Obtained a 1939 Rev of 40 Jefferson Nickel from Heritage Rare Coins for $99. This coin will not compete in my registry collection.

This auction was won using a max bid of $135.

1939 5C Reverse of 1940 MS66 Full Steps NGC. NGC Census: (28/9). PCGS Population (107/14).

Seller: Heritage Rare Coin Auctions

Tuesday Internet Coin Auction #210111 Lot #20677

Auction Ended On: Nov 2, 2010

Coin Description:

Delicate grey-gold patina rests over smooth well struck lustrous surfaces. A few significant marks including one on Jefferson's cheek limit the grade and the steps are indisputable and grade 6-5-5-6 by the quarterstep method. A curious luster effect exists in fields that seems to frame the devices.

Comments:

This coin will not be part of my registry collection but I purchased it for two primary reasons. The first reason is that the 1939 Rev of 40 nickels are much more scarce in full steps than the books would have you believe. The book states that 1 in 5 (20%) will have 5FS, yet the population reports support that the actual percentage is closer to 7%. I believe that this example is a PQ representative for the grade and would be a fine example if I ever decide to assemble a full step only collection.

The second reason for purchasing this coin is related to the luster effect that I mentioned in my description of the coin. Nagengast spoke of a "halo effect" in THE JEFFERSON NICKEL ANALYST. Nagengast writes:

"A curious luster contrast is frequently encountered on San Francisco minted Jefferson Nickels through 1954. This luster contrast is circular in nature, and is apparently the result of uneven die wear or die polishing or even a combination of the two. Often heavy metal flow lines are present, especially around the letters and devices. The "halo effect" is especially common on 1939 through 1941 issues."

I own several San Francisco minted nickels that display the "halo effect" including a 1941-S Large S, but this coin which displays the same "halo effect" was minted in Philadelphia. And while I have seen the effect on before on "P" mint coins, it has never been this pronounced.