1940 Nickel Value (Errors List, “D”, “S” & No Mint Mark Worth)

The 1940 Jefferson Nickel offers accessibility for most collectors, yet presents challenges for those seeking premium examples. While circulated pieces trade modestly from $0.39 to $1.00, specimens with the Full Steps designation command higher values, ranging from $0.69 in Good condition to $37.67 in Mint State for the San Francisco issue.

Full Steps nickels carry approximately twice the premium of regular strikes, requiring at least five complete, uninterrupted steps visible on Monticello. As part of the early Jefferson series from 1938 to 1942, collectors increasingly place premiums on well-preserved examples from this pre-wartime era.

 

1940 Nickel Value By Variety

The following chart shows 1940 nickel values across different mint marks and grade levels, including regular strikes, Full Steps (FS) designations, and proof varieties. 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 1940 Nickel Worth Money

The most valuable 1940 nickels range from $1,840 to $28,750, with rare proof varieties and high-grade Full Steps specimens dominating the top positions.

The 1940 Reverse of 1938 PR68 leads at $28,750, representing a rare proof variety where outdated dies from 1938 were mistakenly used to strike a small fraction of the 14,158 proof nickels produced that year.

The 1940-D MS68 Full Steps follows at $21,738, demonstrating the significant premium collectors pay for Denver Mint specimens with complete step details.

Philadelphia Mint business strikes in MS68 Full Steps also command substantial premiums, with specimens bringing $6,463 at a March 2016 Heritage auction. These values demonstrate how exceptional preservation and rare die varieties create significant collector demand.

 

History of the 1940 Nickel

The Jefferson Nickel debuted in 1938, replacing the Buffalo Nickel after its 25-year production run. A design contest held in 1937 invited all American sculptors to commemorate Founding Father and Third President Thomas Jefferson. German émigré Felix Oscar Schlag won the competition.

Historical accounts indicate that collectors hoarded Jefferson nickels in large quantities between 1938 and 1939, with substantial numbers removed from circulation. The coin became widely circulated starting in 1940.

The U.S. Mint implemented a new striking hub in 1939 to enhance the staircase detail on Monticello. Early versions displayed faded steps, but coins struck with the improved hub possessed distinct steps that collectors referred to as “Full Steps.”

The striking hubs sharpened in 1939 resulted in subsequent coins, including those from 1940, being well-executed with clear design and lettering.

The 1940 nickel was struck shortly before the United States entered World War II, representing one of the last issues with conventional alloy before wartime composition changes began in 1942 to conserve strategic materials for military production.

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

 

Is Your 1940 Nickel Rare?

For detailed rarity rankings and current market data on these and other varieties, collectors can check the CoinValueChecker App to track scarcity levels across the entire Jefferson Nickel series.

 

Key Features of the 1940 Nickel

The 1940 Jefferson Nickel represents the third year of Felix Schlag’s design, showcasing the refined quality achieved after the Mint’s 1939 hub improvements that enhanced Monticello’s architectural details.

The Obverse of the 1940 Nickel

The front displays Felix Schlag’s left-facing portrait of Thomas Jefferson. The design draws inspiration from Jean-Antoine Houdon’s 1789 bust, capturing Jefferson’s profile with his hair tied in a period ponytail.

The motto “IN GOD WE TRUST” arcs clockwise along the left side, starting from Jefferson’s chest and extending to his hairline. “LIBERTY” and the date “1940” run clockwise along the right side behind Jefferson, with a small five-pointed star dividing the two inscriptions.

The Reverse of the 1940 Nickel

The reverse features a head-on view of Monticello, Jefferson’s iconic Virginia estate. This straightforward architectural rendering replaced Schlag’s original three-quarters perspective after Treasury Department revisions.

“E PLURIBUS UNUM” arcs across the top rim, while “UNITED STATES OF AMERICA” curves along the bottom edge. “MONTICELLO” appears in a straight line beneath the building, with “FIVE CENTS” positioned below.

The mint mark, when present, is located to the right of Monticello near the rim. The six steps leading to the entrance became a crucial quality indicator, with coins showing complete, unbroken steps earning the prized “Full Steps” designation.

Other Features of the 1940 Nickel

The 1940 Jefferson Nickel measures 21.20 millimeters in diameter with a plain, smooth edge and weighs 5 grams. The composition consists of 75% copper and 25% nickel.

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

 

1940 Nickel Mintage & Survival Data

The 1940 Jefferson Nickel saw substantial production across multiple varieties, with business strikes dominating total output. Philadelphia led production with over 176 million pieces, followed by Denver at approximately 43.5 million and San Francisco at nearly 36.7 million.

Survival rates for these business strikes hover around 50%, indicating that roughly half of the original mintage remains in collectible condition today.

The proof varieties demonstrate significantly different survival patterns. The standard Reverse of 1940 Proof, from an original mintage of 14,158 pieces, shows a 74% survival rate with an estimated 10,500 pieces remaining.

The Reverse of 1940 CAM achieved only a 0.57% survival rate, with just 80 known specimens—making it the rarest 1940 variety by far. The 1940 Reverse of 1938 Proof maintains a 4.9% survival rate with approximately 700 surviving examples.

These varying survival rates reflect differences in collector preservation practices and the initial quality of strikes that merited long-term storage.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1940 Nickel Value

Determining your 1940 nickel’s value requires examining several key factors: the mintmark location, the coin’s overall condition including surface preservation and luster, and any potential varieties like the Reverse of 1938 or repunched mintmarks.

Start by identifying the mint location, then assess wear patterns on Jefferson’s cheekbone and Monticello’s steps—these high points reveal circulation damage. Look for Full Steps designation, as sharp architectural details significantly boost value.

To get an instant assessment, simply scan your coin using the CoinValueChecker App for accurate identification and current market valuations.

 

1940 Nickel Value Guides

The 1940 Jefferson Nickel was produced in six distinct varieties across multiple facilities and formats:

• 1940 No Mint Mark Nickel (Philadelphia)
• 1940-D Nickel (Denver)
• 1940-S Nickel (San Francisco)
• 1940 Reverse of 1940 Proof Nickel
• 1940 Reverse of 1940 CAM Nickel
• 1940 Reverse of 1938 Proof Nickel

The 1940 nickel series encompasses both circulation strikes and collector proofs. Three business strike varieties were produced at Philadelphia, Denver, and San Francisco facilities for general use.

Additionally, Philadelphia created three specialized proof versions for collectors, including the rare Reverse of 1938 variety that used outdated dies from the previous design. Each variety displays unique characteristics in terms of production quality, survival rates, and collector desirability within the numismatic market.

 

1940 No Mint Mark Nickel Value

The 1940 Philadelphia Jefferson Nickel represents the most abundant variety in the series, with production exceeding 176 million pieces. Despite this high output, the issue remains significant for collectors, particularly in premium grades.

Full Steps examples are more frequently encountered in certification populations than non-Full Steps specimens. However, this reflects submission economics rather than actual rarity. Full Steps nickels command approximately twice the premium of regular counterparts, making them more profitable to certify.

At the highest certified level, a PCGS MS68 Full Steps specimen achieved $6,463 at the March 2016 Heritage ANA National Money Show in Dallas. More recent sales include an MS68 that brought $558 in April 2021. The value difference between these transactions reflects market fluctuations and individual coin characteristics.

Historical auction results demonstrate the range of values achieved by high-grade examples of this early Jefferson Nickel issue.

Current Market Activity data reveals the trading frequency and collector interest patterns that drive demand for this issue.

 

1940-D Nickel Value

The 1940-D Jefferson Nickel stands out for its superior production quality. Denver Mint struck these coins with particularly attractive luster and sharp detail, making high-quality specimens more obtainable than might be expected.

The Denver facility produced well-struck nickels in 1940, with the issue considered common in grades up to and including MS67 Full Steps. This characteristic makes the 1940-D one of the most affordable early Jefferson Nickel dates for collectors seeking premium examples.

An MS68 Full Steps specimen achieved $21,738 at a May 2018 Legend Rare Coin Auctions sale. The combination of quality production and relative availability in high grades has made this variety popular among collectors building early Jefferson Nickel sets.

The price performance across various grades illustrate collector demand for well-preserved Denver Mint examples.

Current market activity patterns reflect the trading dynamics for this 1940-D nickel variety.

 

1940-S Nickel Value

The 1940-S Jefferson Nickel is the scarcest of the three business-strike varieties minted that year. Many 1940-S nickels were manufactured using worn dies that showed clear erosion.

Despite these production challenges, undreds of examples have been certified at the MS65 and MS66 levels, with a high percentage of Mint State survivors exhibiting Full Steps, indicating good striking characteristics for this date and mintmark combination.

However, superb examples remain extremely rare. The relatively lower production numbers combined with die quality issues make well-preserved specimens particularly desirable among collectors. The highest price paid for a 1940-S nickel reached $5,170 for a specimen certified MS67+ with Full Steps.

Price realizations across different grades highlight the premium placed on quality San Francisco examples.

Market Activity analysis showcases the numismatic interest surrounding this important San Francisco issue.

 

1940 Reverse Of 1940 Proof Nickel Value

The Philadelphia Mint struck proof 1940 Jefferson nickels for collectors, with a total mintage of just 14,158 pieces. These collectible nickels were struck by specially prepared dies on polished planchets.

The proof coins feature a satin-like finish with excellent luster and contrast. The Reverse of 1940 design utilized the enhanced hub introduced in 1939, featuring sharper, straighter steps on Monticello compared to the earlier Reverse of 1938 variety. This improved reverse became the standard design moving forward.

The record price for a 1940 proof nickel reached $18,400 for a specimen graded PR68. The limited production of proof coins, combined with their superior striking quality and mirror-like surfaces, makes them highly desirable among Jefferson Nickel specialists.

Certified examples in various proof grades show the range of premiums achieved for this collector-focused issue.

The trading patterns for this proof variety reflect its appeal among Jefferson Nickel enthusiasts.

 

1940 Reverse Of 1940 CAM Nickel Value

The 1940 Reverse of 1940 CAM (Cameo) Nickel distinguishes itself through its exceptional visual contrast between frosted design elements and mirror-like fields.

This cameo designation requires the raised devices on both obverse and reverse to display a distinct frost that contrasts sharply with the reflective background surfaces.

Early proof Jefferson Nickels from the 1938-1942 era rarely achieved this level of cameo contrast, making such specimens particularly scarce among collectors. With only an estimated 80 surviving examples from the original proof production, the 1940 CAM achieves an extraordinarily low survival rate of just 0.57%.

This extreme rarity places it among the most challenging 1940 nickel varieties to acquire, as the cameo effect typically diminished quickly during die use in this early production period.

Historical pricing data reveals the significant premiums commanded by cameo-designated proof specimens.

Market Activity metrics illustrate the collector demand patterns and transaction frequency that characterize this distinguished cameo proof variety.

 

1940 Reverse Of 1938 Proof Nickel Value

The 1940 Reverse of 1938 Proof Nickel emerged as an unexpected rarity within the Jefferson nickel series. In 1939, the Mint modified the reverse design to address weaknesses in the original 1938 version, where the steps on Monticello appeared fuzzy with curved edges.

The revised version displayed crisper architectural elements, which was adopted as the norm going forward. However, when striking proof coins in 1940, the Mint inadvertently paired the date with the obsolete 1938 reverse hub, creating this distinctive mismatch.

The curved junction where the steps meet the base serves as the key diagnostic feature, making this accidental combination highly sought after by specialists who appreciate such production anomalies.

A PR68 example achieved $28,750 at Heritage Auctions in January 2011, demonstrating the premium collectors place on this variety in exceptional preservation.

Historical auction performances trace the collector demand for this distinctive variety over time.

This particular configuration draws attention from numismatic enthusiasts.

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

 

Rare 1940 Nickel Error List

While most 1940 Jefferson nickels entered circulation without issue, a small number display repunched mintmark varieties resulting from the hand-punching process used at the time.

1940-S/S RPM FS-501

The 1940-S/S RPM FS-501 originated during the hand-punching era when mint workers manually impressed mintmarks into individual working dies—a process that occasionally resulted in misalignment or multiple impressions.

This production method continued until around 1990, when the U.S. Mint modernized by placing mintmarks directly on master dies. This RPM FS-501 displays a secondary “S” mintmark beneath or adjacent to the primary mark, creating a distinctive doubled appearance visible under magnification.

Collectors typically value clearly visible RPM examples between $25 and $75, though specimens in higher mint state grades can command $200 to $350 or more. The recorded auction peak reached $450 for an MS66 specimen.

 

Where to Sell Your 1940 Nickel?

Armed with knowledge about your 1940 nickel’s potential value, the next question naturally arises: where can you sell it for the best price? I’ve gathered a comprehensive list of trusted platforms, complete with detailed reviews of their features, advantages, and limitations.

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

 

1940 Nickel Market Trend

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

 

FAQ about the 1940 Nickel

1. What makes a 1940 Nickel rare?

Rarity in 1940 nickels stems from several factors. The Reverse of 1938 Proof variety is particularly scarce, as outdated dies were mistakenly used for a small portion of the 14,158 proof mintage. The Reverse of 1940 CAM stands as the rarest with only 80 surviving examples (0.57% survival rate), making it exceptionally difficult to acquire.

High-grade specimens with Full Steps designation—showing at least five complete, uninterrupted steps on Monticello—are significantly rarer than regular strikes. Additionally, error varieties like the 1940-S/S RPM FS-501 created during the hand-punching era add collectible scarcity to the series.

2. How do I tell if my 1940 Nickel is valuable?

Begin by locating the mintmark on the reverse, right of Monticello (D for Denver, S for San Francisco, or no mark for Philadelphia). Examine Monticello’s steps under magnification—coins displaying five or more complete, unbroken steps earn the Full Steps designation and command double the premium.

Check for the Reverse of 1938 variety by looking for soft, wavy steps with curved edges where they meet the base, rather than the sharper 1940 design. Inspect the overall condition: well-preserved luster, minimal surface marks, and strong strike details significantly increase value, especially in uncirculated grades.

3. How much is a 1940 Nickel worth today?

Values vary dramatically based on condition and variety. Common circulated 1940 nickels trade between $0.39 and $1.00, while Full Steps examples range from $0.69 to $37.67 depending on mint and grade.

Exceptional specimens command substantial premiums: the 1940 Reverse of 1938 Proof reached $28,750 in PR68 condition, while a 1940-D MS68 Full Steps brought $21,738. Regular proof versions achieve $18,400 in top grades.

Error varieties like the 1940-S/S RPM FS-501 typically sell for $25-$75, with pristine MS66 examples reaching $450. Philadelphia MS68 Full Steps specimens have realized $6,463 at auction.