Rare War Nickels: During World War II, the United States faced a serious shortage of strategic metals. Nickel, an essential material for military equipment, was urgently needed for the war effort. To solve this problem, the U.S. Mint made a temporary but historic change to the five-cent coin. Between 1942 and 1945, nickels were struck using a unique silver-based alloy, creating what collectors now call War Nickels.
For decades, these coins were considered common and overlooked. Today, that story has changed dramatically. Rising silver prices, growing collector interest, and the historical importance of these coins have caused certain War Nickels to surge in value. Some examples are now worth hundreds or even thousands of dollars, especially in high-grade condition.
Below are four War Nickels that collectors are actively chasing right now.
Why War Nickels Are Special
War Nickels were produced from late 1942 through 1945. Instead of the traditional copper-nickel alloy, these coins were made from 56 percent copper, 35 percent silver, and 9 percent manganese. This made them the only U.S. nickels ever minted with silver.
To distinguish them from regular nickels, the Mint placed a large mint mark above Monticello on the reverse. This included the letter P for Philadelphia, which was the first time that mint ever used a mint mark on U.S. coinage.
Their connection to World War II, combined with precious metal content, gives War Nickels a unique appeal that goes beyond normal circulation coins.
1942-P Silver Nickel (Type 2)
The year 1942 is especially interesting because two different types of nickels were produced. Early in the year, standard nickels without silver were struck. Later, the Mint switched to the silver alloy, creating the first War Nickel.
The 1942-P Type 2 Silver Nickel is highly desirable because it marks the beginning of this historic transition. It features the large P mint mark above Monticello, clearly separating it from the earlier version.
While circulated examples are still affordable, uncirculated coins in high grades are becoming increasingly rare. Coins graded MS67 or higher have sold for several thousand dollars at auction. Collectors value this coin for both its historical importance and its status as the first silver nickel ever made by the U.S. Mint.
1943-P Doubled Eye Nickel
Error coins are always in demand, and the 1943-P Doubled Eye Nickel is one of the most famous War Nickel errors known today. This variety shows noticeable doubling on Jefferson’s eye, visible without magnification on strong examples.
This error occurred during the die creation process and was not caught before production began. As a result, a limited number of these coins entered circulation.
Because of its dramatic appearance and clear visibility, collectors aggressively compete for authenticated examples. Depending on condition, prices range from several hundred dollars to well over $2,000. High-grade pieces certified by major grading services are especially sought after.
1944-D Silver Nickel
The 1944-D War Nickel stands out due to its relatively lower mintage compared to Philadelphia issues. Produced at the Denver Mint, this coin is scarcer in high-grade condition, particularly with strong strike details.
Many 1944-D nickels show weakness on Monticello and Jefferson’s hair, making fully struck examples more valuable. Coins with sharp details and minimal marks command strong premiums.
In circulated condition, the value remains modest, but uncirculated examples can bring impressive prices. Coins graded MS66 or higher regularly sell for $1,000 or more, with top-tier examples climbing even higher.
1945-P Silver Nickel with Full Steps
The final year of War Nickel production produced one of the most challenging coins for collectors. The 1945-P Silver Nickel is common in lower grades, but examples with Full Steps are extremely rare.
Full Steps refers to the horizontal steps at the base of Monticello being fully visible and uninterrupted. Achieving this level of detail required perfectly prepared dies and optimal striking conditions, which were difficult during wartime production.
As a result, certified Full Steps examples are scarce and highly prized. High-grade coins with Full Steps have sold for several thousand dollars, making this one of the most valuable War Nickels available today.
What Is Driving the Surge in Value
Several factors are fueling the rising prices of War Nickels. First, silver prices have steadily increased, raising the intrinsic value of each coin. Second, collectors are becoming more educated and selective, focusing on high-quality examples rather than quantity.
Third, interest in World War II memorabilia continues to grow. War Nickels represent a tangible connection to a critical moment in American history, making them appealing to both coin collectors and history enthusiasts.
Finally, population reports from grading services show just how rare top-condition examples truly are. As more collectors compete for fewer high-grade coins, prices naturally rise.
How to Check Your Own Coins
Many War Nickels still sit unnoticed in old collections, jars, and inherited coin albums. Look for nickels dated between 1942 and 1945 with a large mint mark above Monticello on the reverse.
Condition is everything. Coins with minimal wear, strong details, and original surfaces are worth closer inspection. If you suspect you have a rare variety or high-grade coin, professional grading can significantly increase its value and marketability.
Final Thoughts
War Nickels are no longer just historical curiosities. They are fast becoming one of the hottest segments of the U.S. coin market. With their silver content, wartime history, and growing scarcity in top condition, it’s easy to see why collectors are chasing them so aggressively.
Whether you are a seasoned numismatist or someone just beginning to explore old coins, War Nickels deserve a closer look. One of these small five-cent pieces could be far more valuable than you ever imagined.