The 1939-D Reverse of 1938 Jefferson Nickel is worth anywhere from $8 in heavily circulated condition to over $2,500 for high-grade specimens. This early Denver-minted coin is a favorite among collectors because it represents a key turning point in the design process of the iconic nickel.
| Condition | Estimated Value |
|---|---|
| Good to Fine (G-F) | $8 – $15 |
| Extremely Fine (EF/XF) | $25 – $45 |
| Uncirculated (MS60+) | $80 – $250 |
| Gem Mint State (MS65+) | $450 – $2,500+ |
Identifying the 1939-D Reverse of 1938 Jefferson Nickel
If you’ve found an old nickel in your change or a relative’s collection, the first step is knowing exactly what you’re looking at. To identify this specific coin, you need the best coin identifier app to zoom in on the subtle details of Monticello’s steps.
The 1939-D “Reverse of 1938” is distinguished by the “wavy” or “blurry” steps on Thomas Jefferson’s home, Monticello. In early 1939, the U.S. Mint redesigned the reverse to make the steps sharper and more defined. However, many coins from the Denver mint were still produced using the old 1938 hub.
If you see a “D” mint mark on the right side of the building and the steps look a bit soft or curved at the edges, you have found a semi-key date. Using CoinHix can help you distinguish these small design variations which make a huge difference in market desirability.
Factors Determining 1939-D Nickel Value
The market price for this coin isn’t just about its age; it’s about three main factors: the mint mark, the design variety, and the state of preservation. Unlike the common Philadelphia nickels of that year, the Denver (D) and San Francisco (S) issues are far scarcer.
Collectors are particularly interested in the 1939-D nickel value metrics, as this specific combination of a low-mintage mint and the old design style is highly sought after. If the “D” is present, the value automatically jumps from a few cents to several dollars.
The grade is the most volatile factor. A coin that has been jingling in pockets for decades will only fetch a modest price. However, a coin that was tucked away in a piggy bank in 1939 might still have its original luster, pushing the price into the hundreds of dollars.
| Grade Group | Visual Characteristics | Typical Price |
|---|---|---|
| Circulated | Visible wear on Jefferson’s hair and building steps. | $8 – $30 |
| About Uncirculated | Slight wear on high points, some luster remains. | $40 – $70 |
| Mint State | No wear, full frosty or satiny luster. | $85 – $500+ |
Reverse of 1938 vs. Reverse of 1940
One of the most confusing parts for new hobbyists is the “Reverse of 1938” vs. “Reverse of 1940” distinction. In 1939, the mint decided the steps on Monticello were too weak. They strengthened the dies to create straight, sharp steps—this is known as the “Reverse of 1940” (even though it appeared in 1939).
The 1939-D coin using the old 1938 design is significantly rarer than the redesigned version. When assessing 1939 nickel price data in high grades, you will notice that the “Reverse of 1938” carries a premium because it represents the original, shorter-lived design era.
To tell them apart, look at the steps. The 1938 style has steps that look like they are melting into each other. The 1940 style has crisp, parallel lines. If you aren’t sure, CoinHix offers high-resolution comparisons to help you verify which hub was used for your coin.
The Importance of “Full Steps” (FS)
For professional collectors, the “Full Steps” designation is the holy grail. This refers to the steps on the reverse of the coin. If a nickel is struck so perfectly that all five or six steps are clearly visible without any interruptions or scratches, it receives the “FS” tag from grading services like PCGS or NGC.
For a 1939-D Reverse of 1938, finding Full Steps is incredibly difficult. Most strikes from Denver that year were somewhat weak. A standard Mint State 66 coin might sell for $300, but that same coin with a “Full Steps” designation could soar to over $2,000.
Because the “Reverse of 1938” naturally has softer steps anyway, legitimate FS examples of this variety are among the rarest nickels in the entire Jefferson series. Always check your coins carefully before spending them!
| Grade & Label | Auction Record Value |
|---|---|
| MS66 (Standard) | $350 |
| MS67 (Standard) | $1,800 |
| MS66 Full Steps | $4,500+ |
| MS68 (Rare) | $13,000+ |
Is Your 1939-D Nickel an Error?
Beyond the “Reverse of 1938” design variation, there are other errors to watch for. One famous error is the 1939-D “Doubled Die Reverse.” On these coins, you might see a faint doubling of the letters in “MONTICELLO” or “FIVE CENTS.”
While not as famous as the 1955 Doubled Die Penny, these errors add significant value. Collectors are always on the hunt for “re-punched mint marks” (RPM) as well. If the “D” looks like it was stamped twice, your coin’s value could double or triple instantly.
Before you sell your coin to a local shop, use CoinHix to scan the surface for these minute errors. Modern technology makes it much easier for the average person to find “hidden” value in their pocket change that used to require a professional microscope.
Where to Sell and Buy 1939 Jefferson Nickels
If you discover you have a valuable 1939-D Jefferson Nickel, you have several options. For lower-grade, circulated coins, eBay is a great place to see what everyday people are paying. For high-grade, “Full Steps,” or “Reverse of 1938” specimens, professional auction houses like Heritage Auctions are better.
Be wary of “cleaned” coins. If a nickel looks too shiny or has fine scratches from being scrubbed with a cloth, its collector value will drop by 50% to 90%. Collectors prefer original “patina” or toning over a fake, polished look.
Always keep your coins in PVC-free flips or holders to prevent environmental damage. A coin that is worth $100 today could be worth much more in a decade if it is kept in pristine condition.
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) of the coin, to the right of the Monticello building, near the rim. If there is no letter, it was minted in Philadelphia.
Q: Why is the 1939-D more valuable than the 1939-P?
A: The Philadelphia Mint (P) produced over 120 million nickels in 1939. The Denver Mint (D) only produced about 3.5 million. This much lower supply makes the Denver version significantly more valuable to collectors.
Q: What does “Reverse of 1938” mean?
A: It means the coin was minted in 1939 but used the hub design from 1938. The main difference is in the steps of Monticello, which are wavy and less defined on the 1938 design compared to the sharpened 1940 design.
Q: Can I find a 1939-D Nickel in my pocket change today?
A: While it is extremely rare, it is possible! Most 1939 nickels in circulation are the common Philadelphia ones, but occasionally an old collection is spent, and key dates like the 1939-D find their way back into the wild.
