1939-D Jefferson Nickel: What’s It Worth?

Specifications

Denomination: 5 Cents
Series: Jefferson Nickels
Designer: Felix Schlag
Years of issue: 1938–present
Composition: 75% Copper, 25% Nickel
Weight: 5 g
Diameter: 21.2 mm
KM: 192
Mintage: 3514000
Key mintages: Second-lowest circulation mintage after 1950-D; two reverse hubs: Reverse of 1938 and Reverse of 1940 (GreatCollections)

Melt value: $0.05copper $0.44/ozt · prices as of Sep 16, 2026

The 1939-D is one of the two regular-issue Jefferson key dates: published figures run from about $10 in Very Fine (coinscatalog) to $150–$425 in MS-63/65 for the Reverse of 1938 hub (APMEX) — with the Reverse of 1940 hub listing even higher in top grades (APMEX).

History

The 1939-D Jefferson nickel was struck at Denver with a mintage of 3,514,000 — the second-lowest circulation mintage of the entire Jefferson run, behind only the 1950-D (GreatCollections; PCGS; APMEX).
Unlike the 1950-D, almost no 1939-D nickels were set aside by roll savers when new, so genuinely scarce in Mint State despite the higher mintage (GreatCollections).
The 1939-D and 1950-D are the series’ two affordable key dates, both worth collecting in any condition (PCGS).
Two different reverse hub styles exist for the 1939-D: the Reverse of 1938 and the Reverse of 1940 (GreatCollections).

What is it worth

APMEX’s published guide prices the Reverse of 1938 hub at MS-63 $150, MS-64 $215, MS-65 $425, MS-66 $550, and MS-67 $1,000 (APMEX).
The Reverse of 1940 hub lists at MS-63 $85, MS-64 $185, MS-65 $275, MS-66 $550, and MS-67 $2,700 (APMEX).
coinscatalog lists the 1939-D Reverse of 1940 at VF20 $10, XF40 $14, AU50 $55, MS60 $105, MS65 $400, and the 1939-D Reverse of 1938 (Rev of 1939) at VF20 $10, XF40 $17.50, AU50 $75, MS60 $160, MS65 $275 (coinscatalog).
Key-date demand starts at the bottom of the grade scale: even in Very Fine, published guides list the 1939-D at $10 — a 200-times-face multiple before you ever reach Mint State (coinscatalog).
Compare the hubs at the top end: an MS-67 Reverse of 1940 lists at $2,700 while the same grade in Reverse of 1938 lists at $1,000 — attribution matters (APMEX).
Full Steps examples are a different market: the FS designation is extremely difficult on the softer Reverse of 1938 hub, so Full Steps premiums vary heavily by reverse type and strike (GreatCollections).

What drives the premium

Second-lowest circulation mintage in the series, and genuinely under-saved when new (GreatCollections).
The reverse-hub distinction: identify which hub your coin carries, because values diverge significantly (APMEX).
Full Steps designation, which is exceptionally rare on the Reverse of 1938 hub (GreatCollections).
Mint mark clarity and full step detail are what separate the $10 coins from the $1,000 ones (APMEX; GreatCollections).
Original mint luster in Mint State — most survivors circulated, so true uncirculated examples stand out (GreatCollections).

How to identify the valuable variety

Denver issue: small D mint mark on the reverse to the right of Monticello (coins4me).
Determine the reverse hub: the Reverse of 1938 hub has softer, wavier steps than the sharper Reverse of 1940 hub (GreatCollections).
Check Monticello’s steps for the Full Steps designation — full separation of the step lines with no blending (GreatCollections).
Standard Jefferson specs — 5 g, 21.2 mm, plain edge — help rule out altered coins (GreatCollections).
Because values are substantial and reverse-hub attribution matters, certification by PCGS or NGC is recommended for Mint State examples.

Specifications

Composition: 75% copper, 25% nickel (GreatCollections)
Weight: 5 g (GreatCollections)
Diameter: 21.2 mm (GreatCollections)
Edge: plain (coins4me)
Designer: Felix Schlag (GreatCollections)
Mint: Denver, D mint mark right of Monticello on reverse (coins4me)
Mintage: 3,514,000 (PCGS; APMEX; GreatCollections)
KM: KM 192 (coinscatalog)

Collector notes

Never oversimplify this issue: the Reverse of 1938 and Reverse of 1940 hubs strike up differently and grade differently — attribute before you price (GreatCollections; APMEX).
Because so few were saved, even low-grade examples are worth a premium over face — always worth checking nickels from the late 1930s (PCGS).
No verified public-domain photograph of a 1939-D Jefferson nickel could be found for this entry, so it ships without an image rather than with a lookalike coin.