1940 Nickel Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

1940 Nickel value ranges from $0.05 face value to $28,750. That record sale was a Grade 68 Reverse of 1938 PR example sold through Heritage Auctions in January 2011. Have one you’d like to look up? Upload a photo of yours below for a quick value range, then scroll down to check recent eBay sales and see what 1940 Nickels are actually selling for right now.

 

1940 Nickel Value By Variety and Grade

Here’s a breakdown of 1940 nickel values across all mint marks, grades, Full Steps (FS) designations, and proof varieties. If you already know your coin’s grade, jump to the Value Guides section for exact pricing.

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

 

Top 10 Most Valuable 1940 Nickel Worth Money

The priciest 1940 nickels range from $1,840 to $28,750. Rare proof varieties and top-grade Full Steps coins dominate the list.

The king is a 1940 Reverse of 1938 PR68 that sold for $28,750. Somebody at the Philadelphia Mint grabbed the wrong dies — leftover 1938 reverses — and used them to strike a small batch of the 14,158 proofs made that year. That mistake created one of the most sought-after Jefferson Nickel varieties, period.

Right behind it, a 1940-D MS68 Full Steps brought $21,738 at Legend Rare Coin Auctions in May 2018. That’s what collectors will pay for a Denver piece with absolutely perfect step detail. Philadelphia business strikes in MS68 Full Steps aren’t far behind — a PCGS-graded MS68FS sold for $6,462.50 at Heritage Auctions on March 3, 2016, another hit $4,230 at Legend on August 27, 2020, and a third realized $3,525 at Legend on February 25, 2021.

The lesson here? Mintage doesn’t drive the big money on these coins. Strike quality and condition do.

 

History of the 1940 Nickel

The Jefferson Nickel replaced the Buffalo Nickel in 1938 after its mandatory 25-year run ended. The Mint opened a design contest to “all American sculptors,” requiring Jefferson on the obverse and Monticello on the reverse.

Judges reviewed 390 entries on April 20, 1938. Four days later, German-born American artist Felix Oscar Schlag took the $1,000 prize. Schlag trained at the Munich University of Fine Arts before immigrating to the U.S. in 1929. Art scholar Cornelius Vermeule later pointed out that Schlag’s obverse drew heavily from Jean-Antoine Houdon’s famous 1789 bust of Jefferson — which gave the design real historical weight.

Here’s a fun detail: Schlag originally submitted a bold three-quarters view of Monticello for the reverse. The Treasury Department shot it down and insisted on the flat, head-on view you see today. The Jefferson Nickel ended up being Schlag’s only coin design. He died in 1974.

All three mints began striking Jefferson Nickels on October 3, 1938, with an official release date of November 15, 1938. Heavy hoarding in 1938 and 1939 meant most people didn’t see these coins in everyday change until 1940 — the exact year covered here.

In 1939, the Mint recut the striking hub to sharpen Monticello’s steps, which had looked fuzzy on earlier strikes. That improved hub laid the groundwork for the “Full Steps” standard collectors chase today. The 1940 mintage set a new series high, reflecting growing public demand as the economy picked up steam.

This coin landed right before the war changed everything. On March 27, 1942, Congress authorized a new wartime nickel alloy to save strategic metal for the military. That makes the 1940 issue — with its original 75% copper, 25% nickel composition — a genuine pre-war artifact.

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

 

Is Your 1940 Nickel Rare?

In circulated grades, most 1940 nickels are easy to find. The rarity kicks in fast once you start looking at grade, mint mark, and strike quality together. The 1940 Reverse of 1940 CAM proof is in a league of its own — only 80 known survivors and a 0.57% survival rate. That’s a completely different kind of rare, even by Jefferson Nickel standards. Good luck tracking one down.

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

 

Key Features of the 1940 Nickel

By 1940, Felix Schlag’s design was in its third year, and the Mint’s 1939 hub improvements had sharpened Monticello’s details enough that well-struck coins could finally earn the Full Steps designation.

The Obverse of the 1940 Nickel

The obverse shows Schlag’s left-facing portrait of Thomas Jefferson, based on Houdon’s 1789 bust. Jefferson’s profile — hair tied back in a period ponytail — stayed essentially the same on the five-cent piece for 66 years.

“IN GOD WE TRUST” arcs clockwise along the left side, running from Jefferson’s chest up to his hairline. “LIBERTY” and the date “1940” curve clockwise along the right side behind Jefferson, separated by a small five-pointed star.

The Reverse of the 1940 Nickel

Flip it over and you’ll see the head-on view of Monticello — the Treasury Department’s mandated replacement for Schlag’s rejected three-quarters angle.

“E PLURIBUS UNUM” arcs across the top rim, “UNITED STATES OF AMERICA” curves along the bottom edge, “MONTICELLO” sits below the building, and “FIVE CENTS” is at the base. The six steps leading to Monticello’s entrance are the grading feature that matters most. Coins showing five or six complete, unbroken steps across the full width earn the Full Steps (FS) designation — and that’s where the real premiums live.

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. Composition is 75% copper and 25% nickel — no silver whatsoever, unlike the “War Nickels” produced from 1942 to 1945.

Look to the right of Monticello on the reverse for the mint mark: “D” for Denver, “S” for San Francisco, no mark for Philadelphia. Thickness is 1.95 mm.

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

 

1940 Nickel Mintage & Survival Data

Philadelphia cranked out 176,485,000 pieces, Denver added 43,540,000, and San Francisco contributed 36,690,000. That’s over 256 million business strikes combined — a series record at the time. To put it another way, the Mint produced roughly two nickels for every man, woman, and child in the country that year.

About half the original business-strike mintage survives in collectible condition. Philadelphia and Denver coins are especially easy to find in Mint State, given those massive production numbers.

The proof story is completely different. The standard Reverse of 1940 Proof had a mintage of 14,158 and shows a 74% survival rate — around 10,500 pieces — because collectors babied them from day one. The Reverse of 1940 CAM? Just 80 known coins and a 0.57% survival rate. The Reverse of 1938 Proof sits at roughly 700 survivors and a 4.9% survival rate, putting it within reach only for serious specialists.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1940 Nickel Value

Start by finding the mint mark to the right of Monticello. Then check wear on Jefferson’s cheekbone and the Monticello steps — those high points show circulation damage first. Grab a loupe or 10x magnifier and look at the steps: if you can count five or six complete, unbroken horizontal lines running the full width of the staircase, your coin might qualify for Full Steps. That designation alone can double or triple the value.

For a fast, accurate assessment, scan your coin using the Coin Identifier and Value App for real-time identification and market valuations.

 

1940 Nickel Value Guides by Variety

The 1940 Jefferson Nickel was produced in six distinct varieties:

• 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 three business strikes handled everyday circulation. Philadelphia also produced three proof varieties for collectors. Each one has its own strike quality, survival profile, and collector demand — all of which affect what you’ll pay or receive.

 

1940 No Mint Mark Nickel Value

With 176,485,000 struck, this is the most common 1940 variety by a mile. But don’t write it off. The top-pop coins are shockingly scarce.

PCGS has certified just a single MS-69 without Full Steps — an almost unheard-of grade for a business-strike Jefferson Nickel. On the Full Steps side, only 11 coins sit at MS-68FS (PCGS, as of May 2025), and NGC has graded just 1 coin at MS-68 6FS.

That tiny population at the top explains the auction fireworks. A PCGS MS68FS sold for $6,462.50 at Heritage Auctions on March 3, 2016. Another brought $4,230 at Legend on August 27, 2020. A third realized $3,525 at Legend on February 25, 2021. A fourth went for $3,172.50 at Legend on December 16, 2021. An NGC MS68FS also sold at Heritage on August 10, 2016 for $2,115, and a Stack’s Bowers specimen realized $1,020 in August 2018.

Even at MS-67, you’ll see real premiums. A PCGS MS67 brought $104 at Heritage in February 2017, while a PCGS MS67FS sold for $234 at Heritage in November 2017. A regular MS-68 without Full Steps has sold for $558 (Legend, April 2021) — showing just how much the FS designation adds on top.

Here’s the full auction history for high-grade examples of this issue.

Current market activity shows how often these trade and where collector interest is strongest.

 

1940-D Nickel Value

If you’re building a registry set on a budget, pay attention here. The 1940-D is one of the best values in the early Jefferson series.

NGC notes that most 1940-D nickels were “quite well made, with most having good strikes and very pleasing luster.” That quality shows up in the population data: PCGS has certified 108 examples at MS-67 Full Steps — a huge number for that grade. Only 14 exist at MS-67 without Full Steps. PCGS flat-out calls the 1940-D “a common coin in all grades up to and including MS-67 Full Steps.”

The story changes completely at MS-68. An MS-68 Full Steps specimen brought $21,738 at Legend Rare Coin Auctions on May 17, 2018 — the highest price any 1940 business-strike nickel has ever sold for. That’s a 200,000-fold jump from face value on a coin most people would toss in a jar.

Auction results across grades show steady demand for well-preserved Denver pieces.

Current trading patterns for the 1940-D nickel:

 

1940-S Nickel Value

Think all three mints produced the same quality? Not even close. The San Francisco Mint had the lowest mintage at 36,690,000 and, according to NGC, most 1940-S nickels were “poorly made from tired dies having obvious signs of heavy erosion” with “sub-par luster.” That’s a rough combination for cherrypickers.

The silver lining: PCGS confirms that hundreds of examples have been certified at MS-65 and MS-66, and a surprisingly high percentage of surviving Mint State coins show Full Steps. When San Francisco got the strike right, they really got it right. But superb examples at MS-67 or higher? Extremely scarce.

The PCGS auction record sits at $5,170 for an MS-67+ Full Steps specimen. Even a well-worn VG-10 brought $1,840 at Heritage Auctions in October 2000 — a reminder that the 1940-S carries a premium over Philly and Denver strikes at every level.

Price results across grades highlight the premium on quality San Francisco coins.

Market activity for this San Francisco issue:

 

1940 Reverse Of 1940 Proof Nickel Value

Only 14,158 proof Jefferson nickels were struck in 1940. These were made with mirror-polished dies on polished planchets — the full treatment that gives proofs their distinctive reflective surfaces.

The Reverse of 1940 uses the improved hub from 1939, with sharper, straighter steps and cleaner geometric edges on Monticello. This is the “correct” reverse for 1940 and the standard going forward. It’s what separates these from the rarer Reverse of 1938 variety covered below.

A PR-68 specimen holds the all-time record at $18,400, set in 2005. At the entry level, PR-60 examples start around $25, and PR-65 coins run about $110.

Certified examples across proof grades:

Trading patterns for this proof variety:

 

1940 Reverse Of 1940 CAM Nickel Value

Ever seen a proof coin where Jefferson looks like he’s floating off the surface? That’s the cameo effect — heavy frost on the design devices against mirror-like fields. PCGS and NGC award the Cameo (CAM) designation when this contrast is clearly visible on both sides.

The problem is that early proof Jefferson Nickels from 1938–1942 almost never achieved cameo contrast. Die frosting wears off fast during a production run, so only the very first strikes from fresh dies had any shot at the CAM look.

With just 80 known survivors and a 0.57% survival rate, this is the rarest 1940 variety. Period. I think most Jefferson Nickel collectors will never even see one in person, let alone own one.

Auction history for cameo-designated proof specimens:

Market activity for this cameo proof variety:

 

1940 Reverse Of 1938 Proof Nickel Value

This is one of the best “oops” coins in the entire Jefferson series. In 1939, the Mint replaced the original 1938 reverse hub — which produced fuzzy steps with soft, curved edges — with a sharper version featuring crisper architectural lines. But when striking 1940 proofs, somebody grabbed a working die made from the old 1938 hub instead of the correct one.

How do you spot it? Look at where the steps meet the base of the building. On the correct 1940 reverse, that junction is angular and precise. On the Reverse of 1938, it’s rounded and soft — almost mushy. You can see the difference under a 5x to 10x loupe.

Around 700 examples survive, giving it a 4.9% survival rate. A PR-68 example hit $28,750 at Heritage Auctions in January 2011 — the highest price any 1940 nickel of any kind has ever brought. If you have a 1940 proof with those curved steps, it’s worth a closer look.

Auction results tracing demand for this variety over time:

Market activity for the Reverse of 1938 proof:

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

 

Rare 1940 Nickel Error List

Most 1940 Jefferson nickels came out fine. But a small percentage have production errors that can seriously boost their value. Here’s what to look for.

1. 1940-S/S RPM FS-501

Back in 1940, mint workers punched each “S” into working dies by hand. If the punch landed crooked and had to be corrected, you got a doubled mint mark — a secondary “S” peeking out beneath or beside the primary one. That’s a Repunched Mint Mark (RPM).

This hand-punching method lasted until around 1990, when the Mint started putting mint marks directly into master dies. The FS-501 variety shows a clear secondary “S” that you can pick up with a 5x loupe. It’s a great cherrypicking target.

Clean RPM examples typically trade between $25 and $75 in circulated or lower Mint State grades. An MS-65 Full Steps can reach $350 at auction, and the recorded high is $450 for an MS-66.

2. 1940 Nickel Doubled Die Obverse (DDO) and Reverse (DDR) Errors

Several doubled die varieties have been catalogued for the 1940 nickel, including work by variety specialist Brian A. Ribar. A DDO happens when the hub strikes the working die more than once at a slightly different angle. That overlap transfers to every coin struck from that die.

On the 1940 nickel, DDO varieties show Class VI doubling mainly on “LIBERTY,” the star, and the date. Other documented varieties (WDDO-003 and related pairs) display Class II+V distorted and pivoted hub doubling on “IN GOD WE TRUST.” DDR varieties show doubling on “E PLURIBUS UNUM” and “MONTICELLO.”

Here’s the key: true doubled dies show a rounded, raised secondary image. Machine doubling — which is worth nothing extra — produces flat, shelf-like shadows. Big difference. Subtle DDO/DDR varieties add $15–$50 to base value. Strong, clearly separated doubling on major inscriptions can bring $75–$200 or more slabbed.

3. 1940 Nickel Off-Center Strike Error

When a blank isn’t seated properly in the collar before the dies come together, you get an off-center strike — part of the design shifts off the planchet, leaving a blank crescent. Every one is unique.

A 5–10% off-center 1940 nickel adds roughly $10–$20. A 50% off-center with the date still visible? That can bring $100 or more. No visible date means a much lower premium — always check for the date first.

4. 1940 Nickel Struck on Copper Penny Planchet (Wrong Planchet Error)

This is one of the wildest errors you’ll find on a 1940 nickel. Occasionally, a Lincoln cent planchet ended up in the nickel press. The result is a coin that’s bronze-colored, lighter (3.1g vs. the normal 5.0g), and smaller in diameter, with a partial Jefferson design squeezed onto the wrong blank.

These are extremely rare for this date and can bring several hundred dollars when genuine. Always weigh the coin first — a cent planchet comes in at 3.11g — and check the color before jumping to conclusions.

5. 1940 Nickel Die Clash Error

Die clashes happen when the obverse and reverse dies smack into each other with no planchet in between. Each die picks up a faint mirror image of the other’s design. On a 1940 nickel, you might spot ghost images of Monticello’s columns behind Jefferson’s portrait, or a faint Jefferson outline on the reverse.

Minor clashes add $3–$10. Bold, dramatic clash marks with strongly visible transferred elements can bring $20–$50 or more in uncirculated grades.

 

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 Value

1. What makes a 1940 Nickel rare?

It depends on the variety. The Reverse of 1938 Proof is scarce because outdated 1938 dies were accidentally used for part of the 14,158-coin proof run. The Reverse of 1940 CAM is the rarest of all — only 80 survivors, a 0.57% survival rate.

For business strikes, the Full Steps designation is the rarity driver. A coin with five or more complete, unbroken steps on Monticello is far scarcer than a regular strike. PCGS has certified just 11 coins at MS68FS for Philadelphia (as of May 2025). Error varieties like the 1940-S/S RPM FS-501 and various DDO/DDR die marriages add another layer of collectibility.

2. Does the 1940 nickel contain silver?

No. It’s 75% copper and 25% nickel. Zero silver. Silver didn’t enter U.S. nickels until 1942, when Congress authorized a wartime alloy of 56% copper, 35% silver, and 9% manganese on March 27, 1942. Those “War Nickels” (1942–1945) have a large mint mark above Monticello on the reverse. If someone offers you a 1940 nickel as “silver,” walk away.

3. What is the Full Steps designation and why does it matter for 1940 Nickel value?

PCGS and NGC award the Full Steps (FS) designation when Monticello’s staircase shows five or six completely uninterrupted horizontal lines across the full width. PCGS uses a single “FS” label. NGC has differentiated since 2004, using “5FS” for five full steps and “6FS” for all six.

Why does it matter? Because it means everything had to go right — adequate die pressure, fresh dies, no planchet flaws in the step area. The price difference is staggering: a 1940-D MS-68FS sold for $21,738 versus $558 for an MS-68 without the designation. That’s over 38x the price for the same date and grade.

4. How do I identify a 1940 Reverse of 1938 Proof nickel?

Look at the steps on Monticello under a 5x to 10x loupe. On the correct Reverse of 1940, the steps have crisp, angular edges where they meet the building’s base — clean geometric lines. On the Reverse of 1938, those edges are soft, rounded, and curved — noticeably fuzzier.

Focus on the junction between the bottom step and the foundation block. The difference is subtle but consistent. Any 1940 proof showing this curved-step feature deserves professional attribution from PCGS or NGC, since a PR-68 example sold for $28,750 at Heritage Auctions in January 2011.

5. What are the most common errors on a 1940 nickel?

Repunched Mint Marks (RPMs) on Denver and San Francisco coins show up most often — the 1940-S/S RPM FS-501 is the best-documented example. DDO and DDR varieties exist too, with doubling on “LIBERTY,” the date, and “E PLURIBUS UNUM.” Off-center strikes (5–50%) are less common but surface occasionally, worth $10–$100+ depending on how far off and whether the date is visible. Die clashes are minor curiosities worth a small bump. Wrong planchet errors (struck on a cent blank) are extremely rare but documented for this date.

6. How much is a 1940 Nickel worth today?

Common circulated examples trade between $0.35 and $1.00. Uncirculated non-Full Steps coins range from about $1.50 in Brilliant Uncirculated to around $15 in Gem (MS-65). Full Steps examples carry roughly double the premium at any given grade.

At the top end: the 1940 Reverse of 1938 PR-68 sold for $28,750, the 1940-D MS-68 Full Steps brought $21,738, and the 1940 Reverse of 1940 Proof PR-68 realized $18,400. A Philadelphia MS-68 Full Steps has sold as high as $6,462.50, and an MS-68 without Full Steps brought $558. RPM errors typically sell for $25–$450 depending on grade.

7. What is the PCGS population for the rarest 1940 nickel grades?

As of May 2025: PCGS shows the 1940 Philadelphia at MS-68 Full Steps with just 11 coins certified. NGC has graded only 1 coin at MS-68 6FS. These are among the rarest certified Jefferson Nickels of any year. PCGS has also certified a single non-Full Steps MS-69 for Philadelphia — the highest grade for this issue.

The 1940-D has 14 specimens at MS-67 without Full Steps and 108 at MS-67 Full Steps, confirming Denver’s superior strike quality. The 1940 Reverse of 1940 CAM has an estimated population of only 80 coins known — the rarest 1940 variety by survival count.

8. Is it worth getting a 1940 nickel certified by PCGS or NGC?

Only if the coin’s estimated value clearly exceeds grading costs. PCGS and NGC fees typically run $30–$100 per coin plus membership, shipping, and handling. For standard circulated or lower Mint State 1940 nickels worth under $50, it doesn’t make financial sense.

We’d recommend grading if your coin looks MS-67 or higher, shows Full Steps characteristics, is a proof variety (especially the Reverse of 1938 or CAM), or displays a clear error like an RPM, DDO, or off-center strike. For coins potentially worth $300 or more, a slab significantly boosts buyer confidence at auction.

9. Who designed the 1940 Jefferson Nickel and what is the story behind the design?

Felix Oscar Schlag, a German-born artist who immigrated to the U.S. in 1929, won the design competition after judges reviewed 390 entries on April 20, 1938. He received a $1,000 prize. Art scholar Cornelius Vermeule identified that the obverse portrait closely resembled French sculptor Jean-Antoine Houdon’s 1789 bust of Jefferson.

Schlag’s original reverse featured a three-quarters perspective of Monticello — a bold choice — but the Treasury Department rejected it and required the flat, head-on view used today. The Jefferson Nickel was Schlag’s only coin design; he died in 1974.

10. How do I spot a 1940 nickel with Full Steps using only my eyes?

Turn the coin reverse-side up under good natural or fluorescent light. Use a 5x to 10x loupe. Look at the six horizontal steps between Monticello’s columns and the foundation block. Count from bottom to top: if you can trace five or six complete, unbroken lines all the way across the staircase without any interruption from a die gouge, bag mark, or weak-strike “bridge,” you might have a Full Steps coin.

One tiny break across a single line disqualifies it. Keep in mind that Full Steps reflects strike quality, not just preservation — a coin can show Full Steps and still have circulated surfaces. If you see clean, complete steps, submit to PCGS or NGC for official attribution before buying or selling at a Full Steps premium.