1942 Nickel Value: Type 1 & Type 2 Guide (Worth $0.10-$30,550)

Introduction: A Unique Year in U.S. Coinage

1942 Jefferson Nickel: Type 1 copper-nickel (left) and Type 2 silver war nickel (right)

The 1942 Jefferson Nickel holds a unique distinction in American numismatics: it's the only year the U.S. Mint produced two entirely different metallic compositions for the same denomination within a single calendar year. This remarkable transition was driven by World War II's urgent demand for strategic materials.

Early in 1942, the Philadelphia and Denver Mints continued striking standard "Type 1" nickels using the traditional 75% copper, 25% nickel alloy. However, on March 27, 1942, Congress authorized a dramatic change. Beginning in fall 1942, the Mint introduced "Type 2" nickels containing 56% copper, 35% silver, and 9% manganese—effectively eliminating nickel from the five-cent piece to conserve it for military applications.

Today, 1942 nickels range in value from face value for worn Type 1 examples to over $30,000 for the rarest varieties. The 1942-D Type 1 is a recognized key date, while Type 2 "war nickels" carry inherent silver value that establishes a price floor of approximately $2.67 per coin. This guide provides comprehensive identification, grading, and valuation information for all 1942 Jefferson Nickel issues.

How to Identify 1942 Jefferson Nickel Types

Mint mark location is key: Type 1 has small mark right of Monticello; Type 2 has large mark above dome

Proper identification of your 1942 nickel's type is essential, as the metallic composition—and therefore value—depends entirely on the mint mark's location on the reverse.

Type 1: Copper-Nickel Composition (1942 P and 1942-D)

Type 1 nickels maintain the pre-war mint mark placement standard throughout the Jefferson series:

• 1942 (P) Type 1: Has no mint mark. The Philadelphia Mint did not use a "P" mint mark on Type 1 issues, consistent with tradition for Philadelphia coins of this era.
• 1942-D Type 1: Has a small "D" mint mark located on the reverse, positioned to the right of Monticello building, near the rim.

These coins contain 75% copper and 25% nickel, with no precious metal content.

Type 2: Silver War Nickel Composition (1942-P and 1942-S)

Type 2 nickels feature a dramatically different mint mark placement, specifically designed to make these silver-alloy coins easily identifiable for future removal from circulation:

• 1942-P Type 2: Displays a large "P" mint mark positioned directly above the dome of Monticello. This was the first time in U.S. history that the Philadelphia Mint used a "P" mint mark on any coin.
• 1942-S Type 2: Displays a large "S" mint mark above the dome of Monticello.

These coins contain 56% copper, 35% silver (0.05626 troy ounces), and 9% manganese. The large, prominent mint mark above Monticello is the definitive identifier.

Design Features Common to All 1942 Nickels

Obverse: Features a left-facing profile portrait of Thomas Jefferson. The designer's initials "FS" (Felix Schlag) appear on the cutoff of the bust.

Reverse: Depicts Monticello, Jefferson's Virginia home. The building features a distinctive colonnade and dome. At the base of Monticello are steps—the clarity and completeness of these steps determine the valuable "Full Steps" (FS) designation for business strikes.

1942 Jefferson Nickel Price Guide

Values for 1942 Jefferson Nickels vary dramatically based on type, mint, strike quality, grade, and variety. The following price data reflects November 2025 market conditions from PCGS, NGC, and documented auction results.

1942 (P) Type 1 (Copper-Nickel) - Business Strike

Mintage: 49,789,000

This is a common coin in circulated grades and lower mint state levels. However, the 1942-P Type 1 is known for generally weak strikes, making Full Steps examples scarce and valuable. An anomalous auction record of $9,988 for a G-6 listed by PCGS likely represents a variety or attribution error, not a standard coin.

Grade progression: G-4 shows heavy wear, VF-20 moderate detail, MS-65 full mint luster

Standard Strike (Non-FS):

Auction Record (Non-FS): $11,500 for MS-67 (Bowers & Merena, 2007)

Full Steps Designation:

1942-D Type 1 (Copper-Nickel) - Business Strike

Mintage: 13,938,000

The 1942-D Type 1 is the key date of 1942 and commands significant premiums in all uncirculated grades. With the lowest mintage of all 1942 business strikes and evidence of heavy circulation, this coin is scarce in mint state condition.

Standard Strike (Non-FS):

Auction Record (Non-FS): $1,800 for MS-67+ (eBay, 2019)

Full Steps Designation: Extremely rare. The 1942-D Type 1 combines key date status with strike scarcity. Auction Record (FS): $4,320 for MS-68 FS (Stack's Bowers, 2021); $25,312.50 for toned MS-68 FS.

1942-P Type 2 (35% Silver) - Business Strike

Mintage: 57,873,000

The first of the silver "war nickels," the 1942-P Type 2 is common in all grades. Its novelty led to widespread hoarding, and the softer silver alloy produced sharper strikes than the copper-nickel Type 1 coins. Circulated examples are worth their silver melt value of approximately $2.67 as of November 2025.

Standard Strike (Non-FS):

Auction Record (Non-FS): $5,950 for MS-68 (eBay, 2021)

Full Steps: $1,020 for MS-66 FS (Heritage, 2018); recent retail offering at $124.99 for MS-66 FS.

1942-S Type 2 (35% Silver) - Business Strike

Mintage: 32,900,000

The lowest-mintage business strike of 1942, the 1942-S Type 2 is nonetheless common due to wartime hoarding. Like the 1942-P Type 2, circulated values are tied to silver melt. Full Steps examples represent approximately 10% of certified 1942-S nickels.

Standard Strike (Non-FS):

Auction Records (Non-FS): $2,625 for MS-68 (eBay, 2020); $4,888 for MS-67 (Heritage, 2011)

Full Steps: $480 for MS-67 FS (Stack's Bowers, 2023); $750 for MS-67+ FS (Heritage, 2023)

1942 (P) Type 1 Proof (Copper-Nickel)

Mintage: 29,600

The standard copper-nickel proof for 1942. Readily available through PR-66, with increasing scarcity in PR-67 and rarity in PR-68 or higher.

Auction Record: $16,450 for PR-68+ (Legend Rare Coin Auctions, 2023)

1942-P Type 2 Proof (35% Silver)

Mintage: 27,600

The silver war nickel proof, struck late in 1942 and sold separately from standard proof sets. The softer silver alloy produced high-quality strikes, making gem examples relatively common. Significant market variance exists for top grades.

Grading the 1942 Jefferson Nickel

Accurate grading is essential to determining a 1942 Jefferson Nickel's value. For business strikes, the "Full Steps" (FS) designation adds significant premiums at all levels. This designation is not applied to proof strikes.

Full Steps (FS): At least 5 complete, uninterrupted steps must be visible at Monticello base

Circulated Grades

Good (G-4): Heavy wear throughout. Jefferson's portrait is in low relief with the date barely readable. On the reverse, Monticello is worn flat with only the building's outline and dome visible. All step detail is completely worn away.

Very Fine (VF-20): Moderate wear on high points. Jefferson's hair shows some detail above the ear, though the cheekbone is worn smooth. On the reverse, Monticello's columns are clearly defined, but the triangular pediment shows weakness. Steps are visible but blended together with no individual separation.

About Uncirculated (AU-50): Slight wear on highest points only. Jefferson's cheekbone and hair details show minor flatness. On the reverse, Monticello's columns retain full detail with only slight wear on the highest points of the front steps. Luster is present in protected areas but diminished on high points.

Mint State Grades (Business Strikes)

MS-60 to MS-62: No wear, but numerous bag marks, contact marks, or surface imperfections visible to the naked eye. Luster may be impaired or "choppy." Strike may be weak, with steps poorly defined.

MS-63 to MS-64: Above-average strike and surface quality. Moderate contact marks visible, primarily in non-focal areas. Luster is present but may be slightly subdued. For Type 1 coins, steps typically show 3-4 lines but lack the full separation required for FS designation.

MS-65 to MS-66: Strong eye appeal with minimal marks. Luster is strong and attractive. For Type 1 coins, this grade range is where Full Steps designation becomes critically important—an MS-65 FS coin is worth substantially more than an MS-66 non-FS.

MS-67+: Exceptional surfaces with virtually no distracting marks under magnification. Full, blazing luster. Superior strike quality. For 1942-P Type 1, extremely rare with Full Steps.

Wear appears first on Jefferson's cheekbone, hair detail, and Monticello columns

The Full Steps (FS) Designation

PCGS awards the "Full Steps" designation when at least five complete, distinct, and uninterrupted horizontal steps are visible at the base of Monticello on the reverse. Any blending, weakness, planchet striations, or die deterioration that interrupts the steps will disqualify the coin.

The FS designation is particularly significant for 1942 nickels:

• 1942-P Type 1: Known for weak strikes. FS examples are scarce, with MS-67 FS commanding $2,500 versus $225 for non-FS.
• 1942-D Type 1: Combines key date status with strike rarity. The D/Horizontal D variety in MS-68 FS sold for $30,550.
• Type 2 Silver Nickels: The softer alloy produced better strikes. FS examples are more common, resulting in smaller premiums.

Proof Grades

PR-63 to PR-64: Light hairlines or minor handling marks visible. Surfaces retain strong reflectivity but lack pristine quality.

PR-65 to PR-66: Minimal imperfections. Strong mirror fields with sharp, frosted devices. The 1942 proofs in this range are readily available.

PR-67 to PR-68: Near-perfect surfaces with essentially no distracting marks even under magnification. For the 1942 Type 1 copper-nickel proof, PR-68 is rare and valued at $2,650.

PR-69: Virtually flawless. The 1942-P Type 2 silver proof in PR-69 is valued at $4,250.

Strike Versus Wear

A critical distinction: weak strike is not the same as wear. Many 1942-P Type 1 nickels left the Mint with poorly defined steps due to insufficient striking pressure or worn dies. This is a strike issue, not circulation wear. A weakly struck coin can still grade MS-67 if it has no wear and excellent surface preservation. However, it will not receive the FS designation and will be worth significantly less than a sharply struck example of the same numerical grade.

1942 Jefferson Nickel Die Varieties

The 1942 Jefferson Nickel series includes several collectible die varieties, ranging from the dramatic and valuable 1942-D D/Horizontal D to minor repunched mint marks on Type 2 silver issues.

Key variety: 1942-D D/Horizontal D shows sideways D beneath upright D mint mark

1942-D Type 1 D/Horizontal D (FS-501)

PCGS Number: 4015 (non-FS), 38496 (FS)

This is the most dramatic and valuable variety in the 1942 Jefferson Nickel series. A Mint employee first punched the "D" mint mark into the working die sideways (horizontally), then corrected the error by punching a standard vertical "D" over it. The result is a coin showing a clear horizontal "D" beneath the primary upright mint mark—an error often visible to the naked eye.

Diagnostics: Look for a distinct horizontal bar or sideways "D" shape beneath and overlapping the normal vertical "D" mint mark on the reverse, to the right of Monticello.

Rarity: PCGS estimates fewer than a few hundred examples exist in all grades, with fewer than 100 in uncirculated condition.

Values:

Auction Records:

• $15,275 for MS-66 (Heritage, April 2013)
• $5,040 for MS-66 (Stack's Bowers, August 2024)
• $30,550 for MS-65 FS (Heritage, June 2014)
• $16,649 for MS-65 FS

1942 (P) Type 1 DDO FS-101 (Doubled Die Obverse)

PCGS Number: 38491

A prominent doubled die obverse variety showing clear doubling on the obverse legends "IN GOD WE TRUST" and "LIBERTY."

Diagnostics: Look for distinct separation or doubling visible on the letters of the motto and the word LIBERTY, particularly at the tops of the letters.

Values:

• $764 for MS-66 (Heritage, January 2016)
• $320–$325 for MS-65 (eBay, 2020)
• $800–$900 for uncirculated examples (retail)

1942 (P) Type 1 DDO FS-102

PCGS Number: 38492

A less dramatic doubled die obverse variety than FS-101. While confirmed examples have sold at auction, reliable public pricing data is not available from major guides.

1942-P Type 2 P/P RPM (FS-501)

PCGS Number: 569476

A repunched "P" mint mark above Monticello on the silver Type 2 nickel. NGC notes that RPMs on this issue are "numerous" and "most are extremely minor in nature."

Values: These varieties carry only modest premiums:

• $50 for AU-58 (uncertified)
• Certified gem examples available with modest premiums over standard Type 2 coins

1942-S Type 2 S/S RPM (FS-501, FS-502)

PCGS Number: 569478

Repunched "S" mint marks on the 1942-S Type 2 silver nickel. NGC describes these as "numerous" but "not particularly attractive to non-specialists," indicating minimal collector premium. Reliable pricing data is not available in standard guides.

1942 Jefferson Nickel Mint Errors

Mint errors—mistakes occurring during the production process—are distinct from die varieties and can add significant value to 1942 nickels. Values depend on the error type, severity, and visual appeal.

Off-Center Strikes

An off-center strike occurs when the planchet is improperly seated in the collar, causing the design to be struck partially off the coin. Value increases with the percentage off-center, provided the date and mint mark (if applicable) remain visible.

Approximate Values:

• Minor (5-15% off-center): $15 – $40
• Moderate (20-40% off-center): $50 – $100
• Major (50-70% off-center): $100 – $200+

Off-center errors on the key 1942-D Type 1 or silver Type 2 issues command higher premiums than on common 1942-P Type 1 nickels.

Lamination Errors

Lamination errors occur when impurities in the metal cause a layer of the planchet to separate or "peel" from the coin's surface. Minor lamination flakes are common and add little value. More dramatic examples—particularly large retained (still attached) laminations or significant "peels"—are more collectible.

Approximate Values:

• Minor flake: Minimal premium
• Large retained lamination or significant peel: $30 – $75

Wrong Planchet Errors

Among the most dramatic and valuable errors, wrong planchet strikes occur when a nickel die strikes a planchet intended for a different denomination.

Struck on 1-Cent Planchet: The coin would be copper-colored, smaller (19mm vs. 21.2mm), and weigh 3.11 grams. A Jefferson Nickel on a cent planchet recently had a bid of $157.50, though final realized values typically range from $500 to $1,500+.

Struck on Dime Planchet: The coin would be 90% silver, smaller (17.9mm), and weigh 2.5 grams. These are extremely rare and would likely command $1,000+.

Die Cracks and Cuds

Minor, meandering raised lines caused by cracked dies are extremely common on all 1942 nickels and add no value. A "cud"—a large blob of raised metal on the rim caused by a die that has broken completely at the edge—is more collectible and may add $5 to $20 depending on size and location.

Authentication and Counterfeit Detection

Type 2 authentication: Non-magnetic, weighs 5.00g, large P above Monticello

Proper authentication is essential when buying 1942 nickels, particularly for high-value varieties and Type 2 silver war nickels.

Type 1 vs. Type 2 Identification: The definitive diagnostic is mint mark location. Type 1 (copper-nickel) coins have no mint mark or a small mint mark to the right of Monticello. Type 2 (silver) coins have a large mint mark directly above Monticello's dome. Never rely on color alone—circulation and cleaning can alter appearance.

Type 2 Silver War Nickel Authentication: Counterfeiters target these coins due to their silver content. Two simple tests confirm authenticity:

Magnet Test: An authentic 1942-P or 1942-S Type 2 nickel is non-magnetic due to its 35% silver, 56% copper, and 9% manganese composition. If a coin with a large mint mark above Monticello is attracted to a magnet, it is counterfeit.

Weight Test: All authentic 1942 nickels (both types) weigh exactly 5.00 grams. Use a precision scale accurate to 0.01 grams. Counterfeits are often overweight or underweight.

1942-D D/Horizontal D Variety Authentication: This valuable variety (worth up to $30,550) is a prime target for alteration fraud. Counterfeiters add a second "D" to genuine 1942-D nickels using dies, engraving tools, or laser etching. The added mint mark may appear scratchy, show improper font characteristics, or lack the "flow" of genuine hub-created doubling. Purchase only PCGS or NGC certified examples, especially in uncirculated grades. Be extremely skeptical of raw (ungraded) examples offered at prices significantly below market value.

When to Buy Certified Coins: For any 1942 nickel valued above $100—including the 1942-D Type 1 in high grades, any Full Steps designation, die varieties, or proof coins above PR-65—strongly consider purchasing only PCGS or NGC certified examples. Third-party grading provides authentication, accurate grade assessment, and market liquidity. The certification fee is a small percentage of the coin's value and protects against costly mistakes.

Preserving Your 1942 Jefferson Nickels

Cleaning damage: Hairline scratches, unnatural brightness, and flat luster indicate cleaned coin

Proper preservation protects your 1942 nickels' condition and value. Improper handling, storage, or cleaning causes permanent damage that cannot be reversed.

Never Clean Your Coins: Cleaning removes microscopic amounts of original metal, creates hairline scratches, and destroys natural luster and patina. A cleaned coin will be rejected for numerical grading by PCGS and NGC and returned in a "details" holder with significantly reduced value. Type 2 silver nickels naturally tone to dark gray or develop green tints in circulation—this is normal and should not be removed. A circulated 1942-P Type 2 that is bright white has almost certainly been cleaned and is worth less than a naturally toned example of the same grade.

Handling Best Practices: Always hold coins by their edges between your thumb and forefinger. Never touch the obverse or reverse surfaces. The oils, acids, and residues on human skin cause permanent discoloration and corrosion over time. When examining raw (ungraded) coins, wear soft, lint-free cotton gloves. For PCGS or NGC slabbed coins, handle the holder—not the coin itself.

Storage Recommendations: Store coins in inert, archival-safe materials. PCGS and NGC slabs provide ideal long-term protection. For raw coins, use "Mylar" (polyester) flips or hard plastic holders specifically designed for coin storage. Absolutely avoid soft PVC (polyvinyl chloride) flips, which release acidic plasticizers that cause green, corrosive "PVC damage" over time. If you have coins in older vinyl flips, transfer them immediately to safe holders.

Environmental Factors: Store your collection in a cool, dry location with stable temperature and low humidity. Avoid basements (dampness), attics (temperature extremes), or locations near heating/cooling vents. Excessive moisture accelerates toning and can cause spotting or corrosion, particularly on Type 2 silver nickels. For long-term storage of valuable collections, consider a bank safe deposit box or a home safe in a climate-controlled room.

Insurance and Documentation: For collections exceeding $5,000 in value, consider a specialized numismatic insurance policy through the American Numismatic Association or a private insurer. Document your collection with photographs, certification numbers, and purchase records. Keep this documentation separate from the coins themselves.

Frequently Asked Questions

Recent Auction Results

The following auction records demonstrate realized prices for notable 1942 Jefferson Nickels in recent years. These results reflect actual market transactions and provide context for current valuations.

1942 (P) Type 1 Business Strikes:

• $11,500 for MS-67 Full Steps (Bowers & Merena, 2007)

1942-D Type 1 Business Strikes:

• $1,800 for MS-67+ (eBay, 2019)
• $4,320 for MS-68 Full Steps (Stack's Bowers, 2021)
• $25,312.50 for MS-68 Full Steps, toned

1942-D D/Horizontal D Variety (FS-501):

• $15,275 for MS-66 (Heritage, April 2013)
• $5,040 for MS-66 (Stack's Bowers, August 2024)
• $30,550 for MS-65 Full Steps (Heritage, June 2014)
• $16,649 for MS-65 Full Steps

1942 (P) Type 1 DDO FS-101:

• $764 for MS-66 (Heritage, January 2016)
• $320–$325 for MS-65 (eBay, 2020)

1942-P Type 2 Silver Business Strikes:

• $5,950 for MS-68 (eBay, 2021)
• $1,020 for MS-66 Full Steps (Heritage, 2018)

1942-S Type 2 Silver Business Strikes:

• $2,625 for MS-68 (eBay, 2020)
• $4,888 for MS-67 (Heritage, 2011)
• $480 for MS-67 Full Steps (Stack's Bowers, 2023)
• $750 for MS-67+ Full Steps (Heritage, 2023)

1942 (P) Type 1 Proofs:

• $16,450 for PR-68+ (Legend Rare Coin Auctions, 2023)

Research Methodology and Sources

This guide synthesizes data from professional numismatic grading services (PCGS and NGC), auction archives, retail dealer pricing, and authoritative numismatic publications. All valuations reflect market conditions as of October-November 2025.

Primary Sources:

• PCGS CoinFacts — Price guides, mintage data, variety attributions, and auction archives
• NGC Coin Explorer — Price guides, population reports, and variety information
• Gainesville Coins — Retail pricing and market analysis
• Stack's Bowers Galleries — Auction results and reference materials
• PriceCharting — Secondary market transaction data
• CoinWeek — Historical context and series analysis

Silver Melt Value Calculation: Based on spot silver prices from November 2025 ($47.09–$47.96 per troy ounce range), with calculations verified against multiple bullion tracking services including BullionVault and Stack's Bowers melt value calculators.

Important Disclaimers: Coin values fluctuate based on precious metal prices, market demand, economic conditions, and individual coin characteristics (strike quality, eye appeal, originality). The prices in this guide represent typical market ranges for accurately graded coins with original surfaces. Cleaned, damaged, or questionably toned coins will realize significantly lower prices. Problem-free, premium quality examples may exceed stated ranges. For coins valued over $500, always seek multiple professional opinions and consider certification before purchase or sale.