31 CFR § 82 prohibits melting US one-cent and five-cent coins. The regulation, promulgated in 2006, also limits mass export to $5 per traveler in cents or nickels, except for travel or numismatic purposes. Penalties run up to $10,000 fine and/or 5 years imprisonment per violation. The melt value figures on this page — including war nickel silver calculations — are informational references only. Melting a war nickel to recover its silver is a federal crime under this statute.
Verify: 31 CFR § 82
The standard US nickel is 75% copper and 25% nickel cupronickel, weighing 5.000 g. War nickels struck October 1942 through 1945 contain 35% silver — worth roughly 35 times face value at typical silver spot prices. Federal law prohibits melting either type.
Standard US nickels are 75% copper and 25% nickel cupronickel; war nickels (October 1942 through 1945) are 35% silver, giving each coin 0.0563 troy oz of pure silver and a melt value well above face value.
Every US five-cent coin since 1866 has weighed exactly 5.000 g. For coins outside the 1942-1945 war period, the alloy is 75% copper / 25% nickel throughout — not a clad sandwich — so there is no silver or precious metal content and melt value sits below face value. War nickels are the exception: the wartime alloy (35% Ag / 56% Cu / 9% Mn) gives each coin 0.0563 troy oz of pure silver. Melt value equals that ASW multiplied by the silver spot price in dollars per troy ounce. At $30/oz spot, one war nickel has roughly $1.69 in silver; at $40/oz, roughly $2.25. Federal law (31 CFR § 82) prohibits melting either type.
The five-cent coin has carried only two alloys in its modern history: the 75% Cu / 25% Ni cupronickel formula used continuously from 1866 to the present (except 1942-1945), and the wartime 35% Ag / 56% Cu / 9% Mn formula used during World War II. All varieties share the same 5.000 g weight, making year identification — not weight — the essential diagnostic step.
| Years | Composition | Weight | Metal content | Note |
|---|---|---|---|---|
| 1866–1883 | 75% Cu / 25% Ni | 5.00 g | 0 troy oz silver; no precious metal | Shield nickel; standard cupronickel formula established at this issue. |
| 1883–1913 | 75% Cu / 25% Ni | 5.00 g | 0 troy oz silver; no precious metal | Liberty Head ('V') nickel; no composition change from Shield era. |
| 1913–1938 | 75% Cu / 25% Ni | 5.00 g | 0 troy oz silver; no precious metal | Buffalo nickel (James Earle Fraser); same alloy, new design. |
| 1938 – Sept 1942 | 75% Cu / 25% Ni | 5.00 g | 0 troy oz silver; no precious metal | Jefferson nickel introduced; Felix Schlag design; standard cupronickel continues. |
| Oct 8, 1942 – 1945 | 35% Ag / 56% Cu / 9% Mn | 5.00 g | 0.0563 troy oz silver per coin | War nickel — nickel metal diverted to WWII munitions; large mint mark above Monticello dome is the key identifier. |
| 1946–2003 | 75% Cu / 25% Ni | 5.00 g | 0 troy oz silver; no precious metal | Standard cupronickel returns; Jefferson obverse; Monticello reverse. |
| 2004–2005 | 75% Cu / 25% Ni | 5.00 g | 0 troy oz silver; no precious metal | Westward Journey series — four special reverses (Louisiana Purchase, Lewis & Clark Keelboat, American Bison, Western Waters); composition unchanged. |
| 2006–2025 | 75% Cu / 25% Ni | 5.00 g | 0 troy oz silver; no precious metal | Forward-facing Jefferson obverse (Jamie Franki design); restored Monticello reverse; composition unchanged. |
| 2026 | 75% Cu / 25% Ni | 5.00 g | 0 troy oz silver; no precious metal | Semiquincentennial issue — dual date '1776 ~ 2026'; Jefferson obverse preserved; Monticello reverse modified; composition unchanged. |
Four tests separate war nickels from standard cupronickel: (1) Date test — only 1942, 1943, 1944, and 1945 dates can be war nickels; pre-October 1942 issues are cupronickel. (2) Mint mark test — war nickels carry an unusually LARGE mint mark (P, D, or S) positioned above the dome of Monticello on the reverse; cupronickel nickels carry a small mark to the right of Monticello or no mark at all (pre-1942 Philadelphia). (3) Magnetic test — war nickels show slight attraction to a strong neodymium magnet due to their manganese content; standard cupronickel is non-magnetic. (4) Edge color test — the war nickel alloy can show a slightly warmer color at the edge than the silver-grey cupronickel. Weight alone cannot distinguish them because both weigh 5.000 g.
The calculator below applies only to war nickels (Oct 1942–1945). Standard cupronickel nickels contain no precious metal and have a melt value below face value. Enter the number of war nickels you hold and the calculator multiplies the per-coin ASW (0.0563 troy oz) by the live silver spot price to return total silver melt value. A dealer buy-range estimate (80–100% of melt) is shown alongside the raw melt figure.
Melt value (per war nickel) = ASW (0.0563 troy oz) × spot price ($/troy oz)
The war nickel contains 35% silver by weight. At 5.000 g total weight, the pure silver mass per coin is 5.000 × 0.35 = 1.750 g. Converting to troy ounces: 1.750 g ÷ 31.1035 g/troy oz = 0.05627 troy oz, which rounds to the canonical ASW of 0.0563 troy oz used by dealers and the grading services.
The silver spot price used in the calculator is sourced from the coins-value.com precious metals feed, updated three times per weekday and once per weekend day. The spot price represents the wholesale market price for one troy ounce of .999 fine silver on the over-the-counter market. The calculator fetches the live figure at page load; if the feed is unavailable, it falls back to the most recently cached price and displays a staleness indicator.
The raw melt value is a market floor reference — the theoretical value of the metal if refined. It does not account for refining charges, dealer margins, or the legal prohibition on melting under 31 CFR § 82. War nickels in collectible grades routinely trade at premiums above melt because of numismatic demand. The calculator outputs the floor figure so you can compare it to dealer offer sheets.
For a roll of 40 war nickels (face value $2.00), the total ASW is 40 × 0.0563 = 2.252 troy oz. At silver spot of $74.64, a full roll carries approximately $4.20 in silver melt value per coin. Roll-level math scales linearly — two rolls double the ASW, and so on.
Two categories of nickels require special handling: the wartime silver alloy (1942-1945) and the pre-Jefferson design eras. Only the war nickel changes the metal composition; all other design eras share the identical 75% Cu / 25% Ni cupronickel alloy.
Composition: 35% Ag / 56% Cu / 9% Mn — replaces standard 75% Cu / 25% Ni
Weight: No change — 5.000 g identical to standard nickel
How to spot: Large mint mark (P, D, or S) above the dome of Monticello on the reverse; slight magnetic attraction from manganese content.
Nickel metal was diverted to WWII munitions and armor production beginning in 1942. The Mint replaced nickel in the alloy with silver and manganese. Each coin carries 0.0563 troy oz pure silver, giving it a melt floor well above five cents at any realistic silver spot price. Because the weight is unchanged, weight tests cannot identify war nickels — only the large mint mark and the date range provide reliable identification. Hoarding war nickels for their silver value is legal; melting them is prohibited under 31 CFR § 82.
Composition: No change — 75% Cu / 25% Ni throughout
Weight: No change — 5.000 g
How to spot: American bison reverse; Native American composite portrait obverse; no mint mark on pre-1913-S issues.
The Buffalo nickel (James Earle Fraser, 1913-1938) is the most collectible pre-Jefferson design. Its composition is identical to all other cupronickel nickels, so it carries no melt premium over face value. Key-date and error varieties — particularly the 1937-D Three-Legged Buffalo — command substantial numismatic premiums. The 1937-D error resulted from over-polishing a Denver Mint die that removed the bison's front-right leg; circulated examples bring $400-$1,200 and Mint State examples $5,000-$20,000+.
Composition: Unknown alloy struck by counterfeiter Francis LeRoy Henning — not US Mint composition
Weight: Unknown — not produced to Mint tolerances
How to spot: A 1944-dated nickel WITHOUT a large mint mark above Monticello is a Henning counterfeit; genuine 1944 war nickels must show a large P, D, or S above the dome.
Francis LeRoy Henning struck approximately 480,000 counterfeit Jefferson nickels in Cliffwood, NJ between 1953 and 1955. His 1944 counterfeits are the most readily spotted: they lack the war-nickel large mint mark above Monticello that every genuine 1944 nickel must display. Federal authorities recovered roughly 400,000 of the fakes in 1955; an estimated 80,000 remain in circulation or collections. Henning was sentenced to 6 years in federal prison. If you hold a 1944 nickel with no large mint mark above Monticello, it is not a genuine US coin and has no silver content.
When the United States entered World War II following the attack on Pearl Harbor, the War Production Board identified nickel metal as a critical war material. Nickel was essential for armor plating, stainless steel alloys used in weapon manufacture, and military equipment. The US Mint was directed to eliminate nickel from the five-cent coin and reformulate the alloy using non-strategic metals. The result was the wartime alloy: 35% silver, 56% copper, and 9% manganese. The change took effect with coins struck on and after October 8, 1942. A 1942-dated nickel may be either alloy depending on when it was struck that year.
The wartime formula used silver — itself a strategic metal — as a substitute because the Mint's existing infrastructure could process silver-copper alloys and because the Treasury had silver reserves available. The manganese content gave the alloy workability properties close enough to standard cupronickel that the existing coin presses required minimal modification. Each war nickel contains exactly 0.0563 troy oz of pure silver, giving it a melt-floor value that substantially exceeds the five-cent face value at any silver spot price above roughly $0.89/oz.
To make bank identification easier — the Treasury originally planned to call the coins in after the war and re-melt them into standard nickel — the Mint placed an unusually large mint mark above the dome of Monticello on the reverse of all war nickels. Philadelphia, which had never used a mint mark on any circulating US coin, received the designation 'P' for the first time. No war nickel recall ever happened, and the coins entered the hoard and junk-silver markets. The large mint mark above Monticello is the fastest single diagnostic: if you see it on a 1942, 1943, 1944, or 1945 nickel, you have a war nickel.
| years | Oct 8, 1942 – 1945 |
|---|---|
| weight g | 5 |
| composition | 35% silver, 56% copper, 9% manganese |
| asw troy oz | 0.0563 |
| mint mark placement | Large mint mark above Monticello dome (reverse) — first 'P' for Philadelphia on a circulating US coin |
| identification clue | Large mint mark above Monticello dome + slight magnetic attraction (manganese content) + 1942-1945 date range; weight is identical to standard nickel at 5.000 g |
War nickels are among the most liquid junk-silver items in the US market because their silver content and identification method are well understood by dealers. Three channels dominate: local coin shops, online precious-metal dealers, and auction platforms.
| Venue | Typical payout | Friction |
|---|---|---|
| Local coin shop (LCS) | 80–95% of silver melt value for circulated war nickels; higher for uncirculated or key dates | Immediate cash; no shipping; dealer assesses condition on the spot |
| Online bullion / precious-metal dealer | 85–100% of silver melt for bulk lots (roll quantities or larger); lower for single coins | Shipping and insurance required; payment in 3–7 business days; minimum lot sizes often apply |
| eBay / online auction | 95–110% of silver melt is achievable for individually listed rolls; collectible premium possible for key dates | Platform fees (approximately 12–13%); shipping; buyer payment risk; time investment for listing |
Dealer buy prices for war nickels reflect the silver melt floor minus a spread that covers refining costs, storage, and the dealer's margin. For bulk circulated war nickels, expect offers in the 80–100% of melt range depending on market liquidity and lot size — larger lots typically command tighter spreads. A dealer offering less than 80% of melt on a substantial quantity of war nickels is below the competitive range; get a second quote. Key-date war nickels (such as the 1942-P, the first war issue) may trade at numismatic premiums above melt regardless of the spot price, so check a numismatic price guide before selling them as junk silver.
The dealer spread is the difference between what a dealer pays you (bid) and what they charge the next buyer (ask). For war nickels sold as junk silver, the spread exists because the dealer must factor in refining costs (if the buyer intends to melt — noting that the dealer themselves cannot legally melt under 31 CFR § 82, but a licensed industrial refiner operating under a different regulatory framework may), shipping and insurance to move the coins, storage carrying costs, and the risk that the silver spot price declines between the time the dealer buys and resells.
For circulated war nickels in quantity — a full roll of 40 or more — dealers typically offer in the 80–100% of melt range. The exact point within that range depends on how liquid the dealer's current inventory is, whether they are a net buyer or seller of junk silver at that moment, and the size of your lot. A single war nickel from a casual seller might fetch 80–85% of melt; a box of 500 war nickels from an estate might fetch 95–100% because the dealer can move it as a single bulk lot to a wholesaler.
The figures above are ranges, not guarantees, and the spread fluctuates with the silver market. When silver spot prices are rising rapidly, dealers may widen their buy spread as a hedge against mispricing. When silver is stable, spreads tighten. The best practice is to check the live silver spot price before visiting a dealer, calculate the per-coin melt value using the 0.0563 troy oz ASW, and use that figure as your negotiation baseline. Any offer above 80% of melt on a reasonable lot size is within normal market range.
Standard US nickels — all issues from 1866 through the present except October 1942 through 1945 — are 75% copper and 25% nickel, a cupronickel alloy that runs uniformly throughout the coin (not a clad sandwich). They weigh 5.000 g. War nickels struck between October 8, 1942 and the end of 1945 use a different alloy: 35% silver, 56% copper, and 9% manganese. Both types weigh exactly 5.000 g, so composition cannot be determined by weight alone.
A war nickel is a Jefferson nickel struck between October 8, 1942 and December 31, 1945, made from 35% silver, 56% copper, and 9% manganese instead of the standard cupronickel alloy. Nickel metal was diverted to WWII munitions and armor production. Each war nickel contains 0.0563 troy oz of pure silver. Identify them by the unusually large mint mark (P, D, or S) positioned above the dome of Monticello on the reverse — standard nickels carry a small mark to the right of Monticello, or no mark at all for pre-1942 Philadelphia issues.
Each war nickel contains 0.0563 troy oz of pure silver. The math: 5.000 g total weight × 35% silver = 1.750 g pure silver ÷ 31.1035 g/troy oz = 0.05627 troy oz, rounded to the standard dealer figure of 0.0563 troy oz. A roll of 40 war nickels holds 2.252 troy oz of silver. Melt value equals 0.0563 multiplied by the current silver spot price per troy ounce. Melting war nickels is prohibited under 31 CFR § 82.
Check the reverse for a large mint mark above the dome of Monticello. War nickels (the only silver US nickels) carry an oversized P, D, or S in that position — a deliberate marker the Mint added so banks could identify them. If the mint mark is small and located to the right of Monticello (or absent entirely on pre-1942 Philadelphia strikes), the coin is standard cupronickel with no silver content. Also confirm the date is 1942, 1943, 1944, or 1945 — pre-October 1942 issues are cupronickel even if dated 1942.
Yes. The silver content alone — 0.0563 troy oz per coin — gives a war nickel a melt floor well above the five-cent face value at any realistic silver spot price. At $30/oz silver, the metal value is approximately $1.69 per coin (about 34 times face value); at $40/oz, approximately $2.25. Collectors and junk-silver stackers buy war nickels specifically for this silver premium. Melting them to recover the silver is a federal crime under 31 CFR § 82, but buying and selling them for their silver content is legal.
No. 31 CFR § 82, promulgated by the US Treasury in 2006, prohibits melting US one-cent and five-cent coins. The ban applies to all nickels, including war nickels whose silver content exceeds their face value. Mass export of nickels is also restricted to $5 per traveler except for numismatic purposes. Penalties run up to a $10,000 fine and/or 5 years imprisonment per violation. Melt value figures on this page are informational references only and do not constitute advice to melt.
All US five-cent coins — Shield, Liberty Head, Buffalo, and Jefferson nickels, including war nickels — weigh 5.000 g. The mint tolerance is ±0.194 g. The war nickel's weight is identical to standard cupronickel nickels, which is why weight cannot be used to identify a war nickel. The diameter is 21.21 mm and the edge is plain (no reeds).
Thomas Jefferson has appeared on the US five-cent coin since 1938, when his portrait replaced the Buffalo nickel design. Jefferson was the third President of the United States (1801-1809), principal author of the Declaration of Independence, and designer of Monticello — his Virginia estate shown on the nickel reverse. The 1938 design was created by Felix Oscar Schlag, who won a competition over 390 other entrants. The 2026 nickel preserves the Jefferson obverse with a dual date '1776 ~ 2026' for the US semiquincentennial.
Schlag's 1938 competition contract did not include language requiring the Mint to place his initials on the coin. The Mint also revised his Monticello reverse (changing the perspective and removing his original trees) without consulting him. Schlag campaigned for credit through the 1950s and 1960s. The Mint finally added the initials 'FS' below the truncation of Jefferson's bust on the obverse in 1966 — twenty-eight years after the coin first entered circulation.
Henning nickels are counterfeit Jefferson nickels struck by Francis LeRoy Henning, a New Jersey machinist, between 1953 and 1955. Approximately 480,000 were produced. The key diagnostic: a 1944-dated nickel without a large mint mark above the dome of Monticello on the reverse is a Henning counterfeit. Every genuine 1944 nickel is a war nickel and must carry a large P, D, or S above Monticello. Federal authorities recovered roughly 400,000 of the counterfeits in 1955; an estimated 80,000 remain unrecovered. Henning received a 6-year federal prison sentence.
The 1937-D Three-Legged Buffalo nickel is a die-polishing error: a Denver Mint engraver over-polished a die to remove clash marks and inadvertently removed the bison's front-right leg from the die. Several hundred thousand coins were struck before the error was discovered. Circulated examples bring $400-$1,200; Mint State examples bring $5,000-$20,000 or more. The variety is heavily counterfeited — tooled examples where a leg has been removed from a normal 1937-D coin require expert authentication, including inspection of the lump of metal at the buffalo's belly and stream-like feature between the hooves.
As of the dossier publication date of 2026-05-26, the US Mint has not announced cessation of nickel production. The cent ceased circulating production on November 12, 2025 due to seigniorage losses (each cent cost approximately 3.7 cents to produce in 2024). The nickel cost approximately 13.8 cents per coin to produce in 2024, representing a similar seigniorage loss, but no formal cessation announcement has been made. The 2026 nickel with dual date '1776 ~ 2026' is a semiquincentennial commemorative issue and remains in circulation.
Metal value is only part of the picture. Key-date Jefferson nickels, war nickels in high grade, and error coins like the 1937-D Three-Legged Buffalo can carry numismatic premiums that far exceed their silver or copper content. Check the numismatic value for your specific year, mint mark, and grade.
See nickel prices by year and mint mark →The Assay app can identify your nickel from a photo — confirming the design type, date, mint mark position, and whether the large war-nickel mint mark above Monticello is present. Useful for confirming Henning counterfeit suspects or verifying a key date.
All melt value figures are informational market floor references only and do not constitute transaction quotes; melting US nickels is prohibited under 31 CFR § 82.