Grading the 1939-D Nickel: The Difference Between $10 and $1,000

Historical Significance

The 1939-D Jefferson nickel stands as a fascinating chapter in American numismatics, particularly for collectors drawn to mint mark varieties. While most enthusiasts focus on standard issues from this year, the high D/misplaced mint mark variety has captivated serious collectors for decades. This intriguing variety occurs when the mint mark was punched into the die in an unusual position, creating a distinctive appearance that sets it apart from regular issues.

The Denver Mint produced millions of nickels in 1939, but only a small percentage exhibit this interesting mint mark anomaly. What makes this variety particularly compelling is its relative scarcity in circulation today, despite being struck over eight decades ago. The fact that examples continue to surface in bank rolls speaks to the enduring nature of this collecting pursuit.

Identifying Key Markers

When examining a potential 1939-D high D/misplaced mint mark variety, several key features must be evaluated. The most obvious characteristic is the position of the mint mark itself. On this variety, the “D” appears noticeably higher than normal, often appearing to float above its typical position relative to the date.

Beyond the mint mark position, collectors should examine the overall strike quality. The 1939-D nickels were generally well-struck, but circulation wear can obscure important details. The high points to examine include Jefferson’s hair above the ear, the bow on his collar, and the details on Monticello’s dome and pillars on the reverse.

Luster preservation is another critical factor. Original mint luster on these coins typically exhibits a satiny, frosty appearance. Any signs of cleaning, harsh dipping, or environmental damage will significantly impact both grade and value. The surfaces should be examined under proper lighting to detect any hairline scratches or other impairments.

Wear Patterns Analysis

Understanding wear patterns is essential for accurate grading. On the 1939-D nickel, wear typically begins on Jefferson’s hair and cheek, then progresses to the coat details and finally to the lower relief areas. The reverse follows a similar pattern, with the highest points of Monticello showing wear first.

For the high D variety specifically, the mint mark itself can show interesting wear patterns. Since the mint mark is punched into the die rather than part of the master hub design, it can exhibit unique characteristics. The edges of the “D” may show slight flattening or loss of definition depending on the die state and circulation wear.

Die state is particularly important for this variety. As mentioned in the forum discussion, later die state examples may show a cud (a raised area caused by a break in the die) near the “GOD WE” portion of the motto. This feature can help authenticate the variety and may even add to its desirability among specialized collectors.

Strike Quality Assessment

The strike quality of 1939-D nickels varies considerably. While the Denver Mint generally produced coins with good detail, the high D variety may show some weakness due to the die being retired early because of the die break mentioned earlier. This means that finding a sharply struck example with full details can be challenging.

When evaluating strike, pay particular attention to the steps on Monticello. Full Step (FS) examples command significant premiums, though the high D variety with a die break may rarely be found with full steps due to the early retirement of the die. The horizontal lines on the steps should be complete and well-defined where present.

The mint mark itself should be sharply punched with clear, distinct edges. Any blurring or mushiness in the mint mark could indicate a altered or counterfeit example, though this is rare for this particular variety.

Eye Appeal Considerations

Eye appeal encompasses several factors that go beyond technical grade. For the 1939-D high D variety, collectors should consider the overall balance of the coin. Is the toning even and attractive? Are there any distracting marks or spots? Does the coin have a certain “presence” that makes it stand out?

Many 1939-D nickels toned naturally over the years, developing shades of gray, gold, or even rainbow hues. While some collectors prefer original, untoned coins, others appreciate attractive, even toning. The key is that any toning should be natural and not the result of environmental damage or artificial processes.

The coin’s pedigree can also impact eye appeal from a collector’s perspective. Examples with interesting provenance or those that have been part of notable collections often carry additional appeal beyond their technical merits.

PCGS/NGC Standards

When submitting a 1939-D high D variety to professional grading services like PCGS or NGC, several factors come into play. Both services recognize this variety and will attribute it appropriately on the holder. However, the technical grade assigned will depend on the same criteria used for standard 1939-D nickels.

For circulated examples, the grading scale follows standard numismatic practice. A coin in About Uncirculated (AU) condition might grade AU-50 to AU-58, with the higher numbers indicating less wear and better eye appeal. The forum discussion mentioned a PCGS XF-40 example selling for $1,080, which provides a benchmark for valuation at that grade level.

Uncirculated examples would be graded on the 70-point Sheldon scale, with Mint State (MS) coins ranging from MS-60 to MS-70. For the high D variety, MS examples are exceptionally rare, particularly those with the die break feature. The mention of a bounty offered by Q. David Bowers for a mint state example underscores just how scarce high-grade specimens are.

Value Guide

The value of a 1939-D high D/misplaced mint mark nickel varies dramatically based on condition. As discussed in the forum, examples have sold for anywhere from around $190 to over $1,000. The $1,080 price mentioned for a PCGS XF-40 example represents a strong market, though the forum participants noted this might be an outlier.

For a coin in similar condition to the one shown in the photos (which appears to have some wear and handling marks), a value in the $100 range seems reasonable, as one collector suggested. This assumes the coin is authentic and properly attributed.

The rarity of this variety in higher grades cannot be overstated. While circulated examples do appear with some regularity, finding one in Mint State condition with the characteristic die break is exceptionally difficult. This scarcity in top grades drives the premium values seen at auction.

Authentication and Attribution

Authenticating the 1939-D high D variety requires careful examination. The position of the mint mark is the primary identifier, but counterfeiters have become increasingly sophisticated. Professional authentication is recommended, especially for higher-value specimens.

Attribution involves not just confirming the variety but also noting any additional characteristics like the die break mentioned. Some collectors specialize in this particular die state, making coins with the cud feature particularly desirable within the niche market.

The fact that this variety was found in circulation in 2024, as mentioned by the original poster, demonstrates that significant finds are still possible. Bank roll searching remains a viable strategy for discovering these varieties, though patience and a keen eye are essential.

Collecting Strategies

For collectors interested in the 1939-D high D variety, several approaches are possible. Some focus on acquiring the best possible example within their budget, while others might seek to collect different die states or examples with varying degrees of the characteristic die break.

Given the discussion about the coin being found in a roll from Chase Bank near Dallas, Texas, it’s worth noting that regional variations in circulation can impact the availability of certain varieties. Some areas may yield more examples of particular varieties due to local banking patterns and coin distribution.

Networking with other collectors, as demonstrated in this forum discussion, remains one of the best ways to learn about these varieties and potentially discover new examples. The collective knowledge of the numismatic community is invaluable for both novice and experienced collectors.

Conclusion

The 1939-D Jefferson nickel with the high D/misplaced mint mark variety represents an exciting area of specialization within Jefferson nickel collecting. From its distinctive mint mark position to the potential presence of a die break, this variety offers collectors multiple points of interest.

While values can range from a hundred dollars to over a thousand depending on condition, the true appeal lies in the historical significance and the challenge of finding well-preserved examples. As demonstrated by the ongoing forum discussion spanning years, this variety continues to captivate collectors and occasionally rewards patient searchers with unexpected discoveries in circulation.

For those fortunate enough to find one of these varieties, proper attribution, authentication, and grading are essential steps. Whether kept as a prized addition to a collection or sold to fund other collecting pursuits, the 1939-D high D nickel remains a fascinating piece of American numismatic history that connects us to the minting practices of the late 1930s.

Related Resources

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