The war nickel is the only silver five-cent piece the US ever made — and one of the last silver coins still regularly found in pocket change and bank rolls, because most people have no idea it exists. From late 1942 through 1945, nickels were struck in 35% silver, and each one now carries a melt value of dozens of times its face value.
Why nickels went silver
Nickel metal was critical to WWII armor plating, so Congress authorized a substitute alloy. From October 1942 to the end of 1945, the five-cent coin was struck in 56% copper, 35% silver and 9% manganese. After the war the Mint quietly returned to the standard 75/25 copper-nickel alloy — same design, same size, different metal.
The one identification mark
Silver war nickels are unmistakable once you know the tell: a large mint mark floating above the dome of Monticello on the reverse — P, D or S. It was the first time the Philadelphia Mint ever used a P mint mark on a US coin. Regular nickels of the era have a small mark beside the building or none at all.
- Dates: 1942 (partial year, P and S only), 1943, 1944, 1945.
- Check 1942 carefully — both alloys exist for that year; only the big-mint-mark coins are silver.
- War nickels often tone a dull battleship grey from the manganese, which makes them stand out in a roll.
Silver content and value
| Spec | Value |
|---|---|
| Gross weight | 5.00 g |
| Silver purity | 35% |
| Actual silver weight | 0.0563 ozt (1.75 g) |
| Silver per $1 face (20 coins) | 1.125 ozt |
Note that quirk in the last row: per dollar of face value, war nickels actually contain more silver than 90% dimes and quarters (1.125 ozt vs 0.7234 ozt). Despite that, they trade at lower premiums because the 35% alloy costs more to refine. That can make them one of the cheapest ways to buy silver — see the same dynamic with 40% halves.
The US silver coin calculator includes the war nickel — count yours and get the melt value at the live silver spot price.
Collector notes
Most circulated war nickels are bullion, but a few are better: the 1943/2-P overdate is a sought-after variety, and full-steps uncirculated examples carry real premiums. As always, scan before you sell as melt.
Frequently asked questions
Are all 1942 nickels silver?
No — 1942 was the transition year. Both regular copper-nickel and 35% silver nickels were struck. The silver ones carry a large mint mark (P or S) above Monticello's dome on the reverse; regular 1942 nickels have no mark there.
How much is a war nickel worth?
Each contains 0.0563 troy ounces of silver, so melt value is about 5.6% of the silver spot price — a couple of dollars at typical prices, versus five cents of face value. Uncirculated examples and the 1943/2-P overdate variety are worth more to collectors.
Is it legal to melt war nickels?
Yes. The US Mint's melting ban on five-cent coins explicitly exempts the 1942–1945 35% silver war nickels. Regular nickels and pennies remain illegal to melt.