Owner Comments:
Name: Stairway to Heaven
Mintage: 39.7 Million
Full Step Availability: 10%
Date/mm Information: Bowers characterized most 1940-S's as having problems of one sort or another-erratic luster, weak details, subpar eye appeal.
Coin Description:
The obverse boasts an almost iridescent lavender cast over incredible boldly impressed and stunningly lustrous surfaces. There are three severe die cracks on this coin which indicates that it is from a late die state. This may be the most well struck LDS Jefferson in existence and the strike would compete with most EDS coins as well.
Comments:
Having acquired my 6 step 1940-D and 1940 in March 09 & July 09 respectively, I prepared for a long search to find an MS66 full step 1940-S. To my delight and surprise, I purchased an MS67 5FS that hit the market and was auctioned by Teletrade in August 2009 where I paid a scant $220 to obtain it. The PCGS collectors didn't want it, and nobody seemed willing to bid more than MS66 PCGS price guide. The large majority of my collection was obtained by paying substantial premiums. I considered the coin to be one of the few bargains for the following reason. The exact same coin was auction via Heritage in the 2008 January FUN Sale in Orlando where it realized a price of $1,150. At the time, I never even considered that I would upgrade from an MS67 5FS until the current offering appeared in the 2011 FUN Sale. When viewed side by side, the magnitude of this coin and the visual presence that is created by the strike and luster separates the quality of the two coins with just a casual glance. In essence this coin is unimprovable.
This coin also displays what Bernard Nagengast calls the "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."