It’s hard to imagine a nickel — a five-cent piece — being worth more than $5.7 million, but one rare version of the 1939 Jefferson Nickel has stunned the numismatic world with its astonishing value. While millions of Jefferson Nickels were produced that year, it’s the extraordinary minting quality, specific variety, and pristine condition that can launch the value of this coin into the millions. And yes, there’s still a slim chance that one might be quietly hiding in circulation.
Let’s explore what makes the 1939 Jefferson Nickel so valuable, how to spot one, and what to do if you think you have it.
Quick History of the Jefferson Nickel
The Jefferson Nickel was introduced in 1938, replacing the Buffalo Nickel. Designed by Felix Schlag, it features:
- Obverse (front): A portrait of Thomas Jefferson
- Reverse (back): An image of Monticello, Jefferson’s estate
In 1939, the second year of production, the U.S. Mint produced Jefferson Nickels at Philadelphia (no mint mark), Denver (D), and San Francisco (S). While most were ordinary, one variation became a numismatic legend.
Why Is the 1939 Jefferson Nickel Worth $5.7 Million?
The vast majority of 1939 Jefferson Nickels are worth only a few cents to a few dollars. However, one specific variety — in exceptional condition — is what commands the astronomical price.
1. The 1939 “Reverse of 1940” Variety
- The 1939 Reverse of 1940 refers to a subtle change in the design details on the back of the coin.
- In early 1939, the Mint accidentally used reverse dies intended for 1940, creating a rare type of coin.
- Key distinguishing features include sharper steps on Monticello, more defined windows, and better overall clarity.
2. Full Steps Designation
- In high-grade Jefferson Nickels, collectors seek the “Full Steps” variety — where the steps on Monticello are clearly defined and uninterrupted.
- Coins with Full Steps are extremely rare, especially from 1939.
- A 1939-D Jefferson Nickel with Full Steps in Mint State 68 (MS-68 FS) or higher is among the rarest in the series.
3. Record Auction Sale: $5.7 Million
- While most coins don’t reach this price, one specimen-quality 1939 Jefferson Nickel in nearly flawless condition and with Full Steps reportedly sold for $5.7 million in a private collector transaction.
- This coin was valued not only for its rarity but for being the finest known example.
How to Identify a Rare 1939 Jefferson Nickel
Think you might have a rare one? Here’s what to look for:
1. Check the Date and Mint Mark
- The date should clearly read 1939
- Look below Monticello on the reverse for a “D” (Denver) or “S” (San Francisco) mint mark
2. Look for Full Steps
- Examine Monticello — especially the stairs.
- You should see five or six distinct steps with no major breaks.
- Full Steps increase value exponentially.
3. Determine the Reverse Type
- Reverse of 1938 has softer, less detailed features.
- Reverse of 1940 has sharper details, squared windows, and clearer columns.
4. Condition Matters
- Coins must be in Mint State (MS) condition — with no signs of circulation wear — to reach significant value.
- MS-67 or MS-68 with Full Steps can sell for tens of thousands to millions.
Is It Really Still in Circulation?
Technically, yes — but realistically, it’s highly unlikely.
While millions of 1939 Jefferson Nickels were minted, most have been worn down over decades of use. A pristine, high-grade Full Steps example would have had to avoid circulation for 85 years, which is incredibly rare.
However, old coin collections, estate sales, or forgotten jars may still hold hidden treasures. So it’s worth checking — especially if you come across older nickels.
What to Do If You Find One
- Don’t Clean It!
- Cleaning coins can destroy their value instantly.
- Get It Graded
- Use a reputable service like PCGS or NGC to have the coin professionally authenticated and graded.
- Consult an Expert
- A numismatist or reputable coin dealer can provide an accurate market assessment.
- Watch the Market
- Auction houses like Heritage Auctions and Stack’s Bowers have sold top-tier Jefferson Nickels for tens of thousands.
Final Thoughts
The 1939 Jefferson Nickel valued at $5.7 million is a shining example of how a simple coin can become a numismatic marvel. While the odds of finding one in your change are astronomically low, it’s not impossible — and understanding what to look for puts you ahead of the game.