1939 Nickel Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

1939 Nickel value ranges from $0.05 face value to $26,400. That record sale was a Grade 68 Reverse of 1940 example sold through Stack’s Bowers in August 2019. Not sure what yours is worth? Upload a photo of your coin below for a quick value range, then scroll down to check recent eBay sales and see what 1939 Nickels are actually going for today.

 

1939 Nickel Value By Variety

This is a 1939 Jefferson Nickel value chart showing market values for different mint marks, varieties, and special strikes across various grade conditions.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)

 

Top 10 Most Valuable 1939 Nickel Worth Money

The king of the list is a 1939-D Reverse of 1940 graded MS68 Full Steps — it brought $26,400 at Stack’s Bowers during the August 2019 ANA auction in Rosemont, Illinois. That’s nearly triple the price of the tenth coin on the list.

Second place goes to a “Doubled Monticello” variety at $23,500. A die error turned a regular five-cent coin into a serious trophy piece.

Every single coin in the top ten is a special variety. Nine are “Reverse of” versions and one is the Doubled Monticello. If you’re hunting for big money in 1939 nickels, it’s all about die pairings and minting accidents.

 

History Of The 1939 Nickel

The 1939 Jefferson nickel was only the second year for a design that replaced the Buffalo nickel in 1938. The Buffalo had been a headache to strike cleanly and wore down fast. Once it hit its mandatory 25-year run, the Mint wasted no time moving on.

An open design competition was announced in late January 1938 with a $1,000 prize. The deadline was April 15, 1938, and Mint Director Nellie Tayloe Ross plus three sculptors judged the entries. On April 20, they reviewed 390 submissions. Four days later, Felix Schlag — a German immigrant who’d been in the U.S. just nine years — took the prize.

Schlag’s original reverse was bold: a three-quarters view of Monticello with a tree in the foreground. Treasury officials killed it. They didn’t like the modern lettering, and they objected to the tree — convinced it was a palm tree Jefferson couldn’t have grown. Schlag had to redesign the entire reverse at no extra pay (competition rules), delivering the flat, head-on Monticello view we still see today.

Art historian Cornelius Vermeule didn’t mince words about the change, calling the replacement a “mausoleum of Roman profile” that replaced an “interesting, even exciting” composition. And here’s a fun detail: Schlag’s initials were left off the coin entirely — whether by oversight or misunderstanding — and didn’t appear until 1966.

Philadelphia struck 120,627,535 nickels in 1939, smashing the previous record for the denomination set in 1936. Denver and San Francisco produced far fewer, setting up the value gaps collectors still chase today.

The year mattered beyond coins, too. World War II broke out in Europe that September. The U.S. stayed neutral for now, but by 1942 nickel became a strategic war material and the coin’s composition changed completely. That makes 1939 nickels among the last peacetime issues before everything shifted.

Also Read: Top 60+ Most Valuable Buffalo Nickels Worth Money

 

Is Your 1939 Nickel Rare?

Check the rarity and rankings of your 1939 nickels using our Coin Identifier and Value App—from common circulation strikes to divine-rated CAM proofs.

 

Key Features Of The 1939 Nickel

The 1939 Jefferson nickel has a few design details worth knowing, whether you’re trying to identify a variety or just appreciate the coin. Here’s what to look for on each side.

The Obverse Of The 1939 Nickel

Flip it to the front and you’ll see Felix Schlag’s portrait of Thomas Jefferson facing left. Numismatic scholar Cornelius Vermeule pointed out that Schlag modeled the bust closely on Jean-Antoine Houdon’s famous 1789 sculpture of Jefferson.

Jefferson’s hair is tied back at the neck in typical 18th-century fashion. “LIBERTY” runs along the left rim, and “1939” sits to the right of the portrait. Above Jefferson’s head, “IN GOD WE TRUST” appears in small letters.

The Reverse Of The 1939 Nickel

Flip it over and you get a straight-on view of Monticello, Jefferson’s Virginia estate. Look for the columns, windows, and entrance steps — those steps are where the money is when it comes to grading.

“MONTICELLO” sits right below the building. “E PLURIBUS UNUM” arcs across the top rim, “FIVE CENTS” appears in the middle lower area, and “UNITED STATES OF AMERICA” curves along the bottom.

Mint marks (D for Denver, S for San Francisco) show up to the right of Monticello. The big thing to know: 1939 nickels come in two reverse varieties — Reverse of 1938 and Reverse of 1940 — and you tell them apart by the straightness and definition of those steps.

Other Features Of The 1939 Nickel

The 1939 Jefferson nickel is 75% copper and 25% nickel — the same alloy used since the Shield nickel of 1866. It weighs exactly 5.00 grams, measures 21.21 millimeters across, and has a plain, smooth edge.

That composition held until October 1942, when nickel became a strategic war material. From 1942 to 1945, nickels were struck in a copper-silver-manganese alloy (35% silver). So the 1939 is one of the last traditional-alloy nickels before the wartime switch.

Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)

 

1939 Nickel Mintage & Survival Data

Philadelphia cranked out about 120,627,535 nickels in 1939 — a new denomination record. Denver managed just 3,514,000, and San Francisco struck 6,630,000. That makes the 1939-D the second-scarcest regular-issue Jefferson nickel by mintage (only the 1950-D is lower), and the 1939-S ranks fourth-lowest in the whole series.

Survival rates tell a different story depending on the variety. Philadelphia Reverse of 1938 coins actually survived at lower rates than their Denver and San Francisco counterparts. Why? Collectors knew about the improved 1940 reverse and saved those Philly coins instead. At the branch mints, total mintage was so low that people saved coins regardless of which reverse they had.

The proof numbers are the real eye-opener. The Reverse of 1938 Proof has a 75.79% survival rate. The Reverse of 1940 CAM? Just 0.40%. That cameo contrast is incredibly fragile — circulation, bad storage, even routine handling can wipe it out permanently.

Also Read: Jefferson Nickel Value (1938-Present)

 

How Full Steps (FS) Affects Your 1939 Nickel Value

Full Steps might be the single biggest value driver for 1939 nickels — and it’s the feature most people overlook. The designation means the horizontal lines at the base of Monticello’s staircase are complete and unbroken across their full width. You need five or six clean lines to qualify.

Getting Full Steps requires everything to go right: perfect die alignment, a quality planchet, and ideal striking pressure. According to PCGS CoinFacts, over half of the 1939 Philadelphia Reverse of 1940 examples they’ve certified do show Full Steps. That makes this one of the better-struck dates in the series.

Here’s where it matters for your wallet. A non-Full Steps 1939 Philadelphia nickel in MS65 might bring $10–$20. Add Full Steps and you’re looking at $100 or more. At MS67 Full Steps, prices jump hard, and MS68 Full Steps is record-price territory — like that $26,400 sale for the 1939-D.

To check your coin, grab 5x–10x magnification and look at the horizontal lines between the six columns at the base of Monticello. All five lines (or six, for a 6FS designation) need to be complete and unbroken across the full width of the staircase.

 

The Easy Way to Know Your 1939 Nickel Value

The difference between a Reverse of 1938 and Reverse of 1940 can mean thousands of dollars — but the varieties differ only in tiny details on Monticello’s architecture. Miss the call, and a $15,000 coin gets treated like a $20 one.

Coin Value Checker APP makes this easy. Snap a photo, and the app analyzes die characteristics, mint marks, and condition against current market data to give you a value right away.

 

1939 Nickel Value Guides

Five major categories cover the 1939 nickel series, split by mint facility and production method.

• 1939 No Mint Mark Nickel
• 1939-D Nickel
• 1939-S Nickel
• 1939 Proof Nickel
• 1939 CAM Nickel

Circulation strikes came from Philadelphia (no mint mark), Denver (D), and San Francisco (S). Philadelphia also struck proof coins on polished planchets with specially prepared dies. Each category has multiple die varieties, so there’s a lot to dig into here.

1939 No Mint Mark Nickel Value

1939 Reverse of 1938 Nickel Value

Most collectors walk right past this one. The 1939 Reverse of 1938 was struck using leftover reverse dies from the previous year, and the giveaway is the weak, curved step details on Monticello — especially at the center below the last step, where you’ll see noticeable curvature compared to the corrected 1940 design.

PCGS CoinFacts researcher Jaime Hernandez notes this variety was produced for only a brief window in 1939, making it the scarcer of the two reverse types that year. The Greysheet (CDN) lists 1939 nickel values as high as $26,500 for the finest specimens across all varieties.

The highest confirmed sale for a 1939 Philadelphia Reverse of 1938 nickel? $5,288 for an MS67+ specimen at Heritage Auctions in February 2014.

Here’s how this variety has traded across different grades and market cycles.

Collector interest stays steady for this transitional die variety, especially among folks building complete Jefferson sets.

1939 Reverse of 1940 Nickel Value

Here’s a question worth asking: if this is the more common variety, why does it hold the higher auction record? Because Full Steps coins in this variety are genuinely well-struck, and at the top-pop level, competition gets fierce.

The Reverse of 1940 came from the Mint’s mid-year correction to fix those curved, mushy steps on the original 1938 reverse. The improved die gives you sharper details and straighter steps, especially at the center where the rounded border was replaced with a cleaner, more defined edge. This is the predominant reverse type — at least twice as common as the Reverse of 1938. According to PCGS CoinFacts, over half of all certified examples show Full Steps. Real scarcity kicks in at MS67 Full Steps and above.

The auction record sits at $23,500 for an MS68 Full Steps specimen at Heritage Auctions in February 2014.

Auction history shows how values have moved for this corrected die variety over time.

This is the standard 1939 reverse type, and it stays popular with collectors building comprehensive Jefferson sets.

 

1939-D Nickel Value

Only 3,514,000 struck. That’s it. The 1939-D is the second-scarcest regular-issue Jefferson nickel in the entire series, trailing only the famous 1950-D. By 1939, the excitement over the new Jefferson design had worn off, and fewer collectors bothered setting aside examples — especially from Denver.

Numismatist Walter Breen estimated the Reverse of 1938 accounts for about 40% of 1939-D survivors, which makes Full Steps examples in that variety exponentially rare. The finest certified piece — a PCGS MS68 Full Steps Reverse of 1940 — sold for $26,400 at Stack’s Bowers during the August 2019 ANA auction in Rosemont, Illinois.

Even beat-up circulated examples carry a premium. The coin averages around $6.73 in circulated grades. Mint State pieces run $72 to over $100, and Full Steps specimens climb fast from there. I think the 1939-D is one of the best semi-key values in the Jefferson series right now.

Auction results show just how thin the supply is for this Denver issue.

Demand stays strong across all grades for this semi-key date.

 

1939-S Nickel Value

Here’s something that trips people up: the rarity between the two reverse varieties on the 1939-S flips depending on what you’re looking for. With a mintage of 6,630,000 pieces — fourth-lowest in the entire Jefferson series — both varieties deserve attention.

Among regular (non-Full Steps) examples, the Reverse of 1940 is nearly ten times scarcer than the Reverse of 1938. But for Full Steps coins, it reverses: the Reverse of 1938 Full Steps is the harder one to find. And scarcity doesn’t always equal price — collector demand is what actually drives the market.

PCGS CoinFacts notes the 1939-S Reverse of 1938 is very common in MS65 and MS66, but the population drops off a cliff at MS67. That’s a genuine condition rarity. The auction record stands at $8,050 for a PCGS MS66 Full Steps specimen sold at Heritage Auctions on February 9, 2006.

Past auction results show how grade and die variety combinations affect pricing for this San Francisco issue.

Jefferson nickel specialists keep coming back to this one, and the low mintage keeps it interesting.

 

1939 Proof Nickel Value

Just 12,535 proof nickels were struck at Philadelphia in 1939. That’s a tiny number. Each one was struck on a polished planchet using specially prepared dies, giving you those mirror-like fields and frosted design elements that set proofs apart from circulation strikes instantly.

Both the Reverse of 1938 and Reverse of 1940 die varieties show up in the proof run, since 1939 was a transitional year. Most survivors grade between PR64 and PR67. PR68 is a real condition rarity.

The top price? $18,400 for a Reverse of 1938 PR68 specimen, sold at Bowers & Merena in August 2010. You can still pick up entry-level PR64 examples without breaking the bank, but the price curve gets steep above PR66.

Here’s how proof varieties from this transitional year have performed at auction.

Early Jefferson proof nickels stay in demand, especially when both die varieties are represented.

 

1939 CAM Nickel Value

Think of the 1939 CAM proof as the unicorn of this year’s nickels. Only about 50 coins survive from the original 12,535 proof mintage with the cameo designation intact. That’s a survival rate of just 0.40%.

CAM stands for Cameo — it means the coin shows strong contrast between frosted design elements and deeply reflective, mirror-like fields. That contrast comes from die preparation techniques that left the raised devices textured while the background was polished to a high sheen. PCGS or NGC has to confirm the contrast is strong enough to earn the designation.

The Reverse of 1940 CAM variety is among the rarest in the entire 1939 nickel series. The cameo surface is incredibly fragile. Even minor contact or bad storage can degrade the contrast enough to kill the designation. Once it’s gone, it’s gone.

A Reverse of 1940 PR67 CAM specimen sold for $10,350 in April 2012. We think this is one of the most underappreciated rarities in the early Jefferson proof series.

Auction history shows how much the cameo designation moves the needle on these proofs.

This is a niche within a niche — cameo proof collectors chasing a tiny survivor pool.

Also Read: 22 Rare Nickel Errors List with Pictures (By Year)

 

Rare 1939 Nickel Error List

The 1939 Jefferson nickel has several documented errors worth cherrypicking for. These range from doubled die reverses and obverses to quadrupled die varieties and off-center strikes. Unlike the intentional Reverse of 1938/1940 die pairings, these happened by accident during die manufacturing or the striking process.

1939 Doubled Monticello

This is the big one. The 1939 Doubled Monticello is one of only three major doubled die varieties in the entire circulation strike Jefferson nickel series — and the most dramatic. The other two are the 1943 Doubled Die Obverse and the 1945 Doubled Die Reverse.

The doubled die reverse (DDR) happened when the hub struck the die multiple times with slight misalignment, permanently embedding the doubled image. You can see the doubling on “FIVE CENTS” (shifted southeast) and “MONTICELLO” (shifted east) — both visible to the naked eye on strong examples. No magnification needed.

According to PCGS CoinFacts, an estimated 1,000–1,500 examples exist across all grades. Most sit in lower circulated condition (VF and below), with roughly 100 in XF, 150–200 in AU and above, and only about 150 in Mint State — mostly clustering in MS64 and MS65. The PCGS confirmed auction record is $4,600 for an MS67 example sold at Bowers & Merena in September 2002.

Values run from about $20 for worn circulated pieces to over $1,000 for Mint State specimens with Full Steps. The FS-801 designation in the Fivaz-Stanton reference guide identifies this same variety.

1939 DDR FS-801

FS-801 is just the catalog number for the Doubled Monticello in the Fivaz-Stanton reference guide. You’ll see this notation on PCGS and NGC slab labels. It confirms the coin is the specific, recognized variety rather than some minor unlisted doubled die.

The diagnostics are identical to the main Doubled Monticello — strong doubling on “MONTICELLO” and “FIVE CENTS” on the reverse. Same coin, standardized attribution.

Values track the general Doubled Monticello range: roughly $95 for circulated XF examples, climbing to over $900 for Mint State specimens without Full Steps.

1939 Rev of 40, DDO FS-101

Don’t just check the reverse — this one’s on the front. The FS-101 doubled die obverse (DDO) shows up specifically on 1939 nickels paired with the Reverse of 1940 die. Misaligned hub impressions during obverse die preparation created the error.

Look at the date “1939” and the word “LIBERTY.” The doubling is strongest on the digits “3” and “9” and sometimes extends to Jefferson’s eye area. Some specimens show it without magnification; others need a closer look.

High-grade examples with strong doubling can reach over $3,000. Moderate-condition pieces still bring several hundred dollars.

1939 Rev of 1940, QDR FS-802

Four hub impressions instead of two. That’s what makes the FS-802 quadrupled die reverse (QDR) so unusual — the die got hit four separate times with slight misalignment each time. Only a handful of QDR varieties exist across the entire Jefferson series; documented dates include 1939, 1956, and 1960.

The quadrupling shows up most clearly on reverse inscriptions, though strength varies by specimen. For reference, the similar 1956 Jefferson Nickel QDR FS-801 sold for $1,320 in MS65 at a May 2022 Heritage Auctions sale. You’ll generally want third-party certification to confirm this one.

Market appearances are rare. Values depend on grade and how clearly the quadrupling shows, with Full Steps specimens pulling additional premiums.

1939 Nickel Off-Center Strike Error

Off-center strikes happen when the planchet isn’t seated properly in the collar during striking. Part of the design ends up missing or shifted. Every off-center coin looks a little different — these are mechanical errors, not die errors.

One documented example is the “Struck 10% Off Center” MS65 PCGS coin from the Don Bonser Error Coin Collection, Part II, sold at Heritage Auctions in March 2021. Value depends entirely on how far off-center the strike is and whether the date is still visible.

At 5%–10% off-center, expect $10–$100. Dramatic 40%–50% off-center strikes with a complete date visible can bring $100–$1,000 or more. No date, no premium — that’s the rule.

1939 Nickel Repunched Mint Mark (RPM)

RPM errors happened when a mint worker punched the mintmark letter into a die more than once, slightly off from the first punch. On the 1939-D, you can sometimes see traces of the first “D” punch peeking out alongside or beneath the final mintmark. It’s a neat reminder that die prep was still done by hand.

Most 1939 RPM varieties sell for modest premiums: $10–$75 for circulated examples, depending on how obvious the repunching is. Slabbed uncirculated pieces with clear, dramatic repunching can bring $100–$300.

 

Where To Sell Your 1939 Nickel?

Having determined the value of your 1939 Nickel, identifying appropriate sales channels becomes the logical next step. Below you’ll find a carefully compiled directory of established online platforms, featuring in-depth profiles, comparative advantages, and limitations.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1939 Nickel Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ About The 1939 Nickel

1. Is the 1939-D Jefferson nickel rare?

Yes. Only 3,514,000 were struck, making it the second-lowest mintage business-strike Jefferson nickel (behind only the 1950-D). By 1939, the novelty of the Jefferson design had worn off, and fewer people saved examples — especially from Denver. Mint State coins exist because some rolls were tucked away, but high-grade Full Steps specimens are genuinely scarce and always carry strong premiums.

2. How much is a 1939 nickel worth now?

It depends on mint mark, variety, and condition. Regular circulated Philadelphia nickels run about $0.40–$2. The 1939-D averages around $6.73 in circulated grades and $72–$102 in uncirculated. Full Steps examples start at $20 and climb fast — the auction record is $26,400 for an MS68 Full Steps 1939-D at Stack’s Bowers in 2019. Doubled Monticello errors are worth around $72 in average condition and $1,858+ in Mint State.

3. How do I tell the Reverse of 1938 from the Reverse of 1940?

Grab some magnification and look at the steps at the base of Monticello. On the Reverse of 1938, the steps look curved, rounded, and mushy — especially at the center below the last step. On the Reverse of 1940, the steps are straighter, sharper, and more clearly separated with defined vertical indentations. It’s subtle, but at high grades it can mean thousands of dollars.

4. What is the Full Steps (FS) designation and why does it matter?

Full Steps (FS) is a designation from PCGS or NGC confirming that the horizontal lines at the base of Monticello’s staircase are complete, unbroken, and clearly defined across their full width. You need five (5FS) or six (6FS) complete step lines. FS coins are much scarcer because everything had to go right — die condition, planchet quality, and striking pressure. A 1939-D MS65 without FS might sell for $20–$30; with FS it can command hundreds. At MS68 FS, the record is $26,400.

5. What is the 1939 Doubled Monticello error and how do I spot it?

It’s a doubled die reverse (DDR) — one of only three major DDR varieties in the entire Jefferson circulation strike series. The die got a second, misaligned impression from the hub during manufacturing. Check the reverse: “MONTICELLO” will appear doubled (shifted slightly east) and “FIVE CENTS” will also show doubling (shifted southeast). Strong examples are visible to the naked eye. An estimated 1,000–1,500 survive, mostly in lower circulated grades.

6. What is the Henning nickel and should I be worried about it?

The Henning nickel is a counterfeit made by Francis LeRoy Henning of Erial, New Jersey in the mid-1950s. He faked dates including 1939, 1944, 1946, 1947, and 1953. Spot a 1939 Henning by looking for a looped or hollow “R” in “PLURIBUS” on the reverse, and by weight — Hennings run about 5.4 grams versus the correct 5.0 grams. Ironically, they’re now collectible themselves at $50–$500. Joseph P. Cronin published a collectors’ guide in 2024.

7. How many 1939 proof nickels were made and what are they worth?

Only 12,535 proofs were struck at Philadelphia in 1939, in both Reverse of 1938 and Reverse of 1940 varieties. Most survivors grade PR64–PR67, with PR68 being a condition rarity. The top price is $18,400 for a Reverse of 1938 PR68 sold at Bowers & Merena in August 2010. Entry-level PR64 proofs are still affordable, but prices climb fast above PR66.

8. Does a 1939 nickel need professional grading to sell?

For circulated coins worth under $10–$20, slabbing doesn’t make financial sense given $30–$65 submission fees. But for any Mint State example, Full Steps specimen, proof, or error coin, professional grading from PCGS or NGC is strongly recommended. Certified coins sell for significantly more at Heritage Auctions, Stack’s Bowers, and GreatCollections than raw coins — and authentication protects you against counterfeits like the Henning nickel.

9. Are there any key reference books for 1939 Jefferson nickel varieties?

Bernard Nagengast’s “The Jefferson Nickel Analyst” is one of the definitive references and gets recommended by serious collectors. The Fivaz-Stanton reference guide (the “Cherrypickers’ Guide”) provides the FS- variety attributions (FS-801, FS-802, FS-101) used by grading services. For counterfeit detection, Joseph P. Cronin’s “The Henning Nickels Collectors’ Guide” (2024) is the current standard. PCGS CoinFacts also offers free population data and variety writeups for all 1939 nickel varieties.

10. How do I properly store a 1939 nickel to protect its value?

Never clean it. Cleaning strips original luster and can cut value by 50% or more — even turning a coin worth hundreds into one worth face value. Use inert, PVC-free flips or coin capsules. Hold coins by the edges only. For high-value pieces, consider getting them slabbed by PCGS or NGC for long-term protection. Keep coins away from humidity, heat, and direct sunlight. The cameo surfaces on 1939 CAM proof nickels are especially vulnerable — once that contrast is gone, the CAM designation can’t be restored.