1939 D nickels having the old reverse comprise about one quarter of the overall population. This is probably not enough of a differential to carry a premium, and the value of such coins is based almost solely on their grades and whether or not they have full steps. Not surprisingly, this reverse subtype is very rare with even just 5FS.
The majority of 1939 D nickels have the sharpened reverse subtype known as the Reverse of 1940. This certainly improved the striking quality of the reverse, with the result that a small percentage of the certified total features five full steps (5FS).
Denver Mint coins of the late 1930s were generally well made, so gems of this issue are available to the advanced collector. Appreciation of this coin's low mintage was not great at the time, so no special effort was made to secure rolls beyond the usual level of interest. Mint State pieces are thus scarce in relation to other Jefferson Nickels, though not truly rare.
Mintage:
| Philadelphia | Denver | San Francisco |
| 120,627,535 | 3,514,000 | 6,630,000 |