It definitely appears to be a 39. The top bar of the grill is narrow. 40's are about an inch deeper. The 39's are rarer than the 40's in terms of production numbers. I did a check and this would be a rare truck, whatever configuration it ultimately was.
According to my calcs (if I can still add right) there were a total of 4239 COEs total made in 1939. By comparison there were about 11,000 three quarter ton pickups alone built the same year.
Early Chevy Production Numbers This truck is worth keeping just because the trim is relatively intact. Sheet metal can be fixed, frames can be found, 216's are everywhere, but the trim is the impossible stuff to find - especially that grill.
Some other things to keep in mind. The carb for a COE is supposed to be an updraft carb (fussy at best). 216 was the only engine Chevy made and if the engine is in it check for the following casting numbers to see if it original:
Block Casting Number 838941
Head Casting Number 838773
That would add to value as a restorer.
Good luck. 39's are the best! (okay i'm biased) If I think of anything more, I'll post it.
