<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-04-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000096223</issuerCik>
        <issuerName>LEUCADIA NATIONAL CORP</issuerName>
        <issuerTradingSymbol>LUK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001214320</rptOwnerCik>
            <rptOwnerName>NICHOLS JESSE CLYDE III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O LEUCADIA NATIONAL CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>315 PARK AVENUE SOUTH</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK,</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10010</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2005-04-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>12000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>15.208</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>23558</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>79512</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Options to Purchase Common Shares (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.208</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-04-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>12000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2000-05-16</value>
            </exerciseDate>
            <expirationDate>
                <value>2005-05-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>12000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Consists of 12,000 shares transferred by the Reporting Person following exercise of the options to a revocable trust for the
benefit of the Reporting Person, 7,277 shares owned directly by the Reporting Person's wife, 2,421 shares beneficially owned
by the Reporting Person's wife through a a majority owned company, 1,380 shares owned by the Reporting Person's minor
children and 480 shares held in trusts for the benefit of the Reporting Person's minor children.</footnote>
        <footnote id="F2">Not appllicable.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jesse Clyde Nichols, III</signatureName>
        <signatureDate>2005-04-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0202
4
2005-04-20
0
0000096223
LEUCADIA NATIONAL CORP
LUK
0001214320
NICHOLS JESSE CLYDE III
C/O LEUCADIA NATIONAL CORPORATION
315 PARK AVENUE SOUTH
NEW YORK,
NY
10010
1
0
0
0
Common Shares
2005-04-20
4
M
0
12000
15.208
A
23558
I
See footnote
Common Shares
79512
D
Options to Purchase Common Shares (Right to Buy)
15.208
2005-04-20
4
M
0
12000
D
2000-05-16
2005-05-16
Common Shares
12000
0
D
Consists of 12,000 shares transferred by the Reporting Person following exercise of the options to a revocable trust for the
benefit of the Reporting Person, 7,277 shares owned directly by the Reporting Person's wife, 2,421 shares beneficially owned
by the Reporting Person's wife through a a majority owned company, 1,380 shares owned by the Reporting Person's minor
children and 480 shares held in trusts for the benefit of the Reporting Person's minor children.
Not appllicable.
/s/ Jesse Clyde Nichols, III
2005-04-22