1940 Reverse of 1940 Jefferson Nickel Value: Price & Guide

The 1940 Reverse of 1940 Jefferson Nickel is worth anywhere from $0.15 in worn condition to over $1,000 for high-grade specimens. Finding one in your pocket change is an exciting discovery for any American, as these early “War-era” nickels are becoming increasingly rare and sought after by casual collectors.

Condition	Estimated Value (No Mint Mark)	Estimated Value (D/S Mint)
Good to Fine	$0.15 – $0.50	$0.50 – $2.50
Extremely Fine	$1.50 – $3.00	$5.00 – $12.00
Uncirculated (MS60+)	$15.00 – $50.00	$40.00 – $150.00
Gem Mint (MS65+)	$100.00+	$300.00+

Understanding the 1940 Reverse of 1940 Jefferson Nickel History

The 1940 Jefferson Nickel represents the third year of the Jefferson series, which replaced the famous Buffalo Nickel in 1938. By 1940, the United States Mint had refined the design of Felix Schlag, ensuring that the image of Thomas Jefferson on the obverse and his home, Monticello, on the reverse were striking and clear.

If you are trying to identify a mystery coin from your jar, using a top coin identifier app can help you confirm the date and mint mark instantly. During this period, there were two distinct “Reverse” types. The “Reverse of 1938” featured steps on Monticello that were wavy and lacked detail.

By contrast, the 1940 Reverse of 1940 version features crisp, straight steps that are much more defined. This change was a permanent improvement to the coin’s aesthetics. Identifying which version you have is the first step in determining its collectible appeal. Most nickels minted in 1940 utilize this “new” reverse design, making it the standard for the year.

While millions were minted, finding one in high grade is the challenge. If your coin looks shiny and brand new, you should check the 1940 Nickel value to see if it warrants professional grading. Many of these coins were circulated heavily during the 1940s and 50s, so “Mint State” examples are a prize for collectors. Using CoinKnow can quickly tell you if the wear on your coin is significant or if you have a potential gem.

Identifying Mint Marks and Their Impact on Value

The value of your 1940 nickel is heavily influenced by where it was made. In 1940, the US Mint produced nickels at three locations: Philadelphia, Denver, and San Francisco. Philadelphia coins do not have a mint mark, while Denver coins feature a small “D” and San Francisco coins feature an “S.”

To find the mint mark, look at the reverse side of the coin. It is located to the right of the Monticello building, nestled between the building and the rim. If there is no letter there, it was struck in Philadelphia. Because Denver and San Francisco had lower production numbers, those coins are generally worth more in all conditions.

Mint Facility	Mint Mark	Mintage (Approximate)
Philadelphia	None	176,485,000
Denver	D	43,540,000
San Francisco	S	39,690,000

For everyday Americans, a “D” or “S” mark is a great sign. Even in average condition, these can sell for a few dollars to a collector. Using an app like CoinKnow helps enthusiasts track these specific mintages and current market demand easily.

The Importance of the “Full Steps” Designation

When researching the 1940 Jefferson Nickel price guide, you will often see the term “Full Steps” (FS). This is a crucial detail for 1940 Reverse of 1940 specimens. It refers to the steps leading up to the entrance of Monticello on the back of the coin.

Most nickels were struck with enough pressure to show the building, but the fine horizontal lines of the steps were often blurry or “weak.” A coin qualifies as “Full Steps” if there are five or six clear, uninterrupted lines. This designation can turn a $20 coin into a $500 coin overnight. Professionals look for at least five complete steps without any marks or scratches cutting through them.

Collectors pay a massive premium for Full Steps because it proves the coin was struck perfectly from a fresh die. If you pull a 1940 nickel from an old piggy bank and it looks incredibly sharp, take a magnifying glass to those steps. You might just have a high-value rarity on your hands.

Grading the 1940 Reverse of 1940 Nickel for Beginners

Grading is the process of determining how much wear a coin has. For the 1940 nickel, we use the Sheldon Scale, which ranges from 1 to 70. Most coins you find in circulation will be in the “Good” (G4) to “Very Fine” (VF20) range. These exhibit significant wear on Jefferson’s hair and the pillars of Monticello.

“Extremely Fine” (XF40) nickels still have most of their details, but the high points are slightly flattened. The real value lies in “Mint State” (MS) coins. These have never been spent and still look “white” or silver-colored with their original mint luster.

If you’re unsure about the grade, consulting a 1940 nickel value chart or using CoinKnow to compare your coin’s image to graded examples can give you a ballpark estimate of its worth. Remember, never clean your coins! Even a gentle scrub can destroy the numismatic value and lower the grade significantly.

Grade	Visual Description
Good (G)	Outline of Jefferson is clear; inscriptions are readable but worn.
Fine (F)	Hair details are visible; steps on Monticello are worn smooth.
About Uncirculated (AU)	Original shine remains; only slight wear on the cheek and pillars.
Mint State (MS)	Full original luster; no wear from circulation whatsoever.

Special Proof Strikes and Varieties

In addition to the standard coins intended for circulation, the Philadelphia Mint produced “Proof” nickels for collectors in 1940. These were struck using special dies and polished planchets (metal discs), resulting in a mirror-like finish. Only about 14,000 of these were made, making them quite rare today.

A 1940 Proof Jefferson Nickel can be worth $100 in basic proof condition and over $5,000 if it has “Cameo” contrast (where the portrait looks frosted against a black mirror background). These were sold in sets and are rarely found in pocket change, but they do occasionally turn up in estate sales or old collections.

There are also minor “doubled die” varieties for this year. A doubled die occurs when the coin image is struck twice, creating a blurring or ghosting effect on the lettering or the date. If you see “doubling” on the words “TRUST” or “LIBERTY,” your 1940 Reverse of 1940 Jefferson Nickel could be worth significantly more than the standard market price.

Conclusion: Is Your 1940 Nickel a Hidden Treasure?

While most 1940 nickels found today are worth closer to their face value or a small premium, the potential for a high-grade discovery is always there. The 1940 Reverse of 1940 Jefferson Nickel is a staple of American history, minted just before the U.S. entered World War II and changed the nickel’s composition to silver.

Before you spend that old nickel at the grocery store, take a moment to check for the “D” or “S” mint mark and look at the sharpness of the steps on Monticello. Whether you use a physical price guide or an app like CoinKnow, identifying the quality of your coin is the key to unlocking its true value. You might find that your five-cent piece is actually worth fifty dollars or more!

FAQ

Q: Does the 1940 Jefferson Nickel contain silver?

A: No. Standard Jefferson Nickels from 1940 are made of 75% copper and 25% nickel. “War Nickels,” which contain 35% silver, were only produced from mid-1942 through 1945.

Q: What is the most expensive 1940 nickel ever sold?

A: High-grade specimens with the “Full Steps” designation have sold for over $6,000 at major auctions. The most expensive ones are usually graded MS67 or higher by professional services like PCGS or NGC.

Q: How can I tell the difference between the 1938 and 1940 reverse types?

A: Look at the steps on Monticello. The Reverse of 1938 has “wavy” steps that look like they are melting into the foundation. The Reverse of 1940 has straight, crisp, and clearly defined steps.

Q: Why is my 1940 nickel dark or black?

A: This is usually due to environmental damage or toning. If the coin was buried in the ground or kept in a humid area, the copper-nickel alloy can oxidize and turn dark. Unfortunately, this usually decreases the coin’s value.