Post-War Coinage: The 1946 Jefferson Nickels Explained

Each war has a significant impact on all spheres of life with the most intense periods having been gone through dozens or hundreds of years ago. This, though, can be applied to the local coinage, too. The monetary sector in the US underwent a quiet yet significant shift during the years of World War II. 

However, this initiative was suspended in 1946 with the appearance of a legendary Jefferson nickel, restored to its traditional copper-nickel composition. This issue was originally meant to be the same as those released in the pre-war era. So, what can identify this coin as a rare find, and which deviations make it exclusive?

Coinage During World War II 

The start of World War II posed threats to nations from all over the world. So as to combat the malicious powers, the US, which was involved in the conflict a bit later than other countries, had to discover alternate materials for coin manufacture since the war effort required enormous quantities of vital metals like copper and nickel for military use. The nickels were also subject to this change. As a result, between 1942 and 1945, this led to the production of the wartime silver alloy nickel.

To be more precise, Congress approved a temporary composition change to conserve nickel for armor plating and other military uses. Wartime nickels were struck with 56% copper, 35% silver, and 9% manganese instead of the typical 75% copper and 25% nickel. This change guaranteed that nickel resources were used for the war effort only, but the coins obtained the status of extraordinary, exclusive versions, sought after by collectors. 

The war ended in 1945, and this was the end of the era of silver nickels (which sounds quite ridiculous, in fact). In 1946,  the Jefferson nickel returned to its original copper-nickel composition, as the necessity to conserve nickel finally decreased.

Related article: How Much Is a 1961 Nickel Worth Today?

Here Comes 1946: Jefferson Nickel Design and Specifications

The 1946 nickel was not really different from other iterations of the pre-war times. As usual, the obverse of the nickel 1946 depicts a left-facing portrait of Thomas Jefferson, along with the inscriptions "IN GOD WE TRUST" to the left and "LIBERTY 1946" to the right. The reverse, in turn, demonstrates Jefferson’s Virginia estate, Monticello, surrounded by the inscriptions "E PLURIBUS UNUM" above and "MONTICELLO," "FIVE CENTS," and "UNITED STATES OF AMERICA" below.

Although the coin was minted according to a standard established long before, some varieties had distinctive features and imperfections that boosted their significance for good. 

Mint Varieties and Mintage Figures

The production of these numismatic creations was similar to that of the previous decades. There were three major facilities responsible for the manufacturing process, namely Philadelphia, Denver, and San Francisco Mints. Here are the approximate numbers of pieces released by each mint in 1946: 

• Philadelphia – 1946 Nickel No Mint Mark: 161,116,000

• Denver – 1946 D Nickel: 45,292,200

• San Francisco – 1946 S Nickel: 13,560,000

By the way, the US Mint suspended the production of proof coins (a regular series that accompanied coins of ordinary circulation every year) from 1943 to 1949, hence the 1946 Jefferson nickel was never struck in proof format. Not until 1950 would the next proof Jefferson nickels be issued.

An Erroneous Thing: Precious and Valuable Imperfections to Seek

Errors are relatively widespread, especially when it comes to coins of regular circulation and high mintage numbers. The more coins have been produced, the higher the possibility that these may bear faults of different types. The hero of our article is no different. One of the most notable deviations is the 1946 5C Jefferson Nickel struck on a war nickel planchet.

This might have occurred when the originally intended copper-nickel composition was substituted with the remaining wartime silver alloy planchets (35% silver, 56% copper, 9% manganese). These iterations have a unique grayish tone that differs from standard nickels, and even if struck by the Philadelphia Mint (which does not typically have a mint mark at all), they may bear a large mint mark above Monticello.

As for other valuable 1946 nickel errors, they may include:

• Off-Center Strikes – Coins with some parts of the design missing due to preliminary (unintended) misalignment.

• Clipped Planchets – Coins with missing sections due to misfed metal sheets.

• Die Cracks or Cuds – Raised lines or blobs caused by die wear.

How Much is a 1946 Nickel Worth?

The 1946 nickel value is a complex variable that depends on numerous factors, from condition and designation to its mint location and even slight defects that the coin can bear. Yes, those instances of regular circulation do not usually survive the intense process of trading and, thus, exhibit signs of heavy wear. However, some coins have been strategically preserved and may cost hundreds or even thousands of dollars. 

Here is a quick overview of the prices provided by the PCGS price guide (the highest grades only).

Quick Tips for At-Home Evaluation 

1. Check the Date & Mint Mark – Identify the year and mint location.

2. Look for Key Features – Errors, varieties, or Full Steps can increase the value significantly.

3. Examine Condition – Higher grades (MS or PR) bring more value. This can be attributed by a reputable grading service like PCGS or NGC.

4. Use a Magnifying Glass – Small details like doubling or die cracks can mean big money.

5. Weigh It – An unusual weight could point out a wrong planchet error (or counterfeit as well).

6. Test for Metal Content – A simple magnet test can help spot steel coins or fakes.

7. Use Apps for Identification – Apps like Coin ID Scanner can identify coins, including 1929 Buffalo nickels, via photos, provide current market trends, and even connect with other numismatists from all over the world.

Make your coin exploration easier and more enjoyable. Do not neglect the additional support – let your collection thrive even more!

Sources: 

1. https://kids.usmint.gov/about-the-mint/nickel 

2. https://www.pcgs.com/coinfacts/coin/1946-s-5c-pl/910252