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The 1939-D Reverse of 1938 Jefferson Nickel is worth anywhere from $10 in heavily circulated condition to over $1,500 in high-grade mint state. This specific variety, struck at the Denver Mint during the second year of the series, is a favorite among hobbyists for its historical “transitional” design.
| Condition | Estimated Market Value |
|---|---|
| Good (G-4) to Fine (F-12) | $10.00 – $25.00 |
| Extremely Fine (XF-40) | $45.00 – $65.00 |
| About Uncirculated (AU-50) | $80.00 – $120.00 |
| Mint State (MS-65) | $450.00 – $1,800.00+ |
Understanding the 1939-D Reverse of 1938 Nickel Rarity
If you have discovered an old nickel in your change or an old jar, you might be holding a small fortune. The 1939-D Jefferson Nickel is already a “key date” in the series because the Denver Mint produced only 3.5 million coins that year—a tiny fraction compared to modern mintages.
However, the real excitement for collectors lies in the design of the back (reverse) of the coin. Many people use a top coin identifier app to spot the subtle differences that separate a common coin from a rare treasure.
In early 1939, the U.S. Mint began modifying the steps of Monticello on the reverse side. The “Reverse of 1938” features steps that are wavy and less defined, while the “Reverse of 1940” (which was also used on some 1939 coins) has straight, sharp steps. Because the “D” mint mark is rare to begin with, finding the 1938-style design in good condition is a major win for any casual hunter. To get a quick read on your pocket change, CoinKnow provides instant identification through photo recognition.
Your Old Coin Could Be Valuable!
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How to Identify the Reverse of 1938 Variety
To tell the difference between the two 1939-D varieties, you need to look very closely at Monticello, Thomas Jefferson’s home. On the “Reverse of 1938,” the steps leading up to the building look soft and slightly melted. They lack the sharp horizontal lines found on later designs.
Your Old Coin Could Be Valuable!
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Additionally, the “D” mint mark on the right side of the building is a crucial indicator of value. If you find a 1939 nickel with no mint mark (Philadelphia) or an “S” (San Francisco), the values will differ significantly.
Because these details are microscopic, many beginners struggle to verify their finds. Using a tool like CoinKnow can help you zoom in on high-resolution images to compare your coin against verified authentic samples. If the steps look “blurry” even on a coin that isn’t very worn, you likely have the 1938 reverse. Checking the current price trends for 1939 Jefferson nickels will show that this variety consistently outpaces the standard Philadelphia issues in terms of investment potential.
Your Old Coin Could Be Valuable!
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| Feature | Reverse of 1938 (Rare) | Reverse of 1940 (Common) |
|---|---|---|
| Monticello Steps | Wavy, blurry, less defined | Straight, sharp, deep lines |
| Historical Context | Original 1938 hub design | Modified 1940 hub design |
Grading and Condition Impacts on Value
In the world of coin collecting, condition is everything. A 1939-D Reverse of 1938 nickel that has been sitting in a pocket for decades might only be worth $10 or $15. However, if that same coin was tucked away in a velvet box and retains its original mint luster, the price can skyrocket into the thousands.
Professional graders use a scale from 1 to 70. For this specific nickel, “Full Steps” (FS) is the holy grail. This designation is given to coins where you can see five or six complete, uninterrupted lines on the steps of Monticello.
Your Old Coin Could Be Valuable!
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If you aren’t sure where your coin falls on the scale, CoinKnow offers a grading guide that helps everyday users estimate whether their coin is “Circulated,” “About Uncirculated,” or “Mint State.” You can also find a comprehensive breakdown of Jefferson nickel values to see how your 1939-D compares to other famous dates like the 1942-1945 Silver War Nickels.
Market Value Analysis for the 1939-D Nickel
As of 2024, the market for “Key Date” Jefferson nickels remains very strong. Unlike common coins whose values fluctuate with metal prices, the 1939-D Reverse of 1938 derives its value from scarcity and collector demand.
In “Fine” condition, which means the coin has significant wear but the major details are visible, you can expect to sell the coin to a dealer for about $12-$18. If the coin is “Uncirculated,” meaning it looks like it just came from the bank in 1939, the value starts at $200 and climbs rapidly depending on the color and surface quality.
| Grade (Sheldon Scale) | Approximate Price |
|---|---|
| VG-8 (Very Good) | $15.00 |
| VF-20 (Very Fine) | $30.00 |
| AU-58 (Nearly Mint) | $135.00 |
| MS-66 (High Mint State) | $2,400.00+ |
Where to Find and Sell Your 1939-D Nickel
Most people find these coins in old collections inherited from relatives. While it is rare to find a 1939-D in modern pocket change, it isn’t impossible. Some “roll hunters” still find them by purchasing boxes of nickels from the bank and searching through them one by one.
Your Old Coin Could Be Valuable!
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If you believe you have found a high-value variety, your first step should be to protect the coin. Place it in a plastic flip or a soft coin holder—never clean it! Cleaning a coin with chemicals or even a cloth can destroy its numismatic value instantly.
To sell your coin, you have several options. High-end specimens should be sent to a professional grading service like PCGS or NGC. Once certified, these coins can be sold at major auction houses. For circulated coins worth between $10 and $100, local coin shops or online marketplaces are usually the best bet for a quick sale.
FAQ
Q: Does every 1939 nickel have a special “Reverse of 1938”?
A: No. In 1939, the Mint used two different designs. The “Reverse of 1938” is the older design with wavy steps, while the “Reverse of 1940” is the newer design with straight steps. Both types exist for Philadelphia (no mint mark), Denver (D), and San Francisco (S) coins, but the 1939-D with the 1938 reverse is among the most sought after.
Your Old Coin Could Be Valuable!
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Q: Is a 1939 nickel made of silver?
A: No, the 1939 Jefferson Nickel is made of 75% copper and 25% nickel. The U.S. Mint only produced “Silver War Nickels” (containing 35% silver) from mid-1942 through 1945. You can identify silver nickels by the large mint mark (P, D, or S) located above the dome of Monticello.
Q: How can I tell if my 1939-D nickel is “Full Steps”?
A: A “Full Steps” nickel shows five or six distinct, horizontal lines on the stairs of Monticello on the reverse. Most 1939-D nickels strike was historically weak, meaning “Full Steps” examples are extremely rare and worth a significant premium over standard coins.
Q: Why is the “D” mint mark more valuable than others?
A: In 1939, the Denver Mint had the lowest production numbers of the three mints. While Philadelphia minted over 120 million nickels, Denver minted only about 3.5 million. This basic supply-and-demand rule makes any 1939 coin with a “D” much more valuable.