1939 Nickel Coin Value (Errors List, “D”, “S” & No Mint Mark Worth)

The 1939 Jefferson nickel marks a pivotal moment in American numismatics—issued during the nation’s recovery from the Great Depression and just months before World War II erupted in Europe.

While millions were minted across three facilities, certain die varieties and pristine specimens now command prices reaching $26,400. Whether you’ve inherited a collection or found loose change, understanding the difference between a common circulation piece and a valuable variety could mean thousands of dollars. This comprehensive guide reveals exactly what your 1939 nickel is worth.

 

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

According to the chart data, the 1939-D Reverse of 1940 grade 68 coin tops the list at $26,400, a price that is nearly three times the value of the tenth-ranked coin. This significant price gradient not only reflects the scarcity of top-tier collectibles, but also reveals the collector market’s dual pursuit of rare die combinations and perfect condition.

The second-ranked “Doubled Monticello” variety embodies the value of minting anomalies—its design elements were repeatedly struck during the minting process, creating a distinctive doubling effect that brings its value to $23,500, making it a typical example of technical defects transforming into collectible treasures.

It’s worth noting that all ten of these are special varieties. Nine are “Reverse of” versions, and one is “Doubled Monticello”. These varieties and minting anomalies are highly favored by numismatists because they document special moments and technical defects in the minting process.

 

History Of The 1939 Nickel

The 1939 Jefferson nickel is the second year of production for this series honoring America’s third president. The nation continued its recovery from the Great Depression.

During 1939, the Philadelphia, Denver, and San Francisco Mints all produced nickels for circulation, making the Jefferson nickel as a permanent fixture in everyday commerce. The coin’s design, featuring Thomas Jefferson’s profile and his beloved Monticello estate, during a time when national identity was crucial, symbolized American ideals and architectural heritage.

The year 1939 also proved historically significant beyond numismatics. When World War II erupted in Europe that September, the United States maintained its neutrality, but the global conflict would soon reshape American society. The 1939 nickels thus represent one of the final peacetime issues before wartime necessities forced composition changes in 1942.

For today’s collectors, 1939 nickels hold special appeal as early examples of the Jefferson series. They capture a pivotal moment in American history—bridging the economic hardships of the Depression era and the transformative wartime period that lay ahead.

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 CoinValueChecker App—from common circulation strikes to divine-rated CAM proofs.

 

Key Features Of The 1939 Nickel

The 1939 Jefferson nickel features distinctive design elements that make it recognizable and collectible. From Jefferson’s classic profile to Monticello’s architectural details, each aspect of the coin tells a story. Let’s explore the key features found on the obverse, reverse, and other specifications that define this historic nickel.

The Obverse Of The 1939 Nickel

The obverse of the 1939 nickel showcases Felix Schlag’s portrait of Thomas Jefferson facing left, depicting America’s third president with refined classical styling.

Jefferson’s profile displays distinctive period features including his characteristic hairstyle tied back in the 18th-century fashion. The word “LIBERTY” appears prominently along the left rim, while the date “1939” is positioned on the right side.

Above Jefferson’s portrait, the national motto “IN GOD WE TRUST” is inscribed in small letters. The overall design emphasizes simplicity and dignity, reflecting Jefferson’s intellectual legacy and democratic ideals.

The Reverse Of The 1939 Nickel

The reverse features a front-facing view of Monticello, Thomas Jefferson’s iconic Virginia estate. The neoclassical building displays detailed architectural elements including columns, windows, and entrance steps.

“MONTICELLO” is inscribed directly below the building’s foundation. The motto “E PLURIBUS UNUM” (Out of Many, One) arcs across the top rim. The denomination “FIVE CENTS” appears in the middle lower area, while “UNITED STATES OF AMERICA” curves along the bottom rim.

Mint marks, when present (D for Denver or S for San Francisco), appear to the right side of Monticello. The 1939 nickels were produced with two distinct reverse varieties—Reverse of 1938 and Reverse of 1940—distinguished by subtle differences in Monticello’s step definition.

Other Features Of The 1939 Nickel

The 1939 Jefferson nickel maintains the traditional composition of 75% copper and 25% nickel, weighing exactly 5 grams. The coin measures 21.21 millimeters in diameter with a thickness of 1.95 millimeters.

The nickel features a plain, smooth edge without reeding. Felix Schlag designed both the obverse and reverse, winning a nationwide competition in 1938 for his Monticello design.

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

 

1939 Nickel Mintage & Survival Data

As the primary mint facility, the Philadelphia Mint produced approximately 120.6 million nickels in 1939, meeting national circulation demands (the Rev of 1938 and the Rev of 1940). Denver and San Francisco, as regional auxiliaries, had limited production. The Denver Mint produced only 3.5 million coins, while the San Francisco Mint produced 6.6 million. This disparity in mintage directly created different levels of scarcity across varieties, laying the foundation for subsequent value stratification in the collector market.

Reverse of 1938 survival rates are higher at Denver and San Francisco but lower at Philadelphia—Philadelphia’s improved 1940 reverse was saved more as collector awareness grew, while low-mintage Denver and San Francisco coins were preserved regardless of variety, favoring the earlier 1938 type.

The contrast in proof coins is even more pronounced, with the Reverse of 1938 Proof retaining 75.79%, while the Reverse of 1940 CAM variety suffered catastrophic attrition with only 0.40% survival, making it the rarest variety in the series. The CAM version’s extremely low survival rate stems from its surface contrast effect being easily lost through circulation and improper storage, causing coins to lose their CAM qualification.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1939 Nickel Value

The difference between a Reverse of 1938 and Reverse of 1940 die pairing can mean thousands of dollars in value—yet these varieties differ only in minute design elements on Monticello’s architecture. Miss this identification, and a $15,000 coin might be valued at a fraction of its worth. Add grade assessment and mint mark verification to the equation, and accurate self-evaluation becomes nearly impossible without professional tools.

CoinValueChecker APP simplifies this process through visual identification technology. Photograph your coin, and the app analyzes die characteristics, mint marks, and condition indicators against current market data, delivering precise valuations instantly.

 

1939 Nickel Value Guides

The 1939 nickel series comprises five major categories determined by mint facility and production method.

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

Regular circulation strikes were produced at three locations: Philadelphia (no mint mark), Denver (D), and San Francisco (S), each with distinct mintage volumes affecting rarity. Beyond circulation pieces, Philadelphia also struck specialized proof coins for collectors using polished planchets and specially prepared dies. Each category contains multiple die varieties, creating a complex collecting opportunity.

1939 No Mint Mark Nickel Value

1939 Reverse of 1938 Nickel value

The 1939 Reverse of 1938 nickel is a die pairing variety where 1939-dated coins were struck using reverse dies originally designed for 1938 production. This reverse features weak and curved step details on the Monticello building, particularly noticeable at the center below the last step where significant curvature appears compared to the corrected 1940 reverse design. The Reverse of 1938 variety was produced for a very short period in 1939, making it the scarcer of the two reverse types struck that year.

Regular circulation strikes remain accessible to collectors, but premium quality specimens command substantial prices due to their transitional status and limited production window. According to PCGS auction records, the highest price achieved for a 1939 Philadelphia Reverse of 1938 nickel was $5,288 for an MS67+ specimen sold through Heritage Auctions in Feb 2014.

Historical auction performance demonstrates how this variety has traded across different quality levels and market conditions.

Market activity reveal ongoing interest in this transitional die variety as part of complete Jefferson nickel collections.

1939 Reverse of 1940 Nickel value

The 1939 Reverse of 1940 nickel showcases the U.S. Mint’s mid-year design correction that addressed structural flaws in the original 1938 reverse die. This improved reverse displays sharper details and straighter steps on the Monticello building, particularly at the center where the earlier curved design was replaced with a more defined, linear border.

As the predominant reverse type of 1939, it’s at least twice as common as the Reverse of 1938 variant. Full Step variety stands out as one of the better-struck Jefferson nickels in the series. While accessible in lower Mint State grades, scarcity emerges at the MS67 Full Steps level and beyond. The auction record for a Philadelphia Reverse of 1940 nickel stands at $23,500, achieved by an MS68 Full Steps specimen at Heritage Auctions in February 2014.

Tracking historical auction results provides insight into how market values have evolved for this corrected die variety across different grade levels.

Sustained collector engagement reflects the variety’s status as the standard 1939 reverse type and its accessibility for building comprehensive Jefferson nickel sets.

 

1939-D Nickel value

The 1939-D nickel was issued by the Denver Mint with limited production. A total of 3,514,000 coins were minted, far lower than the Philadelphia Mint’s output of over 120 million that year. By 1939, the novelty of the new Jefferson design gradually faded, and collectors’ enthusiasm for preserving these coins declined compared to the debut year, with many coins lost in circulation, making nickels scarce across all grades.

1939-D nickels with “Full Steps” designation are scarce in number, as both reverse varieties (Reverse of 1938 and Reverse of 1940) are quite rare in premium condition, and collectors’ high demand for well-preserved nickels further enhances the rarity.

A Reverse of 1940 MS68 Full Steps specimen was sold at auction, setting the auction record for that day, with a final price of $26,400. This specimen issued by the Denver Mint is extremely rare in condition, and even circulated specimens command quite high prices.

Price trends across auction venues show the scarcity of this specimen issued by the Denver Mint in the market.

The activity levels of dealers and collectors reflect the market’s demand for this specimen issued by the Denver Mint at different quality levels.

 

1939-S Nickel value

The 1939-S nickel from the San Francisco Mint had a mintage of 6.63 million pieces, falling between the Denver Mint and the Philadelphia Mint. The 1939-S nickel has two reverse versions. Among standard nickels, the Reverse of 1940 version is nearly ten times scarcer than the Reverse of 1938 version.

For “Full Steps” nickels, the Reverse of 1938 version is more scarce. While this scarcity makes “Full Steps” nickels harder to find, it does not necessarily lead to proportionally higher prices—market value depends on collectors’ demand, not merely on quantity.

In February 2006, a Reverse of 1938 MS66 Full Steps specimen was sold at Heritage Auctions, with a highest price of $8,050. This coin is typically graded as MS65, so for collectors with investment purposes, higher-graded specimens are quite valuable.

Past auction results show how grading and die variety combinations affect the pricing of this San Francisco specimen.

Market participation reflects Jefferson nickel specialists’ continued interest in coins from this scarce period.

 

1939 Proof Nickel value

The 1939 proof nickel represents Philadelphia Mint’s specialized production for collectors, with a total mintage of 12,535 pieces struck on polished planchets using specially prepared dies. These coins display mirror-like fields and frosted design elements, distinguishing them from circulation strikes.

Proof nickels were produced with both Reverse of 1938 and Reverse of 1940 die varieties during the transitional period. Most surviving examples grade between PR64 and PR67, with PR68 specimens representing condition rarities.

The combination of limited original mintage, die variety considerations, and grade distribution creates a tiered rarity structure where entry-level examples remain obtainable, but premium-quality specimens in top grades command significant premiums due to their scarcity in the marketplace.

According to auction records, the Reverse of 1938 proof achieved the higher price, with a PR68 specimen selling for $18,400 at Bowers & Merena in August 2010.  Proof nickels from that year offer collectors an opportunity to acquire both die varieties with superior surface quality and strike definition compared to mint state examples.

Historical auction data demonstrates how proof varieties from this transitional year have performed across different quality levels.

Collector interest in early Jefferson proof nickels, particularly those exhibiting both die varieties from this production year.

 

1939 CAM Nickel

The 1939 CAM (Cameo) proof nickel represents a surface quality designation applied to select specimens within the 12,535 proof mintage that display very pronounced contrast between frosted design elements and mirror-like fields.

This cameo effect results from die preparation techniques where raised design features retained a textured, frosted appearance while background fields were polished to a reflective finish.

The Reverse of 1940 CAM variety demonstrates severe attrition, with only approximately 50 coins surviving from the original mintage. This dramatic loss stems from the cameo effect’s vulnerability to degradation, where even minor surface changes can result in loss of the CAM designation.

A Reverse of 1940 PR67 CAM specimen sold for $10,350 in April 2012. The combination of fragile surface characteristics and limited survivor population creates genuine scarcity for collectors seeking cameo-designated examples.

Price history across auction platforms demonstrates how cameo designation affects valuations for these proof varieties.

Market activity patterns reflect the specialized nature of cameo proof collecting within the broader Jefferson nickel market.

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

 

Rare 1939 Nickel Error List

The 1939 Jefferson nickel series includes several documented die variety errors. These errors range from doubled die obverses and reverses to rare quadrupled die varieties. Unlike intentional die pairings such as Reverse of 1938 and Reverse of 1940, these errors occurred unintentionally during die manufacturing when hub impressions were misaligned or repeated.

1939 Doubled Monticello

The 1939 Doubled Monticello is one of only three major doubled die varieties in the entire circulation strike Jefferson nickel series and the most pronounced of the three.  

This doubled die reverse error occurred during the die manufacturing process. The hub is the master tool used to create working dies, and when it strikes the die multiple times with slight rotational or positional shifts between impressions, the design elements are recorded twice in slightly different locations.  

The doubling is most evident on the words “FIVE CENTS,” shifted toward the southeast, and on “MONTICELLO,” shifted eastward, with the effect visible to the naked eye. Population estimates suggest 1,000-1,500 examples exist across all grade. Full Steps examples are particularly scarce. Values range from $20 for circulated examples to over $1,000 for Mint State specimens with Full Steps.

1939 DDR FS-801

The FS-801 designation represents a specific cataloged attribution for the 1939 Doubled Monticello variety documented in the Fivaz-Stanton reference guide. This notation identifies the same die doubling pattern as the general “Doubled Monticello” variety but provides standardized classification for authentication and trading purposes.

The characteristics match those of the main variety, with prominent doubling visible on both “MONTICELLO” and “FIVE CENTS” inscriptions on the reverse. The FS-801 attribution appears on certification labels from major grading services and helps distinguish this variety from other minor doubled die reverses that may exist within the 1939 production.

Values align with the general Doubled Monticello variety, ranging from $95 for circulated XF examples to over $900 for Mint State specimens without Full Steps designation.

1939 Rev of 40, DDO FS-101

The FS-101 doubled die obverse variety occurs specifically on 1939 nickels with the Reverse of 1940 die pairing. This error resulted from misaligned hub impressions during obverse die preparation, creating doubling on the obverse design elements.

The doubling is most noticeable on the date “1939” and the letters in “LIBERTY,” with particularly strong effects visible on the digits “3” and “9,” and sometimes extending to Jefferson’s eye area.  

Unlike reverse errors which appear on Monticello, this obverse variety requires examination of the front of the coin for authentication. The error visibility varies across specimens, with some showing pronounced doubling detectable without magnification while others require closer inspection. High-grade examples with strong quadrupling characteristics can reach values over $3,000, with moderate-condition specimens fetching several hundred dollars.

1939 Rev of 1940, QDR FS-802

The FS-802 quadrupled die reverse represents an unusual error where the die received four separate misaligned hub impressions during manufacturing, creating a quadrupling effect rather than the typical doubling. This variety occurs on coins with the Reverse of 1940 die configuration.

The quadrupling appears on reverse inscriptions and design elements, though the exact distribution and strength of the quadrupling varies by specimen. Authentication typically requires expert examination or third-party grading service verification due to the subtlety involved in distinguishing quadrupled from doubled characteristics.  

Examples have been certified by major grading services in grades ranging from AU to MS66, with Full Steps specimens commanding additional premiums. Market appearances for this variety remain infrequent, with values dependent on grade and quadrupling clarity. 

 

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, the 1939-D is considered rare with a mintage of only 3,514,000 pieces, making it the second-lowest mintage business-strike Jefferson nickel in the entire series, behind only the 1950-D. This low production volume has made it a semi-key date that commands premiums across all grades.

While Mint State pieces aren’t truly rare due to collectors saving rolls when released, they remain scarcer than higher-mintage dates. The combination of low mintage and strong collector demand ensures the 1939-D maintains consistent value above common dates, particularly in higher grades with Full Steps designation.

2. How much is a 1939 nickel worth now?

Values vary significantly by mint mark and condition. Regular circulated 1939 Philadelphia nickels are worth around $2 in uncirculated condition. The 1939-D averages $6.73 in circulated condition and $72-$102 in uncirculated grades. Examples with Full Steps details start at $20 and increase substantially, with the record price of $26,400 paid for an MS68 Full Steps specimen.

Error varieties like the Doubled Monticello are worth $72 in average condition and $433-$1,858 in Mint State. Proof nickels command higher prices, with a PR68 example reaching $18,400.

3. How to authenticate a 1939 nickel?

Authentication requires checking the mint mark location on the reverse, to the right of Monticello’s steps near the rim, where “D” indicates Denver, “S” indicates San Francisco, and no mark means Philadelphia. Verify the weight (5 grams) and diameter (21.2mm), and examine the surface for authentic flat finish rather than excessive shine.

Inspect design details on Jefferson’s portrait and Monticello, checking for proper luster on uncirculated examples. Look for potential errors like doubling on Monticello or the date using magnification tools. For valuable specimens, professional grading services provide authentication and grade certification.