From 1913 to 1938, Buffalo Nickel was minted in the USA, the design of which was subject to severe wear, and the date fields were quickly erased.
In 1938, the U.S. Mint announced a competition to create a new design that was supposed to be more durable and easier to mint.
The winner was Felix Schlag, who presented a design with a portrait of the third President of the United States, Thomas Jefferson, on the obverse and his famous Monticello estate on the reverse.
The 1939 coin, being the second in this series, retained the original design of the Slug, including vertical lines on the facade of Monticello. Before checking the 1939 nickel value, get know that the composition of the coin remained standard for that time: 75% copper and 25% nickel, which provided it with a characteristic weight of 5.0 grams and a diameter of 21.2 millimeters.
| Mint | Mint Mark | Mintage | Overall Value |
| Philadelphia | (No Mark) | 120,760,000 | Most common |
| Denver | D | 3,514,000 | Moderately rare |
| San Francisco | S | 6,630,000 | Rare but accessible |
| Philadelphia (Proof) | (No Mark) | 12,500 | Extremely rare |
As can be seen from the table, even the most massive coins minted in Philadelphia (120 million copies) are available today, but the true value, as we will see later, is hidden not in quantity, but in quality and varieties.
Key Varieties and Mistakes of 1939
The value of the 1939 nickel is determined primarily by the presence or absence of two critically important numismatic features.
The Most Famous Mistake: 1939-P “Doubled Monticello”
This is by far the most important and valuable variety. It refers to coins minted in Philadelphia. This error is the result of the so-called “Die Doubling”, when the reverse matrix was stamped twice, but with an offset.
Сharacteristics of the error:
The doubling effect is most noticeable on the inscription “MONTICELLO” and especially on the word “FIVE CENTS”. All the letters in these words look blurry, as if they were typed twice with a slight horizontal offset.
The error occurred at the manufacturing stage of the working matrix. When an image was applied to the finished matrix, it shifted slightly, and the second die was superimposed on the first one.
This variety, often referred to as “Triple Die Reverse” in some early catalogs due to the complex nature of the doubling, is the absolute price leader among all 1939 nickels. The value of uncirculated copies (MS-65 and above) can reach tens of thousands of dollars.
- G-4 (Good): $50 – $100
- VF-20 (Very good): $200 – $400
- AU-55 (Almost uncirculated): $800 – $1,500
- MS-60 (Uncirculated): $2,000 – $4,000
- MS-65 (High Uncirculated): $6,000 – $12,000 and above
- MS-65 Full Steps: The price may exceed $30,000, depending on the auction and the transparency of the doubling
Reverse of 1940 on the 1939-D coin (Reverse of 1940)
At the end of 1939, the Denver Mint began using an updated reverse shape designed for 1940 minting. The main difference of this newer form is a slightly modified and thinner font in the legends, as well as a slight change in the Monticello layout.
Although this variety is not a minting error like doubling, it is of interest to collectors seeking to assemble a complete set that includes all the main variants.
The value is higher than the standard 1939-D, but significantly lower than the “Double Monticello”.
Grading: Sheldon’s Grading Scale
The standard 70-point Sheldon Scale is used, where G-4 means “Good” and MS-70 means “Perfect Uncirculated.”
On the reverse of the coin, depicting Monticello, a staircase leads to the building. In perfect condition, Uncirculated coins should have all five steps clearly visible. Due to the design features of the Slug and the pressure of the press, most of the issued coins do not show all five steps due to a weak impact on the center of the reverse.
Coins Сertified as Full Steps (FS)
This means that the five steps are clearly visible, without any interruptions or weaknesses caused by wear or defects in the embossing.
Coins marked FS (for example, MS-65 FS) have an exponentially higher value because they are perfectly minted copies that are much rarer.
| Grade | Price (Standard, No FS) | Price (Full Steps – FS) |
| MS-65 | $100 – $200 | $1,000 – $2,500 |
| MS-66 | $250 – $400 | $3,000 – $7,000 |
Evaluation of Proof Coins in 1939
The circulation of the 1939 Proof coins, minted in Philadelphia, was only 12,500 copies. Proof coins are minted with special care, polished blanks and special presses are used to achieve a mirror field and matte relief.
Key Factors for Grading Proofs
PF-65 (Proof-65): The initial collection class
Cameo/Deep Cameo (DCAM): Coins with a strong contrast between the mirror field and the matte relief are labeled as Cameo. Specimens with the deepest contrast (DCAM) are valued above all
Proofs from 1939 in PF-66 DCAM condition can cost from $3,000 to $8,000.
1939-P (Philadelphia – Standard Issue)
This coin, with a circulation of over 120 million, is the most common, and its value strongly depends on the degree of gloss retention and the absence of defects.
- Circulating coins (G-4 to AU-50) prices range from $0.50 to $5. Coins in F-12 or VF-20 (Very Fine) condition are usually sold for $1-$3.
- Their value is mostly nominal, but they are used to replenish budget collections.
- Low uncirculated condition (MS-60, MS-62) prices range from $15 to $30. In these classes, coins may have slight contact marks or a faint sheen.
- Uncirculated state coins are more in demand, with prices ranging from $40 to $80.
High uncirculated condition price is $100 – $200.
Premium condition price $300 – $500 but it is very difficult to find a coin without visible defects with such a large circulation.
The MS-66 FS can cost from $2,000 to $4,000. MS-67 FS coins are extremely rare and can cost up to $10,000 or more.
1939-D (Denver)
With a circulation of only 3.5 million, the Denver coins are much rarer than the Philadelphia ones, and the price difference is noticeable even in the circulating state.
Circulating coins prices $1 – $15. The F-12 (Fine) coin easily reaches $5, an AU-50 coin can cost $25 – $40.
- Uncirculated condition prices range $60 – $150. Even basic uncirculated copies show good liquidity due to the low circulation.
- MS-65 price $200 – $350. This is a standard target for Jefferson series collectors.
- MS-66 prices are $400 – $800.
The MS-65 FS costs $1,500 – $3,000. The MS-66 FS is already an investment grade, with a price that can exceed $6,000. Due to the difficulties of minting in Denver at that time, the 1939-D FS coins are among the rarest and most valuable in the early series.
1939-S (San Francisco)
The San Francisco Mint minted 6.6 million pieces.
Circulating coins prices are $1 – $10. The VF-20 (Very Fine) coin sells for $3-$5.
- Uncirculated condition (MS-60 to MS-64): Price $50 – $120
- MS-65 (High Uncirculated): Price $150 – $300
- MS-66 (Premium condition): Price $350 – $600
Investment Attractiveness
The 1939 nickel, especially in the “Double Monticello” and “Full Steps” (FS) varieties for the D and S mints, has significant investment potential.
“Double Monticello” is one of the classic mistakes that does not lose its value and constantly attracts the attention of new collectors.
- The prices of coins with Full Steps are steadily increasing, as their number is limited and they cannot be “created” again.
- Due to the high value of the “Double Monticello” variety, there are fakes on the market.
Scammers can use the following methods:
- Additional lines can be applied to a regular 1939 coin to simulate doubling
- Changing the date from 1938 to 1939
- It is strongly recommended to buy 1939 coins, especially in grades MS-65 and above, exclusively in graded and sealed holders from leading independent expert companies such as PCGS or NGC.
Conclusion
A 1939 Jefferson nickel is much more than just an old five-cent coin, depending on its condition and variety, can have a value ranging from a few cents to tens of thousands of dollars and the crucial factors in pricing are:
- The presence of the “Doubled Monticello” error
- The presence of the “Full Steps” attribute (Full Steps – FS)
- The general rarity of the D and S mints