The 1939 Reverse of 1938 Jefferson Nickel is worth anywhere from $1 in circulated condition to over $3,000 for high-grade specimens with Full Steps. This early Jefferson nickel variety is a favorite among collectors because it represents a transitional moment in American minting history.

Condition	Estimated Value (USD)
Circulated (Average Wear)	$1.00 – $15.00
About Uncirculated (AU)	$15.00 – $35.00
Mint State (Uncirculated)	$40.00 – $500.00
Pristine Gem (MS67+)	$1,000.00+

How to Identify the 1939 Reverse of 1938 Jefferson Nickel

Finding a 1939 nickel in your pocket change is exciting, but determining if you have the “Reverse of 1938” requires a close look at Monticello, the home of Thomas Jefferson depicted on the coin’s back. In 1939, the U.S. Mint redesigned the steps of the building to make them sharper. However, many coins were struck using the older, slightly “blurry” design from the previous year. If you are unsure which version you have, utilizing a top coin identifier app can help you distinguish between the two varieties instantly.

The key identifier is the detail of the steps. On the “Reverse of 1938,” the steps are wavy and appear somewhat mushy or melted, lacking defined horizontal lines. This occurs because the original hub design was slightly flatter. In contrast, the “Reverse of 1940” (which was also used in 1939) features crisp, straight lines on the steps. For everyday collectors, the 1938 style is much more common for the Philadelphia mint, while the 1940 style is the rarer “variety” for that specific year and mint.

When you use the CoinKnow app, you can zoom in on these specific features to ensure you aren’t missing out on a premium. Most people who find a 1939 nickel assume it’s just a regular old coin, but the nuance of the reverse hub can change the price profile significantly. If the steps are blurry and the date is 1939, you have the “Standard” or “Reverse of 1938” type.

The Significance of the 1939 P Nickel Reverse of 1938

The Philadelphia Mint produced the vast majority of these nickels. Because it was only the second year of the Jefferson Nickel series, many people at the time saved them as souvenirs. This means that while circulated copies are very common, finding one with “Full Steps” (FS) is the real challenge for modern collectors. In the numismatic world, 1939 nickel auction prices for Mint State grades show that coins with fully defined steps on Monticello command the highest premiums.

A standard circulated 1939-P nickel might only be worth a few cents over face value to a casual observer. However, because these were struck during a transition period for the U.S. Mint, collectors are always looking for high-quality examples that survived the Great Depression era without being beaten up in commerce.

Grade	1939-P (No Mint Mark) Value
Good (G4)	$0.15
Fine (F12)	$0.75
Extremely Fine (XF45)	$5.00
Mint State (MS65)	$35.00

Rare San Francisco and Denver Mint Varieties

The 1939 nickels minted in San Francisco (S) and Denver (D) are generally more valuable than those from Philadelphia. In 1939, these branch mints primarily used the Reverse of 1938. The Denver mint marks were small and placed on the right side of the building on the reverse. With the CoinKnow app, you can easily identify where to look for these tiny letters which can quadruple the value of your find.

The 1939-D with the Reverse of 1938 is particularly sought after. While it is not as rare as the famous 1939-D Reverse of 1940, it is still a “key date” variant for many collectors building a “year set.” Because production numbers in Denver were much lower than in Philadelphia, even a worn 1939-D can be worth $10 or more.

If you happen to find an “S” mint mark, you are looking at a coin that was produced in much smaller quantities. The West Coast production for 1939 was limited, and finding these in the Midwest or East Coast is a rare treat. Many of these coins have been pulled from circulation decades ago, so finding one today usually means it came from an old collection or a long-forgotten jar of change.

Mint Mark	Average Circulated Value	Uncirculated Value
1939-D (Denver)	$12.00 – $25.00	$150.00+
1939-S (San Francisco)	$3.00 – $8.00	$75.00+

The “Full Steps” Premium for 1939 Nickels

In the world of Jefferson Nickel collecting, the “Full Steps” (FS) designation is the holy grail. This refers to coins that have five or six fully visible, uninterrupted steps at the base of Monticello. Because the Reverse of 1938 die was naturally “softer,” achieving a strike that resulted in Full Steps was incredibly difficult. Most coins from this year appear “mushy” even if they have never been touched by human hands.

When examining current market data for 1939 Jefferson nickels, you will notice a massive price jump for coins certified with the FS strike. For example, a 1939-P in MS66 might be worth $60, but a 1939-P in MS66 with Full Steps could fetch $500 or more. It is a game of millimeters that requires a steady hand and a magnifying glass.

If you think you have a Full Steps coin, it is worth having it professionally graded. The CoinKnow tool can help you compare your coin’s image against known FS examples. Keep in mind that any scratch or “bag mark” that crosses the steps will disqualify the coin from the FS designation, even if the rest of the coin is perfect.

Double Die and Other Errors to Watch For

The 1939 Jefferson Nickel is famous for one of the most prominent “Double Die Reverse” (DDR) errors in the entire series. On these coins, the lettering “MONTICELLO” and “FIVE CENTS” shows clear, strong doubling. This isn’t just a faint shadow; it is a distinct secondary image that can often be seen with the naked eye.

A 1939 DDR nickel is a “mega-hit” for any treasure hunter. Even in circulated condition, these error coins can sell for $50 to $100. In high grades, they can exceed $1,000. This error occurred because the die used to strike the coins was impressed twice by a hub, but slightly rotated the second time.

Always check the words on the bottom of the reverse. If the letters look “fat” or like they have a second shelf, you may have found a rarity. Beyond the DDR, look for “Repunched Mint Marks” (RPM) on the D and S coins. While less valuable than the major double die, these still add a nice bonus to the coin’s base value.

Error Type	Estimated Value (Circulated)
Double Die Reverse (DDR)	$40.00 – $150.00
Repunched Mint Mark (RPM)	$5.00 – $20.00
Off-Center Strike	$25.00 – $100.00

Condition and Preservation

Because nickel is a hard metal, Jefferson nickels tend to wear down slowly but lose their luster quickly. If you