War Nickel Value
Byline: Reviewed by the Silver Value Chart Editorial Team · Updated September 19, 2026
$3.73 melt value per coin
0.05626 troy oz of silver at $66.38/oz
Quick answer
"War nickels" are US five-cent pieces struck from mid-1942 through 1945 containing 35% silver. Each holds 0.05626 troy ounces, worth $3.73 as of September 19, 2026 — roughly 75 times face value.
They are the only silver five-cent coins the United States ever struck for circulation, and the only one of the wartime silver issues most people have never heard of.
- Years struck
- mid-1942–1945
- Gross weight
- 5.0 g
- Fineness
- .350
- Actual silver weight
- 0.05626 troy oz
- Diameter
- 21.2 mm
- Face value
- 5¢
Why a nickel was made of silver
The reason is the opposite of every other coin on this site. Silver was not added because it was valuable. It was added because nickel was more urgently needed elsewhere.
Nickel is essential to armor plate and stainless steel, and in 1942 the United States needed every ton of it for the war. The Mint removed nickel from the five-cent piece entirely and substituted an alloy of 56% copper, 35% silver and 9% manganese — a composition chosen to keep the coin working in vending machines, not to make it valuable.
The result is an accident of history: a coin that was a wartime compromise is now worth many times its face value, purely because the substitute metal turned out to be the precious one.
The alloy has a visible legacy. Manganese gives war nickels a duller, greyer, occasionally mottled appearance compared with ordinary nickels, and they tone distinctively as they age. Once you have seen a few, you can often spot them in a pile by color alone.
How to identify one
The identification method is unlike any other coin here, and it is unusually reliable.
Look for a large mintmark above Monticello on the reverse — the dome of the building on the back of the coin. War nickels carry a big letter P, D or S sitting above the dome, far larger than a normal mintmark and impossible to miss once you know to look.
The P is the giveaway. 1942 was the first time in US history that the Philadelphia mint used a mintmark at all. If you see a P above Monticello, it is a war nickel, full stop.
The 1942 complication. Nickels struck in early 1942 are ordinary copper-nickel; the silver alloy began partway through the year. Both exist with the same date. The mintmark placement settles it: silver 1942 nickels have the large mintmark above Monticello; regular 1942 nickels have a small mintmark beside the building, or none at all. Date alone is not enough for 1942 — only for 1943 through 1945.
Color. Greyer and duller than a standard nickel, often with distinctive dark toning.
Weight does not help. War nickels weigh 5.00 g, the same as ordinary nickels. This is the one denomination where the scale cannot settle it.
Worked examples at today's price
| Quantity | Face value | Silver content | Melt value |
|---|---|---|---|
| 1 war nickel | $0.05 | 0.05626 oz t | $3.73 |
| 1 roll (40) | $2.00 | 2.250 oz t | $149.39 |
| 100 | $5.00 | 5.626 oz t | $373.48 |
| $100 face (2,000 coins) | $100 | 112.52 oz t | $7,470 |
Note that war nickels sit outside the 0.7234-per-dollar constant that governs 90% dimes, quarters and halves. At 35% silver in a 5 g coin they follow their own arithmetic entirely, and must be counted and quoted separately from 90% junk silver. Our junk silver calculator treats them as a separate category for exactly this reason.
Dates, varieties and what is scarce
Most war nickels are common and trade as metal. A few things are worth knowing:
- 1943/2-P overdate — a 3 struck over a 2, visible under magnification. Commands a substantial premium.
- 1944-P doubled die reverse — a known variety worth checking for.
- 1945-P doubled die reverse — likewise.
- High-grade uncirculated examples with full steps on Monticello are collected and worth well above melt.
The series is short — four years, three mints — so a complete date-and-mintmark set is achievable and mildly popular, which supports prices for better-grade examples.
Why they still turn up
War nickels are the silver coin most likely to still be found in circulation, and the reason is straightforward: they look like ordinary nickels and weigh the same.
Silver dimes, quarters and halves were pulled from circulation quickly, because they were obviously different and easy to sort by weight or edge. War nickels have no copper stripe to give them away, no weight difference, and a mintmark most people have never been taught to look at. Many simply stayed in circulation for decades.
Nickel roll hunting remains a real hobby for this reason. The returns are modest — $3.73 per coin — but they are genuinely still out there.
What dealers actually pay
War nickels trade at a wider discount to melt than 90% junk silver, and it is worth understanding why rather than being surprised by it.
At 35% silver, more of the coin is base metal, so refining recovers proportionally less per coin handled. Retail demand is thinner than for 90% material. And sorting them takes attention — the mintmark check is per-coin, where a silver quarter can be spotted on edge in a stack.
Expect noticeably less than the near-melt rates 90% coinage attracts. Melt value is a ceiling, not an offer, and here the gap is wider than anywhere else in junk silver.
Sell them in quantity if you can. A handful is not worth a dealer's sorting time; a few hundred is a transaction.
If you are buying instead
War nickels are an inexpensive way into silver coinage and a genuine piece of wartime history, but the lower silver content and wider dealer spread make them a less efficient way to hold metal than 90% coinage.
See what a realistic premium over spot looks like →
Related pages
Silver dime value · Silver quarter value · Silver half dollar value · Junk silver calculator
FAQ
Which nickels are silver? Those struck from mid-1942 through 1945 with a large P, D or S mintmark above Monticello on the reverse. No other US nickel contains silver.
How much silver is in a war nickel? 0.05626 troy ounces — 35% of a 5 gram coin.
Are all 1942 nickels silver? No. The changeover happened partway through 1942. Only those with the large mintmark above Monticello are silver.
Can I still find war nickels in circulation? Yes, more often than any other silver coin, because they weigh the same as ordinary nickels and have no visible edge difference.
Why is there a P on a 1942 nickel? 1942 was the first year Philadelphia used a mintmark, introduced specifically so the silver wartime alloy could be identified at a glance.
Data sources: Spot price via api.gold-api.com · COMEX futures (SI=F) via Yahoo Finance. Prices are for informational purposes only and may be delayed. Figures on this page were generated . Silver is quoted in US dollars per troy ounce.