1939 1c-50c Proof Set, Reverse of 1940 Nickel, 5 Coins PR

By 1939, the cent and the nickel were in a race to see which coin was most popular with collectors. It is hard to imagine a time when the Jefferson nickel was a source of excitement, yet this type remained fairly scarce in circulation until 1940. The nation’s depression­-­wracked economy slowed the release of new coins, and Jeffersons were still a rare novelty in 1939. This undoubtedly led to the strong sales of Proof nickels for this date.

The 1939 Proof nickel is of interest to variety collectors, as it comes with two distinctive reverses. The original Jefferson nickel reverse of 1938 featured wavy and somewhat incomplete steps on Jefferson’s home, Monticello. The Mint’s engraving staff sharpened these steps sometime during 1939 by preparing an entirely new master hub, and both varieties may be found for Proofs and circulation pieces alike. Proofs having the sharpened steps, a variety known as the Reverse of 1940, are noticeably scarcer than those with the earlier reverse, and command a premium price.

Proofs of this date having some cameo contrast are rare, yet they seem to exist for all five denominations. This is more likely to be found on the silver issues, as the greater natural brilliance of silver provides for more noticeable contrast.

Source: Whitman