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The 1939 Reverse of 1940 Jefferson Nickel is worth anywhere from $1 in circulated condition to over $5,000 for high-grade specimens with “Full Steps” details. This elusive variety is highly sought after by collectors because it represents a subtle but significant design change during the second year of the series.
| Condition | Estimated Value (USD) |
|---|---|
| Good to Fine (Circulated) | $0.50 – $5.00 |
| Extremely Fine to About Uncirculated | $10 – $45 |
| Uncirculated (MS60-MS64) | $50 – $250 |
| Gem Mint State (MS65+) | $400 – $5,000+ |
Understanding the 1939 Jefferson Nickel Varieties
If you’ve found a nickel from 1939, you might be holding something more than just five cents. In the early years of the Jefferson Nickel, the U.S. Mint made adjustments to the design on the reverse side. For the 1939 mintage, two distinct types exist: the “Reverse of 1938” and the “Reverse of 1940.” If you are unsure which one you have, using a top coin identifier app can help you zoom in on the specific details that distinguish these two varieties.
The “Reverse of 1940” is characterized by much sharper, straightened steps on Monticello’s portico. While the 1938 design had wavy, somewhat blurry steps, the 1940 design (which appeared prematurely on some 1939 coins) features clean, horizontal lines. Finding one of these in your change is a thrill for any hobbyist. Many people use CoinKnow to quickly scan their pocket change for these subtle numismatic differences that the naked eye might miss.
Identifying these coins requires a bit of patience. The 1939 Jefferson Nickel was struck at three different mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). While all three can feature the “Reverse of 1940,” the Philadelphia versions are the most common, whereas the Denver and San Francisco versions command significant premiums due to their lower mintage numbers.
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How to Spot the “Reverse of 1940” Design
To determine the value of your coin, you must first confirm it is indeed the “Reverse of 1940” variety. Look closely at the steps of Monticello on the back of the coin. On the original 1938 design, the steps look like “wavy” lines that blend into each other. On the 1940 design, the steps are sharply defined with deep parallel grooves and straight edges.
Professional collectors look for “Full Steps” (FS), which refers to coins that have five or six fully visible steps without any interruptions from scratches or weak striking. A 1939 nickel with the 1940 reverse and Full Steps is a “holy grail” for Jefferson collectors. You can check the latest 1939 Nickel MS prices and auction records to see how much of a premium these high-quality strikes can fetch.
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If the coin looks shiny and new, it is likely in “Mint State” condition. Even a small amount of wear on Jefferson’s cheek or on the steps of Monticello can drop the grade from Uncirculated to About Uncirculated. CoinKnow users often share photos of their finds to get community feedback on whether a coin’s steps are sharp enough to qualify for a higher valuation.
| Feature | Reverse of 1938 | Reverse of 1940 |
|---|---|---|
| Steps Detail | Wavy, Indistinct | Sharp, Straight Lines |
| Rarity | Common for 1939 | Scarcer (depending on mint) |
| Collector Demand | Moderate | High |
Grading and Its Impact on Your Nickel’s Worth
The grade of a coin is the single most important factor after the variety is identified. Coins are graded on a scale from 1 to 70. Most coins found in old jars or registers will grade between “Good” (G-4) and “Extremely Fine” (XF-45). For the 1939 Reverse of 1940, even a mid-grade circulated coin can be worth significantly more than its face value.
Your Old Coin Could Be Valuable!
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For those looking for detailed technical specifications, the 1939 Jefferson nickel value and mintage data shows that mint-state coins are where the real money is. A Philadelphia-minted 1939 nickel in MS67 condition with the 1940 reverse can easily sell for over $500. If that same coin has the coveted “Full Steps” designation, the price can skyrocket into the thousands.
When using tools like CoinKnow, you can compare your coin against high-resolution images of graded specimens. This helps you decide if it is worth the $20-$40 fee to have the coin professionally graded by services like PCGS or NGC. Remember, a coin is only worth what a buyer is willing to pay, and a certified grade provides that essential “proof” of quality.
Philadelphia vs. Denver vs. San Francisco Mints
The mint mark on a 1939 nickel is located on the reverse side, to the right of Monticello, next to the rim. It is a very small letter. No letter means it was minted in Philadelphia. A “D” stands for Denver, and an “S” stands for San Francisco. Knowing which mint produced your coin is vital for calculating the 1939 Reverse of 1940 Jefferson Nickel value.
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The 1939-D is generally considered the “key date” for the Jefferson Nickel series, but this is usually in reference to the standard mintage. However, when you combine the rare mint marks with the 1940 reverse design, the scarcity increases. The San Francisco (1939-S) Reverse of 1940 is particularly interesting to collectors because of the relatively low mintage numbers compared to Philadelphia.
| Mint Mark | Circulated Value | Uncirculated Value |
|---|---|---|
| 1939 (P) No Mint Mark | $1 – $15 | $40 – $600 |
| 1939-D (Denver) | $10 – $150 | $250 – $4,000 |
| 1939-S (San Francisco) | $5 – $80 | $150 – $2,500 |
Why the Reverse of 1940 is a “Transition” Coin
In the world of coin collecting, transition coins are some of the most fascinating pieces of history. The U.S. Mint was still perfecting the Jefferson Nickel design in 1939. The original hubs used in 1938 were deemed insufficient because the steps of Monticello didn’t strike well and wore down too quickly in circulation. To fix this, the Mint created new hubs for the 1940 production year.
However, some of these new 1940-style dies were put into service late in 1939. This created a situation where two different designs were circulating at the same time. For everyday Americans, these coins looked identical at first glance. It wasn’t until decades later that numismatists realized how much rarer the 1940-style reverse was for the 1939-dated coins.
Today, these coins serve as a snapshot of American industrial history. They represent a time of trial and error at the Mint. Because many of these coins were spent and used to buy bread or newspapers during the late Depression era, finding one today in “Gem” condition is incredibly rare. This scarcity is what drives the prices up at major auctions and on online marketplaces.
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Tips for Selling Your 1939 Jefferson Nickel
If you believe you have found a 1939 Reverse of 1940, don’t rush to the nearest pawn shop. Pawn shops often pay only a fraction of a coin’s true numismatic value. Instead, start by confirming the variety through multiple sources. You can use the CoinKnow app to get an initial estimate and then consult specialized coin forums or a reputable local coin dealer.
When selling, presentation matters, but never clean your coins! Cleaning a vintage nickel with chemicals or cloths will create micro-scratches that ruin its value. Collectors prefer “original skin,” which is the natural toning and patina the coin has developed over the last 80+ years. If your coin is worth several hundred dollars, getting it slabbed (certified) by a grading service is the best way to ensure you get top dollar.
Finally, keep an eye on market trends. The value of early Jefferson Nickels has remained steady, with high-quality varieties like the Reverse of 1940 seeing consistent interest from registry set builders. Whether you sell on eBay, at a coin show, or through a private collector, having the data to back up your asking price is key to a successful transaction.
FAQ
Q: Where is the mint mark on a 1939 Jefferson Nickel?
A: On the 1939 nickel, the mint mark is located on the reverse (back) side of the coin. Look to the right of the building (Monticello), between the building and the rim, near the edge of the coin. If you see a ‘D’, it’s Denver; an ‘S’ is San Francisco; if there is no letter, it was minted in Philadelphia.
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Q: Is the 1939 Reverse of 1940 rare?
A: It is much scarcer than the standard 1939 Reverse of 1938. While millions were minted, many were lost to circulation. In high grades (Uncirculated), it is considered quite rare and is a prized find for collectors.
Q: What are “Full Steps” on a nickel?
A: “Full Steps” is a designation used by grading services to describe a Jefferson Nickel with at least five or six clear, uninterrupted horizontal lines on the steps of Monticello. This indicates a very strong strike and adds significant value to the coin.
Q: Can I find this coin in my pocket change today?
A: While possible, it is extremely unlikely. Most Jefferson Nickels from the 1930s and 40s have been pulled from circulation by collectors over the years. However, people still find them in “unsearched” estate coin jars or older collections.