Buffalo Nickels and Silver War Nickels: What They Are Worth

Short answer: Buffalo nickels, struck from 1913 to 1938, are copper-nickel and contain no silver, so their value comes from collectors. Jefferson “war nickels” dated 1942 to 1945 with a large mint mark above Monticello are 35 percent silver, with about 0.05626 troy ounces each. A few Buffalo dates and errors, such as the 1937-D “three-legged” nickel, are worth well above face value to collectors.

Buffalo nickels: no silver, all collector value

The Buffalo nickel was designed by James Earle Fraser and first appeared in early 1913. PCGS lists it at 5.00 grams of 75 percent copper and 25 percent nickel, and NGC dates the series from 1913 to 1938. Buffalo nickels contain no silver. Their value depends mainly on their date, mint mark, condition and rarity rather than their metal.

The date is often the problem. PCGS explains that the date on the front was a raised high point that wore away quickly, leaving many “dateless” Buffalo nickels by the 1950s and early 1960s. The mint mark, a small D or S, is on the back beneath the words FIVE CENTS. No letter means Philadelphia. PCGS also notes that most dates after 1927 in lower grades are quite common, while many dates from the teens and early 1920s struck at Denver and San Francisco are scarcer.

Buffalo nickel key dates

• 1937-D “three-legged”. The ANA tells the story: a Denver Mint worker ground clash marks off a die and accidentally removed the buffalo’s front leg. NGC notes that it is one of the most sought-after Buffalo nickels and is often faked by tooling away the leg on an ordinary 1937-D. Genuine examples have specific die markings, and because ordinary coins can be altered to imitate this variety, professional authentication is especially important.
• 1918/7-D overdate. NGC explains that this overdate came from a die error, with a 1917 date showing under the 1918, and that it is a rare variety that counterfeiters copy.
• Other keys. PCGS lists the 1913-S Type Two, 1921-S, 1924-S and 1926-S as low-mintage key dates, along with errors such as the 1916 doubled die and the 1936-D with 3 1/2 legs.

We do not quote values for these coins, because grade and authenticity decide everything. If you have a Buffalo nickel with a clear date and mint mark, it is worth having looked at.

War nickels: the silver nickels of 1942 to 1945

During World War II, nickel was needed for the war effort. NGC explains that the Mint switched the Jefferson nickel to an alloy of 56 percent copper, 35 percent silver and 9 percent manganese, starting in October 1942. To make the coins easy to pull from circulation later, the Mint greatly enlarged the mint mark and placed it on the back, directly above the dome of Monticello. For the first time, Philadelphia coins carried a mint mark, a large P.

The ANA gives the same composition and notes that the pre-war mint mark location and composition came back in 1946. NGC adds that all nickels dated 1943, 1944 and 1945 should have the silver alloy, while 1942 nickels came both ways.

The silver figure follows from the NGC specifications: 5 grams at 35 percent silver is 1.75 grams, or about 0.05626 troy ounces.

Worked example: melt value of silver war nickels

Example numbers only, at a round silver price of $58 an ounce. It is not today’s price.

These figures use the silver content of new coins. Melt value is what the metal is worth at spot, not an offer, and worn coins weigh a little less. A Buffalo nickel’s value is face value plus whatever collectors will pay for its date, mint mark and condition.

How to identify a silver war nickel

Turn the coin over and look above Monticello, the building on the back. If you see a large P, D or S above the dome and the coin is dated 1942 through 1945, it’s a silver war nickel. For 1942 this matters most, because both regular copper-nickel and silver versions were made that year. The large mint mark is the easiest way to tell them apart.

Can silver war nickels be melted?

Federal regulations generally prohibit melting US nickels for their metal value. However, there is a specific exception for the silver war nickels made from 1942 through 1945. Because these coins contain 35 percent silver, they can legally be valued on their silver content. Ordinary Buffalo and Jefferson nickels do not qualify for that exception. You can read the rule in 31 CFR Part 82.

Selling nickels in Greenville

Bring Buffalo and war nickels as they are, in rolls or loose, and please do not clean them, since cleaning can lower the value of a collectible coin. We examine your coins for their date, mint mark, condition and metal content, looking for any additional collector value, and we’ll walk you through your offer before you decide whether to sell. When additional testing is appropriate, we use equipment such as our XRF analyzer to help verify the metal content. A free, no-pressure coin evaluation is available if you just want to know what you have.

No appointment is needed; bring a valid photo ID, which South Carolina requires. New to selling coins? Start with our guide on how to sell coins in the Upstate, or see what we buy on our sell coins page.

Greenville Gold & Silver is a family-run shop at 1637 Woodruff Rd in Greenville, serving the Upstate since 2012, with 4.9 stars from 800+ Google reviews. We’re open Monday to Friday 10 to 6 and Saturday 10 to 3. Stop in, or call 864-901-7975.