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First you have to check the back for a mintmark. If it has one, it will be located at about 8 o'clock, right next to a small circle, near the rim.

See the picture here :

http://www.us-coin-values-advisor.com/Mint-Mark-Liberty-Nickel.html

Values as of May 2012:

If it does not have one, then in average circulated condition, it will be worth about a dollar -- if you can clearly read all of LIBERTY on the headband, it will be worth $7 or more.

If it has a "D" mintmark, then in average circulated condition, it will be worth about $2 -- if you can clearly read all of LIBERTY on the headband, it will be worth $25 or more.

If it has an "S" mintmark, then in average circulated condition, it will be worth about $125 -- if you can clearly read all of LIBERTY on the headband, it will be worth $375 or more.

1912 is the only year these Liberty nickels have a mintmark.

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