1939-D Jefferson Nickel: The $5+ Key Date of 1939
Coin Encyclopedia · 8 min read · Published November 7, 2026
The 1939-D Jefferson nickel is a key date, and the reason fits in one number: 3,514,000. That is the smallest of the 1938–1939 Denver and San Francisco runs in our catalog, smaller than the 1938-D at 5,376,000 and the 1938-S at 4,105,000, and it is the number that makes this date different from its neighbours. Our guide records $5+ even worn for the 1939-D, which is the key-date test in one figure: a worn example is worth more than a worn example of any other 1938–1939 branch-mint date, and an uncirculated one with Full Steps is worth considerably more again.
That standing is worth understanding. A key date is not a rarity. It is a date that is scarce in every grade, and the 1939-D is scarce in every grade because the run was small and the coins went to work. Denver’s 1939 nickels went into circulation in the Mountain West, where five-cent pieces worked hard, and they stayed there. A 1939-D with a full date and a clear D is already a survivor. One with full steps as well is a coin to keep.
The key-date test — $5+ even worn
Our guide lists the 1939-D among the key dates of the nickel series, alongside the 1885, the 1912-S, the 1926-S, and the 1950-D. That is rare company, and it is the company that decides how a date is treated: a key date is checked first, kept first, and certified first. The $5+ worn floor is the practical form of that standing. A common-date Jefferson nickel worn is a five-cent coin. A 1939-D worn is a $5+ coin, and the difference is the mintage and the mint mark, not the metal.
It helps to put the number beside the series around it. The Jefferson nickel has run since 1938, and most dates were struck in the tens or hundreds of millions. The 1939-D sits at the low end of that range, and it sits there in the second year of the design, when collectors were not yet saving rolls. In 1939 nobody set aside mint bags of nickels. The coins went to work, and they stayed in circulation until there was almost nothing left of the design.
Full Steps — the premium on top of the grade
At the base of Monticello there are steps, and on a sharply struck Jefferson nickel they are fully separated, with clean lines between them. Collectors call that Full Steps, and it earns a big premium, because most Jefferson nickels were struck with the steps partly merged. The steps are the grading story of the whole series: a coin can be uncirculated and still lack Full Steps, and a coin with Full Steps is worth more than the same grade without them.
On the 1939-D, Full Steps matters more than on most dates, because the date is already a key date and the premium stacks. A 1939-D in Mint State without Full Steps is a good coin. The same coin with Full Steps is a much better one, and the difference is visible in seconds: hold the coin under a loupe, find the steps at the base of Monticello, and count the lines. If they run clean and unbroken across the whole width, you are holding a Full Steps coin. If they merge or fade in the middle, you are not, and no amount of careful handling will change it.
What our value guide records for this date
Our value guide has not yet researched the 1939-D grade by grade, so the table below is all dashes for now. That is the honest position: the catalog reviewed November 5, 2026, records the mintage and nothing else for this date, and we will not fill the grades with figures borrowed from elsewhere. The table will be completed as the grade-by-grade research lands.
| Grade | Estimated value |
|---|---|
| Good (G-4) | — |
| Fine (F-12) | — |
| Extremely Fine (XF-40) | — |
| About Uncirculated (AU-50) | — |
| Mint State 60 (MS-60) | — |
| Mint State 65 (MS-65) | — |
The mintage is the fact that carries this page, and it is a solid one: 3,514,000 struck at Denver in 1939. That is fewer than the 1938-D at 5,376,000 and the 1938-S at 4,105,000, and it is the main reason the date commands respect in every grade. The worn floor our guide carries for the date is $5+, and the key-date standing is the reason: a date that is scarce worn is scarce in every grade, and the 1939-D is scarce worn.
Reading the D on a worn coin
The mint mark is the whole attribution, and it lives in a small, specific place: on the reverse, to the right of Monticello. A D means Denver, an S means San Francisco, and no mark means Philadelphia. It is a small letter and it wears early, so check it under a loupe with the light raking across the surface from the side. Do not confuse it with the wartime silver nickels of 1942–1945, where the mint mark is a large letter above the dome: that oversized mark is the silver test, and it belongs to a different set of years entirely.
Once the D is confirmed, read the date. The date sits on the obverse, and on a 1939-D that spent decades in circulation it can wear soft. If all four digits are clear and the D is readable, the coin has already survived the two hardest tests in the series. Photograph both sides before you handle it further, and keep the photos with the coin’s story: where it came from, who held it, and what you found.
The coin at a glance
The Jefferson nickel is 75% copper and 25% nickel, weighs 5.0 grams, measures 21.2 millimetres across, and has a plain edge. There is no precious metal in this coin, and the metal floor is —, because there is no metal floor to show: a worn common-date Jefferson nickel is a five-cent coin, and a worn 1939-D is a key date, and the difference is the mintage and the mint mark, not the metal. The design is Thomas Jefferson on the obverse and Monticello, his home, on the reverse, and it has been the five-cent piece since 1938.
Handling, storage, and getting a second opinion
Hold the coin by its edge, never across the faces, and never clean it. Cleaning strips the original surface and leaves hairlines that a grader will spot at once, and on a Jefferson nickel those hairlines can be mistaken for wear on the steps. Keep the coin in an acid-free flip or a proper holder, away from humidity, and do not store it loose with other coins where the date can rub away further. If the coin looks uncirculated, or if the steps are fully separated, a professional opinion from PCGS or NGC is worth the fee: certification settles the grade and the Full Steps designation in one step, and on a key date that certainty matters.
Latest reported results for this coin
Checking for newly reported results…
Your 1939-D questions, answered
How much is a 1939-D Jefferson nickel worth worn?
Our guide records $5+ even worn for the 1939-D, which makes it a key date: a worn example is worth more than a worn example of any other 1938–1939 branch-mint date. The worth of any single coin still depends on its condition and strike.
Why is the 1939-D a key date?
Because Denver struck only 3,514,000 in 1939, the smallest of the 1938–1939 Denver and San Francisco runs in our catalog. Our guide lists the 1939-D among the key dates of the nickel series, alongside the 1885, the 1912-S, the 1926-S, and the 1950-D.
How many 1939-D Jefferson nickels were struck?
Denver struck 3,514,000 in 1939. That is fewer than the 1938-D at 5,376,000 and the 1938-S at 4,105,000, and it is the main reason the date commands respect in every grade.
Where is the mint mark on a 1939-D Jefferson nickel?
On the reverse, to the right of Monticello. A D means Denver, an S means San Francisco, and no mark means Philadelphia. On the wartime silver nickels of 1942–1945 the mint mark is different: a large letter above the dome.
What are Full Steps on a Jefferson nickel?
Full Steps means the steps at the base of Monticello are fully separated, with clean lines between them. Jefferson nickels with fully separated steps earn big premiums, because most were struck with the steps partly merged. A 1939-D with Full Steps is worth considerably more than the same grade without them.
Does our value guide list estimates for the 1939-D yet?
Not yet. All six grades currently show “—” in our catalog, reviewed November 5, 2026. We show the gap rather than guessing, and the table will be completed as the grade-by-grade research is done.
Check your 1939-D
Run the date and mint mark through the free Coin Value Checker for an instant estimate, or get a Grade-or-Not verdict on whether your coin is worth certifying. The full series guide is here: Nickel Values: 5¢ Coins Worth Up to $4.56 Million.
This guide is for learning and collecting, not financial advice. Every estimate here comes from our own researched catalog, and the real worth of any single coin depends on its condition, its strike, and the market on the day you hold it.
This guide is for education — learn the coin first, and get a professional opinion before buying or selling.
