The 1939 Jefferson Nickel, a seemingly humble five-cent piece, holds a special place in the hearts of coin collectors and numismatists. Far from being just another coin in circulation, it represents a fascinating chapter in American coinage history, offering a blend of historical significance, diverse varieties, and potential hidden value. Let's embark on an in-depth exploration of this captivating coin, uncovering its worth, variations, and the secrets that make it a prized possession for collectors.
Historical Context and Design
The Birth of the Jefferson Nickel
The Jefferson Nickel made its debut in 1938, replacing the beloved Buffalo Nickel. This transition marked a significant shift in American coinage design, moving from the iconic Native American and bison imagery to a portrait of one of the nation's founding fathers.
- Designed by Felix Oscar Schlag, winner of a U.S. Mint design contest
- Introduced to commemorate the 200th anniversary of Thomas Jefferson's birth
- 1939 marked only the second year of production for this new design
Key Design Elements
The 1939 Nickel features distinct design elements that collectors should be familiar with:
Obverse (Front):
- Left-facing profile of Thomas Jefferson
- Inscription "IN GOD WE TRUST" along the left rim
- "LIBERTY" and the date "1939" on the right
Reverse (Back):
- Monticello, Jefferson's Virginia home
- Inscriptions "MONTICELLO", "FIVE CENTS", "UNITED STATES OF AMERICA"
- Motto "E PLURIBUS UNUM" above Monticello
The Fascinating Dual Reverse Varieties
One of the most intriguing aspects of the 1939 Nickel is the existence of two distinct reverse designs. This peculiarity arose from the U.S. Mint's transition between design iterations:
-
1938 Reverse (Type 1):
- Curved steps leading to Monticello
- Softer, less defined details on the building
- Generally considered less common
-
1940 Reverse (Type 2):
- Straight steps with sharper edges
- More pronounced architectural details
- More prevalent but still sought after by collectors
These varieties exist across all three minting locations, adding an extra layer of complexity and interest for collectors.
Mint Marks and Production Numbers
The 1939 Nickel was struck at three different mints, each identified by its mint mark (or lack thereof):
- Philadelphia (No mint mark): 120,615,000 minted
- Denver (D): 3,514,000 minted
- San Francisco (S): 6,630,000 minted
These production numbers provide crucial context for understanding the relative rarity and potential value of coins from each mint.
Factors Influencing the Value of 1939 Nickels
Several key factors determine the worth of a 1939 Nickel:
-
Mint Mark: Generally, Denver (D) and San Francisco (S) coins are more valuable due to lower mintages.
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Reverse Type: The 1938 Reverse (Type 1) is often more sought after due to its relative scarcity.
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Condition: As with all coins, the state of preservation dramatically affects value.
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Full Steps: Nickels with clearly defined steps on Monticello's facade command significant premiums.
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Errors and Varieties: Doubled dies, repunched mint marks, and other errors can substantially increase value.
Valuation Guide for 1939 Nickels
To provide a comprehensive view of 1939 Nickel values, let's break down the potential worth based on mint mark, condition, and special characteristics:
1939 (Philadelphia – No Mint Mark)
| Condition | Standard | Full Steps |
|---|---|---|
| Good (G-4) | $0.25 | N/A |
| Fine (F-12) | $0.50 | N/A |
| Extremely Fine (EF-40) | $2 | N/A |
| About Uncirculated (AU-50) | $4 | N/A |
| Uncirculated (MS-60) | $8 | $20 |
| Uncirculated (MS-65) | $40 | $100 |
| Uncirculated (MS-67) | $200 | $5,000+ |
1939-D (Denver)
| Condition | Standard | Full Steps |
|---|---|---|
| Good (G-4) | $0.75 | N/A |
| Fine (F-12) | $1.50 | N/A |
| Extremely Fine (EF-40) | $5 | N/A |
| About Uncirculated (AU-50) | $15 | N/A |
| Uncirculated (MS-60) | $50 | $100 |
| Uncirculated (MS-65) | $125 | $300 |
| Uncirculated (MS-67) | $500 | $3,000+ |
1939-S (San Francisco)
| Condition | Standard | Full Steps |
|---|---|---|
| Good (G-4) | $0.50 | N/A |
| Fine (F-12) | $1 | N/A |
| Extremely Fine (EF-40) | $3 | N/A |
| About Uncirculated (AU-50) | $10 | N/A |
| Uncirculated (MS-60) | $30 | $60 |
| Uncirculated (MS-65) | $85 | $200 |
| Uncirculated (MS-67) | $300 | $5,000+ |
Note: These values are approximate and can fluctuate based on market conditions and individual coin characteristics.
Rare and Valuable 1939 Nickel Errors
Error coins often command significant premiums in the numismatic market. Here are some notable 1939 Nickel errors to watch for:
-
1939 Doubled Die Obverse (DDO):
- Look for doubling in "IN GOD WE TRUST" and the date
- Value: $100 – $1,000+ depending on grade and severity
-
1939 Doubled Die Reverse (DDR):
- Doubling visible on "MONTICELLO" and "FIVE CENTS"
- Value: $200 – $4,000+ for high-grade examples
-
1939 Repunched Mint Mark:
- Most common on Denver (D) and San Francisco (S) issues
- Value: $50 – $500+ depending on clarity and grade
-
1939 Off-Center Strike:
- Coins struck off-center by 5% or more
- Value: $50 – $1,000+ based on the degree of off-centering
The "Full Steps" Premium
One of the most sought-after features in Jefferson Nickels is the presence of "Full Steps" on Monticello's facade. This refers to the clarity and completeness of the steps leading to the entrance of Jefferson's home on the reverse of the coin.
- 5 Full Steps (5FS): Five clearly defined steps visible
- 6 Full Steps (6FS): All six steps are distinct and separated
Full Steps nickels, especially in high grades, can command significant premiums:
- A 1939-D MS-65 might be worth $125, but with Full Steps, it could fetch $300 or more
- A 1939-S MS-67 Full Steps has sold for over $5,000 at auction
Collecting Strategies for 1939 Nickels
For collectors interested in building a comprehensive set of 1939 Nickels, consider the following strategies:
- Start with the Basics: Acquire circulated examples of each mint mark (P, D, S)
- Upgrade Gradually: Replace circulated coins with higher-grade examples over time
- Hunt for Varieties: Seek out both reverse types for each mint mark
- Focus on Quality: For investment potential, concentrate on high-grade, certified coins
- Error Hunting: Learn to identify common errors and varieties to find hidden treasures
Preservation and Storage
Proper storage is crucial for maintaining the value and condition of your 1939 Nickels:
- Use non-reactive, archival-quality holders or albums
- Avoid touching the coin's surface with bare hands; use cotton gloves
- Store in a cool, dry environment with stable humidity
- Consider professional conservation for valuable specimens
The Investment Potential of 1939 Nickels
While not all 1939 Nickels are valuable, certain specimens have shown impressive appreciation over time:
- High-grade examples with Full Steps have seen steady increases in value
- Rare errors and varieties continue to command strong premiums
- The historical significance of the transitional 1939 year adds long-term appeal
According to data from the Professional Coin Grading Service (PCGS), some notable sales include:
- 1939-D MS-67 Full Steps: Sold for $15,275 in 2019
- 1939-S MS-67+ Full Steps: Realized $18,000 in a 2020 auction
Conclusion: The Enduring Allure of the 1939 Nickel
The 1939 Jefferson Nickel stands as a testament to the fascinating nuances of American coinage. From its dual reverse designs to its array of mint marks and potential errors, this coin offers something for collectors of all levels. Whether you're a seasoned numismatist or just beginning your coin collecting journey, the 1939 Nickel provides an accessible entry point into a rich world of history, artistry, and potential value.
As you examine your own coins or consider adding 1939 Nickels to your collection, remember that each piece tells a story – not just of Jefferson and Monticello, but of the evolving craft of coin production in America. The hunt for that elusive Full Steps specimen or rare error variety adds an element of excitement to the hobby, while the historical significance of these coins connects us to a pivotal time in U.S. history.
In the end, the true value of a 1939 Nickel lies not just in its monetary worth, but in the joy of discovery, the thrill of the hunt, and the deep appreciation for the artistry and craftsmanship of American coinage. Happy collecting!
