1939 Jefferson Nickel Value Guide: $0.10 to $26,400
1939 Jefferson Nickel values range from $0.10 for common Philadelphia issues to $26,400 for top-grade Full Steps specimens. Learn about Reverse of 1938 vs 1940 types, key dates, varieties.
The 1939 Jefferson Nickel is worth $0.10 to $26,400 depending on mint, reverse type, condition, and Full Steps designation.
- Common (1939-P Rev '38): $0.10 – $100 circulated; $2.65 – $1,208 uncirculated
- Semi-Key (1939-D): $3 – $35 circulated; $45 – $26,400 uncirculated (Full Steps)
- San Francisco (1939-S): $0.45 – $16 circulated; $18 – $8,050 uncirculated (varies by reverse type)
- Top specimens: MS-68 Full Steps examples command $23,500+ at auction
The 1939-D is a celebrated semi-key date with low mintage and poor survivorship, while the transitional Reverse of 1938 vs Reverse of 1940 die types create a complex collecting challenge across all three mints.
What's Your 1939 Nickel Worth?
Select your coin's mint mark and condition to get a value estimate.
Focus on choosing the right sales channel to maximize your return.
Expected: ()
1939 Jefferson Nickel: A Transitional Year with Complex Varieties
The 1939 Jefferson Nickel represents the second year of this iconic American series and stands as one of the most complex issues for collectors. While the Philadelphia Mint produced over 120 million coins, the Denver and San Francisco issues are notable semi-key dates with much lower mintages. Values range from just 10 cents for common circulated Philadelphia coins to over $26,400 for top-grade Full Steps specimens.
What makes 1939 particularly fascinating is its transitional status: the U.S. Mint modified the reverse die mid-production, creating two distinct types—Reverse of 1938 and Reverse of 1940—that exist for all three mints. Additionally, the year features several dramatic die varieties, including the famous Doubled Monticello (FS-801), making it a rewarding issue for variety specialists.
This guide covers identification of mint marks and reverse types, comprehensive price data for business strikes and proofs, grading criteria including the critical Full Steps designation, authentication of the notorious Henning counterfeits, and detailed analysis of key die varieties and mint errors.
Identifying Your 1939 Jefferson Nickel: Mint Marks and Reverse Types
Mint Mark Location and Types
The mint mark on 1939 Jefferson Nickels is located on the reverse, to the right of Monticello, positioned between the building and the rim. Three varieties exist:
- Philadelphia (P): No mint mark appears in this location. The area to the right of Monticello is blank. This is by far the most common issue with a mintage of 120,627,535 coins.
- Denver (D): A small "D" appears in the mint mark location. The 1939-D has a low mintage of just 3,514,000 coins, making it a celebrated semi-key date.
- San Francisco (S): A small "S" appears in the same position as the Denver mint mark. With a mintage of 6,630,000, this is scarcer than Philadelphia but more available than Denver.
Critical Identification: Reverse of 1938 vs. Reverse of 1940
The year 1939 was transitional, with the U.S. Mint strengthening the reverse design mid-production. Accurate identification of the reverse die type is the first step in determining value, as the two types carry different premiums:
Reverse of 1938 (Type 1): The steps on Monticello are weak and wavy. The lines representing the steps are poorly-defined, appear mushy, and often blend together without clear separation. This was the original reverse design carried over from 1938.
Reverse of 1940 (Type 2): The steps on Monticello are sharpened, straighter, and more defined. The steps have clear, straight, parallel sides—a significant improvement intended to produce better strikes and more Full Steps designations. This new die style was introduced in 1939 and became standard for 1940 and later years.
The distribution varies by mint. For Philadelphia coins, most use the Reverse of 1938, making the Reverse of 1940 scarcer. For Denver coins, the vast majority use the Reverse of 1940. For San Francisco, the situation is complex: the Reverse of 1938 is common for non-Full Steps coins, but the Reverse of 1940 is more common among Full Steps specimens, likely because the new, high-quality dies produced a higher percentage of well-struck coins.
Proof vs. Business Strike
In addition to business strikes, the Philadelphia Mint produced 12,535 Proof nickels for collectors in 1939. Proofs feature mirror-like fields and frosted devices, with some exhibiting the desirable Cameo designation. Like business strikes, 1939 Proofs exist with both reverse types, with the Reverse of 1940 Proof being an extreme rarity estimated at only a few dozen specimens.
1939 Jefferson Nickel Value Guide: Current Market Prices
Valuations for 1939 Jefferson Nickels are uniquely dependent on two critical factors: the mint mark and the reverse die type used. The Full Steps (FS) designation, awarded by grading services like PCGS and NGC for coins with sharp, complete strikes on Monticello's steps, dramatically increases value across all issues. Prices are aggregated from PCGS and NGC price guides, current as of October-November 2025.
1939 Philadelphia (No Mint Mark) Business Strike
Mintage: 120,627,535 (most use Reverse of 1938)
The 1939-P is a high-mintage, common coin in the Reverse of 1938 variety. The Reverse of 1940 is scarcer for this mint, and when combined with the Full Steps designation, it creates a significant, high-value collectible. The bifurcation between reverse types means collectors must carefully attribute their coins before determining value.
| Grade | 1939 Rev '38 (non-FS) | 1939 Rev '40 (non-FS) | 1939 Rev '40 (FS) |
|---|---|---|---|
| G-4 | $0.10 | $0.10 | — |
| VF-20 | $0.50 | $2 | — |
| EF-40 | $1 | $4 | — |
| AU-50 | $1 | $5 | — |
| MS-60 | $2.65 | $7 | — |
| MS-63 | $9.50 | $14 | $50 – $65 |
| MS-65 | $28 – $30 | $35 | $70 – $110 |
| MS-66 | $45 – $55 | $60 – $75 | $190 – $300 |
| MS-67 | $80 – $100 | $1,725 | $825 |
| MS-68 | $1,208 | $1,725 | $23,500 |
Auction records: $1,208 (MS-68 Rev '38); $1,725 (MS-67 Rev '40); $23,500 (MS-68FS Rev '40)
1939-D Denver Business Strike
Mintage: 3,514,000
The 1939-D is a celebrated semi-key date with the second-lowest mintage of the entire Jefferson Nickel series, behind only the 1950-D. However, the 1939-D commands a higher premium in all grades because it was not saved in large numbers at the time of issue. Struck just as the Great Depression ended, these coins circulated heavily. The surviving population of high-grade 1939-D nickels is much smaller than the 1950-D, making it a true bottleneck for advanced collectors. The vast majority of 1939-D examples use the Reverse of 1940.
| Grade | 1939-D (non-FS) | 1939-D (FS) |
|---|---|---|
| G-4 | $3 | — |
| VF-20 | $6 | — |
| EF-40 | $14 | — |
| AU-50 | $28 – $35 | — |
| MS-60 | $45 | — |
| MS-63 | $55 | $120 – $150 |
| MS-65 | $75 – $100 | $275 – $550 |
| MS-67 | $200 | $3,100 |
| MS-68 | $3,310+ | $26,400 |
Auction records: $3,310 (MS-67+ non-FS); $26,400 (MS-68FS)
1939-S San Francisco Business Strike
Mintage: 6,630,000
The 1939-S presents a fascinating scenario for specialists. PCGS expert Ron Guth notes a "reverse-of-the-reverses" situation: For non-Full Steps coins, the Reverse of 1938 is common and the Reverse of 1940 is scarcer. However, for Full Steps coins, the Reverse of 1938 FS is scarce and the Reverse of 1940 FS is slightly more common. This seeming contradiction is logical—the San Francisco Mint likely received the new Reverse of 1940 dies late in the year and used them sparingly, but those high-quality dies produced a higher percentage of Full Steps strikes from their limited production.
| Grade | Rev '38 (non-FS) | Rev '38 (FS) | Rev '40 (non-FS) | Rev '40 (FS) |
|---|---|---|---|---|
| G-4 | $0.45 | — | $0.45 | — |
| VF-20 | $3 | — | $3 | — |
| EF-40 | $6 | — | $6 | — |
| AU-50 | $16 | — | $8 | — |
| MS-60 | $18 – $24 | — | $16 | — |
| MS-63 | $35 | $85 | $25 | $90 |
| MS-65 | $65 – $70 | $225 | $81 – $90 | $265 |
| MS-67 | $250 | — | $1,150 | $7,000 |
| Top Grade | $1,528 (MS-67) | $8,050 (MS-66FS) | $1,150 (MS-67) | $7,800 (MS-67FS) |
Auction records: $1,528 (MS-67 Rev '38); $8,050 (MS-66FS Rev '38); $1,150 (MS-67 Rev '40); $7,800 (MS-67FS Rev '40)
1939 Proof Nickels
Mintage: 12,535 total (most are Reverse of 1938)
The Philadelphia Mint struck 12,535 Proof Jefferson Nickels for collectors in 1939. Like business strikes, these Proofs were made with both reverse dies. The standard Reverse of 1938 Proof is relatively common and affordable. However, the Reverse of 1940 Proof is one of the great rarities of the Proof Jefferson series, with NGC estimating only a few dozen were struck. These were likely struck at the very end of the production run using the new 1940-style reverse dies. The Cameo designation, indicating strong frosted contrast between devices and mirror fields, adds substantial premiums.
| Grade | PR - Rev of 1938 | PR - Rev of 1940 | PR - Rev of 1940 CAM |
|---|---|---|---|
| PR-66 | $100 – $135 | $3,300 – $5,000 | — |
| PR-67 | $200 – $300 | $5,600 – $8,800+ | $10,350+ |
Auction records: $3,290 (PR-66 Rev '40, 2013); $8,812.50 (PR-67 Rev '40, 2016); $10,350 (PR-67 CAM Rev '40, August 2016)
Grading 1939 Jefferson Nickels: From Good to Gem
Understanding how to grade a 1939 Jefferson Nickel is critical to determining its value. Grading is based on the amount of wear on the coin's high points and the quality of its strike. For Mint State (uncirculated) coins, the Full Steps designation can multiply value several times over.
Circulated Grades (Good-4 through About Uncirculated-58)
Good-4 (G-4): Heavy wear flattens most design details. On the obverse, Jefferson's profile is outlined but features like hair detail are mostly gone. The date "1939" must be readable but may be weak. On the reverse, Monticello's outline is visible but the steps are completely smooth. Rim details may be worn into the legends.
Very Fine-20 (VF-20): Moderate wear is evident but all major design elements are clear. Jefferson's cheekbone is worn but his hair shows some separation. On the reverse, Monticello's columns are distinct and the steps show as lines, though individual steps are not fully separated. This is a popular grade for circulated semi-key dates like the 1939-D.
Extremely Fine-40 (EF-40): Light wear appears only on the highest points. Jefferson's hair shows good detail with some minor flatness above the ear. On the reverse, the steps of Monticello are clearly defined but may show slight wear at the top. At this grade, the coin retains much of its original appeal.
About Uncirculated-50/58 (AU-50/58): The coin shows traces of wear on the very highest points but retains most of its original mint luster in the fields. For AU-50, approximately half the luster remains. For AU-58, the coin appears nearly Mint State with only the slightest friction on high points. These grades represent the transition to uncirculated condition.
Mint State Grades (MS-60 through MS-68) and the Full Steps Designation
MS-60 to MS-63: Uncirculated coins with no wear but varying degrees of contact marks and surface preservation. MS-60 coins have numerous distracting marks, while MS-63 coins show fewer and less severe marks. Original mint luster is present throughout.
MS-64 to MS-65: Above-average to Gem quality. MS-64 coins have only a few small marks in non-focal areas. MS-65 coins are considered "Gem" with excellent eye appeal, strong luster, and minimal marks. These grades represent a significant value jump, especially for semi-key dates.
MS-66 to MS-68: Premium quality coins with exceptional eye appeal. MS-66 coins are near-perfect with virtually no distracting marks. MS-67 and MS-68 coins are condition rarities with pristine surfaces and full, original luster. These grades command substantial premiums and often appear in major auctions.
The Full Steps (FS) Designation: This is the most critical designation for Jefferson Nickel values. PCGS designates "FS" if 5 or 6 full, separate steps are visible at the base of Monticello with no interruptions. NGC uses "5FS" or "6FS" to specify the exact number. This designation is only used for business strikes, not Proofs (which are expected to be well-struck). A coin cannot receive an FS designation if any interruption is present on the steps—whether from a soft strike, planchet flaw, or contact mark. This creates a value trap where a coin that would have been a valuable MS-65FS but has a single tiny contact mark on a step will be denied the FS designation, causing its value to plummet to that of a standard MS-65. This is why high-grade, top-population FS coins command such extraordinary premiums.
Strike Quality vs. Preservation
It's important to distinguish between strike quality (how well the dies impressed the design into the planchet) and preservation (how well the coin has been maintained since minting). A coin can have a weak strike—meaning the steps were never fully formed even when new—but still be in Mint State with no wear. Conversely, a coin can have a full, sharp strike but show contact marks that prevent an FS designation. Understanding this distinction is crucial when evaluating 1939 nickels, particularly when determining whether a coin qualifies for the valuable Full Steps designation.
Authentication: Avoiding Counterfeits and Identifying Problem Coins
The 1939 nickel is one of five dates infamously counterfeited by Francis LeRoy Henning in the mid-1950s. While a counterfeit, the "Henning Nickel" has become a collectible in its own right. Henning produced counterfeit nickels dated 1939, 1944, 1946, 1947, and 1953. He was eventually caught because his 1944 nickel famously omitted the large "P" mint mark required for the silver-alloy wartime nickels. For collectors of authentic 1939 nickels, knowing how to identify Henning's counterfeits is essential.
The primary diagnostic for the 1939 Henning nickel is a distinctive "hole" or "looped R" in the word "PLURIBUS" on the reverse. The loop of the 'R' is filled in, appearing as a solid blob rather than showing the proper open loop. Additionally, Henning's counterfeits are overweight—a genuine nickel weighs 5.0 grams, but his counterfeits weigh approximately 5.4 grams. A precision scale can quickly identify this discrepancy. Finally, the surfaces of Henning nickels may appear "too shiny" or have a flat, non-cartwheel luster that differs from genuine mint-struck coins. When purchasing expensive 1939 varieties or semi-key dates, always verify these diagnostics or purchase coins certified by reputable third-party grading services like PCGS or NGC.
Beyond counterfeits, collectors must also identify cleaned or damaged coins. No coin that has been cleaned, damaged, or exhibits "problems" is considered "collectible-grade" by major grading services. These coins, often given a "Details" grade, have unpredictable and severely limited value. The most critical distinction for Uncirculated coins is between hairlines (damage from improper cleaning) and die polish lines (mint-caused and not damage). Hairlines are fine, often parallel scratches caused by improper cleaning with a brush, cloth, or abrasive tool. These lines sit on top of the coin's surface and disrupt the original mint luster, often giving the coin an unnaturally bright, "scratched" look. Die polish lines, by contrast, are fine lines that are part of the coin's original surface, caused by the mint polishing the die before striking. These lines exist under the mint luster and are not considered damage. Mistaking die polish lines for hairlines is a common and costly error for novice collectors. When in doubt, submit valuable coins to a grading service for professional authentication and encapsulation.
Preserving Your 1939 Jefferson Nickel Collection
Proper preservation is essential to maintaining the value of your 1939 Jefferson Nickels. Even minor mishandling can cause permanent damage that reduces a coin's grade and value. Coins should be stored in inert, non-PVC holders to prevent chemical damage. Archival-quality Mylar flips are suitable for raw (ungraded) coins, but high-value coins—especially semi-key dates like the 1939-D and valuable varieties like the Doubled Monticello—should be professionally encapsulated ("slabbed") by reputable third-party grading services such as PCGS or NGC. These sonically-sealed holders protect against environmental damage and provide authentication and grade certification.
The storage environment is equally important. Coins should be kept in a cool, dry, and stable environment to prevent corrosion, spotting, or unwanted toning. Avoid areas with high humidity, temperature fluctuations, or exposure to sulfur-containing materials (which can cause toning on nickel coins). Never store coins in standard plastic flips labeled "PVC" or "vinyl," as these materials can leach onto the coin's surface, creating green slime that permanently damages the metal. Most importantly, never clean a coin under any circumstances. Any cleaning, even a "light" wipe with a soft cloth, removes microscopic amounts of metal and the original mint surface, permanently destroying the coin's numismatic value. A cleaned coin will receive a "Details" grade from certification services and will be worth a fraction of an uncleaned example. If you believe a coin needs conservation, consult a professional numismatic conservator rather than attempting any cleaning yourself.
Die Varieties: Major Errors in Die Production
Beyond the transitional reverse dies, 1939 is exceptionally rich with valuable die varieties—errors in the creation of the dies themselves that were then replicated on every coin struck from those dies. These varieties carry significant premiums and are highly sought by specialists.
1939 (P) Doubled Die Reverse "Doubled Monticello" (FS-801)
This is the most famous variety of the year and is often listed in standard price guides. The doubling is strong and visible to the naked eye, making it accessible even to beginning collectors. Look for clear, separated doubling on the legends "MONTICELLO" and "FIVE CENTS" on the reverse. The doubling effect is dramatic enough that it doesn't require magnification for initial identification, though a loupe will reveal the full extent of the error.
Value analysis shows this variety carries substantial premiums in all grades. Even in Good-4 condition, the variety is worth $6 compared to 10 cents for a common 1939-P. In high grades, values escalate dramatically: VF-20 examples bring $90, AU-50 examples reach $165, and Mint State coins command $425 to $3,000 depending on grade. The auction record for this variety is $6,900 for an MS-67 example sold in June 2008. Additional information is available at PCGS CoinFacts.
1939 (P) Quadrupled Die Reverse (FS-802)
This is an extremely rare and dramatic variety where the die was impressed four times during the hubbing process. The "quadrupling" effect is most noticeable on the date "1939" (especially the digits '3' and '9') and the letters in "LIBERTY" on the obverse. Some examples also show doubling on Jefferson's eye, adding to the variety's visual drama. This is a top-tier rarity among 1939 varieties.
An MS-65FS example has been offered for $700, though other sources suggest high-grade examples can exceed $3,000. Even coins in moderate circulated condition can fetch several hundred dollars due to the variety's extreme rarity. GreatCollections has auctioned an AU-53 example, demonstrating demand across all grade levels for this spectacular variety.
1939-D Doubled Die Obverse (VP-001)
This variety combines a significant doubled die obverse with the semi-key 1939-D date, creating an extreme rarity. Diagnostics are on the obverse, with doubling visible on "IN GOD WE TRUST" and "LIBERTY." The doubling is strong enough to be seen with moderate magnification.
An NGC-graded MS-68 5FS example, noted as a population of just one coin, has been offered for sale at $17,500. This represents the combination of a major variety with a scarce date in exceptional condition. Lower-grade examples are extremely rare in the marketplace, as the variety itself is seldom encountered. Collectors specializing in Denver Mint varieties or Jefferson Nickel doubled dies consider this a major prize.
1939-S Repunched Mint Mark (RPM) (S/S, VP-001)
This variety is more common than the previous three but still collectible and desirable. It occurred when the "S" mint mark punch was applied to the die more than once in slightly different locations, creating a "shadow" or doubled "S" mint mark. Under magnification, the repunching is clearly visible as overlapping mint mark impressions.
This variety is accessible to most collectors, with values ranging from $13-$15 for circulated or low-grade Mint State examples. Higher-grade specimens with clear, strong repunching can command $50-$300, making this an affordable entry point for collectors interested in mint mark varieties. The variety is more common than other 1939 RPMs but still represents a small fraction of the overall 1939-S population.
Mint Errors: One-Off Manufacturing Mistakes
Error coins are distinct from die varieties. While die varieties are caused by errors in the die itself and appear on every coin struck from that die, mint errors are one-off mistakes in the manufacturing process. These occur during striking or involve problems with the planchet (the blank metal disk). Each error coin is unique.
Off-Center Strikes
Off-center strikes occur when the planchet is not properly centered in the collar during the striking process. The dies strike the coin, but only part of the design is impressed onto the planchet, leaving a blank crescent-shaped area where the planchet extended beyond the dies. Value depends primarily on the severity of the misalignment and whether the date and mint mark remain visible.
Minor 5-10% off-center strikes are relatively common and may be worth $10-$20. These show only a slight misalignment with most of the design intact. More dramatic 40-60% off-center strikes, where roughly half the coin is blank but the date and mint mark are still visible, are much more desirable and can be worth $50-$100 or more. Coins that are more than 60% off-center or where the date is missing have limited appeal to most collectors. The most valuable off-center strikes show a dramatic misalignment while retaining full date and mint mark visibility.
Lamination Errors
Lamination errors are caused by impurities in the 75% copper, 25% nickel alloy used to strike nickels. These impurities prevent proper bonding of the metal during the planchet manufacturing process, leading to the coin's metal "flaking" or "peeling" after striking. The visual effect can range from minor surface flakes to large areas where metal has separated from the coin.
Minor lamination flakes are relatively common and add little value, typically $1-$5 above face value. These appear as small surface irregularities or tiny flakes. A "retained lamination"—where the flake is still attached but raised from the surface—or a large "delamination" where a significant piece of metal is missing, is more desirable and valued at $10-$50. The dramatic visual appearance and the fact that each lamination error is unique makes them popular with error collectors, even though they are more common than other error types.
Die Cracks and Cuds
These errors occur as the dies themselves begin to fail after striking thousands of coins. Die cracks appear as small, raised lines on the coin's surface, caused by the die fatiguing and developing cracks. As the die cracks, metal flows into the crack during striking, creating a raised line on the resulting coin. Die cracks are extremely common on high-mintage coins like the 1939-P and add no significant value. They are considered a normal part of the striking process.
A "cud," however, is a major die break where an actual piece of the die falls off, usually at the rim. This results in a large, raised, unstruck "blob" of metal on the coin where the broken area of the die no longer strikes the planchet. Cuds are highly collectible because they are dramatic and relatively scarce. Values for cuds can range from $100-$500 depending on their size, shape, and location. Cuds that affect major design elements or that are particularly large command the highest premiums. Unlike minor die cracks, cuds represent a significant die failure and are actively sought by error coin specialists.
Frequently Asked Questions About 1939 Jefferson Nickels
How much is my 1939 Jefferson Nickel worth?
Value depends on mint mark, reverse type, condition, and Full Steps designation. Common 1939-P Reverse of 1938 coins in circulated condition are worth 10 cents to $1, while Mint State examples range from $2.65 to $1,208. The semi-key 1939-D is worth $3-$35 circulated and $45-$26,400 uncirculated. The 1939-S ranges from $0.45-$16 circulated to $18-$8,050 uncirculated depending on reverse type. Top-grade Full Steps specimens command the highest premiums. Die varieties like the Doubled Monticello (FS-801) add significant value in all grades.
How do I identify the mint mark on a 1939 nickel?
The mint mark is located on the reverse (back) of the coin, to the right of the Monticello building, between the building and the rim. Look for a small "D" (Denver) or "S" (San Francisco) in this location. If there is no mint mark, the coin was struck at the Philadelphia Mint. The mint mark may be small and require good lighting or slight magnification to see clearly, especially on worn coins.
What is the difference between Reverse of 1938 and Reverse of 1940?
The Reverse of 1938 shows weak, wavy steps on Monticello that are poorly-defined and often blend together. The Reverse of 1940 shows sharpened, straighter, more defined steps with clear, parallel sides. The Mint modified the reverse die mid-1939 to improve strike quality and produce more Full Steps coins. For Philadelphia nickels, Reverse of 1940 is scarcer. For San Francisco, the rarity inverts depending on whether you're collecting Full Steps or non-Full Steps coins. Most Denver coins use Reverse of 1940.
What is the Full Steps designation and why is it important?
Full Steps (FS) is a special designation awarded by grading services when 5 or 6 complete, separate steps are visible at the base of Monticello with no interruptions. This designation dramatically increases value—often several times over—because it indicates exceptional strike quality and preservation. A coin cannot receive FS if any weakness, planchet flaw, or contact mark interrupts the steps. PCGS uses "FS" while NGC specifies "5FS" or "6FS." This designation is only used for business strikes, not Proofs.
Should I get my 1939 nickel professionally graded?
Professional grading is recommended for semi-key dates (1939-D, 1939-S), coins that appear to be Mint State, any coin you believe shows Full Steps, and any suspected die varieties. Grading costs $20-$50+ depending on service level, so it's only economical if the coin's potential value exceeds the grading cost by a meaningful margin. Common circulated 1939-P coins worth under $5 should not be graded. However, a 1939-D in AU or better condition, or any 1939 coin you believe might grade MS-65 or higher, should be submitted to PCGS or NGC for authentication and certification.
How do I identify the Henning counterfeit 1939 nickel?
The Henning counterfeit has three diagnostics: (1) A distinctive "looped R" or "hole" in the word "PLURIBUS" on the reverse where the loop of the R is filled in as a solid blob; (2) Overweight at approximately 5.4 grams versus 5.0 grams for genuine coins; (3) Surface luster that appears too shiny or flat rather than showing natural cartwheel luster. If purchasing expensive 1939 varieties or key dates, always verify these diagnostics or buy coins certified by PCGS or NGC. While Henning counterfeits are collectible in their own right, they should not be confused with genuine 1939 nickels.
What is the 1939 Doubled Monticello variety?
The 1939 Doubled Monticello (FS-801) is the most famous variety of the year, featuring strong doubling visible to the naked eye on the reverse legends "MONTICELLO" and "FIVE CENTS." This occurred when the die was impressed twice during the hubbing process, with the second impression slightly offset from the first. Values range from $6 in G-4 to $6,900 for an MS-67 example. The variety is accessible even to beginners because the doubling is dramatic and doesn't require magnification for initial identification.
Why is the 1939-D worth more than the 1950-D despite higher mintage?
The 1939-D has a mintage of 3,514,000 compared to the 1950-D's 2,630,030, yet the 1939-D commands higher premiums. This is due to survivorship rates. The 1950-D was recognized as rare at the time of issue and was widely hoarded by collectors, resulting in better survival of high-grade specimens. The 1939-D, struck just as the Great Depression ended, was not saved in large numbers and circulated heavily. The surviving population of high-grade 1939-D nickels is much smaller, making it a true bottleneck for Jefferson Nickel collectors despite its higher original mintage.
Can I clean my 1939 nickel to make it look better?
Never clean a coin under any circumstances. Any cleaning—even a light wipe with a soft cloth—removes microscopic amounts of metal and destroys the original mint surface, permanently eliminating numismatic value. A cleaned coin will receive a "Details" grade from certification services and will be worth a fraction of an uncleaned example. If you believe a coin needs conservation, consult a professional numismatic conservator rather than attempting any cleaning yourself. Collectors and dealers strongly prefer original, unaltered surfaces even if they show toning or environmental patina.
What is the rarest 1939 Jefferson Nickel?
The rarest regular-issue 1939 Jefferson Nickel is the 1939 Proof Reverse of 1940, estimated at only a few dozen specimens. NGC Price Guide lists PR-67 at $7,500-$8,800+, with a Cameo example selling for $10,350 at auction in August 2016. Among business strikes, the 1939-D DDO (VP-001) is extremely rare with an MS-68 5FS example offered at $17,500. For Full Steps collectors, top-grade FS specimens of any mint/reverse combination are condition rarities, with an MS-68FS 1939-D selling for $26,400 and an MS-68FS 1939-P Rev '40 bringing $23,500.
Methodology and Sources
This guide synthesizes data from multiple authoritative numismatic sources. Price data is aggregated from the PCGS Price Guide and NGC Price Guide, current as of October-November 2025. Historical mintage figures and technical specifications are from official U.S. Mint records. Die variety attributions follow the Fivaz-Stanton (FS) system for major varieties and the Variety Page (VP) system for additional listings. Auction results cited include sales from Heritage Auctions, GreatCollections, and other major numismatic auction houses.
The coin market is dynamic, with values fluctuating based on supply, demand, precious metal prices, and economic conditions. Prices listed in this guide represent market trends at the time of publication but may not reflect real-time transaction prices. Actual selling prices depend on factors including coin eye appeal, certification service, holder generation, and current market conditions. Rare varieties and condition rarities may trade infrequently, making precise valuation challenging. For the most current pricing on specific coins, consult recent auction results, dealer inventories, and updated price guides from PCGS and NGC. This guide is intended for educational purposes and should not be considered investment advice.
