The 1940-D Jefferson Nickel is worth anywhere from $0.15 in worn condition to over $1,000 for high-grade specimens. While most nickels from the WWII era found in pocket change are common, those minted in Denver during 1940 hold a special place for history buffs and numismatists alike.
| Condition | Estimated Value |
|---|---|
| Circulated (Average Wear) | $0.15 – $0.50 |
| About Uncirculated (AU) | $1.00 – $3.50 |
| Mint State (MS60 – MS64) | $5.00 – $25.00 |
| Gems / Full Steps (MS65+) | $50 – $1,500+ |
History and Production of the 1940-D Jefferson Nickel
If you just stumbled upon an old nickel in your kitchen jar, you might be wondering why the year 1940 matters. This was only the third year of the Jefferson Nickel series, which replaced the iconic Buffalo Nickel in 1938. Use the best coin identifier app to quickly confirm the date and mint mark of your find before diving deeper into the history.
The “D” on this coin stands for the Denver Mint. In 1940, Denver produced roughly 43.5 million nickels. While that sounds like a massive number, it is significantly lower than the production figures from the Philadelphia Mint that same year. Because of this relatively lower mintage, the 1940-D is slightly more sought after than its Philly counterpart.
If you are unsure if your coin is authentic or if the “D” is real, the CoinHix app can help you examine the details with high-resolution magnification. Back in 1940, the world was on the brink of significant change, and the composition of this coin—75% copper and 25% nickel—remained standard until the “War Nickels” (which contained silver) were introduced in 1942.
How Much is a 1940-D Nickel Worth Today?
Determining the exact value of your coin depends heavily on its “grade.” Grade is essentially the professional term for the physical condition of the coin. For most everyday Americans, a nickel found in circulation will likely be in “Good” or “Fine” condition. At this level, the 1940 nickel value is often just a few cents above face value, primarily due to its age and historical appeal.
However, if you happen to find a 1940-D nickel that looks like it just came from the bank—shiny, with no scratches and full detail on Jefferson’s hair—the price jumps significantly. Collectors are willing to pay a premium for coins that haven’t been touched by dirty fingers or worn down by years of being traded for candy or newspapers.
To get a better idea of how condition affects the market price, check out this price breakdown based on official grading standards:
| Grade (Condition) | Current Market Price |
|---|---|
| Extremely Fine (EF40) | $0.75 |
| About Uncirculated (AU50) | $2.15 |
| Mint State 63 (MS63) | $12.50 |
| Mint State 66 (MS66) | $48.00 |
Identifying 1940-D Jefferson Nickel Mint Mark and Varieties
When looking for the value of your 1940 nickel, the first thing you need to do is locate the mint mark. On Jefferson Nickels minted between 1938 and 1964 (excluding the silver war nickels), the mint mark is located on the reverse (back) side. Look to the right of the building, Monticello, near the rim. You should see a small “D” for Denver.
If there is no letter at all, it was minted in Philadelphia. If there is an “S,” it was minted in San Francisco. The Denver “D” is particularly interesting to collectors because of the “D over D” (Repunched Mint Mark) varieties. Using the CoinHix app, you can zoom in on the mint mark to see if there’s a second “D” lurking beneath the first one.
Repunched mint marks (RPM) occur when the person punching the die makes a mistake and hits it twice in slightly different spots. These errors are highly collectible and can double or triple the value of an otherwise standard coin. If you think you’ve found an error, it is always worth having it verified by a professional or a high-quality coin app.
Understanding the “Full Steps” Premium for 1940-D Nickels
In the world of Jefferson Nickel collecting, the “Full Steps” designation is the holy grail. This refers to the staircase on the back of the coin at the entrance of Monticello. In most circulated coins, these steps are worn away until they look like a flat ramp. However, on perfectly struck uncirculated coins, you can see 5 or 6 distinct horizontal lines.
A 1940-D nickel with the “Full Steps” (FS) designation can be worth hundreds, if not thousands, of dollars. For instance, the 1940-D Jefferson Nickel MS67 Full Steps price can exceed $1,200 at auction. This is because it is incredibly rare to find a coin from 1940 that was struck with enough pressure to fully define those tiny steps.
If you are looking through a collection you inherited, keep an eye out for these steps. Even the tiniest scratch or mark across the stairs will disqualify the coin from the FS designation. This is why “Full Steps” coins are the targets of high-end investors and serious registry set collectors.
| Grade + Designation | Approximate Value |
|---|---|
| MS65 (No Steps) | $25 – $35 |
| MS65 (Full Steps) | $150 – $200 |
| MS67 (Full Steps) | $1,100+ |
Common Errors Found on 1940 Jefferson Nickels
Beyond the standard value, some 1940-D nickels are worth more due to minting errors. One of the most common errors for this year is a “clipped planchet,” where the coin looks like a bite was taken out of the edge. This happens during the manufacturing process when the metal strip isn’t fed correctly into the machine.
Another error to look for is the “Double Die.” While 1940 doesn’t have a major, world-famous doubled die like the 1955 penny, there are minor doublings found on the lettering and Jefferson’s eye. These aren’t always easy to see with the naked eye, which is where tools like CoinHix become essential for casual hunters.
Off-center strikes are also highly valued. If your 1940-D nickel is missing part of the design because it was struck off-center, it could be worth $50 to $100 even in worn condition. Collectors love these “mechanical” errors because they represent a unique moment when something went wrong at the Denver Mint over 80 years ago.
Is It Worth Getting My 1940-D Nickel Graded?
One of the most frequent questions people ask is whether they should spend the money to send their coin to a professional grading service like PCGS or NGC. Grading usually costs between $30 and $50 per coin when you factor in shipping and insurance. For most 1940-D nickels found in a piggy bank, the answer is usually “no.”
If your nickel is worth $0.50, spending $40 to grade it doesn’t make financial sense. However, if you believe your coin is in “Mint State” (meaning it has no wear and still has its original “luster”), and especially if it has “Full Steps,” then grading is strongly recommended. A certified grade “locks in” the value and makes the coin much easier to sell.
Before you spend money on professional grading, use your phone to take a clear photo and run it through a value guide. If the potential value exceeds $150, then it might be time to consider a professional slab. Otherwise, keep it in a protective flip or a cardboard 2×2 to prevent any further damage.
| Action | Investment Level | Recommended For |
|---|---|---|
| Self-Identification | Free | Everyday change finds |
| Protective Sleeve | $0.25 | Any coin worth over $1 |
| Professional Grading | $40+ | Uncirculated/Error coins |
Frequently Asked Questions
Q: Does the 1940-D Nickel contain silver?
A: No, the 1940-D Jefferson Nickel is made of 75% copper and 25% nickel. Silver was only used in nickels from late 1942 through 1945 to conserve nickel for the war effort. You can tell a silver nickel by the large mint mark (P, D, or S) located directly above the dome of Monticello.
Q: Where is the mint mark on a 1940 nickel?
A: For the 1940 Jefferson Nickel, look on the reverse side. To the right of the building (Monticello), between the building and the rim, you will see a small letter. If it’s a “D,” it was made in Denver. If it’s an “S,” it’s from San Francisco. No letter means it was minted in Philadelphia.
Q: How can I tell if my 1940 nickel is “Uncirculated”?
A: An uncirculated coin will have its original “mint luster”—a cartwheel-like shimmer when you tilt it under a light. It should also have no wear on the high points, such as Jefferson’s cheekbone or the triangular roof of Monticello. If those areas look flat or dull, the coin has likely been in circulation.
Q: What is the most expensive 1940-D nickel ever sold?
A: High-grade 1940-D nickels with the Full Steps designation have sold for over $2,000 at major auctions. The price depends entirely on the perfection of the strike and the lack of surface marks. Even a microscopic scratch can lower the price by hundreds of dollars.