1940 Nickel Value:No Mint Mark, D, S and Full Steps

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Coin photos

Basics & coin story

The Jefferson nickel had replaced the Buffalo design in 1938. Felix Schlag’s left-facing Jefferson and Monticello were still relatively new in 1940, giving this date a place early in a long-running design. Unlike the later wartime silver-alloy nickels, these coins use the normal copper-nickel alloy and the small mint mark beside the building.

Philadelphia struck 176,485,000 regular coins, Denver 43,540,000 and San Francisco 36,690,000. Substantial surviving Mint State supplies mean that mintage alone is a poor shortcut to value. For the neighboring issue and the overall early layout, compare the early Jefferson nickel guide; a 1941 price is not a substitute for a 1940 price.

Identification

Read the obverse date, then the reverse mint

Confirm that the date reads 1940, with Jefferson facing left and Monticello on the other side. Look to the right of the building for a small D or S. Philadelphia coins normally leave that position blank. Do not look above the dome for the large wartime P, D or S arrangement.

A 1940-S is a San Francisco regular strike, not automatically a Proof. The Proof issues for this year came from Philadelphia and carry no mint mark. Treat date, mint and manufacture as three observations rather than one assumption.

Look at the whole coin before concentrating on the steps

Examine Jefferson’s cheek and hair for rub, then the open fields for contact marks. Inspect Monticello’s central detail and steps separately. A coin with uninterrupted luster can still have a weak strike, while a worn coin may retain some sharp protected detail. Shine is not a substitute for an uncirculated surface.

NGC’s issue analysis notes generally strong Denver production, whereas many San Francisco pieces show worn-die effects. This is a reason to compare actual strike quality, not a guarantee that every D is superior to every S.

Do not turn die wear into an error premium

Die erosion can blur lettering and building detail. It is different from a scarce doubled die, and circulation scratches are different again. A suspected variety needs repeatable features at the correct locations, compared with a recognized listing. A random raised line or an unclear photograph is insufficient.

The detail photograph below is a crop of the pictured coin, intended to show the observation area. It is not a grading-service certification of Full Steps and does not establish a doubled die.

Condition & value

Amounts are in U.S. dollars. The table reports published ordinary-strike guide references, not completed sales or guaranteed offers. The final column is the source row’s own update date (month/day/year); all rows were accessed November 13, 2026. Older guide dates are a limitation, so obtain recent matching sales or offers before a transaction.

MS means Mint State. Full Steps, Proofs, special strikes and attributed varieties are excluded.

Why circulated and uncirculated prices differ

The five-column comparison separates grades and sources. The NGC values for Fine are 10 cents for Philadelphia and 20 cents for D or S; its dates are shown so that the figures cannot be mistaken for newly measured market prices. PCGS’s MS66 ordinary references are $28, $24 and $34 respectively, a different grade and a different source.

Small premiums are especially sensitive to transaction size. An individual retail sale includes the seller’s overhead; an offer for a handful of raw coins may be lower. Neither guide automatically accounts for cleaning, corrosion, shipping or selling fees.

Full Steps and the 1940 Proof reverse varieties

Full Steps describes continuous qualifying step detail on an otherwise eligible uncirculated coin. NGC’s 5FS and 6FS distinctions should remain visible in any price comparison; an ordinary MS65 figure cannot be silently replaced with a Full Steps result. Read the grading guide before assigning a number yourself.

The 1940 Proof category also includes Reverse of 1938 and Reverse of 1940 attributions. Those are die-design distinctions within the collector issue, not a reason to call an ordinary soft-struck coin a rare reverse. Confirm Proof manufacture and the correct reverse diagnostics before selecting a Proof price.

For an initial identification, photograph both faces in even light and record the visible date and mint mark. HeriBase can help organize a photo-based identification; verify important mint, finish and variety details against the references before using a price. An app result is a starting point, not a certified grade, authentication or purchase offer.

Summary

FAQ

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