Silver War Nickels Value Guide
During World War II, nickel was needed for the war effort. The solution? Put silver in the five-cent piece.From 1942-1945, every nickel contained 35% silver. Today, these "war nickels" are the only US nickels worth more than face value.
How to Identify Silver War Nickels
Look for the Large Mint Mark
Silver war nickels have a large mint mark (P, D, or S) above the dome of Monticello on the reverse. This is the only time in US history that Philadelphia used a "P" mint mark.
Regular nickels have small mint marks to the right of the building. If the mint mark is above the dome, it's silver.
Other Identification Methods
- Color: Slightly grayish vs. the yellowish tint of regular nickels
- Date Range: Only mid-1942 through 1945
- Toning: Silver tones differently than nickel over time
Important: Not all 1942 nickels are silver. The changeover happened mid-year. 1942 nickels with no mint mark or a small D mint mark to the right of Monticello are regular copper-nickel and contain no silver.
War Nickel Values by Year
Values in USD. Most war nickels trade at modest premiums over melt value. The 1943/2-P overdate is the key variety worth significant premiums.
| Year | Mint | Mintage | G-4 | VG-8 | F-12 | VF-20 | XF-40 | AU-50 | MS-60 | MS-65 | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1942-P | P | 57,900,000 | $1.5 | $1.75 | $2 | $2.5 | $4 | $8 | $15 | $60 | First P mint mark |
| 1942-S | S | 32,900,000 | $1.5 | $1.75 | $2 | $3 | $5 | $10 | $20 | $80 | First silver nickel |
| 1943-P | P | 271,165,000 | $1.5 | $1.6 | $1.75 | $2 | $3 | $6 | $12 | $45 | Most common |
| 1943/2-P | P | Included | $100 | $150 | $200 | $300 | $500 | $800 | $1200 | $4,000 | Overdate variety |
| 1943-D | D | 15,294,000 | $1.5 | $1.75 | $2 | $2.5 | $5 | $12 | $25 | $120 | Lower mintage |
| 1943-S | S | 104,060,000 | $1.5 | $1.6 | $1.75 | $2 | $3.5 | $7 | $14 | $55 | Common |
| 1944-P | P | 119,150,000 | $1.5 | $1.6 | $1.75 | $2 | $3 | $6 | $12 | $45 | Common |
| 1944-D | D | 32,309,000 | $1.5 | $1.75 | $2 | $2.5 | $4 | $8 | $16 | $65 | Common |
| 1944-S | S | 21,640,000 | $1.5 | $1.75 | $2 | $2.5 | $4.5 | $9 | $18 | $70 | Scarcer |
| 1945-P | P | 119,408,100 | $1.5 | $1.6 | $1.75 | $2 | $3 | $6 | $12 | $45 | Common |
| 1945-D | D | 37,158,000 | $1.5 | $1.75 | $2 | $2.5 | $4 | $8 | $15 | $60 | Common |
| 1945-S | S | 58,939,000 | $1.5 | $1.6 | $1.75 | $2 | $3.5 | $7 | $14 | $50 | Last silver |
Values fluctuate with silver prices. Melt value based on $25/oz silver = approximately $1.40 per war nickel.
The 1943/2-P Overdate Variety
What Is It?
During the transition from 1942 to 1943, some dies were overpunched with a "3" over a "2". You can see remnants of the "2" beneath the "3" in the date.
This is the only significant variety in the war nickel series and commands premiums of 50-100x over common dates.
How to Identify
- Look for traces of "2" under the "3"
- Use 5x-10x magnification
- Check the bottom curve of the "3"
- Only exists on 1943-P (Philadelphia)
1943/2-P Values
War Nickel Silver Content
Composition
- Silver: 35% (0.0563 oz pure)
- Copper: 56%
- Manganese: 9%
- Total Weight: 5 grams
Quick Math @ $25/oz
- 1 war nickel = $1.41 melt value
- 20 war nickels = $28.15
- 100 war nickels = $140.75
- $1 face value (20 coins) = $28.15
War nickels have lower silver content than 90% coins, but still offer tangible silver at low premiums.
Use Full CalculatorThe WWII Story Behind War Nickels
In 1942, with America fully engaged in World War II, the government faced a critical shortage of nickel - an essential metal for armor plating, artillery shells, and other military equipment. The solution was elegantly simple: remove the nickel from nickels.
The new "war nickel" composition of 35% silver, 56% copper, and 9% manganese solved two problems: it freed up nickel for the war effort, and the distinctive large mint mark above Monticello made it easy to identify these coins for later removal from circulation.
After the war, the government planned to melt the war nickels to recover the silver. But with billions minted and widely circulated, recovery proved impractical. Today, these coins remain in circulation - often spent at face value by people who don't know they're holding silver.
Frequently Asked Questions
What are silver war nickels worth?
Silver war nickels are worth at minimum their melt value of approximately $1.40 based on 0.0563 oz of silver content. Most circulated specimens sell for $1.50-2.50. Key dates like 1943/2-P overdate can be worth $100-500+ even in lower grades. Uncirculated war nickels typically sell for $5-15 for common dates.
Which nickels contain silver?
Only Jefferson nickels minted from mid-1942 through 1945 contain silver - these are called 'war nickels.' They contain 35% silver, 56% copper, and 9% manganese. Regular nickels (before 1942 and after 1945) contain 75% copper and 25% nickel with no silver. The mint mark location above Monticello's dome is the easiest way to identify them.
How can I identify silver war nickels?
Silver war nickels have a large mint mark (P, D, or S) above the dome of Monticello on the reverse. This is the ONLY time the Philadelphia mint used a 'P' mint mark. Regular nickels have small mint marks to the right of Monticello. War nickels also have a different color - slightly grayish compared to the yellowish tint of regular nickels.
Why were war nickels made with silver?
During World War II, nickel was a critical war material needed for armor plating and other military equipment. The US Mint removed nickel from five-cent pieces and substituted silver (35%), copper (56%), and manganese (9%). The large mint mark was added so the coins could be easily identified and later removed from circulation to recover the silver.
Are war nickels worth collecting?
War nickels offer an affordable entry into silver coin collecting. They're the only US nickels containing silver and have interesting WWII history. At just 35% silver, premiums over melt tend to be low for common dates. Key varieties like the 1943/2-P overdate and high-grade specimens offer numismatic value. They're also excellent for introducing children to coin collecting.
From Wartime Silver to Retirement Security
War nickels remind us that governments will always find ways to extract value from currency. Protect your retirement with real assets. Augusta Precious Metals can help you add IRA-eligible silver to your portfolio.