1942 P Jefferson Nickel B1

The wartime need to reduce usage of copper and nickel for non-military production prompted the U. S. Mint to find a substitute composition for the five-cent piece. An alloy of 56% copper, 35% silver and 9% manganese was selected, as it would still work in vending machines and turnstiles. Production of these coins did not begin until the final quarter of 1942, but production was huge during those months.

It was anticipated that these replacement coins would be withdrawn by the Treasury after the war, so a large distinguishing mark was needed for the ease of clerks. This took the form of an oversize mintmark that was placed directly above the dome of Monticello. For the first time on a United States coin the Philadelphia Mint marked its product with the letter P.

The novelty of these coins led to the hoarding of many rolls, and 1942 P nickels are thus common in Mint State. This issue was quite well made overall, benefitting from the softer and more lustrous nature of the wartime alloy. Sharply struck examples are common, with a commensurate increase in the percentage of full steps coins.

Repunched mintmark varieties are numerous for this issue, but most are extremely minor in nature. It's likely that the large size of the mintmark punch made it difficult to impress fully in a single blow.