In 2004 the Mint introduced two new reverse designs that evoked the historic expedition into the Louisiana Territory. The first was the Peace Medal design and the second and final design was the 2004 Keelboat design.
The 2004-P Keelboat Nickel is plentiful in uncirculated grades of MS60 - MS65. In grades of MS66 it becomes somewhat scarce but yet still easily obtainable. In MS67 grade it is somewhat scarce with possibly several thousand examples in existence but most raw examples will probably never be discovered or preserved due to its large mintage. In MS68 grade, it is almost unobtainable with about 30 examples known with none being higher.
Obverse: The obverse illustrates the same Thomas Jefferson motif used from 1938 to date.
Reverse: The reverse features and angled side view of the keelboat with full sail that transported members of the expedition and their supplies, through the rivers of the Louisiana territory in search of a northwest passage to the Pacific Ocean. The 55 foot keelboat could be sailed, rowed pooled like a raft or towed from the riverbank.