What one war nickel is worth in silver
One war nickel contains 0.0563 troy ounces of pure silver, from a coin weighing 5 grams at 350 parts per thousand. At the current benchmark that metal is worth $3.59. The benchmark behind it was set on , and every figure on this page moves with it.
| How many | Face value | Pure silver | Melt value |
|---|---|---|---|
| 1 | $0.05 | 0.0563 ozt | $3.59 |
| 10 | $0.50 | 0.5626 ozt | $35.92 |
| 20 | $1.00 | 1.1253 ozt | $71.84 |
| 50 | $2.50 | 2.8132 ozt | $179.59 |
| 100 | $5.00 | 5.6264 ozt | $359.19 |
What the coin is
Between late 1942 and 1945 the US five cent piece was struck in an alloy of 56% copper, 35% silver and 9% manganese, weighing 5 grams. That gives 0.05626 troy ounces of pure silver per coin, the smallest silver content of any US coin on this site. Ordinary nickels, before and since, are 75% copper and 25% nickel and contain no silver whatever.
The change had nothing to do with the value of silver. Nickel is a strategic metal used in armour plate, and removing it from coinage freed up supply for the war effort. Silver was the substitute that would still work in vending machines and still look like a nickel, and the manganese was added to keep the electrical properties close enough that it did.
The identifying feature is the mint mark, and it is unmistakable once you know it. On a war nickel a large P, D or S sits above the dome of Monticello on the reverse, a position used on no other nickel before or since. It is also the first time the P for Philadelphia appeared on any US coin. If the mint mark is small and to the right of the building, it is an ordinary nickel with no silver in it.
Is it worth more than its metal?
War nickels are common. Over half a billion were struck across the four years, they were saved in quantity once people realised they contained silver, and there is no true key date in the series. For practical purposes every circulated war nickel is a bullion coin worth its metal.
The exceptions are varieties rather than dates. The 1943-P doubled die obverse, where the date and motto show clear doubling, carries a real premium, and full-step Monticello examples in high grade are collected. Neither is common enough to be worth sorting a jar for unless you enjoy it.
Because the silver content per coin is so low, a war nickel is only worth a fraction of what a silver dime is worth despite being physically twice the size. That surprises people constantly. The size is copper and manganese, not silver.
Selling it
Nobody buys war nickels singly. They trade by the roll of forty or by the bag, priced as a percentage of their combined silver content, and a dealer will typically pay somewhat under melt because the alloy is awkward to refine: the manganese has to be separated out, which costs more than processing 90% coin.
Expect a lower percentage of melt than you would get for 90% silver dimes or quarters, and do not be offended by it. If you are accumulating rather than selling, war nickels are one of the cheapest ways to buy silver by weight, for exactly the same reason.
Melt, resale and appraisal value sets out why those three numbers differ for the same object, and how we calculate shows every constant used on this page.
war nickel questions
How much silver is in a war nickel?
0.05626 troy ounces, from 5 grams of a 35% silver alloy. That is less silver than a dime holds, despite the nickel being much larger, because the rest of the coin is copper and manganese.
How do I identify a war nickel?
Look for a large P, D or S mint mark above the dome of Monticello on the reverse. No other nickel has a mint mark in that position, and 1942 to 1945 are the only years. A small mint mark beside the building means an ordinary nickel with no silver.
Are all 1942 nickels silver?
No. Production switched partway through 1942, so there are both ordinary copper-nickel and 35% silver coins dated 1942. The large mint mark above Monticello is the test, not the date on its own.
Why do dealers pay less than melt for war nickels?
The 35% alloy contains manganese, which makes refining more expensive than processing standard 90% silver coin. That extra cost comes out of the offer, so war nickels typically fetch a lower percentage of melt than silver dimes or quarters.