Owner Comments:
Collector interest in 1940 picked up a bit with a production of 14,158 proof pieces from Philadelphia. Most proof pieces were minted exquisitely, but few superbly eye appealing specimens remain. Like many early proof Jefferson nickels, many pieces have been impaired from improper storage and mild to harsh wiping or cleaning. However, some exquisitely toned pieces exist, though they are few and far between. Coins exhibiting some degree of cameo are also quite rare, many of which are cameo on one side (most commonly the obverse), but with a handful showing cameo contrast on the obverse and reverse. PCGS and NGC combined have only designated six coins as having cameo contrast, while ANACS reports none. And if the ANACS reports are any indication, six step examples of the proof pieces are not terribly common – around 15-20 percent of the total.
What happened with proof nickels of 1940 is even more surprising, however, than what happened in 1939. (Recall the rare “reverse of 1940” proofs of 1939.) Most peculiarly, approximately 500 to 1,000 1940 proof nickels bear the reverse of 1938! Whatever possessed the Mint to use such an odd marriage of dies is a mystery today. Since this is not a transitional piece, as is the 1939 reverse of 1940 proof nickel, this coin is nearly a “mule,” being from an inappropriate die marriage. Nevertheless, this nickel repeats the identical type as the proof of 1938.
Alas, the unusual reverse is said to have been discovered by Mr. Bill Fivaz at the same coin show in the 1970s that Mr. Tom Miller discovered the reverse of 1940 proof of 1939! Such are the wiles of collecting and the common latency of discovery in the Jefferson nickel series! Just as with proof nickels of 1939, reverse of 1940, I believe that the 1940 reverse of 1938 proofs are a bit undervalued at this time. Astute collectors will still seek exquisite pieces lurking in dealer cases, and don’t forget to look inside of slabs for misattributed pieces.
The current piece was spied undergraded in an ANACS holder as a PF64. Moreover, this coin has excellent surfaces, with only some light marks in the reverse field below Monticello that limit the grade. The color is outstanding, and boast the original nature of the coin. A prize in any grade for this uncommon variety.