For numismatists and history enthusiasts, the 1943 Jefferson nickel stands out as a captivating issue that encapsulates a pivotal moment in American and world history. As the United States directed its full industrial might towards the Allied war effort during World War II, the U.S. Mint made unprecedented changes to the nation‘s coinage—including the humble five-cent piece—that would create an enduring collector favorite. This in-depth guide will explore the historical importance, key attributes, and valuation of the 1943 wartime nickel.
The Wartime Nickel: A Product of Its Time
In 1943, the United States was fully engaged in the global conflict of the Second World War. The war effort placed immense pressure on strategic metals like copper and nickel, which were needed for military applications ranging from bullet casings to armor plating. Faced with critical shortages of these materials, the U.S. Mint was forced to adapt.
Under the authority of the newly passed Public Law 815, the Mint reformulated the composition of the nickel to eliminate its namesake metal entirely and reduce its copper content. The traditional alloy of 75% copper and 25% nickel was replaced with a new mix of 56% copper, 35% silver, and 9% manganese for nickels dated 1942-1945.
This emergency composition change necessitated a special provision for the Mint to resume striking nickels with the standard alloy after the war. However, that would prove unnecessary, as the Mint continued the wartime composition through the end of 1945 and quietly returned to the usual 75% copper/25% nickel alloy in 1946 without needing to recall the emergency silver issues.
Fun Fact: The wartime silver alloy proved challenging for the Mint to strike. The harder metal caused dies to wear out faster, resulting in many 1943 nickels with weakly struck details, especially on the reverse.
1943 Nickel Mintages and Value
In 1943, the U.S. Mint struck a substantial number of nickels across its three operating facilities. The Philadelphia Mint produced the lion‘s share with 271,165,000 pieces, followed by the San Francisco Mint at 104,060,000, and the Denver Mint at a considerably smaller 15,294,000.
Across all three mints, the 1943 nickel saw the highest production tally of the 1942-1945 wartime issues, with a total mintage of 390,519,000 coins. This generous output means that even today, 1943 nickels remain readily available to collectors in circulated condition.
Despite their age and significance, circulated 1943 nickels are generally quite affordable. Most well-worn examples are worth their bullion value of around $1 with silver near $25 per ounce. Even mid-grade circulated pieces grading Fine to Very Fine only retail for about $2 to $5 each.
However, values escalate for uncirculated 1943 nickels, particularly at the gem level. Mint State-60 to MS-64 examples usually sell for $5 to $15, while MS-65 gems can bring $20 to $50 depending on eye appeal. In the topmost grades of MS-66 and above, the 1943-P and 1943-S nickels have realized prices over $1,000, while the lowest-mintage 1943-D is the series key in high grade with gems commanding over $10,000.
| 1943 Nickel | Mintage | MS-60 | MS-63 | MS-65 | MS-66 | MS-67 |
|---|---|---|---|---|---|---|
| 1943-P | 271,165,000 | $7 | $10 | $25 | $125 | $1,000 |
| 1943-D | 15,294,000 | $20 | $40 | $150 | $1,500 | $15,000 |
| 1943-S | 104,060,000 | $7 | $10 | $25 | $100 | $1,250 |
Source: 2023 Guide Book of United States Coins (Red Book)
Key Diagnostics of the 1943 Nickel
To properly identify a 1943 Jefferson nickel, collectors should familiarize themselves with the issue‘s unique attributes, which include:
- Metallic composition: 56% copper, 35% silver, 9% manganese. The silver content gives these nickels a distinct gray color compared to the warmer hue of regular 75% copper/25% nickel "nickels."
- Large mintmarks: All three mints placed large mintmarks on the reverse above Monticello to distinguish the emergency silver alloy coins. The P mintmark was used for the first time on nickels.
- Weak strike: Many 1943 nickels exhibit softly struck details, especially on the reverse, due to the harder silver alloy causing excessive die wear during production.
An important note for collectors is that while the U.S. Mint did strike some 1943 nickels on ordinary copper-nickel planchets left over from 1942, these off-metal strikings are extremely rare. Only about 40 examples are known from all mints combined, and they rank among the most valuable modern U.S. coins with six-figure price tags. So, if you find a 1943 nickel that sticks to a magnet (indicating it‘s the regular 75% copper composition), it‘s most likely altered or counterfeit rather than a genuine 1943 off-metal error.
Notable 1943 Nickel Error Varieties
While mint errors are generally scarce, the enormous production volume of 1943 nickels resulted in several notable varieties that are popular with Jefferson nickel specialists and error collectors. Here‘s a rundown of the most significant 1943 error nickels:
1943-P 3-Over-2 Overdate
The most prominent error in the series is the 1943-P nickel with a clear overdate, showing a "3" punched over a "2". This happened when a leftover 1942 dated die was repunched with a 1943 hub, leaving traces of the underlying "2" visible beneath the "3". Apparently just a single obverse die was created with this error, and that die struck an estimated 20,000 to 50,000 nickels.
While the 1943-P overdate is the most plentiful overdate error in the Jefferson series, it remains scarce in absolute terms. Only about 1,000 examples have been certified by PCGS and NGC combined. Well-circulated specimens start around $200, while choice uncirculated examples can bring over $5,000.
1943 Doubled Die Obverse
Another popular variety is the 1943 Doubled Die Obverse (DDO) nickel, which shows clear doubling in Jefferson‘s eye and some letters of LIBERTY. This error resulted from a misaligned hub during the die creation process, causing a partial second image to appear slightly offset from the primary one. The 1943 DDO comes in two varieties, with the stronger one showing more pronounced doubling that‘s visible even to the unaided eye.
The 1943 DDO is scarcer than the overdate, especially in choice condition. PCGS CoinFacts estimates just 400 to 600 examples exist. They regularly trade for $100 to $200 in circulated grades and many times that sum in Mint State. One particularly choice Uncirculated example graded MS-66 by PCGS sold for $7,200 in a 2006 auction.
[Insert high-quality image of 1943 DDO nickel here, if available. Caption: "Doubling is most prominent on IN GOD WE TRUST and the eyelid in this 1943-P DDO nickel graded MS-64 by PCGS. (Image courtesy of Heritage Auctions, HA.com)"]Tips for Collecting 1943 Nickels
For collectors pursuing 1943 Jefferson nickels, here are some expert recommendations:
- Seek out choice original examples. Look for coins with attractive, even color and strong luster. Avoid those with heavy marks, spots, or evidence of cleaning.
- Consider key varieties. While gem uncirculated specimens will be costly, circulated examples of the 1943-P overdate and DDO are relatively affordable and add further interest to a Jefferson nickel set.
- Be mindful of counterfeits. Any 1943 nickel struck in the standard 75% copper alloy is highly suspect and should be authenticated by an expert. Similarly, some 1943-P overdates are skillfully faked—an authenticator can help distinguish these from genuine examples.
- Protect your coins. Use inert plastic holders or non-PVC flips to safely store and display your 1943 nickels. Avoid PVC-containing flips or bags, as these can cause permanent greenish damage.
- Educate yourself. Consulting specialized Jefferson nickel references can help you learn the intricacies of the series and build the knowledge to make savvy acquisitions. Some helpful titles include The Jefferson Nickel Analyst by John Wexler and Kevin Flynn, and The Authoritative Reference on Jefferson Nickels by Kevin Flynn.
The Enduring Legacy of the 1943 Nickel
As a tangible relic of one of the most challenging periods in American history, the 1943 Jefferson nickel will always hold a special place in numismatic and historical circles. Its unique silver composition and one-year-only design changes make it a distinctive issue within the series.
The collector appeal of the 1943 nickel is further bolstered by its bevy of fascinating varieties, particularly the 1943-P 3-Over-2 overdate and the elusive 1943 Doubled Die Obverse. These rare errors elevate the issue beyond its bullion value and provide fertile ground for specialists.
Whether pursuing the set in high grade or simply appreciating a circulated example‘s connection to the past, collectors who take the time to study the 1943 nickel will be rewarded with a deeper understanding of U.S. coinage and the wartime period. By preserving these important artifacts, numismatists serve as stewards of history and help ensure that the lessons and sacrifices of the World War II era are never forgotten.
