Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
The 1939-S Reverse of 1940 Jefferson Nickel is worth anywhere from $15 in average circulated condition to over $3,500 for pristine, high-grade specimens. Finding one of these transition varieties in your pocket change is like discovering a hidden piece of numismatic history that carries a significant premium over common nickels.
| Condition | Estimated Value |
|---|---|
| Good / Very Good | $10 – $15 |
| Fine / Very Fine | $25 – $45 |
| Extremely Fine | $60 – $120 |
| Uncirculated (MS60+) | $200 – $1,000+ |
Understanding the 1939-S Jefferson Nickel Varieties
When you look at a 1939 Jefferson Nickel minted in San Francisco, you aren’t just looking at an old five-cent piece; you are looking at a coin with two distinct identities. During 1939, the United States Mint modified the design of Monticello on the reverse side. The original design, known as the “Reverse of 1938,” featured wavy steps on the building that appeared somewhat blurry. The updated version, the “Reverse of 1940,” featured crisp, straight, and well-defined steps.
Identifying these subtle differences is much easier when you use a top coin identifier app to zoom in on the architectural details. For the 1939-S issue, the “Reverse of 1940” is actually the rarer and more desirable variety for collectors. While millions of nickels were produced, only a fraction featured this specific combination of the 1939 date with the 1940 hub design at the San Francisco mint.
If you are unsure which version you have, CoinKnow can provide instant clarification. This tool helps everyday Americans distinguish between common pocket change and valuable collector items by analyzing the specific strike characteristics of the steps on Monticello. Because the San Francisco mint had a lower production run compared to Philadelphia, any S-mint mark nickel from this era is worth a closer look, but the “Reverse of 1940” variety is the true prize.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Current Market Value for 1939-S Reverse of 1940 Nickels
The value of this coin depends heavily on its state of preservation. Unlike standard 1939 nickels that might only be worth a few cents over face value if worn, the 1939-S Reverse of 1940 carries a baseline value even in lower grades. Collectors are constantly seeking out this “transition” coin to complete their sets, which keeps demand high and prices stable.
In circulated grades, where the coin has seen heavy use, you can still expect a payout that is hundreds of times the face value. As you move into “About Uncirculated” or “Mint State” conditions, the price begins to climb into the hundreds of dollars. The most accurate 1939-S Jefferson Nickel price data shows that coins with original mint luster and no scratches are highly competitive at auctions.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Below is a detailed breakdown of the market prices based on the standard Sheldon grading scale. Note how sharply the value increases once the coin reaches “Choice” or “Gem” Uncirculated status.
| Grade | Designation | Market Value |
|---|---|---|
| VF20 | Very Fine | $35 |
| EF40 | Extremely Fine | $85 |
| AU50 | About Uncirculated | $150 |
| MS63 | Select Mint State | $425 |
| MS66 | Gem Mint State | $1,850 |
The Importance of Full Steps (FS) Designation
For the serious Jefferson Nickel collector, the ultimate prize is a coin with “Full Steps.” This refers to the steps of Monticello on the reverse. Most 1939 nickels were struck with worn dies, meaning the steps are often blurry or merged together. A coin that exhibits five or six fully separated steps is exceptionally rare and commands a massive premium.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
A 1939-S Reverse of 1940 with Full Steps can easily double or triple the value of an otherwise identical coin. When checking your coins, look closely at the center of the building. If you see clear horizontal lines without any interruptions or “mushy” spots, you may have a Full Steps specimen. Using the CoinKnow app to magnify these details can help you determine if your coin is worth sending to a professional grading service like PCGS or NGC.
Professional grading is almost a requirement for high-value nickels from this era. Because the difference between a $200 coin and a $2,000 coin often comes down to microscopic details, certification provides the buyer with confidence. You can find more information about 1939 Jefferson Nickel values and how the Full Steps designation impacts the final hammer price at auction.
How to Identify the “Reverse of 1940” Variety
The key to identifying the 1939-S Reverse of 1940 lies in the shape of the steps on Monticello. On the 1938 version, the steps are thin and slightly curved, often described as “wavy.” On the 1940 version, the steps are thicker, straighter, and the edges are much sharper.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Another subtle tell is the “S” mint mark itself. In 1939, the San Francisco mint used a specific style of mint mark punch. On the Reverse of 1940 variety, the mint mark should be clear and located to the right of Monticello. If the coin is heavily worn, it can be difficult to see these details with the naked eye. This is where CoinKnow becomes an essential tool for your hobby, allowing you to compare your coin side-by-side with high-resolution reference photos.
| Feature | Reverse of 1938 | Reverse of 1940 |
|---|---|---|
| Steps Shape | Wavy / Curved | Straight / Sharp |
| Step Detail | Often Blurry | Deeply Incused |
| Rarity | Common | Scarce / Key Variety |
Factors That Influence the Value of Your 1939 Nickel
Beyond the variety type, several factors determine the final price a collector is willing to pay. Luster is the “glow” of the coin, which is the result of the minting process. A 1939-S nickel that has been cleaned will lose its original luster and, consequently, at least 50-70% of its market value. Never clean your coins! Even a soft cloth can leave micro-scratches that a professional grader will spot instantly.
Toning also plays a role. If a nickel has been stored in an album for decades, it might develop beautiful blue, gold, or purple hues. “Monster toned” nickels are a niche market where buyers may pay significantly more than the list price just for the visual appeal. Conversely, heavy carbon spots or “milk spots” will decrease the value.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Finally, the strike quality is paramount. Because the San Francisco mint was known for slightly softer strikes during this period, finding a 1939-S with a sharp obverse (Jefferson’s face) and a sharp reverse is quite difficult. The more detail you see in Jefferson’s hair and the pillars of Monticello, the higher the grade and the heavier the price tag.
| Value Factor | Impact on Price |
|---|---|
| Original Luster | High Increase |
| Cleaning/Scrubbing | Major Decrease |
| Beautiful Toning | Moderate Increase |
| Full Steps (FS) | Extreme Increase |
Collecting 1939 Jefferson Nickels as an Investment
Many people ask if it is worth holding onto a 1939-S Reverse of 1940 as a long-term investment. The answer is generally yes, especially for higher-grade coins. As more “raw” coins are found and graded, the population of high-quality specimens remains relatively low, which drives prices upward over time.
If you are looking to start a collection, the 1939 series is a great place to begin because it contains these interesting varieties that turn a simple coin-collecting hobby into a treasure hunt. Always buy the best condition you can afford, and look for coins that have already been certified by reputable services to ensure you are getting the genuine variety and not a clever counterfeit or a common 1938 Reverse.
FAQ
Q: Is the 1939-S Reverse of 1940 nickel rare?
A: While not “unobtainable,” it is considered a semi-key variety in the Jefferson Nickel series. It is significantly harder to find than the standard 1939-P or 1939-S (Reverse of 1938) nickels, making it highly sought after by collectors.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Q: How can I tell if my 1939 nickel has the “Reverse of 1940”?
A: Look at the steps on the back of the coin (on Monticello). On the Reverse of 1940, the steps are straight and have sharp, defined edges. On the Reverse of 1938, the steps look wavy and blurry, even on coins that haven’t been worn down.
Q: What is the most expensive 1939-S Reverse of 1940 ever sold?
A: High-grade specimens with the Full Steps (FS) designation can sell for $5,000 to $8,000 at major auctions. The highest prices are reserved for coins graded MS67 or higher by PCGS or NGC.
Q: Can I find this coin in my pocket change today?
A: It is possible, but very unlikely. Most nickels from 1939 were pulled from circulation by collectors decades ago. However, “estate finds” and old jars of change sometimes contain these treasures, so it is always worth checking!