The 1939-D Reverse of 1938 Jefferson Nickel is worth anywhere from $10 in heavily circulated condition to over $1,500 in high-grade mint state. As a rare “transitional” variety from the early years of the series, this specific coin is a prize for any lucky finder.

Condition / Grade	Estimated Value
Good (G4) to Fine (F12)	$8.00 – $15.00
Extremely Fine (XF40)	$25.00 – $45.00
About Uncirculated (AU50)	$60.00 – $85.00
Mint State (MS60-MS63)	$150.00 – $350.00
Mint State (MS65+)	$600.00 – $3,000+

Why the 1939-D Reverse of 1938 Nickel is So Special

If you’ve found a 1939 Nickel with a “D” mint mark on the back, you might be holding a small fortune. This was only the second year of the Jefferson Nickel series, and the Denver Mint produced two distinct versions. Most people focus on the date, but collectors look at the steps of Monticello on the reverse side. The “Reverse of 1938” features steps that are wavy and less defined, whereas the “Reverse of 1940” (which also appeared in 1939) has crisp, straight steps.

Finding one of these in your change is like hitting a mini-lottery. Because the Denver Mint had a relatively low mintage that year, and many were used up in daily commerce, the survival rate for high-quality pieces is low. To get an instant assessment of what you have, you can use a top coin identifier app to distinguish between the two reverse designs. It is essential to check the reverse carefully, as the difference in price between the 1938 and 1940 styles can be hundreds of dollars.

When identifying your coin, look for the “D” mint mark located to the right of Monticello. In the early Jefferson series, the mint mark was placed on the reverse side near the rim. If you are unsure if your coin is authentic or a specific variety, CoinKnow provides detailed image recognition to help you identify these subtle design changes. Collectors often refer to this coin as a “key date” variant, making it a must-have for serious numismatists.

Detailed Price Guide for 1939-D Nickels

Estimating the 1939-D Reverse of 1938 value requires looking closely at the wear on Thomas Jefferson’s hair and the pillars of Monticello. Even in worn “Good” condition, these coins are worth significantly more than their 5-cent face value. Most circulated examples found in old jars or collections will fall into the $10 to $30 range. However, if the coin has a vibrant luster and no scratches, the price skyrockets.

Grade	Reverse of 1938 (Wavy Steps)	Reverse of 1940 (Straight Steps)
VG8 (Very Good)	$12.00	$8.00
VF20 (Very Fine)	$22.00	$14.00
MS63 (Uncirculated)	$280.00	$90.00
MS66 (Gem Mint)	$1,450.00	$450.00

As shown, the Reverse of 1938 carries a significant premium. This is due to its status as the original hub style that was phased out during the 1939 production year. If you find a specimen with “Full Steps”—meaning all six steps of Monticello are clearly visible without interruptions—the value can easily exceed $3,000 in high grades. Most hobbyists use CoinKnow to track these auction records and ensure they aren’t selling their treasures too cheaply.

How to Identify the Reverse of 1938 vs. Reverse of 1940

Distinguishing between the two 1939-D varieties is the key to knowing your coin’s true worth. The 1938 reverse is characterized by “wavy” steps on Monticello. These steps look somewhat blurry or melted, even on brand-new coins. Additionally, the “pillars” on either side of the steps are often less sharply defined on the 1938 version compared to the 1940 redesign.

The 1940 reverse (also found on 1939-D coins) was an improvement made by the mint to make the coin more durable and aesthetically pleasing. These steps are perfectly straight and have sharp, crisp lines. Determining this accurately is vital for understanding the 1939-D Reverse of 1938 Jefferson Nickel value. Check the current 1939 Jefferson Nickel market trends to see how these two varieties are performing at major coin shows.

Many beginner collectors mistake a worn 1940 reverse for a 1938 reverse because wear can make the steps look “wavy.” However, expert graders look at the specific shape of the steps and the font thickness of the lettering. If you are struggling to tell the difference, CoinKnow can guide you through the visual markers. It is often recommended to use a 10x magnifying loupe to inspect the area below the Monticello building.

The Rarity and Mintage of the 1939-D Nickel

Total mintage for the 1939-D Jefferson Nickel was only 3,514,000. In the world of modern American coinage, this is considered a very low number. For comparison, the Philadelphia mint produced over 30 million nickels that year. This scarcity is exactly why the “D” mint mark is so sought after by collectors trying to complete their Jefferson Nickel albums.

The 1939-D Reverse of 1938 is even rarer because it represents only a portion of that already low mintage. While the exact breakdown between the two reverse types isn’t officially recorded by the U.S. Mint, market availability suggests the 1938 reverse is significantly harder to find in high grades. This scarcity keeps demand high and prices stable, making it a solid investment for many collectors.

Mint Location	Total Mintage	Rarity Level
1939 Philadelphia (No Mint Mark)	120,615,000	Very Common
1939-S San Francisco	6,630,000	Scarce
1939-D Denver	3,514,000	Rare (Key Date)

Tips for Selling Your 1939-D Jefferson Nickel

If you believe you have a high-value 1939-D nickel, your first step should be protection. Place the coin in a PVC-free flip or a plastic capsule to prevent any further wear or fingerprints. Never clean the coin! Even a gentle rub with a cloth can leave microscopic scratches that will reduce its value by 50% or more. Collectors prefer the original “patina” or toning that comes with age.

When you’re ready to sell, consider getting the coin authenticated by a third-party grading service like PCGS or NGC if it appears to be in Uncirculated condition. A certified “MS65 Full Steps” coin will sell for a massive premium compared to an uncertified one. For those who want to sell quickly, CoinKnow can help you find reputable local dealers or online auction platforms that specialize in early 20th-century American coins.

Remember that the 1939-D Reverse of 1938 Jefferson Nickel value depends entirely on the buyer’s needs and the current market. Selling at a local pawn shop might get you cash today, but selling through a dedicated coin auction or a collector community usually yields a much higher price. Always compare recent sales on eBay or professional auction houses before accepting an offer.

FAQ

1939-D Jefferson Nickel Frequently Asked Questions

Q: Where is the mint mark on a 1939-D Nickel?

A: On a 1939-D Jefferson Nickel, the “D” mint mark is located on the reverse (tails) side. Specifically, it is located to the right of the Monticello building, between the building and the rim.

Q: What is the “Full Steps” designation?

A: “Full Steps” is a term used by coin graders to describe a Jefferson Nickel where the steps on Monticello are fully struck and visible. For a 1939-D, having Full Steps makes the coin significantly more valuable, often reaching several thousand dollars.

Q: Is a 1939 Jefferson Nickel silver?

A: No, the 1939 Jefferson Nickel is made of 75% copper and 25% nickel. “Silver” nickels (War Nickels) were only made from mid-1942 through 1945 and can be identified by a large mint mark above the dome of Monticello.

Q: Which 1939 nickel is worth the most?

A: The 1939-D Reverse of 1938 is generally considered the most valuable regular issue for that year. However, certain “Doubled Die Reverse” errors from the Philadelphia mint can also command extremely high prices, sometimes rivaling the 1939-D.