Here is another coin and it is a 1938 S Jefferson Nickel. It looks like PL surface. Tell me what you think.
Nice coin! It is the only coin in the Jefferson series that I have not found in circulation... I've looked at thousands of dollars in nickels but no 38-s yet. so far, found two 50-d, two 39-d and two 39-s, and two 38-d.
Polished 38's did not have that sort of luster. Besides it shows cracking on the profile so some sort of chemical was used.
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It's certainly a surface I've never seen. My knee-jerk reaction was a dip of some kind. But who dips nickels? And, what in? It doesn't look to me like it came out of the Mint like that, I have to be honest with you. It almost looks like a plated steel cent. There's no problem in your pictures, they're very good. Maybe they're not telling the whole story, I don't know. If I had to bet, just based on the pictures, my money is on it's plated. Hey, I hope I'm wrong.
I have bought this from an old collector who have hoard coin for over I would think 80 yrs. He was over 80 yrs at the time I bought this coin.