The 1939-S Reverse of 1940 Jefferson Nickel is worth anywhere from $15 in average circulated condition to over $3,500 in high-end mint state. This specific variety is a favorite among collectors because it represents a transitional moment in the early history of the Jefferson nickel series.

Condition	Estimated Value
Good / Very Good	$10 – $15
Fine / Extremely Fine	$25 – $60
Uncirculated (MS60+)	$150 – $400
Choice Mint State (MS65+)	$800 – $3,500+

Understanding the 1939-S Jefferson Nickel Varieties

If you’ve found a San Francisco minted nickel from 1939, you might be holding a hidden treasure. To accurately identify what you have, using a top coin identifier app can help you distinguish between the two major varieties produced that year. In 1939, the United States Mint modified the design of Monticello on the reverse side.

The “Reverse of 1938” features steps on Monticello that are somewhat blurry and wavy. However, the more desirable “Reverse of 1940” features steps that are sharp, straight, and clearly defined. The 1939-S with the 1940 design is significantly rarer than the 1938 design.

Finding one of these in a pocket change jar is unlikely today, but they frequently appear in old specialized collections or estate sales. Using CoinKnow can quickly tell you if the mint mark and the step definition match the high-value criteria collectors are looking for.

How to Identify the 1939-S Reverse of 1940 Steps

The primary way to tell the difference between the two 1939-S varieties is to look closely at Monticello’s steps. On the 1938 version, the steps are thin and often look like they are melting into each other. On the 1940 version, the steps are deeply recessed and horizontal.

Collectors refer to these as “straight steps” versus “vavy steps.” Because the 1939-S Reverse of 1940 was a mid-year change, fewer of them were struck compared to the original design. It is this scarcity that drives the price up for enthusiasts.

If you aren’t sure which one you have, CoinKnow provides high-resolution reference images to help you compare your coin to known authentic examples. Misidentifying the steps is a common mistake for beginners, so take your time with a magnifying glass.

Feature	Reverse of 1938	Reverse of 1940
Steps on Monticello	Wavy, indistinct lines	Straight, sharp parallel lines
Rarity	Common for the year	Scarce variety
Market Value	Lower	Substantially Higher

Market Value and Collector Demand

The market for early Jefferson Nickels remains strong, especially for the “S” mint marks which generally had lower mintages than Philadelphia or Denver. The 1939 nickel value can fluctuate based on the current demand for “Full Steps” (FS) designations.

A “Full Steps” coin means that at least five or six steps are completely visible with no interruptions from scratches or weak strikes. For a 1939-S Reverse of 1940, a Full Steps designation can double or even triple the price of the coin.

Most everyday Americans will find these coins in “Circulated” condition. Even in a worn state where the steps are nearly gone, the 1939-S mint mark itself carries a premium over a 1939 nickel with no mint mark. However, the “Reverse of 1940” variety adds a layer of numismatic value that is rare for pennies or nickels of this era.

Grading the 1939-S Nickel: From Circulated to Mint State

Grading is the process of determining a coin’s condition on a scale of 1 to 70. For the 1939-S nickel, the grade is everything. Because these coins were made of a copper-nickel alloy, they were prone to “bag marks”—scratches caused by coins hitting each other at the Mint.

In Good (G4) condition, the coin will be very worn, with the tops of the letters touching the rim. In Extremely Fine (EF40) condition, most of the detail remains, including the pillars of Monticello, though the steps will show some wear. You can find detailed 1939 Jefferson nickel price data by grade to see exactly how much a jump from AU to MS matters.

If your coin looks shiny and brand new, it might be “Uncirculated.” These are the coins that collectors fight over at auctions. Before sending a coin to a professional grading service like PCGS or NGC, check it with CoinKnow to see if the potential value justifies the grading fees.

Numerical Grade	Adjectival Grade	Est. Price (Rev of 1940)
VG-8	Very Good	$15
VF-20	Very Fine	$35
AU-50	About Uncirculated	$90
MS-63	Mint State	$350
MS-66	Gem Mint State	$1,800+

Summary of Why This Nickel is Special

The 1939-S Reverse of 1940 Jefferson Nickel is a “key date” variety. For a set collector, completing a Jefferson Nickel collection is impossible without this specific coin. Since only a fraction of the 6.6 million nickels struck in San Francisco that year featured the new reverse design, the supply is very low.

When you look at your coin, look for the “S” on the right side of Monticello, next to the rim. If you see that “S” and the steps are straight and sharp, you have found one of the most significant nickels of the 20th century.

Whether you are a casual hunter or a serious investor, keeping an eye out for these subtle design changes is the key to making money in coin collecting. The beauty of the Jefferson Nickel series is that many people still consider them “just five cents,” which means the deals are out there for those who know what to look for.

FAQ

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

A: On the 1939 nickel, the mint mark is located on the reverse (back) side of the coin. Look to the right of the Monticello building, between the building and the rim. If there is no letter, it was minted in Philadelphia. An “S” means San Francisco, and a “D” means Denver.

Q: Why is the “Reverse of 1940” worth more than the “Reverse of 1938”?

A: It is worth more because it was a transitional variety produced in much smaller quantities. Collectors value rarity and design variations. The sharp steps of the 1940 design are much harder to find on a 1939-dated coin, making it a “must-have” for serious collectors.

Q: Can I find a 1939-S Reverse of 1940 in my pocket change?

A: While it is theoretically possible, it is extremely rare. Most of these coins were pulled from circulation decades ago. However, they are occasionally found in “unsearched” rolls of nickels or at estate sales where the owner didn’t realize the specific variety of the coin.

Q: Does cleaning the nickel increase its value?

A: No! Never clean your coins. Cleaning a coin with chemicals or abrasive cloths will leave microscopic scratches that experts can easily detect. A cleaned coin can lose 50% to 90% of its numismatic value. Always keep your coins in the condition you found them.