The 1940 Jefferson nickel is a key coin in U.S. history, replacing the Buffalo nickel that was in circulation for 25 years. This coin, featuring President Thomas Jefferson, became popular among collectors due to its unique design by Felix Schlag. With millions minted at the Philadelphia Mint, the 1940 edition is especially intriguing for collectors.
Historical Context
The Jefferson nickel was first introduced in 1938 after the U.S. Mint encountered difficulties with the Buffalo nickel’s production. To create a more efficient coin, a design competition was held in 1937, and Felix Schlag’s design was chosen. His design featured a portrait of Thomas Jefferson and his home, Monticello, on the reverse. The 1940 nickel marked the third year of production and saw a high mintage of about 176 million coins at the Philadelphia Mint.
Design Features
- Obverse (Front): The front of the 1940 Jefferson nickel displays a left-facing portrait of President Thomas Jefferson.
- Reverse (Back): The back of the coin features an image of Monticello, Jefferson’s Virginia home.
- Edge: The coin has a smooth edge with no inscriptions or lettering.
- Designer: Felix Schlag, whose initials did not appear on the coin until 1966.
Specifications
| Year | Denomination | Mint Mark | Mintage | Alloy | Weight | Diameter |
|---|---|---|---|---|---|---|
| 1940 | 5 Cents (USD) | None (Philadelphia) | 176,485,000 | 75% Copper, 25% Nickel | 5.00 grams | 21.21 mm |
Value Assessment
The value of a 1940 Jefferson nickel largely depends on its condition:
- Circulated Condition: Worth between $0.10 to $0.90.
- Uncirculated Condition:
- MS61 grade: Around $1.30.
- MS63 grade: Approximately $5.
- Gem condition: Can be significantly higher.
Grading Criteria
To assess the value and condition of the 1940 Jefferson nickel, collectors consider the following:
- Obverse Details: Minimal wear on Jefferson’s hair and sharp details near the eye indicate a higher-grade coin.
- Overall Appearance: Little to no wear around the collar and shoulder areas.
- Mint State (MS) Coins: These are uncirculated coins that have retained their original luster and show no signs of use.
Collectability and Demand
Though the 1940 Jefferson nickel had a high mintage, it remains a popular collectible because of its historical background. While some collectors may prefer coins from rarer years or with unique mint errors, the 1940 edition is valued for its connection to American heritage.
Market Trends
The coin market, particularly for mid-20th century coins like the 1940 Jefferson nickel, has remained steady. However, prices can fluctuate based on collector demand and economic trends. Buyers and sellers are advised to stay updated on market conditions and consult reputable dealers.
Conclusion
The 1940 Jefferson nickel holds a significant place in U.S. numismatic history, both for its design and its connection to the country’s past. With millions minted, this coin is easily accessible to new collectors while still offering historical value to experienced numismatists. Whether you’re looking to start a collection or add to one, the 1940 Jefferson nickel provides an affordable and meaningful piece of American history.
FAQ’s
How can I tell if my 1940 Jefferson nickel is valuable?
The value of your 1940 nickel depends on its condition. Uncirculated coins with minimal wear and good luster can be worth more, especially in higher grades.
Where was the 1940 Jefferson nickel minted?
The 1940 Jefferson nickel was minted in Philadelphia, which is why it lacks a mint mark.
How many 1940 Jefferson nickels were produced?
Approximately 176 million 1940 Jefferson nickels were struck at the Philadelphia Mint.