Which Pre-1964 Nickels Are Silver?

Many people wonder if U.S. five-cent coins minted before 1964 contain silver. While most nickels from this period do not, a notable exception occurred during World War II. This article clarifies the standard composition of nickels and details the circumstances under which some were made with silver.

Standard Nickel Composition

The standard U.S. five-cent coin, the nickel, has primarily been composed of copper and nickel. Since its introduction in 1866, the coin’s metallic composition has been 75% copper and 25% nickel. This alloy gives the coin its characteristic silvery-gray appearance and durability. Unlike dimes, quarters, and half-dollars minted before 1965, which contained 90% silver, the nickel was designed as a base metal coin. This difference explains why most pre-1964 nickels do not have intrinsic silver value.

The Wartime Silver Nickel Exception

A change from the standard composition occurred during World War II, from mid-1942 through 1945. During this period, nickel became a strategic metal, in high demand for military production, including armor plating and artillery. To conserve this resource for the war effort, the U.S. Mint changed the five-cent coin’s alloy. The wartime nickels were composed of 35% silver, 56% copper, and 9% manganese. Not all nickels dated 1942 contain silver, as the change in composition began partway through that year.

Identifying Silver Nickels

Identifying these silver “war nickels” is simple. The most distinguishing feature is a large mint mark located above Monticello on the reverse side of the coin. This large mint mark will be either a “P” for Philadelphia, “D” for Denver, or “S” for San Francisco. The “P” mint mark was used for the first time on any U.S. coin during this period, signifying a Philadelphia-minted silver nickel. Coins from 1942 that do not have this large mint mark above Monticello are made of the standard copper-nickel alloy.

These silver nickels can also have a slightly different appearance compared to their copper-nickel counterparts. They can appear somewhat darker or have a greenish tint due to the silver and manganese content oxidizing over time. However, relying solely on color can be misleading, as circulated coins can tone differently. The definitive way to identify a silver nickel remains checking the date (1942-1945) and the presence of the large mint mark above Monticello.

Factors Affecting Value

The value of silver war nickels is driven by their intrinsic silver content, which fluctuates with the market price of silver. Each war nickel contains approximately 0.05626 troy ounces of silver. The “melt value” of these coins changes daily based on the commodity market, with one war nickel typically being worth more than its five-cent face value. For instance, on August 21, 2025, the rounded silver value for a 1942-1945 silver nickel was approximately $2.15.

Beyond their silver content, these coins can also hold numismatic, or collector, value. Factors such as the coin’s condition, often referred to as its grade, influence its worth. Rarity, determined by mintage figures for specific years and mint marks, can also contribute to higher values. Unique varieties or errors, though less common, can command premiums among collectors.