War Nickel Value Guide

What Is a War Nickel?

A war nickel is a 35% silver Jefferson nickel the U.S. Mint struck from mid-1942 through 1945. Nickel metal was conserved for World War II manufacturing, so the Mint replaced it in the five-cent coin with an alloy of 56 percent copper, 35 percent silver, and 9 percent manganese. That wartime mix began in October 1942 and ran through the end of 1945. In 1946, Jefferson nickels returned to 75 percent copper and 25 percent nickel — the regular alloy, with no silver at all.

Felix Schlag’s Jefferson nickel, introduced in 1938, shows Jefferson facing left on the obverse and Monticello on the reverse. It replaced the Buffalo nickel, also called the Indian Head nickel. The Buffalo nickel, like the Liberty Head nickel collectors call the V nickel, contains no silver. Those earlier series are collector coins; our buffalo nickel value guide and v nickel value guide cover how they are valued. The only United States nickels that contain silver are the wartime Jeffersons in this guide.

A war nickel is 21.2 millimeters across, weighs 5.0 grams, and has a plain edge — the same size and weight as a regular Jefferson, so a kitchen scale will not separate them. The Mint marked the silver coins with a large mint mark above Monticello so they could be sorted out of circulation after the war. Many never were, which is why they still turn up in jars and inherited change.

How to Identify a Silver War Nickel

The single reliable identifier is a large mint mark — P, D, or S — sitting above the dome of Monticello on the reverse. If that oversized letter is there, the coin is a silver war nickel. If it is not, the coin is not silver, even when the date is 1942. Identification is the mint mark above the dome, not the date alone, not the color, and not a magnet.

Start with the date. War nickels are dated 1942, 1943, 1944, or 1945. Any Jefferson from 1938 through early 1942, or from 1946 onward, is copper-nickel with no silver. Every 1943 nickel, 1944 nickel, and 1945 nickel in the Jefferson series was struck in the wartime silver alloy. 1942 is the mixed year — both compositions exist — and is covered in the next section. Once the date is in that window, flip the coin over.

On the reverse you will see Monticello. Look directly above the dome, in the field under E PLURIBUS UNUM. A silver war nickel has a large P (Philadelphia), D (Denver), or S (San Francisco) there. The letter is much bigger than the mint marks on ordinary Jefferson nickels. It was sized and placed so the silver coins could be picked out of a pile at a glance. That is the test: large letter above the dome means silver.

On a regular Jefferson the mint mark, when one is present, is a small letter to the right of Monticello, beside the building rather than above it. Early Philadelphia Jeffersons often have no mint mark at all. After 1945 the mark returned to the right of Monticello, and on later issues it moved again. None of those later positions mark silver. The 1942-P silver issue is the first United States coin to carry a P mint mark for Philadelphia. The Mint added the P so wartime silver nickels from Philadelphia could be told apart from copper-nickel 1942 Philadelphia nickels, which have no mint mark.

A magnet does not distinguish war nickels from regular nickels. Neither alloy is magnetic. People reach for a magnet because the 1943 steel penny sticks to one. Both the wartime silver-manganese-copper mix and ordinary copper-nickel leave a magnet unmoved. Drop a magnet on a jar of nickels and every coin ignores it. Put the magnet away and look at the reverse.

Color is not reliable either. Manganese can give some war nickels a slightly darker, grayer, or more yellowish cast, but toning, dirt, and wear change how any nickel looks. A bright copper-nickel 1942 can look “whiter” than a dirty silver 1944. Weight does not help: 5.0 grams and 21.2 millimeters are shared with regular Jeffersons. Sort in two piles — set aside 1942 through 1945, then keep only the coins with the large P, D, or S above the dome. Coins without it, almost always copper-nickel 1942s, go back with the common Jeffersons. That is the same check Lone Star Coins uses when a jar of old nickels comes across the counter.

The 1942 Mixed Year: Silver vs. Copper-Nickel

1942 is the year that causes most of the mistakes. The Mint struck Jefferson nickels in both alloys that year, so the date 1942 by itself does not tell you whether the coin is silver. You still have to look above Monticello.

Early 1942 nickels are the regular copper-nickel composition: 75 percent copper, 25 percent nickel, and no silver. Their mint mark, if present, is the small letter to the right of Monticello; Philadelphia pieces from that part of the year have no mint mark at all. None of those coins are silver, and none carry the large letter above the dome. From October 1942 through the rest of the year, the Mint switched to the wartime alloy and placed a large P, D, or S above Monticello. A 1942 with that large mark is silver. A 1942 without it is not.

The years after 1942 are simpler. Every 1943, 1944, and 1945 Jefferson nickel was struck in the 35 percent silver alloy and carries the large mint mark above Monticello. The mixed-year problem is 1942 only. After 1945 the silver alloy ended, the mint mark went back to the right of the building, and Jefferson nickels have contained no silver since.

How Much Silver Is in a War Nickel?

Each war nickel contains about 0.05626 troy ounces of pure silver — the actual silver in the coin, not the full 5.0-gram weight, because 65 percent of the alloy is copper and manganese. The melt floor is 0.05626 multiplied by the live silver spot price per troy ounce. Silver moves throughout the trading day, so use today’s spot, not a number from last year. Our live silver price page is the reference for that math.

Twenty war nickels make one dollar of face value and contain about 1.125 troy ounces of silver. That is a different formula from 90 percent junk silver. Pre-1965 dimes, quarters, and half dollars run about 0.715 troy ounces per dollar of face. Apply 0.715 to war nickels and you undercount the silver; apply 1.125 to 90 percent halves and you overcount it. The two categories cannot share a bag formula. Our junk silver coins guide covers the 90 percent math; war nickels need 0.05626 ounces per coin, or 1.125 ounces per dollar of face.

Sort first, then run the math. A mixed jar is not a confirmed silver count until every coin without the large mint mark is pulled. Most circulated war nickels from a jar or roll trade near the silver floor. High mint-state examples can carry a collector premium above melt, and the varieties in the next section can carry more. For the common worn 1943, 1944, and 1945 nickels in inherited change, confirm the large mint mark, multiply 0.05626 by live spot, and you have the floor.

Varieties Worth a Closer Look

Three wartime Jefferson varieties are collected as more than generic silver: the 1943-P 3 over 2 overdate, the 1943-P doubled eye, and the 1945-P doubled die reverse. All three are Philadelphia issues. None can be confirmed by date and mint mark alone. Each needs magnification, and a coin being sold as one of these for serious money should be authenticated by PCGS or NGC.

On the 1943-P 3 over 2, the last digit of the date shows a 3 punched over a 2, with traces of the underlying 2 visible under a loupe. Wear and filled digits are easy to mistake for an overdate, so compare against known examples before treating the coin as anything other than a common silver 1943-P. The 1943-P doubled eye shows hub doubling on Jefferson’s eye on the obverse — not damage and not machine doubling. The 1945-P doubled die reverse shows doubling on reverse lettering and Monticello. Ordinary bag marks and strike doubling are far more common than a true doubled die.

These three are the varieties this guide covers. Most war nickels are not varieties. A typical 1943-P, 1944-D, or 1945-S from a roll is a silver coin valued on melt. If you think you have an overdate or a doubled die, set it aside, do not clean it, and have it looked at in person.

War Nickels vs. 90% Junk Silver

Dealers use “junk silver” for common-date circulated U.S. coins that trade on metal, not rarity. Pre-1965 dimes, quarters, and halves — 90 percent silver — are the core of that category, using 0.715 ounces per dollar of face. War nickels sometimes get swept into the same conversation because common dates also trade near melt. The metal is real in both cases. The math is not the same. A dollar of face in 90 percent junk silver is about 0.715 troy ounces. A dollar of face in war nickels — twenty coins — is about 1.125 troy ounces. Keep the piles separate, use 0.05626 ounces per war nickel, and use the junk silver coins guide for the 90 percent coins.

Two other nickel series are easy to mix into a wartime jar. The V nickel (1883-1913) has a large Roman numeral V on the reverse and contains no silver. The Buffalo nickel (1913-1938) has a bison on the reverse and also contains no silver. Neither is a war nickel, and neither has a melt floor. Pull them before any silver math. The v nickel value guide and the buffalo nickel value guide cover how those coins are valued.

Selling War Nickels in San Antonio

Lone Star Coins buys war nickels by the roll and by the jar in San Antonio. The staff check the mint mark in front of you, weigh the silver, and pay off live spot the same day. You do not need to pre-sort a mixed jar, though it helps; the large-mint-mark test is done on the counter. Coins that look like a 1943-P 3 over 2, a doubled eye, or a 1945-P doubled die reverse are set aside for a closer look rather than dumped into the melt pile.

The showroom is at 2622 NW Loop 410 in San Antonio. Walk-in appraisals are free and no appointment is required. Lone Star Coins is a PCGS and NGC Authorized Dealer and has been buying and selling coins in San Antonio for more than forty years. Bring the jar, the roll, or the inherited envelope — or start with free coin appraisals in San Antonio. The same visit can cover 90 percent junk silver, Buffalo nickels, and V nickels if those are in the lot. Each category is identified and priced on its own terms.