At 2014 pricing levels, a 1903 nickel is worth between $1.34 and $53, depending on its condition, according to CoinStudy.com. Coin collectors use a scale of good, fine, extremely fine and uncirculated to grade the condition of coins, with uncirculated coins carrying the highest value.
Nickels minted between 1883 and 1912 are called liberty nickels, or V nickels. They are graded based on the readability of the words and letters on the coin. Coins with worn-down letters are likely to fall in the good grade. The most valuable V nickels are those dated before 1900 or those with a San Francisco mint mark.