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The 1939-D Reverse of 1940 Jefferson Nickel is worth anywhere from $15 in circulated condition to over $3,000 for high-grade specimens. This specific variety is a favorite among collectors because it represents a transitional moment in the early years of the Jefferson Nickel series.
| Condition | Estimated Value (USD) |
|---|---|
| Good (G-4) to Fine (F-12) | $15 – $25 |
| Extremely Fine (EF-45) | $40 – $60 |
| About Uncirculated (AU-50) | $80 – $120 |
| Mint State (MS-60 to MS-65) | $250 – $950 |
| MS-66 to MS-67 (Full Steps) | $2,000 – $5,000+ |
Understanding the 1939-D Reverse of 1940 Nickel Rarity
If you have just discovered a 1939 nickel with a small “D” on the back, you might be holding a significant piece of numismatic history. To identify if your coin is the rare variety, you should use a top coin identifier app to zoom in on the specific details of Monticello.
The 1939 Jefferson Nickel was produced with two distinct reverse designs. The “Reverse of 1938” features wavy steps on Monticello, which was the original design. However, the Mint updated the hubs in 1940 to create sharper, straight steps.
Some 1939 nickels minted in Denver (D) and San Francisco (S) were struck using these newer 1940 hubs prematurely. The 1939-D Reverse of 1940 is particularly sought after because the Denver Mint produced far fewer nickels that year compared to Philadelphia.
When you find one, the first thing you should do is verify the steps on the back. For common users, telling the difference between “wavy” and “straight” steps can be tricky. This is where CoinKnow helps by providing high-resolution comparison photos so you don’t accidentally spend a $50 coin on a soda.
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How to Identify the Reverse of 1940 Variety
To determine the 1939-D Reverse of 1940 Jefferson Nickel value, you must look at the steps of Monticello on the reverse side. On the original 1938 design, the steps are “wavy” or blurry, lacking defined edges even on uncirculated coins.
On the “Reverse of 1940” variety, the steps are perfectly straight and have sharp, crisp lines. This design change was intended to make the coin more durable and aesthetically pleasing.
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The “D” mint mark is located to the right of Monticello, near the rim. Because this was only the second year of the Jefferson Nickel, many people saved them, but very few realized there were two different types of backs.
Using CoinKnow, you can quickly scan your coin to see which hub was used. Beginners often mistake a worn Reverse of 1940 for a Reverse of 1938, but the 1939-D with the 1940 back is generally the more valuable of the two in higher grades.
| Feature | Reverse of 1938 (Old) | Reverse of 1940 (New) |
|---|---|---|
| Steps Appearance | Wavy, irregular | Straight, sharp |
| Rarity (1939-D) | Common | Scarce / Key Variety |
| Value Level | Lower ($5-$10) | Higher ($15-$1,000+) |
The Importance of the “Full Steps” Designation
When discussing the 1939-D Reverse of 1940 price data, professional graders look for “Full Steps” (FS). This refers to the five or six steps on the base of Monticello being completely visible without any interruptions from scratches or weak strikes.
For the 1939-D Reverse of 1940, finding a “Full Steps” version is the “Holy Grail” for nickel collectors. Most nickels struck during this era have flat or mushy steps due to the pressure settings of the minting machines.
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If you have a mint-state coin that looks like it has never been touched, you should look closely at those tiny lines. A 1939-D Rev ’40 without full steps might sell for $200, but with Full Steps, that same coin could potentially fetch $3,000 or more at a major auction.
Serious collectors use grading services like PCGS or NGC to certify these. Before paying for professional grading, CoinKnow can give you an AI-driven estimate of whether your coin’s steps are sharp enough to qualify for the FS designation.
1939-D Reverse of 1940 Nickel Condition and Grading
The condition of your nickel is the biggest factor in determining its worth. Like all vintage currency, the 1939 nickel value information varies wildly based on whether the coin was found in a jar of change or a protected coin album.
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In “Circulated” condition (Fine to About Uncirculated), the coin will show wear on Jefferson’s hair and the pillars of Monticello. Even in these lower grades, the 1939-D with the 1940 reverse usually commands a premium over the standard 1939-P or 1939-S.
“Uncirculated” or “Mint State” (MS) coins have no wear and retain their original mint luster—the shiny, frosting-like surface found on new coins. If your coin looks “white” or silver-ish and reflects light when you turn it, it is likely in Mint State.
| Grade | Description | Estimated Market Value |
|---|---|---|
| Fine 12 | Heavy wear, design visible | $15 |
| EF 40 | Light wear on high points | $45 |
| MS 63 | No wear, some marks | $300 |
| MS 66 FS | Flawless, Full Steps | $4,500+ |
Market Trends and Investment Potential
The 1939-D Jefferson Nickel is considered a “semi-key date” for the entire series. When you add the “Reverse of 1940” variety into the mix, it becomes a true prize for any collector. Market trends show that values for early Jefferson nickels have remained stable even during economic downturns.
Because many of these coins were circulated in the 1940s and 1950s, the supply of high-grade specimens is very low. This scarcity drives prices up during auctions. For example, a 1939-D Rev ’40 graded MS67 with Full Steps recently sold for over $10,000.
For the average American, finding one in a “junk” box or an old collection is an exciting win. While most found coins will be in the $20 to $50 range, identifying the variety correctly is the difference between having a common nickel and a collectible treasure.
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If you are looking to sell, it is best to check recent “sold” listings on eBay rather than the “asking” prices. This gives you a realistic view of what buyers are actually paying for the 1939-D Reverse of 1940 variety today.
Summary: What Should You Do With Your 1939-D Nickel?
If you believe you have found a 1939-D Reverse of 1940 Jefferson Nickel, your first step is to protect it. Place it in a cardboard 2×2 holder or a plastic flip to prevent further scratches. Avoid cleaning the coin, as any chemical cleaning will significantly reduce its value in the eyes of collectors.
Next, use a magnifying glass or CoinKnow to inspect the steps on Monticello and confirm the mint mark. If the coin is in exceptionally good condition, consider visiting a local coin shop for a professional opinion.
Whether you’re looking to start a collection or just want to turn your find into cash, the 1939-D Reverse of 1940 remains one of the most interesting and valuable variations in modern American coinage. Keep your eyes peeled on the reverse of every 1939 nickel you see!
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FAQ
Q: Where is the mint mark on a 1939 Jefferson Nickel?
A: The mint mark is located on the reverse (back) side of the coin, to the right of the building (Monticello). A “D” stands for Denver, and an “S” for San Francisco. If there is no letter, it was minted in Philadelphia.
Q: Is every 1939-D nickel worth hundreds of dollars?
A: No. Only those in Mint State (uncirculated) condition command the highest prices. Most nickels found in pocket change will be worth between $15 and $40 depending on their wear and variety.
Q: How can I tell the difference between the 1938 and 1940 reverse?
A: Look at the steps on Monticello. The Reverse of 1938 has “wavy” steps that look like blurry bumps. The Reverse of 1940 has straight, well-defined horizontal lines that look like a staircase.
Q: Should I get my 1939-D Jefferson Nickel graded by PCGS?
A: You should only consider professional grading if the coin is in Mint State (shows no signs of wear) or if you believe it has “Full Steps.” For circulated coins worth under $50, the cost of grading usually exceeds the value of the coin.