The 1939 Reverse of 1940 Jefferson Nickel is worth anywhere from $5 in average circulated condition to over $3,500 in pristine, high-grade mint state. This specific variety is a favorite among collectors because it represents a subtle but significant design change during the second year of the Jefferson Nickel series.

Grade	Estimated Value (USD)
Good (G-4)	$2.50 – $4.00
Fine (F-12)	$8.00 – $12.00
Extremely Fine (EF-40)	$15.00 – $25.00
Uncirculated (MS-63)	$45.00 – $75.00
High Grade (MS-66)	$350.00 – $1,200+

Understanding the 1939 Reverse of 1940 Jefferson Nickel Variety

If you have found a nickel from 1939, you might be looking at a standard coin or a valuable transitional variety. To truly understand its worth, you should use a top coin identifier app to zoom in on the specific details of the reverse side. The “Reverse of 1940” refers to a revised design of Monticello, Thomas Jefferson’s home, which was introduced late in 1939.

The primary difference lies in the steps of Monticello. On the original 1938 and early 1939 dies (known as the “Reverse of 1938”), the steps are “wavy” and lack clear, crisp definition. On the “Reverse of 1940” variety, the steps are straightened, sharpened, and much more distinct. This change was made to improve the strike quality and durability of the dies.

Because both designs were used at the Philadelphia, Denver, and San Francisco mints in 1939, collectors seek out both versions to complete their sets. The Reverse of 1940 is generally considered more desirable in higher grades. If you aren’t sure which one you have, the CoinKnow app can provide instant visual comparisons to help you spot the straight steps of the 1940 design versus the blurry steps of the 1938 design.

How to Identify the Steps on the 1939 Nickel

Identifying the 1939 Reverse of 1940 Jefferson Nickel requires a steady hand and a magnifying glass, or better yet, a high-resolution photo. Look closely at the base of the Monticello building on the back of the coin. If the horizontal lines representing the steps look like blurry, uneven mounds, you have the “Reverse of 1938.” However, if those lines look like crisp, straight parallel planks, you have found the “Reverse of 1940.”

The “Full Steps” (FS) designation is also a major factor in value. This refers to nickels that have at least five or six fully visible steps without any interruptions from scratches or weak striking. Many specimens of the 1939 Reverse of 1940 variety suffered from weak strikes, making coins with “Full Steps” exceptionally rare and expensive.

Knowing the exact strike quality is crucial for pricing. You can check the current market data for this specific variety by viewing the 1939 Jefferson Nickel price guide, which breaks down values by both the variety and the presence of Full Steps. This data is updated frequently to reflect the latest auction results.

1939 Reverse of 1940 Value by Mint Mark

The value of your 1939 nickel also depends heavily on which mint produced it. In 1939, coins were struck in Philadelphia (no mint mark), Denver (D), and San Francisco (S). To find the mint mark, look at the right side of the Monticello building, between the building and the rim.

While the “1939-D” is the rarest overall date in the series for the standard strike, the “Reverse of 1940” variety appears across all three mints. The Philadelphia version is the most common, but in high “Mint State” grades, it can still command a significant premium. The CoinKnow mobile app is an excellent tool for identifying these tiny mint marks that can mean the difference between a $2 coin and a $200 coin.

Mint Mark	Condition	Estimated Value
1939 (p) No Mint Mark	Very Fine (VF20)	$5 – $8
1939-D Reverse of 1940	Extremely Fine (EF40)	$40 – $60
1939-S Reverse of 1940	Mint State (MS63)	$150 – $220
1939 (p) Full Steps	Mint State (MS66FS)	$800 – $1,500

Why Condition and Grading Matter for 1939 Nickels

For common pocket change, condition isn’t a huge deal, but for a 1939 nickel, it is everything. Coin collectors use a scale from 1 to 70 to grade coins. Most nickels you find in old jars or change purses will be in the “Circulated” range (Grades 1-50). These have visible wear on Jefferson’s hair and the pillars of Monticello.

“Uncirculated” or “Mint State” coins (Grades 60-70) have never been spent and still have their original “luster” or shine from the mint. A 1939 Reverse of 1940 nickel in MS67 grade can sell for thousands of dollars at auction, whereas the same coin in MS60 might only be worth $30.

To determine if your coin is worth professional grading by a service like PCGS or NGC, check the 1939 Jefferson nickel value and variety details. This will help you decide if the potential value of the coin justifies the $30-$50 grading fee. Often, only coins in exceptional condition or rare varieties are worth the investment of professional certification.

The “Full Steps” Premium for 1939 Nickels

In the world of Jefferson Nickel collecting, the “Full Steps” (FS) designation is the ultimate prize. On the reverse of the coin, there are six steps leading up to the entrance of Monticello. Because of the way the coins were struck, the metal often didn’t flow completely into the deepest parts of the die, leaving the steps looking flat or mushed together.

For the 1939 Reverse of 1940, finding a coin with at least five clearly defined steps—with no nicks or scratches cutting across them—is incredibly difficult. Collectors are willing to pay a massive premium for these “Full Steps” specimens. For example, a standard Mint State 66 might sell for $100, but the same coin with an “FS” designation could easily fetch $1,000 or more.

If you are using CoinKnow to evaluate your collection, be sure to use a macro lens to photograph the steps. Even a small scratch from another coin in a bag can “break” the steps and disqualify the coin from a Full Steps designation. Taking the time to inspect this detail can reveal a hidden treasure in an otherwise ordinary collection.

Category	Market Value (Estimated)
Common Circulated 1939	$0.50 – $2.00
Reverse of 1940 (Circulated)	$5.00 – $25.00
Reverse of 1940 (MS65)	$150.00 – $300.00
Reverse of 1940 (MS66 Full Steps)	$1,800.00 – $4,000.00

Tips for Selling Your 1939 Jefferson Nickel

If you believe you have discovered a valuable 1939 Reverse of 1940 nickel, your next step is to protect it. Never clean the coin, as scrubbing it with chemicals or cloth will leave microscopic scratches that drastically reduce its value. Instead, place it in a soft coin “flip” or a plastic container to prevent further wear.

When you’re ready to sell, the best place to start is your local coin shop for an appraisal, but don’t feel obligated to sell on the spot. You can also research recent eBay “Sold” listings to see what everyday people are paying for similar coins. If your nickel looks perfect and you suspect it might be a high-grade Full Steps variety, sending it to a professional grading service is often its best path to a high-value auction. Buying a coin holder and keeping it safe is the first step toward securing your profit.

FAQ

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

A: On 1939 nickels, the mint mark (D for Denver or S for San Francisco) is located on the back of the coin, to the right of the Monticello building. If there is no letter there, the coin was minted in Philadelphia.

Q: Why is the “Reverse of 1940” more valuable than the regular 1939 nickel?

A: It is considered a transitional variety. Because the U.S. Mint was switching designs, the 1939 coins with the updated 1940 reverse are scarcer in many grades, and collectors find the sharper “Straight Steps” more aesthetically pleasing.

Q: Is every 1939 nickel worth money?

A: Most worn 1939 nickels found in circulation are worth slightly more than their face value—usually around $0.50 to $1.00. However, the specific “Reverse of 1940” variety or coins in “Uncirculated” condition can be worth significantly more.

Q: How can I tell if my 1939 nickel has “Full Steps”?

A: Use a magnifying glass to look at the six steps on the front of the Monticello building. You must see distinct, parallel lines across the entire staircase without any blurring or marks that cross over the lines. If the lines are interrupted, it does not qualify for the “Full Steps” designation.