1912-S Liberty Head Nickel : History & Value

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

With only 238,000 pieces struck, the 1912-S Liberty Head Nickel has the lowest circulation mintage of the entire Liberty Head Nickel series. This mintage is also lower than any circulation strike Buffalo Nickel or Jefferson Nickel. It is the fourth-lowest mintage for all circulating nickels save the 1879, 1880, and 1881 Shield Nickels.

Adding to its importance in the series, the 1912-S was the first nickel ever produced at the San Francisco Mint. Together with its Denver counterpart (1912-D), it was the first nickel ever struck at a branch mint facility other than Philadelphia. Coinage for the 1912-S nickel began on December 24 of that year.

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1912-S Liberty Head Nickel Market Data and Noteworthy Specimens

Surprisingly with such a low mintage, the 1912-S is not considered a key date. It is, however, a popular coin and does command a premium in the marketplace.

This particular issue was the subject of great controversy between the two major grading services after then-NGC Chairman Mark Salzberg published a letter on NGC’s website titled: “Salzberg Advises: Research PCGS Populations and Prices”.

Salzberg pointed to the precipitous rise of coin populations at the upper end of the PCGS census. From the company’s founding in 1986 through 2012, PCGS reported a population of eight 1912-S nickels at the MS66 level. But from 2012 to 2017, the PCGS population for the 1912-S in MS66 had increased to almost 50. In February 2024, the pop was 50 in MS66 and nine in MS66+.

Then-PCGS President Don Willis responded to Salzberg’s claim, citing PCGS’ popularity:

“We set the standard for third-party grading 30 years ago. Every other grading service has attempted to copy that standard and has been playing a game of catch-up for all those years.”

He also noted that populations do rise because of the service’s popularity. Regarding the 1912-S specifically, Willis claimed that population increases were due to the recent discovery of several original rolls that yielded several high-quality coins. But the top-grade population has risen slowly. In August 2020, PCGS reported eight top-pop coins at MS66+; by February 2024, this population had increased by one. Today, PCGS reports 10 grading events at MS66+.

Top Population: PCGS MS66+ (10, 3/2025), NGC MS66+ (1, 3/2025), and CAC MS66+ (0:2 stickered:graded, 3/2025).

• PCGS MS66+ #38078614: Stack’s Bowers, March 19, 2020, Lot 3121 – $7,200. Pop 7 at time of auction; Stack’s Bowers, August 6, 2020, Lot 1170 – $6,000. Gold Shield holder.
• PCGS MS66+ #36177140: “The Scherr Family Collection,” Heritage, April 23, 2020, Lot 3239 – $9,900.
• PCGS MS66+ #39214708: Heritage, April 23, 2020, Lot 3238 – $5,160. Gold Shield holder.
• PCGS MS66 #44315175: Heritage, May 4, 2022, Lot 3266 – $4,560. Rainbow toning along rim at bottom. Gold Shield holder.
• PCGS MS66 #34011253: “The Dr. Stephen Davidson Collection,” Legend Rare Coin Auctions, December 16, 2021, Lot 47 – $4,935.
• PCGS MS66 #37549565: “The Silver Springs Collection,” Stack’s Bowers, August 16, 2021, Lot 1308 – $4,680.
• PCGS MS66: Goldbergs, June 2021, Lot 607 – $3,000. Amber streaks running NNE along face of obverse.
• PCGS MS66 #40875855: Legend Rare Coin Auctions, February 25, 2021, Lot 57 – $4,700. Gold Shield holder.
• NGC MS66 #3903014-001: Heritage, July 9, 2015, Lot 3047 – $5,170; Heritage, April 28, 2016, Lot 3951 – $3,760.
• NGC MS66 #4247465-004: Heritage, March 4, 2016, Lot 4763 – $3,995.
• NGC MS66 #3903027-001: Heritage, June 4, 2015, Lot 3817 – $5,405; Heritage, February 4, 2016, Lot 3125 – $4,700. Ugly dark streak almost at 12 o’clock in Liberty’s hair, coronet, and wreath.

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Design

Obverse:

Liberty faces left, her hair swept back and tied in a bun, with a few stray curls dropping down the back of the neck. She wears a coronet inscribed with the word LIBERTY, with wheat and cotton clustered at its base. A circle of 13 six-pointed stars is placed inside the denticulated rim. The date 1912 is at the bottom.

Reverse:

A prominent Roman numeral V is located in the center of the reverse, surrounded by a small circle of two arcs of cotton and corn, tied at the bottom with a ribbon and separated at the top. Inside the denticulated rim is a concentric circle made of the legend UNITED STATES OF AMERICA around the top and sides, CENTS at the bottom, and two interpuncts, one centered on each side of CENTS. Above the wreath is the motto E PLURIBUS UNUM. On the With Cents type, the motto has been moved from its more prominent position below the wreath.

The S mintmark for the San Francisco Mint is placed in the small space below the dot that is to the left of CENTS.

Edge:

The edge of the 1912-S Liberty Head nickel is plain or smooth, without reeding or edge lettering.

Designer

Charles Edward Barber was born in London in 1840. He was the son of William Barber, the fifth Chief Engraver of the United States Mint, under whom he worked as an assistant engraver. Upon his father’s death in 1879, Charles Barber became the Mint’s sixth chief engraver. The coins he designed during his tenure are collectively known as “Barber coinage” and include the dime, the quarter, and the half dollar. His Liberty Head “V” Nickel is also well-known, as is his supposed feud with engraver George T. Morgan.

1912-S Liberty Head Nickel Coin Specifications

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