War Nickels: Why They Aren't as Valuable as You Might Think

​If you’re a coin collector or someone who’s recently inherited a coin collection, you’ve probably come across a handful of war nickels. These silver-colored coins are instantly recognizable by their distinct characteristics, but when it comes to their value, they often fall short of what many people expect.

​What Are War Nickels?

War nickels were issued by the U.S. Mint during World War II, between 1942 and 1945, as part of an effort to conserve nickel for wartime needs. To make these coins, the U.S. Mint replaced the traditional 75% copper and 25% nickel composition of the Jefferson nickel with a mixture that was 56% copper, 35% silver, and 9% manganese. The coins retained their traditional 5-cent value, but the silver content made them stand out.
The obverse (front) of these coins features a portrait of Thomas Jefferson, just like regular nickels, but the reverse (back) has a large "P," "D," or "S" mintmark that signifies the U.S. Mint facility where the coin was produced. The silver content is significant because it was a part of the effort to save nickel for munitions production and other vital materials for the war.

Are They Really Worth More Than Regular Nickels?

While the presence of silver may seem like it would dramatically increase the value of war nickels, their worth isn't as high as many might expect.
The silver content in a war nickel amounts to about 35% of the coin’s total weight, which is just a little over one-third of its composition. As of now, the spot price of silver generally isn’t high enough for war nickels to have a substantial increase in value based on their metal content alone. While the face value of these coins is five cents, and the silver in each coin is worth just slightly more than that, you’re not looking at significant returns if you plan to sell them purely for their silver.

​Collectible Value vs. Metal Value

If you're thinking about selling or collecting war nickels, it’s important to understand the distinction between the face value (5 cents), metal value (based on silver content), and collectible value (based on rarity, condition, and other factors).

• Face Value: If a coin is in circulation, the value will often be limited to its 5-cent face value, much like any other regular nickel.
• Silver Value: At current silver prices, the value of the silver content in a war nickel generally hovers around 90 to 95 cents per coin.
• Collector Value: War nickels can sometimes be worth more if they are in exceptional condition, or if you have rarer mints or specific years. The 1943-P, for example, is the rarest of the war nickels and has slightly higher value as a collectible, but even this coin usually fetches just a couple of dollars at best.

For the most part, the allure of war nickels isn’t their silver content, but rather their role in American wartime history. They symbolize a period of scarcity and innovation and serve as a reminder of the sacrifices made during World War II.

Why the Hype is Overblown

Many collectors have mistaken the presence of silver for an automatic high-dollar coin, and this has given war nickels a reputation that outpaces their actual value. The fact is, they were minted in such vast quantities during the war that they are not particularly rare today. Nearly every coin collector has stumbled upon at least one, which further diminishes their collectible value.
While they aren’t likely to make you rich, that doesn’t mean you should disregard them. The appeal of war nickels for most collectors lies in their historical value, not the price tag.

In Summary
War nickels are an interesting part of U.S. coin history, but their value is often lower than many people assume. While the silver content makes them marginally more valuable than regular nickels, their true worth lies in their history and condition rather than their metal content. Whether you're collecting them for historical significance or as part of a broader coin collection, it’s best not to expect these coins to deliver major financial rewards.
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At TX Coin and Stamps, we can help you assess the value of your war nickels and any other coin collection you may have. Whether you're looking to sell or simply learn more, our expert team is here to provide you with the information you need. Feel free to contact us today for more information!