War Nickel Values
1942–1945 silver war nickels: identification, melt values, and key dates.
From 1942 to 1945, the US Mint replaced the nickel metal in five-cent coins with an alloy of 56% copper, 35% silver, and 9% manganese. The goal was to conserve nickel for military use during World War II. These "war nickels" are the only US nickels that contain silver, and that silver makes them worth several times face value.
How to Identify a War Nickel
War nickels are easy to spot. Look at the reverse (back) of the coin. If there is a large mint mark above Monticello (the building), it's a war nickel. The mint mark is noticeably bigger than on standard Jefferson nickels:
- Large P above Monticello: Philadelphia. This was the first time Philadelphia used a mint mark on nickels.
- Large D above Monticello: Denver.
- Large S above Monticello: San Francisco.
The large mint mark was placed on the reverse specifically so war nickels could be easily identified and later removed from circulation to recover the silver. (That never happened. They stayed in circulation for decades.)
Silver Content and Melt Value
Each war nickel contains 0.0563 troy ounces of silver. At current prices, the melt value is approximately $1.80. That's over 35 times the coin's five-cent face value.
Quick math: A $2 face value roll of 40 war nickels contains 2.25 troy ounces of silver.
War Nickel Values by Date
Circulated values reflect melt value plus a small premium. Denver issues generally carry slightly higher premiums due to lower mintages.
The 1943/2-P Overdate
The most valuable war nickel variety. A 1943 die was punched over a 1942 die at the Philadelphia Mint, creating a visible "3 over 2" in the date. Under magnification, traces of the underlying 2 are visible beneath the 3.
Circulated examples sell for $50 to $200. Uncirculated coins bring $200 to $1,000+. This is a well-known variety that PCGS and NGC both attribute. If your 1943-P war nickel's date looks unusual, it's worth a closer look.
Why War Nickels Tarnish
War nickels tarnish more quickly than standard nickels because of their silver and manganese content. A dark, discolored war nickel is completely normal. The tarnish does not reduce the coin's silver content or its melt value.
Do not clean war nickels. The silver content is what drives their value, and that doesn't change regardless of surface appearance. Cleaning can actually reduce value if you're dealing with a collector-grade example.
Selling War Nickels
War nickels are most commonly sold in bulk by face value ($1, $2, or $5 rolls) or by the bag. Dealers price them based on silver content times a multiplier. Common dates trade at or near melt. If you have rolls of war nickels, a dealer will typically pay 90–98% of melt value depending on quantity and market conditions.
If you find any with unusual dates (look for the 1943/2-P overdate) or coins in pristine uncirculated condition with full steps on Monticello, those should be evaluated individually.
Get a Free Quote on Your War Nickels
Not sure what your coins are worth? US Gold and Coin evaluates war nickels for free. No appointment needed. No obligation to sell.
Visit us in Dallas, Austin, Tampa, Fort Worth, Waco, Kansas City, Overland Park, Lawrence, or Honolulu. We also accept mail-in submissions with insured shipping.
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Continue Your Research
Full guide to all US nickel values from Shield to Jefferson.
Buffalo Nickel ValuesValues for every Buffalo Nickel date and the famous three-legged variety.
Silver Melt Value CalculatorCalculate the silver content value of any US coin.
Selling GuideFull walkthrough of how to sell coins and precious metals.