Most people view nickels as just everyday coins, often forgotten in couch cushions or tucked away in change jars. But what if one of those seemingly ordinary five-cent pieces in your collection—or even in your pocket—was worth thousands of dollars? It might sound far-fetched, but the 1939 Jefferson nickel is a real-life example of a coin that could carry surprising value.
Whether you’re a seasoned collector or someone who stumbled upon an old coin and got curious, this article will walk you through everything you need to know about the 1939 Jefferson nickel, why it’s special, and how it could fetch thousands today.
The Birth of the Jefferson Nickel
The Jefferson nickel replaced the Buffalo nickel in 1938. The U.S. Mint wanted a coin that was easier to strike and that honored a Founding Father. Designed by Felix Schlag, the new five-cent coin featured a left-facing portrait of Thomas Jefferson on the obverse (front) and his iconic home, Monticello, on the reverse.
While the design has changed slightly over the decades, the Jefferson nickel remains a staple of U.S. coinage. However, certain early issues, like the 1939 editions, have become exceptionally valuable due to their rarity, die varieties, and minting errors.
Why the 1939 Jefferson Nickel Stands Out
At first glance, a 1939 nickel may not look different from others, but coin experts and collectors know that some key characteristics make it highly desirable. Here’s why:
1. Low Mintage Numbers (Especially in Denver)
While millions of 1939 nickels were minted overall, the 1939-D (Denver Mint) edition had an unusually low mintage of just 3.5 million coins. That might sound like a lot, but in the coin world, it’s relatively scarce—especially when compared to over 120 million minted in Philadelphia the same year.
As a result, the 1939-D Jefferson nickel has become a key date coin, meaning it is one of the harder dates to find in high quality. This low mintage, combined with collectors seeking to complete date-and-mint sets, has significantly driven up its value.
2. The Rare “Reverse of 1940” Variety
Another interesting quirk lies in the reverse design. In 1939, the U.S. Mint used two different reverse dies:
- Reverse of 1938: Sharper steps on Monticello and a more angular “M” in “Monticello”.
- Reverse of 1940: Smoother details with slightly rounded steps and a less defined architecture.
Some 1939 nickels, especially from Philadelphia, were struck using the Reverse of 1940 design, which wasn’t meant to appear until the following year. This unintended combination created a variety that collectors seek out—and it can command significant premiums when in excellent condition.
Key Varieties and Their Values
The 1939 Jefferson nickel isn’t valuable just because it’s old—it’s all about the details. Here are the main types and what they’re worth:
🔹 1939 (Philadelphia Mint) – No Mint Mark
- Mintage: Approx. 120.6 million
- Common Variety
- Value:
- Circulated: $0.10 – $1.00
- Uncirculated (MS60-MS65): $2 – $20
- Reverse of 1940 variety (in high grade): Up to $50–$100+
🔹 1939-D (Denver Mint) – “D” Mint Mark
- Mintage: Approx. 3.5 million
- Key Date, Low Mintage
- Value:
- Circulated: $5 – $25
- Uncirculated (MS60-MS65): $60 – $300
- MS66+ Full Steps: $1,000 – $5,000+
The most valuable versions of the 1939-D nickel are those with Full Steps—a grading term used when all six steps at the base of Monticello are clearly visible, indicating a strong, precise strike.
🔹 1939-S (San Francisco Mint) – “S” Mint Mark
- Mintage: Approx. 6.6 million
- Moderately Scarce
- Value:
- Circulated: $1 – $3
- Uncirculated (MS60-MS65): $8 – $50
- MS66+ Full Steps: $200 – $1,500
What Are “Full Steps” and Why Do They Matter?
In coin collecting, details matter—and none more so than the Monticello steps on the reverse of Jefferson nickels.
Coins that exhibit Full Steps (FS) mean the die struck the coin so clearly that you can count each step leading up to Jefferson’s home. The more well-defined the steps, the rarer and more desirable the coin.
- 5 Full Steps (5FS) or 6 Full Steps (6FS) are used to grade these nickels.
- Only a small fraction of 1939-D nickels were struck with full steps, making them extremely valuable.
For example, a 1939-D FS nickel in MS67 condition has been sold at auction for $10,200, according to PCGS (Professional Coin Grading Service). Another high-grade FS example from Philadelphia sold for over $3,000.
Are You Sitting on a Fortune?
Finding a rare 1939 Jefferson nickel isn’t impossible—many are still in circulation, tucked away in jars or inherited from collections. Here’s what to look for:
Step 1: Check the Date and Mint Mark
Look at the coin’s front and see if the date reads 1939. Then flip it over—if there’s a small mint mark to the right of Monticello, it’s either:
- D = Denver
- S = San Francisco
- No mint mark = Philadelphia
Step 2: Examine the Reverse
Look closely at the steps on Monticello. Are they fully visible, with clean lines? If so, you might have a Full Steps variety, especially valuable in Denver issues.
Step 3: Look for the Reverse of 1940
The best way to check this is to compare the “M” in Monticello or check professional resources or forums that offer side-by-side images. Better yet, have a coin dealer or grading service confirm it.
Grading Your Coin: Why It Matters
Coins are graded on the Sheldon Scale, from Poor (P-1) to Mint State (MS-70). Small differences in grade can mean huge changes in value, especially for rare varieties.
To realize full market value, especially for higher-end examples, consider getting the coin graded by a trusted service like:
- PCGS (Professional Coin Grading Service)
- NGC (Numismatic Guaranty Company)
These services authenticate, grade, and encapsulate coins—often adding significant trust and value in the eyes of buyers and collectors.
Recent Auction Sales of 1939 Jefferson Nickels
Here are just a few high-profile auction sales to show just how valuable these coins can be:
- 1939-D MS67 FS – Sold for $10,200
- 1939 MS67+ FS (Reverse of 1940) – Sold for $3,290
- 1939-S MS67 FS – Sold for $1,440
- 1939-D MS66 FS – Sold for $1,020
These are not anomalies—strong prices for top-condition 1939 nickels continue to be a trend in the numismatic market.
Tips for Collectors and Sellers
Whether you’re just starting out or looking to sell, here are a few tips:
For Collectors:
- Focus on condition and strike quality—coins with Full Steps are highly collectible.
- Consider completing a Jefferson nickel set—1939-D will be your key date.
- Use a loupe or magnifying glass to inspect steps and die varieties.
For Sellers:
- Get your coin graded if you think it’s in mint state or has Full Steps.
- Use auction sites like Heritage Auctions or GreatCollections to reach serious buyers.
- Take clear, close-up photos of the coin (front and back) if selling online.
Final Thoughts
The 1939 Jefferson nickel may look like any other five-cent piece, but it holds a special place in the world of coin collecting. Whether it’s a low-mintage 1939-D, a scarce Full Steps variety, or a rare Reverse of 1940, this humble nickel has the potential to be worth hundreds—or even thousands—of dollars.
So before you dismiss that old coin as just spare change, take a closer look. You might be holding a tiny piece of history—and possibly, a small fortune.
