The 1940 Jefferson Nickel holds a special place for collectors, combining historical significance and design appeal. This guide covers its history, design features, values by condition, and other important information for collectors.
History of the 1940 Jefferson Nickel
The Jefferson Nickel replaced the Buffalo Nickel in 1938, marking a new chapter in American coinage. The U.S. Mint held a design competition in 1937 to honor Thomas Jefferson, the third U.S. President, with a coin. Sculptor Felix Schlag won with a design that featured Jefferson on the front and his Virginia estate, Monticello, on the back. Over 176 million of these coins were minted in Philadelphia in 1940, making it the third-highest mintage of its kind during that decade.
Design Features of the 1940 Jefferson Nickel
| Feature | Description |
|---|---|
| Obverse | Left-facing portrait of Thomas Jefferson based on a bust by Jean-Antoine Houdon. Inscriptions include “IN GOD WE TRUST” on the left, “LIBERTY” and the date “1940” on the right. |
| Reverse | Monticello, Jefferson’s estate, is shown with a flat front view. The phrases “E PLURIBUS UNUM,” “MONTICELLO,” “FIVE CENTS,” and “UNITED STATES OF AMERICA” appear around the building. |
| Edge | The edge of the 1940 Jefferson Nickel is plain with no inscriptions. |
Value of the 1940 Jefferson Nickel
The value of a 1940 Jefferson Nickel largely depends on its condition. Here’s a breakdown of its value by different categories:
| Condition | Description | Estimated Value |
|---|---|---|
| Circulated | Shows significant wear from being in circulation. Common and valued around face value. | Face value |
| Uncirculated | “Raw” uncirculated coins in excellent condition but not graded. | $1.50 to $15 |
| **Certified Mint State (MS65+) | Coins graded by CACG, NGC, or PCGS at MS65 or above. | $15+ for MS65, $100+ for MS67 |
| Full Steps Designation (FS) | Clear steps visible on Monticello; rare and more valuable. | $100-$6,000+ depending on grade and quality |
Collecting Full Steps Jefferson Nickels
A unique aspect of Jefferson Nickel collecting is the “Full Steps” designation. This label is given to coins where the steps of Monticello are fully struck and clearly visible, which is difficult to achieve due to the striking process. Full Steps coins from 1940, especially those graded MS68, are among the most valuable, with some examples selling for over $6,000.
Notable Auction Sales of the 1940 Jefferson Nickel
Here are some notable sales of high-grade 1940 Jefferson Nickels with the Full Steps designation:
| Grade | Auction House | Sale Date | Sale Price | Description |
|---|---|---|---|---|
| PCGS MS68FS | Legend Auctions | Dec 16, 2021 | $3,172.50 | Light golden toning. |
| PCGS MS68FS | Legend Auctions | Feb 25, 2021 | $3,525.00 | Secure Shield holder. |
| PCGS MS68FS | Legend Auctions | Aug 27, 2020 | $4,230.00 | Rainbow toning. |
| PCGS MS68FS | Heritage Auctions | Mar 3, 2016 | $6,462.50 | Nearly flawless. |
| PCGS MS67FS | Heritage Auctions | Nov 7, 2017 | $234.00 | Sharp Full Steps. |
Conclusion
The 1940 Jefferson Nickel is a great coin for collectors at all levels. Its accessible price in circulated or lower mint states makes it a good starting point for new collectors, while rare Full Steps coins offer value for advanced collectors. The 1940 Jefferson Nickel not only commemorates an American icon but also captures a unique time in U.S. coin history. With its enduring design and historical significance, this coin continues to be a valued part of many collections.
FAQ’s
What is a “Full Steps” Jefferson Nickel, and why is it valuable?
A Full Steps Jefferson Nickel shows clear, fully struck steps on Monticello. This detail is rare and adds significant value to the coin, especially in high grades.
How much is a 1940 Jefferson Nickel worth?
Circulated 1940 Jefferson Nickels are generally worth face value. Uncirculated and certified versions can range from $1.50 to $15, while high-grade Full Steps versions may be worth $100 to $6,000+.
Who designed the 1940 Jefferson Nickel?
The 1940 Jefferson Nickel was designed by Felix Schlag, a German-American artist who won a 1937 design contest to honor Thomas Jefferson and his Monticello estate.