The Complete 1939 Nickel Value Guide

The 1939 Doubled Monticello is one of only three major doubled die varieties in the entire Jefferson nickel circulation-strike series — the others being the 1943 Doubled Die Obverse and the 1945 Doubled Die Reverse. It occurred during the traditional hub-and-die manufacturing process when the working die was impressed twice by the master hub, with the second impression landing at a slight angular offset from the first. This created permanent doubling in the die itself, which then transferred to every coin struck from that die.

Identification is straightforward even without magnification. Look at the reverse legends: "FIVE CENTS" shows bold, clearly separated doubling shifted toward the south-east, and "MONTICELLO" shows a secondary impression offset to the east. The doubling affects both the text and portions of the Monticello building outline. A 5–10× loupe reveals the full extent; on the strongest examples, each letter appears to have a distinct ghost alongside it.

Collector demand is exceptionally strong because this is one of the boldest, most accessible doubled dies in 20th-century U.S. coinage — the effect is visible to the naked eye, making it a variety that beginning and advanced collectors can both appreciate. Values begin at roughly $6 in worn grades and climb steeply through circulated grades ($90–$250 in Fine–AU), reaching $375–$3,000 in Mint State. Full Steps examples in this variety are especially coveted, with values from $500 to over $23,500 for the finest known.

The Quadrupled Die Reverse (FS-802) represents an extreme manufacturing anomaly where the master hub struck the working die four separate times, each at a slightly different rotational alignment. This compounding mis-alignment multiplied the doubling effect far beyond what any standard doubled die produces. The result is design elements that appear swollen, extra-thick, and distinctly layered under magnification.

The quadrupling is most visible on the reverse peripheral legends — "E PLURIBUS UNUM," "UNITED STATES OF AMERICA," "MONTICELLO," and "FIVE CENTS" all show the characteristic extra thickness. Under a 10× loupe, experienced variety specialists can see up to four discrete impressions stacked within each letter stroke, creating an almost sculpted or raised-relief effect far exceeding standard doubled die appearance.

This variety is considerably rarer than the Doubled Monticello (FS-801) and commands a firm premium in all grades. Only a handful of quadrupled die varieties are known in the entire Jefferson nickel series, placing FS-802 among the most significant die production anomalies of the pre-war era. Values in circulated grades are estimated at $155 to $400, with Mint State examples reaching $400–$775 or more for choice specimens. Population data is thin, so exceptional examples may exceed current price guide levels at auction.

In 1939, mint marks were not centrally punched into the master hub at Philadelphia — instead, workers at each branch mint manually applied the "D" or "S" mint mark punch directly into each working die. When an initial punch placement was judged unsatisfactory (off-center, tilted, or too shallow), the worker would attempt a second punch, invariably at a slightly different position. The resulting die produced coins showing two distinct, overlapping mint mark impressions.

On the 1939-D RPM variety (VP-001), the secondary "D" impression is visible to the north, south, east, or west of the primary mark depending on the specific sub-variety. Under a 5–10× loupe, look to the right of Monticello for a "D" with what appears to be a second "D" partially overlapping it. The secondary impression may appear as a partial serif, an extra curve, or a distinct second letter outline, depending on the amount of offset between the two punches.

Repunched mint marks are actively collected across the Jefferson nickel series, but the 1939-D RPM carries extra significance because the 1939-D is already a semi-key date with low mintage. An RPM on a coin that commands premiums at every grade level means the variety bonus compounds on an already-desirable base coin. Collectors hunting uncirculated rolls for 1939-D RPMs have found that even moderately circulated examples are worth multiples of a regular 1939-D in the same grade.

Off-center strikes occur when a planchet is not properly positioned in the striking collar at the moment of impact. When the dies close, part of the coin's design area falls outside the planchet, resulting in a coin where the design appears shifted to one side and a crescentshaped area of plain metal is visible on the other side. Dramatic off-center strikes — those showing 10% to 50% off-center — are the most collectible and command the highest premiums.

On a 1939 nickel, an off-center strike is visible immediately: Jefferson's portrait or Monticello will appear shifted significantly from center, and a plain unstruck area of metal will be visible at the opposite edge. For maximum value, the date "1939" must remain visible within the struck portion — coins where the date is missing command far lower prices. Collectors also prefer examples where the overall design elements visible are sharp and well-struck within the impacted area.

Values depend entirely on the percentage of off-center displacement and whether the date is fully visible. Minor off-center examples (2–5%) carry only modest premiums of $25–$50. A 10–20% off-center with visible date elevates to $75–$200 range. Dramatic examples at 30–50% off-center with visible date can fetch $200–$500 or more. The 1939 date has the advantage of collector recognition — buyers readily understand why this pre-war off-center is desirable, supporting strong prices at specialty error-coin auctions and on dealer networks.

The Philadelphia Mint struck only 12,535 proof nickels in 1939 — the lowest proof mintage in the entire Jefferson nickel series. These were specially produced for collectors on polished planchets using highly prepared dies, resulting in coins with glass-smooth mirror fields and sharply frosted design devices. Unlike business strikes, proofs were struck multiple times at reduced pressure to ensure all design details transferred completely.

The 1939 proof exists in both reverse types, and this is where dramatic value differences emerge. The Reverse of 1938 proof accounts for the vast majority of the 12,535 total — approximately 9,500 survive today according to population estimates. The Reverse of 1940 proof is an extreme rarity estimated at only a few dozen surviving specimens. Experts at NGC and PCGS confirm the Proof Rev of 1940 as one of the scarcest and least-understood varieties in Jefferson proof numismatics.

Cameo (CAM) and Deep Cameo (DCAM) designated proof examples — those showing strong frosted contrast between devices and mirror fields — carry the highest premiums. A 1939 Proof Rev of 1940 Cameo example sold at auction for $10,350 in August 2016 according to coins-value.com research. Standard Rev of 1938 proofs in PR65 are valued around $125–$400, while the Rev of 1940 proof in PR67 is estimated at $7,500–$8,800+ by NGC price guides.