6 Rare 1940s Jefferson Nickels
Most Jefferson nickels are worth only 5 cents.
However, some nickels from the 1940s have become highly collectible because of their silver composition, low populations in top grades, famous varieties, or the coveted Full Steps (FS) designation.
If you’ve inherited an old coin collection or have a jar of vintage nickels, here’s what to check before spending them.
๐ Why Are Some 1940s Jefferson Nickels Valuable?
Collectors usually pay premiums for nickels that have:
โ Wartime silver composition
โ Rare die varieties
โ Full Steps designation
โ Exceptional Mint State grades
โ Original surfaces with no cleaning
The combination of rarity and condition determines most of a coin’s value.
๐ฅ 1. 1940-S Jefferson Nickel
The 1940-S Jefferson nickel is a popular early issue from the San Francisco Mint.
Although many survive today, examples with sharp strikes and Full Steps are much harder to find.
๐ What to Look For
โ “S” mint mark
โ Sharp Monticello details
โ Strong luster
โ Complete Full Steps
Certified high-grade examples can command strong collector premiums.
๐ฅ 2. 1942 Wartime Jefferson Nickels
The year 1942 is especially interesting because it includes both standard nickels and the beginning of the wartime silver alloy series.
Beginning later in 1942, wartime nickels were struck with:
๐ช 35% Silver
๐ช 56% Copper
๐ช 9% Manganese
๐ How to Identify Wartime Silver Nickels
โ Large mint mark above Monticello
โ Date 1942โ1945
โ Silver-colored edge (no copper stripe)
These coins remain popular because of both their silver content and historical significance.
๐ฅ 3. 1943-P Jefferson Nickel
The 1943-P wartime silver nickel was struck in Philadelphia.
One unique feature is the large “P” mint mark above Monticelloโthe first time a “P” mint mark appeared on a circulating U.S. coin.
Collectors often seek examples with:
โจ Bright luster
โจ Full Steps
โจ Minimal contact marks
๐ 4. 1944-S Jefferson Nickel
The 1944-S silver wartime nickel remains a favorite among collectors.
Why It’s Popular
๐๏ธ Wartime history
๐ช Silver alloy
โญ Full Steps examples
๐ High-grade certified coins
Ordinary circulated coins are common, but exceptional examples are much scarcer.
โญ 5. 1945-P Jefferson Nickel
The final wartime silver Jefferson nickel was struck in 1945.
Collectors look for:
โ Large mint mark above Monticello
โ Original surfaces
โ Strong strike
โ Full Steps
Well-preserved examples are especially desirable.
๐ 6. 1946-S Jefferson Nickel
The 1946-S marks the return to the regular nickel alloy after World War II.
Although common in circulated grades, certified high-grade Full Steps examples remain challenging to locate.
Collector Checklist
โ Sharp strike
โ Original luster
โ Complete steps
โ No cleaning
๐ช What Are Full Steps Nickels?
One of the most important qualities collectors search for is the Full Steps (FS) designation.
Look at the reverse of the coin.
At the bottom of Monticello, you should see:
โ Five or six complete step lines
โ Clear separation
โ No major interruptions
Because many nickels were weakly struck, true Full Steps coins are much less common.
๐ How to Check Your Jefferson Nickels
โ Step 1: Check the Date
Focus on:
๐ 1940โ1946
๐ Wartime years (1942โ1945)
โ Step 2: Find the Mint Mark
Look for:
P = Philadelphia
D = Denver
S = San Francisco
Wartime nickels have a large mint mark above Monticello.
โ Step 3: Examine the Steps
Use a magnifying glass or phone camera.
Look for complete, uninterrupted step lines.
โ Step 4: Search for Mint Errors
Collectors also watch for:
๐ช Doubled dies
๐ช Repunched mint marks
๐ช Die cracks
๐ช Off-center strikes
โ Step 5: Never Clean Your Coin
Cleaning often lowers collector value.
Always leave the coin in its original condition.
โ Step 6: Have Valuable Coins Graded
If your coin appears unusual or exceptionally well preserved, consider submitting it to:
โ PCGS
โ NGC
Professional grading confirms authenticity and condition.
โ ๏ธ Common Mistakes to Avoid
โ Cleaning old nickels
โ Ignoring the Full Steps
โ Confusing circulation wear with mint errors
โ Assuming every wartime nickel is rare
โ Buying expensive raw coins without authentication
โ Frequently Asked Questions
Are all 1940s Jefferson nickels silver?
No. Only wartime nickels struck from late 1942 through 1945 contain 35% silver.
What is a Full Steps nickel?
It is a Jefferson nickel with clearly defined, uninterrupted steps on Monticello.
Are wartime nickels worth saving?
Yes. Their silver content and collector demand make them worth keeping.
Should I clean an old nickel?
No. Cleaning usually reduces collector value.
Where can I have a rare nickel graded?
Trusted grading services include PCGS and NGC.
๐ Final Thoughts
Jefferson nickels from the 1940s are an exciting part of American coin collecting.
While most are worth only modest premiums, wartime silver nickels, Full Steps examples, and genuine error coins continue to attract strong interest from collectors.
Before you spend your next old nickel, take a closer lookโyou may discover a fascinating piece of U.S. history. ๐ชโจ
