1940-D Jefferson Nickel Value: What Is Your Coin Worth?

The 1940-D Jefferson Nickel is worth anywhere from $0.15 in worn condition to over $3,500 in high-grade mint state with Full Steps. Most examples found in pocket change today are worth closer to their face value or a small premium, but rare varieties can command significant prices.

Condition / Grade	Estimated Value
Circulated (Average Wear)	$0.15 – $0.50
About Uncirculated (AU)	$1.00 – $3.00
Mint State (MS65)	$15.00 – $25.00
Mint State (MS67 Full Steps)	$400.00+

History and Significance of the 1940-D Jefferson Nickel

If you have just discovered a 1940-D Jefferson Nickel while sorting through a jar of old coins, you are holding a piece of American history from the early days of the Jefferson series. Introduced in 1938 to replace the Buffalo Nickel, the Jefferson design was still quite new when the Denver Mint produced these coins in 1940. During this era, the United States was slowly recovering from the Great Depression, and the Denver Mint was known for its consistent quality.

To accurately identify your coin and determine if it has any special features, using a top coin identifier app can save you hours of manual research. The 1940-D is not considered a “key date” in terms of scarcity, as over 43 million were struck. However, because it is an early issue, finding one in high grade is increasingly difficult.

Most collectors look for the “D” mint mark on the reverse side, located to the right of Monticello. In 1940, the composition was the standard 75% copper and 25% nickel. These are “pre-war” nickels, meaning they do not contain the silver content found in the “War Nickels” minted from 1942 to 1945. Using CoinKnow, you can quickly scan the reverse to confirm the mint mark’s placement and clarity.

Determining the Condition and Grade of Your 1940 Nickel

The value of your 1940-D Nickel depends heavily on its “grade,” or its state of preservation. Coins that have been passed around in commerce for 80 years usually show significant wear. On the obverse, look at Thomas Jefferson’s hair; in worn coins, the fine lines will be blurred or flat. On the reverse, the pillars of Monticello and the steps leading up to the building are the first things to wear down.

Professional graders use a scale from 1 to 70. A coin with a grade of “Good-4” is heavily worn, while a “Mint State 65” (MS65) coin looks brand new. The 1940-D Jefferson Nickel auction prices show that as the grade moves from MS65 to MS67, the price jumps exponentially.

If you are unsure whether your coin is “Uncirculated” or just a very clean “About Uncirculated” specimen, the CoinKnow app’s high-resolution comparison tools can help you spot the tiny scratches (bag marks) that differentiate the two. True uncirculated coins still possess their original mint luster, a cartwheel-like shimmer when rotated under a single light source.

Grade Designation	Visual Description
Good / Very Good	Main features visible but flat; rims may be worn.
Fine / Very Fine	Hair lines visible; Monticello details are clear.
Extremely Fine	Light wear only on highest points; some luster remains.
Mint State (Uncirculated)	No wear; original shine; sharp details.

The Importance of the Full Steps Designation

For serious Jefferson Nickel collectors, the most important phrase to know is “Full Steps” (FS). This refers to the steps on the reverse of the coin on the Monticello building. On most 1940-D nickels, these steps are blurry or merged due to a weak strike or subsequent wear. A coin is designated Full Steps if at least five or six steps are clearly visible and uninterrupted.

A 1940-D Jefferson Nickel with Full Steps is significantly more valuable than one without. For instance, while a standard MS66 1940-D might sell for $30, the same coin with the “FS” designation could fetch $150 or more. This is because specialized collectors compete for the finest possible strikes.

You can find detailed 1940 Jefferson Nickel valuation info regarding these designations online. To check your own coin, use a magnifying glass or the zoom feature on CoinKnow to look for clear, horizontal lines on the base of the Monticello building. If the steps are “mushy” or have a scratch cutting through them, the coin will likely not receive the FS designation.

1940-D Jefferson Nickel Error Coins to Look For

Error coins are the “hidden gems” of the hobby. While the 1940-D is generally well-made, several known errors can make a common nickel worth hundreds of dollars. The most famous for this year is the “Repunched Mint Mark” (RPM). This occurs when the “D” was punched into the die twice, creating a slight shadow or doubling effect on the letter.

Another error to watch for is the “Double Die Reverse” or “Double Die Obverse.” This happens during the die-making process and results in doubled lettering or numbers. On a 1940-D, check the date and the word “LIBERTY” for any signs of thickening or secondary lines. Off-center strikes are also popular; these occur when the coin wasn’t properly centered in the press, leaving a portion of the design missing.

If you suspect you have an error, do not clean the coin! Cleaning a coin with chemicals or cloth can destroy its numismatic value by stripping away the original surface. Instead, document it with a photo and compare it to known error catalogs.

Potential Error Type	Estimated Value Range
Repunched Mint Mark (D over D)	$20 – $100+
5% – 10% Off-Center Strike	$15 – $50
Die Cracks (Cuds)	$5 – $30

Tips for Selling Your Old Jefferson Nickels

Once you have identified that your 1940-D Nickel is in high grade or contains an error, the next step is finding a buyer. For coins worth less than $10, selling individually on eBay may not be worth the shipping costs and fees. In these cases, it is often better to keep them as part of a personal collection or sell them in a “bulk lot” of vintage nickels.

For high-value coins, such as those valued over $100, professional grading by services like PCGS or NGC is recommended. A certified grade “locks in” the value and makes the coin much easier to sell to serious investors. Local coin shops are a great place for a free verbal appraisal, but keep in mind they will offer you “wholesale” prices so they can make a profit upon resale.

Always research recent sold listings rather than asking prices. Just because someone listed a 1940 Nickel for $1,000 doesn’t mean it sold for that much. Using a reliable pricing database ensures you have realistic expectations before you walk into a shop or post an ad online.

FAQ

Q: Is a 1940-D Nickel made of silver?

A: No, the 1940-D Jefferson Nickel is composed of 75% copper and 25% nickel. Silver nickels (known as War Nickels) were only produced between 1942 and 1945 and are easily identified by a large mint mark (P, D, or S) located directly above the dome of Monticello.

Q: Where is the mint mark on a 1940-D Nickel?

A: On the 1940-D Nickel, the “D” mint mark is located on the reverse (tails) side. Specifically, it is placed to the right of the Monticello building, near the rim. If there is no letter there, the coin was minted in Philadelphia.

Q: What is the most expensive 1940-D Nickel ever sold?

A: High-grade specimens with the Full Steps designation have sold for over $3,500 at major auction houses. These coins are typically graded MS67FS or higher and possess exceptional luster and a “perfect” strike that is very rare for that era.

Q: Should I clean my 1940 Nickel to make it worth more?

A: Absolutely not. Cleaning a coin with polish, baking soda, or even a soft cloth creates microscopic scratches that professional graders can easily spot. A cleaned coin is often worth only its metal value, whereas an original “dirty” coin retains its collector value.