Nickel Calculator

How Nickel Melt Value Is Calculated

Nickel melt value is calculated by converting the weight of your nickel to pounds and multiplying by the current nickel price per pound. Like copper, nickel is priced per pound in the US scrap market, not per troy ounce like precious metals.

Worked example: Take a standard roll of 40 Jefferson nickels. Each coin weighs 5.00 grams and is 25% nickel (75% copper). That gives you 40 × 5.00g = 200g total weight. The pure nickel content is 200g × 0.25 = 50g. Convert to pounds: 50 ÷ 453.592 = 0.1102 lb. At today's nickel price of $8.52 per pound, the nickel content alone is worth $0.94. The roll also contains 150g of copper, worth an additional $2.12 at current copper prices.

Buffalo Nickel Melt Value

The Buffalo nickel (also called the Indian Head nickel) was minted from 1913 to 1938 and is one of the most iconic US coins. Buffalo nickels share the same 75% copper / 25% nickel composition as every other US nickel from 1866 to today, weighing 5.00 grams each. The melt value of a Buffalo nickel is approximately $0.0765 at today's spot prices. For most Buffalo nickels, the collector value exceeds the melt value, making this a coin where numismatic worth typically matters more than metal content.

Buffalo Nickel Melt Value Today

A Buffalo nickel contains 1.25 grams of pure nickel and 3.75 grams of copper. At today's spot prices ($8.52 per pound for nickel, $6.41 per pound for copper), the combined melt value is approximately $0.0765 per coin. A roll of 40 Buffalo nickels has a melt value of about $3.06. Melting Buffalo nickels (or any US nickel) is prohibited under 31 CFR Part 82, so the melt value is the floor value, not a recovery price.

Buffalo Nickel Worth in Collector Value

Most circulated Buffalo nickels with readable dates are worth $1 to $5 to collectors. Common dates in average condition sell for $1-$3 at coin shops. Better grades (Very Fine or higher) reach $5-$30. Key dates and rare varieties command much more: the 1937-D 3-legged Buffalo can fetch $500-$5,000+, the 1916/16 doubled date and 1918/7-D overdate are similarly valuable. Use the calculator above to confirm the melt value floor, then check a dealer or price guide for the numismatic premium.

Dateless Buffalo Nickel Value

Buffalo nickels with worn-off dates are common because the design wore down quickly in circulation. Dateless or "no date" Buffalo nickels typically sell for 25 to 50 cents each, well above their melt value of $0.0765. They're sold by the roll or bag to collectors who use them for jewelry, novelty items, or as inexpensive examples of the design. A roll of 40 dateless Buffalos typically sells for $10-$20.

War Nickel Melt Value (1942-1945)

War nickels are silver coins, not nickel coins. From late 1942 through 1945, the US Mint replaced nickel (a critical wartime material) with an emergency alloy of 56% copper, 35% silver, and 9% manganese. Each war nickel contains 1.75 grams of pure silver, making them junk silver coins that trade alongside pre-1965 dimes and quarters. At today's silver spot price of $76.62 per troy ounce, each war nickel has a melt value of approximately $4.3109.

What Is a War Nickel?

A war nickel is any Jefferson nickel minted from late 1942 through 1945 with a large mint mark (P, D, or S) above the Monticello dome on the reverse. The Philadelphia mint mark "P" is significant because Philadelphia was the only mint that didn't use a mint mark on regular nickels at the time. The large mint mark was added specifically to help post-war collectors and the public identify the silver-content coins for redemption when nickel coinage resumed in 1946.

1942 Nickel Value

The 1942 Jefferson nickel is the first year of the war nickel transition. The Mint produced both standard composition nickels (no silver) early in 1942 and silver-alloy war nickels (35% silver) later in the year. The difference is the large mint mark above Monticello: war nickels have it, standard 1942 nickels don't. A 1942 silver war nickel has a melt value of approximately $4.3109 at today's silver spot price. The 1942 over 1941 overdate variety is particularly collectible, with examples in average condition selling for $100-$500.

1943 Nickel Value

The 1943 Jefferson nickel is a full-year war nickel with 35% silver content. All 1943 nickels (from Philadelphia, Denver, and San Francisco) carry the large P, D, or S mint mark above Monticello. The melt value is approximately $4.3109 per coin at today's silver spot price. The 1943/2-P overdate variety is rare and valuable, worth $50-$500+ depending on condition. Common 1943 war nickels in circulated condition sell for $1.50-$2.50, essentially their melt value plus a small premium.

1944 Nickel Value

The 1944 Jefferson nickel is a war nickel with 35% silver content. The melt value is approximately $4.3109 per coin. Common 1944 nickels in circulated condition sell for $1.50-$2.50 at coin shops. Uncirculated grades and proof issues command modest premiums. 1944 was the highest-mintage year of the war nickel series, with over 270 million coins produced across all three mints, so they remain readily available.

1945 Nickel Value

The 1945 Jefferson nickel is the final year of the war nickel composition. All 1945 nickels are 35% silver and carry the large mint mark. The melt value is approximately $4.3109 per coin at today's silver spot price. Common 1945 war nickels in circulated condition sell for $1.50-$2.50. The 1945-P doubled die reverse variety commands a premium of $50-$200 for collectible grades. Production returned to standard nickel composition in 1946.

War Nickel Silver Content

Each war nickel contains exactly 1.75 grams of pure silver. The full composition is 56% copper, 35% silver, and 9% manganese, weighing 5.00 grams total. A roll of 40 war nickels contains 70 grams of pure silver, worth approximately $172.44 at today's spot price. A $100 face value box of 2,000 war nickels contains 3,500 grams (~112.5 troy ounces) of pure silver.

How to Identify a War Nickel

Look at the reverse (back) of a 1942-1945 Jefferson nickel. If there's a large mint mark letter (P, D, or S) directly above the Monticello dome, you have a war nickel. Regular pre-1942 and post-1945 nickels either have no mint mark (Philadelphia) or a small mint mark to the right of Monticello. The large mint mark above Monticello is the definitive identifier. Standard 1942 nickels (no large mint mark) are not war nickels and don't contain silver.

Jefferson Nickel Melt Value

Jefferson nickels have been minted continuously since 1938 and remain the current US 5-cent piece. With the exception of the 1942-1945 silver war nickels, all Jefferson nickels are 75% copper and 25% nickel, weighing 5.00 grams. The melt value of a standard Jefferson nickel is approximately $0.0765 at today's spot prices, slightly above the 5-cent face value.

Jefferson Nickel Worth in Circulation

Most Jefferson nickels are worth face value (5 cents) in circulated condition. The melt value of $0.0765 exceeds face value, but melting nickels is prohibited under federal law. Uncirculated grades and proof coins command modest premiums above face: typically 10-50 cents for common date uncirculated, $1-$5 for proof coins.

Jefferson Nickel Key Dates and Varieties

Most Jefferson nickels are common, but a few are worth significantly more than face. The 1939 Doubled Monticello variety reaches $25-$100 in collectible grades. The 1942-D over horizontal D and 1949-D over S overdates are scarce and valuable. The 1950-D has the lowest mintage of the regular Jefferson series and is collected for that reason, worth $10-$30 in uncirculated grades. Full Step Jefferson nickels (where the steps of Monticello show fully struck detail) command significant premiums in higher grades, sometimes $50-$500+ for common dates with the Full Step designation.

V Nickel (Liberty Head) Melt Value

The Liberty Head V nickel, often just called the V nickel for the Roman numeral V on the reverse, was minted from 1883 to 1913. Liberty Head nickels share the 75% copper / 25% nickel composition with all other US nickels, with a melt value of approximately $0.0765 per coin (the same as Buffalo and Jefferson nickels). Their collector value is what makes them interesting.

V Nickel Collector Value

Common date Liberty Head nickels in circulated condition sell for $2-$10 at coin shops. Better grades (XF or higher) reach $20-$100 for common dates. The first-year 1883 "No CENTS" variety is a popular collectible, with the famous story of fraudsters gold-plating them to pass as $5 gold pieces. The 1885 is a key date worth $300-$2,000+ depending on grade. The 1913 Liberty nickel is one of the rarest US coins, with only five known examples worth millions of dollars each. Most V nickels are inexpensive collectibles, but key dates and high grades reward careful sorting.

Shield Nickel Melt Value

The Shield nickel was the first US 5-cent piece struck in cupronickel alloy, minted from 1866 to 1883. Like all later US nickels, the Shield nickel is 75% copper and 25% nickel, weighing 5.00 grams, with a melt value of approximately $0.0765 per coin.

Shield Nickel Worth in Collector Value

Common date Shield nickels in circulated condition sell for $20-$50 at coin shops, well above melt value. Better grades reach $100-$500. Key dates like the 1880 are scarce and valuable in any condition. The series has two main varieties: with rays around the reverse stars (1866-1867) and without rays (1867-1883). The "with rays" variety is scarcer and commands a premium. Shield nickels are popular with type set collectors who want one example of each US nickel design.

Three Cent Nickel and Half Dime

Two obsolete US coin denominations relate to the nickel series and come up in nickel-adjacent searches.

Three Cent Nickel (1865-1889)

The three cent nickel piece was minted from 1865 to 1889 as a smaller denomination companion to the Shield nickel. It contains 0.75 grams of pure nickel and 1.25 grams of copper, weighing 1.94 grams total. The melt value is approximately $0.0318 at today's spot prices. Common date three cent nickels sell for $15-$40 in circulated condition. Key dates and proof issues command much higher prices.

Half Dime (1794-1873)

The half dime is technically a silver coin, not a nickel coin, but is included here because it's the predecessor to the modern nickel (both are 5-cent denominations). Half dimes are 90% silver, weighing 1.34 grams with 1.24 grams of pure silver content. The melt value is approximately $3.0546 at today's silver spot price. Common date half dimes sell for $20-$100 in circulated condition. The half dime was discontinued in 1873 when the Mint shifted to the larger nickel-composition five-cent piece.

US Nickel Coin Compositions

The five-cent piece has been struck in the same 75% copper / 25% nickel alloy since the Shield nickel debuted in 1866. This cupronickel composition carried through the Liberty Head (V) nickel (1883–1913), the Buffalo nickel (1913–1938), and the Jefferson nickel (1938–present). Every standard nickel weighs 5.00 grams and contains exactly 1.25 grams of pure nickel and 3.75 grams of copper.

The sole exception is the war nickel (1942–1945). When the United States entered World War II, nickel became a critical strategic material needed for armor plating and other military applications. The Mint switched to an emergency alloy of 56% copper, 35% silver, and 9% manganese — completely eliminating nickel from the coin. War nickels are easily identified by the large mint mark (P, D, or S) placed above Monticello on the reverse, a feature not found on any other Jefferson nickel series.

War nickels contain 1.75 grams of silver each. At a silver spot price of $76.62 per troy ounce, each war nickel has a silver melt value of $4.3109. This makes them significantly more valuable than their 5-cent face value, and they are commonly collected and sold alongside junk silver coins.

Nickel vs Face Value

Unlike pre-1982 copper pennies — where melt value routinely exceeds face value — modern Jefferson nickels have a melt value that fluctuates around their 5-cent face value. The total metal value of a nickel (combining both the nickel and copper content) depends on both metal prices. When nickel prices spike, the melt value can exceed face value, making them theoretically worth hoarding. However, melting nickels is prohibited under the same 2006 regulation that covers pennies (31 CFR 82.1).

Currently, a Jefferson nickel's total metal value is approximately $0.0765, which is 152.9% of its 5-cent face value. When this number exceeds 100%, it creates an interesting economic situation — though the practical reality of profiting from nickel hoarding requires dealing with enormous quantities of heavy coins.

Is It Legal to Melt Nickels?

Melting US nickels and pennies is prohibited under 31 CFR Part 82, a US Treasury regulation enacted in 2006 to prevent the destruction of low-denomination coins for their metal value. The regulation became permanent in 2007. Violations carry fines of up to $10,000 and imprisonment of up to five years per offense.

What 31 CFR Part 82 Says About Nickels

The regulation prohibits the export, melting, or treatment of US one-cent and five-cent coins. Small amounts can be carried out of the country for personal use (up to $5 worth of coins, or $100 for legitimate coinage uses). The regulation does not prohibit owning, collecting, sorting, or hoarding nickels. Buying nickels at face value from a bank and storing them is legal; physically destroying them to recover the metal is not.

Is It Worth Hoarding Nickels?

Some investors hoard nickels as a hedge against currency inflation, betting that the metal content will eventually be worth more than face value (which it already is). The practical challenges: nickels are heavy (a $100 box contains 2,000 coins weighing 22 pounds), storage requires substantial space, and the regulation against melting means gains can only be realized if it's repealed or if you sell to other hoarders. A $1,000 face value in nickels weighs 220 pounds and has a current melt value of approximately $1,529.46. The decision to hoard is personal; the math is straightforward.

What Dealers Pay for Nickel Coins

Unlike silver coins that trade at a clear premium to face value, base metal nickels only command premiums when nickel prices are high enough to push melt value above face value. Most dealers and scrap yards will not buy nickels for melt unless you have very large quantities — multiple boxes (each box contains $100 face value, or 2,000 coins weighing 22 pounds). The economics of sorting, shipping, and processing heavy base metal coins means margins are extremely thin. War nickels are the exception: because of their silver content, they trade alongside other junk silver coins at a consistent premium over face value.

For silver coin values including war nickels, see US silver coin melt values. For copper penny melt values, visit our copper calculator. Or return to the melt value calculator homepage.