1942 Nickel Value: From Face Value to Thousands (Complete Price Guide)

In this comprehensive guide, we’ll explore everything you need to know about the 1942 Jefferson nickel, including its history, how to identify different varieties, current market values based on condition and mint mark, notable errors, and tips for collectors. Whether you’ve found a 1942 nickel in your pocket change or are considering adding one to your collection, this article will help you determine its true worth.

The year began with regular production of Jefferson nickels using the standard 75% copper and 25% nickel alloy at all three mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S).

The U.S. Mint started producing "war nickels" with a new composition of 56% copper, 35% silver, and 9% manganese to conserve nickel for war supplies and ammunition. These were distinguished by a large mint mark (P, D, or S) above Monticello on the reverse.

For a brief period in 1942, both standard and silver war nickels were in production, making 1942 the only year with this dual composition in the Jefferson nickel series.

Silver war nickels continued to be the only five-cent pieces produced until the end of 1945, when the mint returned to the standard composition.

This wartime transition created several distinct varieties of 1942 nickels, each with different values in today’s collector market. The change to silver content was a patriotic sacrifice, as nickel was essential for armor plating. According to the National World War II Museum, the reallocation of metals like nickel from civilian to military use was crucial to the Allied war effort.

Standard Composition vs. War Nickel

The easiest way to identify whether you have a standard nickel or a silver war nickel is to look at the reverse (back) of the coin:

1942 Nickel Varieties by Mint

According to the NGC Coin Explorer, the large mint mark above Monticello is the most distinctive feature of war nickels and makes them easy to identify, even for novice collectors.

1942 Philadelphia Nickel (No Mint Mark)

The standard 1942 Philadelphia nickel with no mint mark is the most common variety, with a mintage of 49,789,000.

According to USA Coin Book, the 1942 Philadelphia nickel in average circulated condition is worth approximately $0.30, while uncirculated examples can reach nearly $20 in top grades.

1942-P Silver War Nickel

The 1942-P silver war nickel (with large P mint mark above Monticello) has a mintage of 57,873,000 and contains 35% silver.

The Coinflation website notes that the silver melt value alone for a 1942-P war nickel is approximately $1.88 as of April 2025, making even worn examples worth more than face value.

1942-D Nickel Values

The Denver mint produced both regular and war nickel varieties in 1942.

1942-S Nickel Values

The San Francisco mint also produced both regular and war nickel varieties in 1942.

According to Coin Appraiser, the 1942-S War Nickel can usually be found in higher grades for a relatively low price, with even MS-65 examples typically available for under $40.

1942 Proof Nickel

The Philadelphia Mint produced 29,600 proof nickels in 1942, all with the standard composition.

As noted by Coin Value Checker, proof 1942 nickels are rare and can command prices from $135 to $5,750 depending on their condition.

What Are Full Steps?

The Monticello building depicted on the reverse of Jefferson nickels has a series of steps leading to the entrance. Due to design limitations and striking pressure, these steps often appear incomplete or partially merged, especially on circulated coins. The Full Steps designation comes in two varieties:

1. 5 Full Steps (5FS): Five complete, distinct steps are visible
2. 6 Full Steps (6FS): All six steps are fully delineated

A 1942 nickel with Full Steps can command significant premiums above regular examples, often 2-3 times the base value or more. According to the PCGS CoinFacts, Full Steps examples are particularly scarce for 1942 nickels and can be quite valuable in higher mint state grades.

Double Die Errors

Double die errors occur when the die used to strike the coin received multiple impressions at slightly different angles during its creation. On 1942 nickels, these can appear as:

• Doubled date
• Doubled mint mark
• Doubled inscriptions
• Doubled features on Jefferson’s portrait

Double die errors on 1942 nickels can increase the value by 50-300% depending on the prominence of the doubling and the overall condition of the coin.

Off-Center Strikes

Off-center strikes happen when the coin blank isn’t properly centered during striking. The value depends on how far off-center the strike is and whether the date and mint mark are still visible:

• 5-10% off-center: $10-$25
• 20-50% off-center with visible date: $50-$150
• 50%+ off-center with visible date: $150-$300+

Wrong Planchet Errors

One of the most valuable errors for 1942 nickels would be a “wrong planchet” error, where a nickel was struck on a planchet intended for another denomination. These are extremely rare for 1942 and can fetch $1,000 or more.

Die Cracks and Cuds

Die cracks appear as raised lines on the coin, while cuds are larger raised areas at the edge where a piece of the die has broken away. Values typically range from $5-$50 depending on size and location.

According to Gainesville Coins, some of these error varieties can be quite valuable to collectors who specialize in Jefferson nickels or error coins.

Grading Guide for 1942 Nickels

For accurate grading, pay special attention to these areas:

1. Jefferson’s hair: Should show detailed strands in higher grades
2. Jefferson’s cheek and jaw: Often the first areas to show wear
3. Steps on Monticello: Critical for determining Full Steps designation
4. Rim: Should be sharp and well-defined in higher grades

Professional grading from services like PCGS or NGC is recommended for potentially valuable coins, especially those in uncirculated condition or with special attributes like Full Steps.

Silver Value Calculation

Each war nickel contains approximately 0.05626 troy ounces of pure silver. To calculate the silver value:

1. Check the current spot price of silver (per troy ounce)
2. Multiply by 0.05626 ounces

For example, with silver at $33.50 per ounce (April 2025 price): $33.50 × 0.05626 = $1.88 in silver content

This means that regardless of condition, any 1942 war nickel (with the large P, D, or S mint mark above Monticello) has an intrinsic metal value of about $1.88 just for its silver content.

According to Coinflation, this melt value fluctuates with the silver market but provides a solid baseline value for these coins.

Selling Options

1. Coin Dealers: Local coin shops will typically offer below retail value but provide immediate payment. This is ideal for common 1942 nickels in average condition.

2. Online Marketplaces: Platforms like eBay allow you to reach more collectors and potentially get higher prices, though fees and shipping must be considered.

3. Coin Shows: These events attract serious collectors who may pay premium prices for high-grade or error 1942 nickels.

4. Auction Houses: For very valuable specimens (high-grade proof coins or major errors), professional auction houses like Heritage Auctions or Stack’s Bowers may be appropriate.

Buying Advice

1. Authentication: For expensive purchases (over $100), consider only coins graded by PCGS or NGC to avoid counterfeits.

2. Research Current Values: Check recent auction results on platforms like PCGS CoinFacts to ensure you’re paying a fair price.

3. Examine Photos Carefully: When buying online, look for clear, high-resolution photos that show both sides of the coin in good lighting.

4. Focus on Quality: It’s often better to buy one high-quality 1942 nickel than several in poor condition.

5. Verify Silver War Nickels: Always confirm the presence of the large mint mark above Monticello for war nickels.

Collection Strategies

1. Complete 1942 Set: Acquire all seven major varieties (regular and war nickels from all three mints, plus proof)
2. War Nickel Collection: Focus on the three 1942 war nickels as part of a complete 1942-1945 war nickel collection
3. High-Grade Collection: Seek the finest examples you can afford, prioritizing coins with strong strikes and aesthetic appeal
4. Error and Variety Collection: Hunt for doubled dies, off-center strikes, and other errors
5. Full Steps Collection: Focus specifically on examples with fully defined steps on Monticello

Storage and Preservation

Proper storage is crucial for maintaining the condition and value of your 1942 nickels:

The most valuable 1942 nickels are:

1. Proof nickels in pristine condition (PR-67 or higher) - worth $400 to $5,750
2. Regular issue nickels with Full Steps designation in MS-65 or better - worth $100 to $300+
3. Major error coins like significant off-center strikes or wrong planchet errors - worth $100 to $1,000+
4. Silver war nickels in gem uncirculated condition - worth $20 to $135

Even common 1942 silver war nickels have about $1.88 in silver content regardless of condition.

A 1942 nickel with no mint mark (from Philadelphia) in typical circulated condition is worth about $0.25 to $1.50 depending on wear. In uncirculated condition, values range from $10 (MS-63) to $35 (MS-65), while superb gems (MS-67) can reach $175 or more. Full Steps examples command significant premiums above these values.

Note that a 1942 nickel with no mint mark is the standard copper-nickel composition, not the silver war nickel variety.

No, not all 1942-D nickels are silver. The Denver mint produced both regular copper-nickel and silver war nickels in 1942. To identify which type you have:

- If the "D" mint mark appears to the right of Monticello on the reverse, it's a regular copper-nickel composition.
- If the "D" mint mark appears ABOVE Monticello and is notably larger, it's a silver war nickel containing 35% silver.

1942 was the only year when both regular and silver compositions were produced at the Denver mint.

The value of 1942-1945 silver war nickels typically starts at their silver melt value, which is approximately $1.88 as of April 2025 (with silver at $33.50 per ounce). However, collector value often exceeds this base price:

- Circulated war nickels: $1.75 to $3.25
- Uncirculated examples (MS-63): $8 to $18
- Gem uncirculated (MS-65): $20 to $40
- Superb gems (MS-67): $100 to $150+

The 1942-P, 1942-D, and 1942-S war nickels generally have similar values, with the San Francisco issues sometimes commanding slightly higher prices in top grades. War nickels with Full Steps designation can be worth significantly more.

The location of the mint mark on a 1942 nickel helps identify whether it's a regular nickel or a silver war nickel:

- **Regular 1942 nickels**: The mint mark (D or S) appears on the reverse to the right of Monticello. Philadelphia-minted regular nickels have no mint mark.

- **1942 silver war nickels**: The mint mark (P, D, or S) appears on the reverse ABOVE Monticello's dome. This large mint mark is distinctive and easy to spot. This was also historically significant as it marked the first time the Philadelphia mint used a "P" mint mark on any U.S. coin.

If you're having trouble locating the mint mark, use a magnifying glass and look carefully at both positions on the reverse of the coin.

Key Takeaways

1. Check for silver content: 1942 war nickels (with large mint mark above Monticello) contain 35% silver and are always worth more than face value
2. Examine condition carefully: Even small differences in preservation can significantly impact value
3. Look for Full Steps: This designation can multiply the value of your coin
4. Consider historical significance: As pieces of WWII history, these coins have both numismatic and historical value
5. Watch for errors: Double dies, off-center strikes, and other errors can make your coin more valuable

Whether worth a few cents or several hundred dollars, 1942 nickels offer collectors an accessible entry point to an important era in U.S. coinage. Their dual composition types, historical context, and variety of mint marks make them more than just pocket change—they’re tangible pieces of American history worth preserving for future generations.

Comprehensive information and pricing data for 1942 Jefferson nickels from Numismatic Guaranty Corporation.

Historical data, auction records, and variety information from Professional Coin Grading Service.

Calculate the current silver melt value of 1942 war nickels based on live silver prices.

Detailed pricing and historical information for 1942 Jefferson nickels.

Comprehensive guide to 1942 nickel values including error coins and variety types.

Current market values and historical price trends for 1942 Jefferson nickels.

Historical context about metal shortages during WWII that led to the creation of silver war nickels.