1939-S Jefferson Nickel Value: Price Guide for Collectors

The 1939-S Jefferson Nickel is worth anywhere from $1 in heavily circulated condition to over $5,000 for rare “Step” varieties in high grades. This early-year nickel from the San Francisco Mint is a favorite among everyday Americans checking their pocket change for hidden treasures.

Condition	Estimated Value (USD)
Good / Very Good	$0.75 – $1.50
Fine / Extremely Fine	$2.00 – $8.00
Uncirculated (MS60+)	$25.00 – $150.00
Full Steps (Gem BU)	$400 – $5,000+

Understanding the History of the 1939-S Jefferson Nickel

If you have discovered an old nickel in a jar or a collection, the first thing to check is the date and the mint mark. The Jefferson Nickel series began in 1938, making the 1939-S one of the earliest issues in the set. During this era, the San Francisco Mint (denoted by the “S” on the back) produced significantly fewer coins than the Philadelphia or Denver Mints.

For many casual hunters, using a top coin identifier app is the quickest way to confirm you have a genuine 1939-S. The San Francisco Mint struck only 6.6 million nickels this year. While this might sound like a lot, it is a tiny fraction of the hundreds of millions of nickels minted in modern times.

The 1938-1939 period was a transition for the U.S. Mint as they moved away from the Buffalo Nickel. Because the 1939-S was minted in lower quantities, finding one in your change today is a rare treat. Most of these coins saw heavy use during World War II and the decades following, leaving very few in “Mint State” condition. If yours looks shiny and new, it could be worth a significant premium.

How to Identify the “Reverse of 1938” vs “Reverse of 1940”

One of the most important factors for the 1939-S Jefferson Nickel value is the subtle design change that occurred that year. The Mint adjusted the design of the steps on Monticello (the building on the back). Collectors look for two distinct types: the “Reverse of 1938” (wavy steps) and the “Reverse of 1940” (straight, crisp steps).

The “Reverse of 1938” is characterized by steps that look a bit melted or uneven. On the other hand, the “Reverse of 1940” features steps that are clearly defined and parallel. For the San Francisco Mint, the Reverse of 1940 is generally considered more common, but both are highly sought after in high grades.

If you are unsure which variety you have, you can use the CoinKnow app to get a high-resolution comparison. Understanding these nuances is key to determining if your coin is a standard find or a high-value treasure. When looking at the 1939-S Jefferson Nickel auction results, you will see that the variety significantly impacts the final hammer price at professional sales.

Variety Type	Average Circulated Value	Average Uncirculated Value
1939-S Reverse of 1938	$2.50	$150+
1939-S Reverse of 1940	$1.50	$60+

The Importance of the “Full Steps” Designation

For the serious 1939-S Jefferson Nickel collector, the holy grail is the “Full Steps” (FS) designation. This refers to the steps of Monticello on the reverse of the coin. Because the dies used in 1939 were often worn or the strike was weak, most nickels from this year have “mushy” steps that blend together.

To qualify as Full Steps, a coin must have at least five or six clear, horizontal lines across the staircase. There can be no contact marks or scratches crossing these lines. Finding a 1939-S with Full Steps is incredibly difficult because the San Francisco Mint was notorious for soft strikes during this era.

A coin that is graded MS66 with Full Steps can easily sell for thousands of dollars, whereas a standard MS66 without the steps might only fetch $100. To check if your coin has this potential, you can compare it against the 1939-S full steps price chart. This small detail is what separates a common coin from a professional investment.

Grading and Condition: Why It Matters for Your 1939-S Nickel

When evaluating your 1939-S Jefferson Nickel value, the physical condition—or “grade”—is everything. Coins are graded on a scale from 1 to 70. Most coins found in circulation today will fall between Very Good (VG8) and Extremely Fine (EF40).

“Good” condition means the coin is very worn, but the date and mint mark are still readable. “Uncirculated” or “Mint State” means the coin never saw use in daily commerce and still retains the original luster or “shine” from the mint. Even a few tiny scratches from being in a pocket can drop the value by 50% or more.

If you believe your coin is in pristine condition, it may be worth sending to a professional grading service like PCGS or NGC. However, if the coin has been cleaned with polish or cloth, its numismatic value will plummet. Never clean your coins! To get a baseline idea of the grade, CoinKnow allows you to take a photo and receive an AI-driven estimate of your coin’s state.

Grade (Adjectival)	Numeric ScGradeale	Visual Characteristics
Good	G4	Heavily worn; outlines are visible.
Very Fine	VF20	Some detail in Jefferson’s hair.
Extremely Fine	EF40	Sharp details with slight wear.
Mint State	MS60+	No wear; original mint luster.

Where to Find the Mint Mark on a 1939 Jefferson Nickel

If you are new to coin collecting, you might be looking for the “S” in the wrong place. On modern nickels, the mint mark is on the front (obverse) near the date. However, on the 1939-S Jefferson Nickel, the mint mark is located on the back (reverse).

Look at the back of the coin, to the right of the Monticello building. You will see a small space between the building and the rim. If there is a small “S” there, it was minted in San Francisco. If there is a “D”, it was minted in Denver. If there is no letter at all, it was minted in Philadelphia.

The “S” mint mark is particularly desirable because of the lower mintage figures mentioned earlier. In the 1930s and 40s, the San Francisco Mint was known for producing quality strikes, though they struggled with the Jefferson Nickel design in its second year. Identifying this small letter is the first step in knowing if you have found something worth more than five cents.

Current Market Trends for Early Jefferson Nickels

The market for early Jefferson nickels has remained stable for decades, but there is a growing interest among younger collectors. As the older silver “War Nickels” (1942-1945) become harder to find, the 1938 and 1939 “pre-war” nickels are seeing increased demand.

Common, circulated 1939-S nickels are easy to find at coin shops for a dollar or two, but “Registry Set” collectors are driving up the prices for top-tier examples. A Registry Set is a collection where enthusiasts compete to own the highest-graded example of every coin in a series.

Because the 1939-S is a “key date” (though not the rarest in the series), it is an essential piece for any complete collection. Before selling your coin to a local pawn shop—which might only offer you face value—check the CoinKnow app for the most recent verified sales data to ensure you get a fair price.

FAQ

Q: Is the 1939-S Jefferson Nickel made of silver?

A: No, the 1939-S nickel is made of a cupro-nickel alloy (75% copper and 25% nickel). Only nickels produced between mid-1942 and 1945 contain silver (identified by a large mint mark above the dome of Monticello).

Q: Why is the 1939-S nickel more valuable than the 1939 Philadelphia?

A: The San Francisco Mint (S) produced only 6.6 million nickels in 1939, while the Philadelphia Mint produced over 120 million. The significantly lower supply of the “S” mint mark makes it more valuable to collectors.

Q: Can I find a 1939-S Jefferson Nickel in my pocket change today?

A: While it is possible, it is very rare. Most nickels from this era were pulled from circulation by collectors decades ago. However, “coin roll hunting” (buying boxes of nickels from the bank) still occasionally turns up these early dates.

Q: What is the most expensive 1939-S nickel ever sold?

A: High-grade examples with the “Full Steps” designation and the “Reverse of 1938” have sold for over $5,000 at major auction houses like Heritage Auctions, depending on the current market demand.