My $500 Jefferson Nickels Full Steps Mistake: 6 Months of Hard-Earned Grading Lessons

I Spent 6 Months (and $500) Learning Jefferson Nickel Full Steps Secrets – Here’s What Hurts

You know that sinking feeling when you finally understand why veteran collectors smirk at newbies? That’s me after half a year chasing Full Step Jefferson nickels. Let me save your wallet the $500 beating mine took. When I started collecting FS nickels, I thought six crisp steps meant automatic premium value. Six months later, I’ve got NGC rejection slips and dealer eye-rolls tattooed on my memory. This isn’t just about coins – it’s about learning to see what grading services actually see versus what we hope they see.

Full Steps Fantasy vs. My Cold Coin Reality

What I Thought Buying FS Meant

Picture this: fresh collector me, imagining every “Full Steps” label meant Monticello’s staircase looked like it was minted yesterday. My first “prize” was a 1968-S Jefferson nickel – gorgeous under my dollar store loupe. I paid $200 thinking I’d scored a registry-quality coin. Oh, sweet summer child.

The Nickel That Shattered My Illusions

My rude awakening came when NGC sent back that same 1968-S without the FS designation. Their note? “Vertical hit bridging steps 2-3.” But PCGS had graded it FS! That’s when a grizzled collector at my local coin show changed my perspective forever:

“Those slabs? They’re just human opinions frozen in plastic.”

Suddenly, my “investment” felt more like gambling.

The 4 Painful Lessons That Changed My Collecting

Lesson 1: The Step Counting Trap

Here’s what I wish I knew before buying that 1964 nickel:

• PCGS plays nice: Calls it FS with just 5 complete steps
• NGC brings tough love: Demands 6 steps for top registry value

My “bargain” PCGS FS-5 would’ve been worth 30% more with NGC’s 6-step blessing. Live and learn – mostly learn.

Lesson 2: Damage – The Silent Grade Killer

After three misgraded coins burned me, I developed my damage checklist:

• Automatic reject: Hits connecting steps (like my cursed 1968-S)
• Maybe passes: Single scratches away from steps
• Grading Russian roulette: Worn step edges that some ignore

My wake-up call: A 1943-P nickel with obvious step damage that PCGS somehow called FS. Five dealers later, I had unanimous confirmation – my “gem” wasn’t even close.

Lesson 3: Strike Quality Isn’t Everything

I used to think sharp details meant FS potential. My $85 mistake with a 1961-D nickel taught me:

• 1960s coins rarely achieve full steps, no matter how crisp they look
• True FS needs perfect storm of mint precision and survival luck

That ’61-D haunts me – beautiful luster, incomplete steps. Like finding a sports car with no engine.

Lesson 4: Registry Realities Hurt

Nobody warned me about these financial traps:

• NGC 6-steps sell for 25-40% more than PCGS 5-steps
• Registry addicts pay stupid money for “upgrade” coins
• Crossing between services risks losing FS status completely

I learned this the hard way when my $300 PCGS FS-65 became a $150 raw coin after a failed NGC crossover. The fees alone felt like paying for a betrayal.

My Transformation From Sucker to Semi-Expert

How I Spot Real FS Now

My current inspection routine looks like coin CSI:

1. 40x digital microscope scan (no more dollar store loupes)
2. Step tracing using Photoshop’s pen tool (yes, really)
3. PCGS/NGC population report cross-check
4. Shaking down my CONECA club buddies for second opinions

This paranoid process helped me build a 12-coin FS set with zero grading surprises in three months. Progress!

The Financial Treadmill of FS Collecting

Let’s talk numbers from my collection spreadsheet:

• First two months: $500 blown, 6 out of 10 coins misgraded
• Next two months: $300 spent, still 1 in 4 coins questionable
• Recent months: $600 invested, every coin verified solid

The turning point? When I stopped treating slabs as gospel and started developing my own grading eye.

5 Rules I’d Mail to My Past Self

If I could time-travel, I’d shove this list into my eager beginner hands:

1. Never buy without 10x magnification – your kitchen counter isn’t bright enough
2. Memorize PCGS vs NGC step standards like your social security number
3. Add a 20% “grading gamble tax” to every FS purchase budget
4. Pick one grading service (PCGS or NGC) and stick to their ecosystem
5. Join CONECA yesterday – their experts saved me hundreds

The Bittersweet Truth About FS Collecting

After six months of frustration, I’ve made peace with two things: my carefully verified FS collection fits in one hand, and the knowledge I gained protects my wallet going forward. Grading services aren’t perfect – sometimes they miss things, sometimes standards shift. But armed with these lessons, you can collect Full Step Jefferson nickels without the expensive surprises. Remember: the real grade isn’t in the plastic. It’s in the educated eye of the collector holding it.

Related Resources

You might also find these related articles helpful:

• Optimizing AAA Game Engines: Performance Lessons from the Penny Phase-Out – In AAA Game Development, Performance and Efficiency Are Everything After fifteen years tuning game engines at studios li…
• Mastering Jefferson Nickels Full Steps: Advanced Grading Techniques for Serious Collectors – Advanced Jefferson Nickel Grading Techniques Only Experts Know After twenty years specializing in Jefferson Nickels and …
• Automotive Software at the Crossroads: How Legacy Systems Impact Connected Vehicle Development – Modern Vehicles: More Code Than Chrome After 12 years working under the hood of automotive software, I’ve seen car…