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The 1940-S Jefferson Nickel is worth anywhere from $0.15 in worn condition to over $3,500 in high-grade mint state. Finding one of these San Francisco-minted nickels in your pocket change is a thrilling discovery for any casual collector or curious homeowner looking to cash in on vintage finds.
| Condition / Grade | Estimated Value |
|---|---|
| Average Circulated (G/VG) | $0.15 – $0.50 |
| Fine to Very Fine (F/VF) | $1.00 – $3.00 |
| About Uncirculated (AU) | $5.00 – $12.00 |
| Mint State (MS60+) | $25.00 – $500.00+ |
Understanding the History of the 1940-S Jefferson Nickel
The Jefferson Nickel was a relatively new design in 1940, having debuted just two years earlier in 1938 to replace the iconic Buffalo Nickel. By 1940, the United States was slowly emerging from the Great Depression, and the San Francisco Mint was tasked with producing a portion of the nation’s five-cent pieces. While Philadelphia minted nearly 176 million nickels that year, the San Francisco branch produced a much smaller batch of 39,690,000. For many beginners, using a top coin identifier app is the first step in confirming they have a genuine “S” mint mark coin rather than the more common Philadelphia version.
These coins were composed of 75% copper and 25% nickel. 1940 was a significant year as it was one of the last few years of standard nickel production before the “War Nickels” (made of silver) were introduced in late 1942. When you find a 1940-S Jefferson Nickel today, you are holding a piece of pre-WWII Americana. If you aren’t sure about the condition of your find, the CoinKnow app can help you analyze the surface details to see if it’s a common spender or a collector’s item.
The collector interest in this specific date stems from the “S” mint mark. Generally, San Francisco production numbers were lower than those in Philadelphia or Denver, making them slightly more sought after in the secondary market. While 39 million isn’t a “rare” number in the world of numismatics, the survival rate of these coins in high grades is what truly drives the price.
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How to Identify the Mint Mark on Your 1940 Nickel
The most important factor in determining the 1940-S Jefferson Nickel value is confirming the presence of the “S.” In 1940, the mint mark was located on the reverse (back) of the coin. If you look to the right of Monticello (Thomas Jefferson’s home), near the rim, you should see a small letter. An “S” indicates the San Francisco Mint, a “D” indicates Denver, and no letter at all means it was minted in Philadelphia.
Because these coins have been in circulation for over 80 years, the mint mark can sometimes be worn down or obscured by dirt. Using a magnifying glass or the high-resolution camera feature on CoinKnow can make identification much easier. Collectors pay a premium for “S” coins because they are often more difficult to find in change than the “P” or “D” varieties.
Your Old Coin Could Be Valuable!
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If your 1940 nickel has no mint mark, its value is typically lower unless it is in pristine, uncirculated condition. However, the 1940-S strikes are known for having varying levels of quality. Some were struck with fresh dies, while others show signs of die erosion. Identifying these tiny nuances is what separates a $0.50 coin from a $50 coin.
Assessing the Grade and Condition of 1940-S Nickels
Condition is everything in coin collecting. A heavily circulated 1940-S Nickel will show significant wear on Jefferson’s hair and the pillars of Monticello. In “Good” condition, the outlines are visible but flat. Once you move into “Extremely Fine,” you should see clear detail in the hair near the ear and crisp lines on the building’s steps.
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For those looking for high-end investment pieces, the 1940-S Jefferson Nickel price by grade can escalate quickly as you reach “Mint State” levels. A Mint State 65 (MS65) coin will have its original mint luster—that satiny or frost-like shine—and very few distracting marks or scratches.
| Grade Designation | Visual Description |
|---|---|
| Good (G4) | Heavily worn; rims are flat but distinct. |
| Fine (F12) | Some hair detail remains; Monticello is clear. |
| Extra Fine (EF45) | Very light wear on highest points only. |
| Uncirculated (MS60+) | No wear; original factory luster present. |
The “Full Steps” (FS) Rarity and Premium Prices
Professional collectors look for a specific designation called “Full Steps” (FS). This refers to the steps leading up to Monticello on the reverse of the coin. Because the nickel is a hard metal, the dies often failed to strike the steps clearly. A 1940-S Nickel that shows five or six fully defined, uninterrupted steps is considered a “Full Steps” coin and is worth significantly more.
A standard MS66 1940-S might sell for around $50 to $100. However, if that same coin is certified as “Full Steps,” the price can jump into the hundreds or even thousands of dollars. Checking the current 1940 nickel worth helps collectors decide if their coin is worth the fee for professional grading by services like PCGS or NGC.
Your Old Coin Could Be Valuable!
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When scanning your collection with CoinKnow, pay close attention to the reverse. If you see crisp, horizontal lines on the steps of the building without any scratches or “milking” (blurring), you might have hit the jackpot. Most nickels found in jars or pocket change will not have Full Steps due to the friction of other coins rubbing against them.
Market Values and Recent Auction Records
The market for 1940-S Nickels is stable but can be volatile for the highest grades. For most “everyday” Americans, the value of a 1940-S Nickel found in a drawer is likely between $0.25 and $1.00. While this isn’t enough to retire on, it is a 20x return on the coin’s face value!
In contrast, the top-tier auction world sees much higher numbers. The record for a 1940-S Jefferson Nickel stands at over $3,500 for a specimen graded MS67 with Full Steps. These coins look as if they were minted yesterday, with perfect surfaces and zero imperfections.
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| Mint Mark | Mintage | Record Sale |
|---|---|---|
| 1940-P (No Mint Mark) | 176,485,000 | $2,800 |
| 1940-D | 43,540,000 | $3,200 |
| 1940-S | 39,690,000 | $3,500+ |
How to Care for Your Vintage Jefferson Nickels
If you find a 1940-S Nickel, the first rule of coin collecting is: Never clean your coin. Even a gentle scrub with soap and water or a soft cloth can leave microscopic scratches that destroy the coin’s numismatic value. A “shiny” coin that has been cleaned is worth much less to a collector than a dirty coin with its original surface intact.
Instead, handle the coin only by the edges to avoid getting skin oils on the faces. Store your coins in “PVC-free” plastic flips or paper 2×2 holders. This prevents environmental damage and “toning” that can occur from moisture or chemicals in the air.
Keeping your coins organized and identifying them correctly is the best way to preserve their value. Whether you are using a physical album or a digital tracker like CoinKnow, maintaining a record of when and where you found your 1940-S Nickel adds to the fun of the hobby and helps you track your collection’s growing worth over time.
FAQ
Q: Is the 1940-S Nickel made of silver?
A: No. Standard Jefferson Nickels from 1940 are made of 75% copper and 25% nickel. Silver “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.
Your Old Coin Could Be Valuable!
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Q: Why is the “S” mint mark more valuable than no mint mark?
A: The San Francisco (S) mint typically had a lower mintage than the Philadelphia mint. In 1940, San Francisco produced about 39.6 million nickels, while Philadelphia produced over 176 million. This relative scarcity makes the “S” version more desirable to collectors.
Q: How can I tell if my 1940-S Nickel has “Full Steps”?
A: Look at the back of the coin at the steps of Monticello. To qualify as Full Steps (FS), there must be at least five complete horizontal lines visible. Any marks, scratches, or wear that bridge these lines will disqualify the coin from the FS designation.
Q: Where is the best place to sell a 1940-S Jefferson Nickel?
A: For common, circulated coins, a local coin shop is the easiest option. For high-grade or “Full Steps” coins, consider reputable online auction houses or professional grading first to maximize your return. You can also use apps to gauge interest before selling.