1945 Nickel Value (Errors List, “P”, “D” & “S” Mint Mark Worth)

The 1945 Jefferson nickel represents a fascinating piece of American wartime currency. During World War II, the U.S. Mint produced these distinctive silver-colored coins using an unusual 35% silver alloy instead of traditional nickel. This composition change was necessitated by nickel’s critical importance for military production.

At present, while most circulated examples trade for modest premiums based on their silver content, mint state specimens command significantly higher premiums—particularly the 1945-S Full Steps variety, which averages $558.86 in MS grade.

Wartime silver coinage from this era continues attracting investor attention, with market values steadily appreciating as collectors recognize their historical significance.

 

1945 Nickel Value By Variety

This table shows the current market values of 1945 nickels from different mint locations (P, D, and S) across various condition grades.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)

 

Top 10 Most Valuable 1945 Nickel Worth Money

The auction records from 2004 to present reveal that exceptional 1945 nickels can command prices far beyond their silver content value. Leading the chart is a 1945-D graded MS-68 Full Steps, which sold for an impressive $25,000, demonstrating how condition rarity drives premium valuations in the numismatic market.

Error varieties occupy prominent positions in this ranking. The 1945-P Doubled Die Reverse in MS-66 condition achieved $14,100, while lower-grade examples (MS-65) still reached $5,170. These doubled die errors occurred during hub impressions at the mint, creating distinctive doubling visible on reverse design elements.

Full Steps (FS) designations significantly impact value, as evidenced by the 1945-P DDR FS-801 bringing $7,200 in MS-66 grade. The “Full Steps” designation requires complete, unbroken horizontal lines across Monticello’s six steps. This designation proves difficult to obtain because the wartime alloy composition frequently resulted in weak strikes that left step details incomplete. Coins earning this distinction represent the finest strike quality available from the era.

High-grade examples from all three mints appear in the top ten, with both Denver and San Francisco producing specimens worth over $8,000 in MS-67 and MS-68 grades. These pristine survivors represent a tiny fraction of the original mintages, as most 1945 nickels entered circulation during the final months of World War II.

 

History of The 1945 Nickel

The 1945 nickel represents the final year of America’s wartime silver coinage program, a monetary initiative born from military necessity during World War II. As the conflict intensified in 1942, the U.S. government identified nickel as a critical strategic metal essential for armor plating, artillery, and naval vessels. The Mint responded by reformulating the five-cent piece’s composition to 56% copper, 35% silver, and 9% manganese.

To distinguish these wartime issues from standard nickels, the Mint placed enlarged mint marks above Monticello’s dome on the reverse. This prominent placement allowed easy identification of silver-containing coins for potential future recovery.

By 1945, three facilities produced these distinctive nickels: Philadelphia, Denver and San Francisco. Production continued through October 1945, two months after Japan’s surrender ended the war.

The return to peacetime operations brought restoration of the traditional copper-nickel composition in 1946, concluding this unique chapter in American coinage history. Today, these silver nickels remain tangible reminders of the home front’s material sacrifices during the nation’s greatest military mobilization.

Also Read: Top 60+ Most Valuable Buffalo Nickels Worth Money

 

Is You 1945 Nickel Rare?

1945 nickels are common wartime coins, but silver “war nickels” (marked with large mintmark above Monticello) hold premium value. Check your coin’s exact rarity and current worth instantly with our CoinValueChecker App !

 

Key Features of The 1945 Nickel

The Obverse Of The 1945 Nickel

The obverse displays Felix Schlag’s portrait of Thomas Jefferson facing left, which won a 1938 design competition. Jefferson’s profile appears in sharp relief, with detailed hair texture and facial features.

The inscription “IN GOD WE TRUST” curves along the left rim, while “LIBERTY” appears on the right. The date “1945” sits at the bottom beneath Jefferson’s bust.

The Reverse Of The 1945 Nickel

Monticello, Jefferson’s Virginia estate, dominates the reverse design. The building’s distinctive neoclassical architecture features detailed columns and windows.

The most significant wartime modification appears above the dome: an enlarged mint mark (P, D, or S) indicating the striking facility. “E PLURIBUS UNUM” arcs above Monticello, while “UNITED STATES OF AMERICA” and “FIVE CENTS” frame the bottom.

The famous six steps leading to Monticello’s entrance became crucial for grading—coins displaying complete, unbroken step details earn premium “Full Steps” designations.

Other Features Of The 1945 Nickel

The coin measures 21.2mm in diameter with a plain edge. The wartime composition of 56% copper, 35% silver, and 9% manganese gives these nickels a distinctive appearance—slightly darker than standard copper-nickel issues. This alloy weighs 5 grams, identical to regular nickels, maintaining compatibility with vending machines and coin-operated devices throughout the war years.

Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)

 

 

1945 Nickel Mintage & Survival Data

The 1945 nickel production totaled 215,505,100 pieces across three facilities, with Philadelphia leading output at 119,408,100 coins—representing 55.4% of total production. San Francisco contributed 58,939,000 pieces (27.4%), while Denver produced the smallest quantity at 37,158,000 nickels (17.2%).

Survival rates reveal remarkable consistency across all three mints, hovering around 10%. Philadelphia nickels show a 10.0496% survival rate with approximately 12 million specimens remaining from the original mintage. San Francisco coins exhibit a slightly higher 10.0103% survival rate, with 5.9 million survivors. Denver pieces demonstrate the lowest survival at 9.9575%, leaving an estimated 3.7 million coins extant.

These survival figures reflect several factors influencing attrition. Many 1945 nickels entered heavy circulation during the post-war economic boom, causing wear that removed coins from collectible condition. Additionally, the silver content prompted melting during periods of elevated silver prices, particularly during the 1960s and 1980s.

The pie chart visualization shows Philadelphia survivors dominating the remaining population at approximately 55%, followed by San Francisco at 27% and Denver at 18%—proportions closely mirroring original mintage distributions. This parallel suggests relatively uniform survival patterns across all three facilities, making condition rather than mint mark the primary value determinant for common date examples.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1945 Nickel Value

Determining your 1945 nickel’s precise value requires evaluating multiple factors: mint mark location, condition grade, Full Steps designation, and potential error varieties.

Rather than consulting multiple price guides and grading references, download the CoinValueChecker App and photograph your coin, the app identifies the mint mark, assesses condition, and provides current market values based on recent auction data.

Whether you possess a circulated example worth its silver content or a premium Full Steps specimen, CoinValueChecker App delivers professional-grade appraisals directly to your smartphone—eliminating guesswork and ensuring you understand your coin’s true worth in today’s market.

 

1945 Nickel Value Guides

• 1945-P Nickel – Philadelphia Mint (no mint mark visible, or large P above Monticello)
• 1945-P Full Steps Nickel – Philadelphia strike with complete step details
• 1945-D Nickel – Denver Mint (D mint mark above Monticello)
• 1945-D Full Steps Nickel – Denver strike with sharp step definition
• 1945-S Nickel – San Francisco Mint (S mint mark above Monticello)
• 1945-S Full Steps Nickel – San Francisco strike showing all six steps clearly

The 1945 nickel series comprises six primary collectible varieties determined by mint origin and strike quality. Each of the three mints—Philadelphia, Denver, and San Francisco—produced standard business strikes intended for circulation.

Within each mint’s production, a small percentage achieved exceptional strikes displaying complete, unbroken horizontal lines across Monticello’s six steps, earning the coveted Full Steps designation. This distinction significantly impacts value, as Full Steps specimens represent superior craftsmanship and preservation.

Collectors typically pursue all six varieties to complete a comprehensive 1945 set, with Full Steps examples commanding substantial premiums over their standard counterparts due to their scarcity and visual appeal.

 

1945-P Nickel Value

The 1945-P nickel represents a unique chapter in American coinage, struck during the final year of World War II with a special composition containing 35% silver.

The U.S. Mint created these wartime nickels because nickel metal was desperately needed for military equipment and armor plating. The large “P” mint mark atop Monticello’s dome makes it instantly recognizable.

With 119,408,100 pieces minted, the 1945-P is relatively common in circulated grades, trading near silver melt value at $1.50 to $2.00. However, value increases substantially with condition. Mid-grade uncirculated examples (MS63-MS65) typically sell for $10 to $45, while gem specimens can reach several hundred dollars.

The auction record stands at $11,500 for an MS67 with Full Steps—a designation for coins showing complete, unbroken detail on Monticello’s five entrance steps.

The most exciting variety is the Doubled Die Reverse, showing dramatic doubling on “MONTICELLO” and “FIVE CENTS” visible to the naked eye. Worn examples start around $18, while mint state specimens range from $100 to $494. The auction record for this variety reached $14,100 for an MS66 Full Steps example.

Combined with their historical significance and silver content, 1945-P nickels offer collectors accessible entry into wartime coinage while maintaining solid investment potential.

The series status remains strong—1945-P nickels are essential components of Jefferson nickel type sets and wartime silver collections, ensuring consistent demand across both specialized and general collectors.

The auction record chart below shows sales over the past year.

 

1945-D Nickel Value

The 1945-D nickel represents Denver’s smallest wartime silver production at 37,158,000 pieces, yet paradoxically produces some of the series’ most valuable specimens due to superior strike quality.

Denver’s minting operations during this period achieved better die alignment and pressure consistency than other facilities, resulting in an unusually high proportion of Full Steps examples. Circulated pieces typically trade between $2.25 and $3.50, while uncirculated specimens range from $8 to $25 in moderate grades.

Investment potential centers on high-grade examples, particularly those achieving MS-67 or MS-68 designations. The strike quality advantage means Denver nickels more frequently receive Full Steps recognition, yet truly pristine survivors remain scarce due to the 80-year timespan since production.

According to numismatic population reports, MS-68 specimens represent extraordinary condition rarities—fewer than a dozen examples have achieved this grade across major certification services. The combination of lowest original mintage among 1945 issues and superior technical quality creates strong fundamentals for appreciation, especially as wartime silver nickel collecting continues gaining momentum among both vintage coin enthusiasts and precious metal investors seeking historically significant bullion alternatives.

The auction record chart below tracks verified sales across multiple platforms, illustrating premium valuations achieved by exceptional specimens.

Market activity data reveals consistent trading volume, reflecting balanced collector demand throughout seasonal fluctuations in the numismatic marketplace.

 

1945-S Nickel Value

The 1945-S nickel holds distinctive appeal due to San Francisco’s reputation for producing exceptionally well-struck wartime silver coinage, with a mid-range mintage of 58,939,000 pieces positioning it between Philadelphia’s high production and Denver’s limited output.

Value ranges span from $2.25 for circulated examples to $8-$25 for uncirculated specimens, though the price/grade charts reveal dramatic appreciation at premium levels—standard strikes plateau around $50-$160 through MS-67, then surge to over $2,000 for MS-68+ specimens.

The Full Steps designation transforms value dynamics significantly. The FS price/grade chart demonstrates steady appreciation from lower grades, climbing to approximately $700 at MS-66, then accelerating sharply beyond MS-67.

This exponential curve reflects San Francisco’s technical advantage: the facility’s dies and presses often achieved superior detail transfer, making Full Steps examples more attainable than other mints—yet truly exceptional specimens remain condition rarities.

The series status benefits from San Francisco’s storied numismatic legacy, as collectors specifically pursue “S” mint marks across multiple denominations, creating sustained demand independent of general market fluctuations.

The auction record documentation below captures verified sales across multiple platforms, illustrating realized prices for specimens spanning all condition tiers.

Market activity tracking reveals consistent transaction volumes, demonstrating the 1945-S nickel’s enduring popularity among both wartime silver specialists and general collectors.

Also Read: 22 Rare Nickel Errors List with Pictures (By Year)

 

Rare 1945 Nickel Error List

The 1945 nickel series contains several significant error varieties that command substantial premiums over regular strikes. These manufacturing anomalies resulted from die production issues, hub doubling, and mint mark punching errors during the hectic wartime production environment.

Error specialists particularly value these varieties for their visual drama and limited survival rates. From tripled die reverses to repunched mint marks, each error type offers unique collecting opportunities across various price points.

1. 1945-P Tripled Die Reverse Error (FS-803 & FS-804)

The Tripled Die Reverse varieties represent the most dramatic 1945 errors, with FS-803 and FS-804 exhibiting extraordinary tripling on MONTICELLO and FIVE CENTS.

These errors occurred when the die received three slightly offset impressions from the hub during production. The doubling appears as bold, shelf-like extensions visible to the naked eye—FS-803 shows particularly strong tripling on the building’s right side and denomination.

Circulated examples trade under $40, while uncirculated specimens command $40-$600 depending on grade. The MS-66 tier shows remarkable consistency at $350-$565 across multiple Heritage and other major auctions spanning 2015-2023, making these among the most valuable non-proof 1945 nickel varieties.

2. 1945-P Doubled Die Reverse Error

The standard Doubled Die Reverse (distinct from the tripled varieties) shows clear but less dramatic doubling concentrated on MONTICELLO and FIVE CENTS.

This variety results resulting from hub doubling during die production when the hub impressed the die multiple times with slight rotational misalignment.. The doubling creates a distinct shadow effect on lettering and architectural details, most prominent on the dome and columns.

The price/grade chart reveals modest values through MS-64 at approximately $50-$100, then accelerating sharply—MS-65 specimens trade around $250-$300. Premium grades command substantial multiples: MS-66 examples realize $400-$504, while MS-67 pieces surge to $1,400-$1,620.

This error maintains strong collector demand due to its visibility and historical documentation as one of only three major doubled die dates in the Jefferson nickel series through 1964.

3. 1945-D Doubled Die Obverse Error (FS-101)

The 1945-D Doubled Die Obverse represents Denver’s most significant error contribution, featuring noticeable doubling on LIBERTY, IN GOD WE TRUST, 1945 and Jefferson’s profile details.

The hub doubling created during die manufacturing produces distinct separation visible under modest magnification, particularly strong on the letters LI of LIBERTY and the designer’s initials. This variety appeals to specialists because obverse doubled dies are considerably scarcer than reverse errors in the wartime nickel series.

Circulated examples trade between $50-$125, while uncirculated specimens range from $200-$600. MS-65 and higher grades have achieved $800-$1,500 at specialized auctions, reflecting the combination of Denver’s lower original mintage and this error’s visual appeal. 

4. 1945-D Repunched Mint Mark Error (FS-501)

The Repunched Mint Mark variety shows a secondary “D” impression beneath or beside the primary mint mark above Monticello’s dome, resulting from multiple punching attempts during die preparation. There are multiple RPM varieties exist for 1945-D, with FS-501 representing the most prominent displacement—the secondary impression appears distinctly west of the primary mark.

These errors occurred when mint employees manually punched marks into individual working dies, sometimes requiring correction or reinforcement.

Values remain modest compared to doubled dies: $15-$35 for circulated pieces and $75-$200 for uncirculated examples. While less dramatic visually, RPM varieties attract dedicated specialists who pursue comprehensive collections documenting mint mark placement variations across the entire Jefferson series.

 

Where to Sell Your 1945 Nickel ?

You can sell your 1945 nickel through various channels including local coin dealers, online marketplaces like eBay, specialized numismatic auction houses, or coin shows. For valuable war nickels containing silver, professional dealers and certified grading services often offer the best prices and secure transactions.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1945 Nickel Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ About 1945 Nickel

How much is a 1945 nickel worth?

A 1945 nickel’s value depends on condition and mint mark. Circulated examples are worth $2.25-$3.50 based primarily on their 35% silver content, which provides approximately $1.50-$2.00 in melt value at current silver prices.

Uncirculated specimens range from $8-$25 for standard strikes, while Full Steps examples command $50-$200. Premium grades achieve significantly higher values—MS-67 specimens can reach $100-$500, and MS-68 examples exceed $1,000-$2,000.

Error varieties like the Tripled Die Reverse (FS-803) bring substantial premiums, with high-grade specimens realizing $400-$2,000 depending on condition.

Is 1945 nickel real silver?

Yes, 1945 nickels contain real silver—specifically 35% silver, 56% copper, and 9% manganese. This wartime composition replaced the standard copper-nickel alloy (75% copper, 25% nickel) used from 1938-1942 and resumed in 1946.

The U.S. Mint altered the composition to conserve nickel for military applications during World War II, as nickel was critical for armor plating and armaments production. The silver content makes each 1945 nickel worth more than face value even in worn condition, with the intrinsic metal value fluctuating based on silver market prices but typically exceeding $1.50-$2.00 per coin

What is special about a 1945 nickel?

The 1945 nickel represents the final year of wartime silver coinage and features several unique characteristics.

Most notably, it’s the first year Philadelphia used a mint mark—a large “P” above Monticello—making it the only pre-1979 Philadelphia issue with this designation. The 35% silver composition creates a distinctive appearance and sound when dropped.

Additionally, 1945 produced several significant error varieties including dramatic Tripled Die Reverses and Doubled Die examples that command substantial collector premiums. The historical context—struck during World War II’s final months—adds numismatic significance, while the silver content provides inherent precious metal value beyond face value.