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Coins from different periods may send one on a trip through history and its derivatives. Indeed, the XX century was one of the most intense and flabbergasting periods, and the sphere of numismatics could not but respond to the call and introduce a product of its time, i.e., the 1940 nickel. But how much is a 1940 nickel worth today?
In this material, we have compiled the most relevant information about nickels and their characteristic, as well as 1940 nickel value and collecting potential, too. How can you check coin value by knowing its mintage year and type only? Let us explore it together.
The Historical Context of the 1940 Jefferson Nickel
The Jefferson nickel was introduced in 1940, during a crucial moment in American history. Although the country had not yet formally entered the war, it was the beginning of an intense confrontation and partial involvement in World War II. The Great Depression's financial consequences were still omnipresent, and the world was undergoing a fast transformation that would influence decades to come.
This period of change and uncertainty had a big impact on commonplace things, like the units of currency as well. After having been in use since 1913, the Buffalo nickel was supposed to be replaced by the new 1940 nickels worth money, which had its debut in 1938. The newly issued nickel, which featured an image of President Thomas Jefferson on the obverse and his residence, Monticello, on the reverse, was designed by Felix Schlag, a German-born artist who won the design competition.
The demand for nickel, a vital metal in military production, started to rise, for the US government got ready for possible wartime engagement. Although the 1940 nickel's composition was still 75% copper and 25% nickel, this was meant to change in the end. So as to retain nickel for use during times of war, the US Mint planned to use an alloy of copper, manganese, and silver to create "war nickels" by 1942.
As a part of the last years of traditional pre-war coinage, the 1940 Jefferson nickel remains a historically notable item in this regard.
Mintage and Key Variations
As usual, the US Mint produced the 1940 Jefferson nickel in three different locations, i.e., Philadelphia, Denver, and San Francisco. Even though each mint produced millions of nickels, the amounts manufactured by the site varied tremendously, which resulted in different levels of collectability and availability. Should you wish to understand the value of 1940 nickel, it is vital to be aware of these mintage figures and the main differences.
Related article: 2005 Buffalo Nickel Value.
Mintage Figures
Philadelphia Mint (1940 Nickel No Mint Mark)
With a mintage of 176,485,000 coins, the Philadelphia Mint was the most fruitful site among three major coin producers. Due to their widespread distribution and lack of mintmark, these 1940 nickels are rather easy to locate in average circulated conditions.
Denver Mint (1940 D Nickel)
The Denver Mint produced 43,540,000 nickels in 1940. By the way, where is the mint mark on a 1940 nickel? These may be recognized by the tiny "D" mintmark on the reverse (to the right of Monticello in particular). The 1940 D can still be a rare find, especially when in better grades, yet it is more common than some of the early Jefferson nickels.
San Francisco Mint (1940 S Nickel)
Finally, the San Francisco Mint was responsible for the production of 39,690,000 nickels in 1940. These coins were identified by a tiny "S" on the back, and, because of its reduced mintage and relative rarity in Mint State, collectors may strive to obtain this version and nothing else instead.
Key Variations and Errors
Consistency (=uniformity) always goes hand in hand with numismatics. However, deviations may occur. Here are the most notable variations (or 1940 nickel error list, if you like) that one may find intriguing to obtain.
Repunched Mintmarks (RPM): When there appears a little doubling effect caused by the "D" or "S" being stamped more than once, it is usually called a repunched mintmark. These can definitely raise a coin's value and represent a popular variety sought after by collectors worldwide.
Full Steps Designation: The "Full Steps" variation is a must-have option for those who appreciate quality over anything else. A 1940 cent featuring "Full Steps" means that Monticello's steps are distinct, with at least five (ideally six) lines running continuously. Since it is difficult to strike Jefferson nickels with clearly defined steps, these coins are uncommon in high grades and tend to fetch a premium price in the market.
Die Cracks and Minor Errors: Any coin is not immune to minor defects, and 1940 nickels are no exception. While not as common as other types of errors, clashed dies or die cracks may add a character to a coin collection and become your local fascination to experienced collectors.
The Main Characteristics of the Coin
The 1940 nickels are unique indeed. The currency was designed by Felix Schlag, and it displays a noble picture of President Thomas Jefferson on the front (facing left), and his famous Virginia house, Monticello, on the reverse.
Features of the 1940 Nickels | |
Year | 1940 |
Denomination | 5 cents |
Designer | Felix Schlag |
Obverse Image | Portrait of Thomas Jefferson |
Reverse Image | Monticello |
Composition | 75% copper, 25% nickel |
Weight | 5.00 grams |
Diameter | 21.2 mm |
Edge | Plain (smooth) |
Mintmarks | None for Philadelphia), “D” for Denver, and “S” for San Francisco |
After its official appearance in 1938, this design was used for decades with slight changes. The pre-war composition of 75% copper and 25% nickel was used to manufacture the 1940 nickel in considerable quantities at three mints: Philadelphia, Denver, and San Francisco.
The Nickel 1940 and Its Collectible Value
The historical significance of the 1940 Jefferson nickel cannot be underestimated, but in most cases, the value of a 1940 nickel is affected by its elements in the first place. In fact, numismatists are able to estimate a coin's value more precisely if they are aware of its mintage, condition, key versions, and unique marks. A detailed explanation of the factors influencing the 1940 Jefferson nickel value may be found below.
Condition and Grading
A 1940 nickel's worth is largely dependent on its condition. So as to understand the possible price, it is reasonable to appeal to the Sheldon Scale to grade coins, as higher grades may fetch higher rates:
Grade | Description | Value |
Circulated (G-4 to VF-30) | Visible wear, details worn down | $0.25 – $2 |
Uncirculated (MS-60 to MS-65) | No wear, minor marks | $10 – $30 |
High-Grade (MS-66 or higher) | Superior luster and strike quality | $50+ |
Full Steps (MS-65) | At least five or six distinct, continuous steps | $50 – $150 |
Full Steps (MS-67) | Five or six distinct, continuous steps of an exceptional condition | $200+ |
Sometimes, people might wonder what is to affect the worth of a coin and if it is possible for a price to fluctuate over time. Yes, indeed, coin worth cannot be stable, and it necessarily reflects the current trends and market situation outside numismatics as well. Let us briefly cover which aspects to pay attention to and why it is worth doing it regularly.
Key Factors that Make the 1940 Nickel Special
Historical Significance: The 1940 nickel was struck shortly before the US entered World War II, though this could have been predicted ahead of these devastating events. This coin, as well as other relics of that time, portrays the last years of serenity before the needs of war changed the normal order of things (the coinage's composition included). This puts it among the last nickels made with the conventional copper-nickel alloy prior to the introduction of "war nickels" in 1942.
Classic Design by Felix Schlag: In 1938, there was announced the winner in the national competition of the Jefferson nickel design, and it was Felix Schlag. This work honors Thomas Jefferson's legacy by artfully featuring a left-facing face of Jefferson on the obverse and his residence, Monticello, on the reverse.
Transition in Coinage: In terms of US coinage, the 1940 Jefferson nickel represents an important moment of transition. Although the proportions remained at 75% copper and 25% nickel, the demands of World War II would soon require a brief change in composition. The 1940 issue is one of the final ones made before the US Mint switched from nickel to manganese and silver in order to preserve vital metals for the course of the war effort.
Accessibility and Affordability: Surprisingly enough, the 1940 nickel is still widely available and reasonably priced. For sure, it is a great place for collectors to start because it is comparatively easy to find in circulated grades. At the same time, experienced numismatists have the chance to seek out well-preserved instances thanks to the presence of higher-grade samples.
By the Way, How to Manage Your Collection? Here is THE Solution
Imagine having a vast collection of nickels. Sometimes, you might wish to review the 1940 nickel silver content, delve into its history once again, or simply discover new market trends so as to keep up with other numismatists. What should you use in this case? We would definitely recommend Coin ID Scanner, and we hope you will agree with us in the end.
One of the main advantages of a Coin ID Scanner is its accuracy and speed. First of all, collectors are free to identify their coins on the spot. Just take a picture of the coin, and the scanner will compare it with a large database of recognized kinds. No need to search through reference books or websites when you do not want to.
When it comes to detecting rare coins, modern ons like 2021 quarters, or minor variations that may be hard to spot with the naked eye, the tool's responsive system, which is to reveal the coin's date, origin, and prospective value, can be quite helpful. Besides, fake coins should no longer be a problem. The Coin ID Scanner app may swiftly detect discrepancies and anomalies that could be indicators of counterfeiting.
The 1940 nickels are always a great addition to any collection, be it comprised of historically valuable units or aesthetically captivating creations alike. The most important part is your own attitude and emotions you get as a result of a coin hunt. Enjoy your collection no matter what!
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