1940 Reverse of 1938 Proof

The 1940 Reverse of 1938 proof Jefferson nickel is a transitional variety in which the Mint briefly used old Reverse of 1938 hubs to produce a small number of 1940 proofs before switching to the standard Reverse of 1940 configuration. The variety is scarce and commands significant premiums among specialists who track reverse sub-types in the Jefferson proof sub-series.

Identification requires comparing the reverse detail to reference images of the two sub-types. The Reverse of 1938 shows softer step detail and less crisp column definition than the Reverse of 1940, allowing experienced specialists to distinguish the varieties through careful examination. Certification from PCGS or NGC provides reliable attribution for collectors pursuing the variety at premium pricing.

The 1940 Reverse of 1938 proof is one of the defining rarities of advanced Jefferson nickel proof collecting. Surviving populations are very limited, and high-grade examples command four-figure prices at major auctions. The variety documents the Mint's occasional use of older hub configurations even after newer versions had become standard, a pattern of hub and die management that creates collecting opportunities for variety specialists.