Are you wondering how much your 1940 Jefferson Rare Coin nickel is worth? Whether you’ve recently found one or are just interested in coin collecting, this guide will help you understand the value of this classic coin. In this article, we’ll walk you through the unique features of the 1940 nickel, the minting errors that can make it more valuable, and how to grade the coin. By the end, you’ll know what to look for in your 1940 Jefferson nickels and how much they could be worth.
1940 Nickel Value Chart
The value of a 1940 Jefferson nickel can vary based on its mint mark, condition, and any unique features or errors. Here is a quick overview of the 1940 nickel’s value based on its grade:
| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
|---|---|---|---|---|
| 1940 No Mint Mark Nickel | $0.10 | $0.10 | $0.25 | $100 |
| 1940 D Nickel | $0.10 | $0.20 | $0.50 | $125 |
| 1940 S Nickel | $0.10 | $0.20 | $0.60 | $175 |
| 1940 S (Proof) Nickel | – | – | – | $7,850 |
The value can increase depending on the coin’s condition and rarity, particularly for proof versions or nickels with minting errors.
History of the 1940 Nickel
The Rare Coin Jefferson nickel was introduced in 1938, replacing the Buffalo nickel, which had been in circulation for 25 years. The U.S. Mint wanted to create a new coin that would be easier to mint and could be produced in large quantities. In January 1938, the Mint held a competition to select a design for the new nickel, and Felix Schlag’s design was chosen. His design features a portrait of Thomas Jefferson on the obverse (front) and an image of his Monticello home on the reverse (back).
While the 1940 nickel was minted in large quantities, it didn’t immediately enter circulation. There were reports of hoarding, and the coin only became widely available in 1940. That year, the Mint sharpened the striking hub, which resulted in nickels with sharper features, especially the steps on Monticello. These sharper steps are now called “Full Steps,” and coins with these features are considered more valuable by collectors.
Key Features of the Rare Coin 1940 Nickel
The 1940 Jefferson nickel has some unique features that make it easy to identify and valuable for collectors.
The Obverse (Front)
The obverse features a left-facing portrait of Thomas Jefferson, the third president of the United States. Along the left side of the coin, you’ll find the words “IN GOD WE TRUST”, while “LIBERTY” and the year “1940” are located along the right side. The word LIBERTY is separated by a star. This portrait is one of the defining characteristics of the Jefferson nickel.
The Reverse (Back)
On the reverse side of the 1940 nickel, you’ll see an image of Jefferson’s home, Monticello, which is located in Virginia. This home was the residence of Jefferson, and the coin’s design is a tribute to his life and legacy. At the top of the reverse, you’ll find the phrase “E PLURIBUS UNUM” (meaning “Out of many, one”), while the country’s name, “UNITED STATES OF AMERICA”, is along the bottom rim. Below the Monticello building is the denomination of the coin, “FIVE CENTS”.
Mint Marks
The 1940 nickel was minted in three locations: Philadelphia, Denver, and San Francisco. Coins minted in Philadelphia don’t have a mint mark. However, nickels minted in Denver have a “D” mint mark, and those minted in San Francisco have an “S” mint mark. You can find the mint mark on the reverse side of the coin, at the far right, beneath the Monticello building.
Other Features of the Rare Coin 1940 Nickel
The 1940 nickel is made of 75% copper and 25% nickel. It weighs 5 grams and has a diameter of 21.20 millimeters. The edge of the coin is plain, meaning it doesn’t have any ridges like some other coins. The coin’s designer was Felix Schlag, and the design remained largely unchanged throughout its production.
1940 Nickel Grading
To determine the value of your 1940 Jefferson nickel, it’s essential to know how to grade it. Coins are graded based on their condition, and the better the condition, the higher the value. Here’s a guide to help you grade your 1940 nickel:
- Good Condition: The coin shows significant wear, but the major features (such as Jefferson’s portrait) are still visible.
- Fine Condition: The coin is worn, but most details are still clear, and the features are well-defined.
- Extremely Fine Condition: The coin shows only light wear. The features are still sharp, and the coin looks close to new.
- Uncirculated Condition: The coin has no signs of wear. It still has a frosted appearance, and the details are crisp and sharp.
When grading your coin, focus on the following areas:
- Jefferson’s Hair: If the hair is clearly detailed with no wear, it may be in uncirculated condition.
- Above Jefferson’s Eye: This area often shows wear quickly. If it’s still in good condition, your coin may be more valuable.
- Monticello: Check the high points of the Monticello image, especially the steps and the columns, for signs of wear.
Minting Errors That Can Increase Value
Some 1940 nickels have minting errors that can make them more valuable. For example, if a coin has doubled lettering, missing elements, or unusual markings, it may be considered an error coin and worth more to collectors. The rarest error coins can sometimes be worth hundreds or even thousands of dollars, depending on their uniqueness and condition.
Conclusion
The 1940 Jefferson nickel is a classic coin with an interesting history and features that make it valuable to collectors. Whether you’re a buyer or a seller, understanding the Rare Coin key features and grading guidelines will help you determine the value of this coin. The condition, mint mark, and any potential errors all play a significant role in determining its worth. If you find a 1940 nickel with special features like “Full Steps” or minting errors, you could be in for a nice surprise!
FAQs
1. What is the value of a 1940 Jefferson Nickel?
The value of a 1940 Jefferson Nickel can vary depending on its condition and mint mark. A coin in good condition typically has a value of $0.10, while those in uncirculated condition can be worth up to $100 or more. Nickels minted in Denver or San Francisco are generally worth more than those minted in Philadelphia. Additionally, proof versions of the 1940 S nickel can be worth as much as $7,850.
2. How can I tell if my 1940 nickel is valuable?
The value of a 1940 nickel depends on factors such as its grade, mint mark, and any unique features or minting errors. A coin with sharp features, known as Full Steps, is more valuable. To check its condition, look for signs of wear on Jefferson’s portrait, Monticello’s columns, and other high points on the coin.
3. What is the meaning of “Full Steps” in a 1940 nickel?
Full Steps refers to the sharpness and clarity of the steps on Monticello (Jefferson’s home) depicted on the reverse of the coin. Nickels with clearly visible, well-defined steps are more desirable and can command a higher value from collectors.