In the early days of full step nickel collecting they would have been fussy about the "bridge" on the 3rd and 4th step under the third pillar above the C in Monticello as well as that "slub" there on step 5.
Today things seem to be a little relaxed and a lot of these so called full step nickels get the designation with even a slight cut near the base or a light hit occasionally.
Since it needs only 5 full steps out of 6 to be called a full step nickel, I think this would get a FS designation but not 6 full steps although all do show.
This is the new reverse of 1940 where those wavy steps of 1938 and some 1939 had were re-worked and more defined. Therefore, not too difficult to find with good step detail for all Phila Denver and SF nickels of this year.
The grade is probably a medium strike MS64 on the obverse and MS65 on the reverse.
I would conservatively value this at the low end of MS64FS levels or easily MS65 if it didn't get the FS designation, and you should be happy you own it. I think it's a swell coin.