant beyond its rarity because 1968 was the first year mint marks appeared on U.S. nickels after a three-year absence (1965–1967). During this transitional period, mint marks were still being applied manually to working dies using a separate punch — a process inherently prone to misalignment and repunching. Enhanced quality control for proof coins at San Francisco was supposed to catch such errors, making the few that slipped through doubly interesting to specialists.
Professional grading services have certified very few examples of this variety across all proof finish designations (regular Proof, Cameo, and Deep Cameo). The recorded auction result of $1,705 for a PR67 example at Great Collections in April 2014 demonstrates the substantial premium this variety commands — roughly 100× the value of a standard proof 1968-S nickel in the same grade. Values for Deep Cameo examples with the RPM remain largely undocumented publicly, suggesting discovery potential.
No Philadelphia Mint nickels were struck in 1968 — production was split entirely between Denver and San Francisco. This was also the first year since 1964 that S-mint nickels carried the "S" mint mark, making them immediately sought by collectors who hoarded rolls upon release.
| Issue | Mint | Mintage | Type | Composition |
|---|---|---|---|---|
| 1968-D | Denver | 91,227,880 | Business Strike | 75% Cu / 25% Ni |
| 1968-S | San Francisco | 100,396,004 | Business Strike | 75% Cu / 25% Ni |
| 1968-S Proof | San Francisco | 3,041,506 | Proof (Collector) | 75% Cu / 25% Ni |
| Total | — | 194,665,390 | All types | — |
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For a fully illustrated detailed 1968 nickel identification walkthrough and reference guide, CoinValueApp provides graded photo comparisons alongside its price data. The chart below summarizes values from PCGS, Heritage Auctions, and dealer price guides — cross-checked across multiple sources.
| Variety | Worn / Good | Fine / XF | Uncirculated (MS60–63) | Gem (MS64–65+) |
|---|---|---|---|---|
| 1968-D (Regular) | $0.05 – $0.10 | $0.26 – $0.50 | $1 – $9 | $9 – $100 |
| 1968-D Full Steps ★ | — | — | $100 – $500 | $500 – $8,740+ |
| 1968-S (Regular) | $0.08 – $0.15 | $0.20 – $0.90 | $1 – $20 | $20 – $150 |
| 1968-S Full Steps ★ | $4 – $5 | $9 – $57 | $73 – $200 | $200 – $4,140+ |
| 1968-S DDO (Doubled Die) | $10 – $25 | $25 – $75 | $75 – $200 | $200 – $500+ |
| 1968-S RPM FS-501 ✦ | — | — | $100 – $500 | $500 – $1,705+ |
| 1968-S Proof (PR) | — | — | — | $2 – $13 (PR); $6 – $100 (DCAM) |
★ Signature variety (Full Steps) · ✦ Rarest proof variety (RPM FS-501). Values represent market ranges; individual coins may sell above or below based on eye appeal, toning, and population reports. Check PCGS Price Guide for current certified values.
🪙 CoinHix gives you a fast on-the-go way to photograph your 1968 nickel and receive an instant value estimate without opening a price guide — a coin identifier and value app.
Grading determines which value range applies to your coin. For 1968 nickels, the primary focus is the mint state grade and — critically — whether the Monticello steps qualify for the Full Steps designation. Here's what each tier looks like in practice.
Jefferson's portrait is flat. Only major outlines remain — cheekbone worn smooth, hair detail gone, collar absent. Monticello is a flat silhouette; the steps have disappeared entirely. Worth face value to about $0.26 for most strikes.
Medium to light wear on Jefferson's cheekbone and high hair above the ear. On the reverse, Monticello's main features remain but the dome detail softens. Columns and windows are visible. Minor wear only on high points in AU grades. Worth $0.26 to about $1 for typical strikes.
No wear — original mint luster present, though bag marks and contact marks are visible to the naked eye. Jefferson's portrait and Monticello show full detail. Steps may be present but often incomplete. Worth $1 to $20 for most 1968 issues in this range.
Exceptional luster and surface preservation. Contact marks are minor or barely visible. The finest 1968-S business strikes reach MS-69 (one PCGS-certified example). Full Steps designation is possible in this range but extremely rare — especially for the 1968-D, where only one FS example has ever been certified.
📱 CoinHix lets you photograph your coin's reverse and compare its step definition against graded examples instantly — a coin identifier and value app.
The right venue depends on your coin's value tier. A circulated 1968-D worth $0.26 belongs in a different marketplace than a potential Full Steps specimen worth hundreds or thousands.
Best for certified Full Steps examples, DDO varieties, and the 1968-S RPM FS-501. Heritage's Jefferson nickel buyer base includes specialized variety collectors who understand the Full Steps premium. The $4,140 auction record for a 1968-S MS66FS was set at Heritage. Submit after PCGS or NGC certification for maximum results. Buyer's premium applies.
Excellent for mid-range uncirculated 1968-D and 1968-S coins, raw DDO examples, and proof sets. Check recently sold prices for 1968-S Jefferson nickels on eBay to set realistic ask prices before listing. Completed sales filters show actual transaction prices, not just asking prices — essential for pricing accuracy.
Fastest and most convenient for circulated 1968-D and 1968-S coins worth under $10. Expect 50–70% of retail value — coin dealers need margin. However, a knowledgeable dealer can immediately spot a Full Steps specimen or DDO variety and quote accordingly. Useful for getting a quick opinion before deciding whether to grade professionally.
Good for direct collector-to-collector sales of mid-range uncirculated examples and well-documented error varieties. Lower fees than auction houses. Buyers are typically knowledgeable enough to appreciate DDO and RPM varieties without needing PCGS/NGC holders, making this a cost-effective path for raw coins with clear photos and honest descriptions.
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