1942 Proof Set (6 Piece, Including Both Nickels)

The 1942 Proof Set holds a unique and fascinating position in American numismatic history. It was the last proof set produced by the United States Mint before World War II forced a suspension of proof coin production that would last until 1950. But what makes the six-piece version of this set truly special is that it contains both versions of the Jefferson Nickel struck that year: the standard copper-nickel composition and the wartime 35% silver alloy. No other U.S. proof set offers this kind of mid-year composition change captured in proof format, making it one of the most historically significant sets a collector can own.

Historical Context: A Nation at War

By 1942, the United States was fully committed to World War II. The attack on Pearl Harbor in December 1941 had transformed the American economy into a wartime production machine, and every available resource was being directed toward the war effort. Strategic metals were in especially high demand. Nickel, a critical component in armor plating, artillery shells, and other military applications, was suddenly far too valuable to be struck into five-cent coins.

Congress authorized a change in the nickel's composition partway through 1942. The standard alloy of 75% copper and 25% nickel was replaced with a new wartime composition of 56% copper, 35% silver, and 9% manganese. This new "war nickel" was designed to be visually distinguishable from its predecessor, so the mint mark was enlarged and placed above the dome of Monticello on the reverse, a position never used before or since on the Jefferson Nickel series.

The Philadelphia Mint continued to produce proof coins throughout 1942, striking proof versions of all five circulating denominations: the Lincoln Cent, Jefferson Nickel, Mercury Dime, Washington Quarter, and Walking Liberty Half Dollar. When the nickel composition changed later in the year, the Mint also struck proof specimens of the new silver alloy nickel. This created a unique opportunity for collectors, as 1942 became the only year in which proof coins were made with both nickel compositions.

What the Set Contains

The complete six-piece 1942 Proof Set includes:

• 1942 Lincoln Wheat Cent (95% copper, 5% tin and zinc)

• 1942 Jefferson Nickel, Type 1 (75% copper, 25% nickel, standard composition)

• 1942-P Jefferson Nickel, Type 2 (56% copper, 35% silver, 9% manganese, with large "P" mint mark above Monticello)

• 1942 Mercury Dime (90% silver, 10% copper)

• 1942 Washington Quarter (90% silver, 10% copper)

• 1942 Walking Liberty Half Dollar (90% silver, 10% copper)

The total face value of the six coins is $0.96. The original issue price for a standard five-coin set was $1.89, and collectors had to purchase the silver war nickel separately. The Mint did not officially offer a six-coin set; rather, collectors assembled these complete sets themselves by purchasing both the regular five-coin set and the individual silver nickel proof.

Mintage and Rarity

The mintage for the 1942 proof coins reached the highest levels the Mint had produced to that point. The combined mintage is generally stated as 21,120 sets, representing the lowest individual coin mintage among the denominations in the set. However, this number reflects the total of both five-coin and six-coin sets produced.

While 21,120 might sound like a reasonable number, context is important. This was the era before proof sets became a mass-market product. The Mint would not resume proof production until 1950, and it would not be until the mid-1950s and beyond that proof set mintages would climb into the hundreds of thousands and eventually millions. Compared to modern proof sets with mintages in the millions, the 1942 set is genuinely scarce.

The six-piece version (including both nickels) is even harder to find as a matched set. Since the Mint sold the coins separately, many of the silver war nickel proofs were never paired with the regular five-coin sets. Finding all six coins together, especially in matched high grades with consistent toning and surface quality, presents a real challenge for collectors.

Cameo and Deep Cameo: The Ultimate Rarity

Most 1942 proof coins exhibit brilliant proof surfaces, meaning both the fields and devices are fully reflective. Finding coins with cameo contrast (frosted devices against mirror-like fields) is extremely difficult for this year. The Mint had not yet adopted the techniques that would later produce consistent cameo finishes on proof coins.

PCGS and NGC have certified only a handful of 1942 proof coins as Cameo, and Deep Cameo or Ultra Cameo examples are essentially nonexistent. A complete six-piece set with cameo designation on all coins would be an extraordinary numismatic treasure.

Condition and Grading

Proof coins are graded on the standard 1 to 70 Sheldon scale, with the prefix "PR" (or "PF" for NGC) indicating proof status. For the 1942 Proof Set, grades typically fall in the PR 62 to PR 67 range, with the highest-certified examples reaching PR 67 or occasionally PR 68.

Grade	Description	Estimated Set Value (6-Piece)
PR 68	Superb Gem, virtually perfect	$5,000 - $8,000+
PR 67	Superb Gem, tiny imperfections	$2,500 - $5,000
PR 66	Gem Proof, minor flaws under magnification	$1,500 - $2,500
PR 65	Gem Proof, small marks visible under magnification	$1,000 - $1,500
PR 64	Choice Proof, light hairlines or marks	$700 - $1,000
PR 63	Choice Proof, moderate hairlines	$500 - $700
PR 62	Proof, noticeable hairlines or haze	$400 - $600
Raw/Ungraded	Varies widely	$300 - $1,200+

Values for cameo-designated coins can be two to five times higher than their non-cameo counterparts at the same numeric grade. A single 1942 Walking Liberty Half Dollar in PR 67 Cameo, for example, could be worth more than an entire non-cameo set.

Individual Coin Highlights

The Lincoln Cent is typically the easiest coin in the set to find in high grades. Copper coins from this era can develop attractive toning over time, and many collectors specifically seek out beautifully toned examples.

The Type 1 Jefferson Nickel is the standard composition proof. It features the same design as circulation strikes but with the sharp, detailed finish characteristic of proof coins.

The Type 2 Silver War Nickel is the star of the set. The large "P" mint mark above Monticello on the reverse is immediately recognizable. This is the only year that a silver composition nickel was struck in proof format at the Philadelphia Mint. Its wartime silver content gives it an intrinsic precious metal value as well, though that is a tiny fraction of its numismatic worth.

The Mercury Dime is one of the final proof issues of this beloved design, which would be replaced by the Roosevelt Dime in 1946. High-grade proof Mercury Dimes from 1942 are highly sought after by series collectors.

The Washington Quarter was still a relatively young design in 1942, having debuted just ten years earlier. Proof examples from this year are well struck and attractive.

The Walking Liberty Half Dollar is often considered the most beautiful regular-issue U.S. coin ever produced. Adolph Weinman's design of Liberty striding toward the sunrise is stunning in proof format, with deeply mirrored fields that showcase every detail of the design.

Storage and Preservation

Original 1942 proof coins were sold individually or in sets packaged in cellophane wrappers and inserted into small cardboard boxes. Many of these original packaging materials have not survived, and the cellophane could cause toning or spotting on the coins over time. Today, most high-value examples are housed in third-party grading service holders (PCGS or NGC slabs) for protection and authentication.

For raw (unslabbed) sets, proper storage in acid-free, inert holders is essential. Avoid PVC-containing flips, which can deposit a green, oily residue on coin surfaces. Capital Plastics holders or similar inert products are recommended for display.

Market Trends and Investment Potential

The 1942 Proof Set has shown steady appreciation over the decades, particularly in higher grades. As the last pre-war proof issue and the only year with the dual-nickel composition, it occupies a permanent niche in the numismatic market that ensures consistent collector demand.

The set is popular with multiple collecting communities: proof set collectors building complete runs, Jefferson Nickel specialists seeking the wartime silver proof, Mercury Dime enthusiasts, and Walking Liberty Half Dollar devotees. This broad appeal from overlapping collector bases provides a strong foundation for long-term value.

Recent auction results show strong demand. Complete six-piece sets in PR 65 and above regularly appear at major numismatic auctions including Heritage Auctions, Stack's Bowers, and Great Collections, and they tend to sell at or above guide values.

Buying Tips for Collectors

When purchasing a 1942 six-piece Proof Set, there are several important considerations. First, verify that all six coins are genuine proofs and not simply high-grade business strikes. True proof coins from 1942 will have distinctly mirrored fields and sharp, fully struck details that are easily distinguishable from even the finest circulation strikes. Under magnification, the difference is unmistakable.

If buying a raw (ungraded) set, examine each coin carefully under good lighting for hairlines, which are the most common form of impairment on proof coins. Hairlines typically result from improper cleaning or wiping at some point in the coin's history. Even a single light cleaning can significantly reduce a proof coin's grade and value.

For maximum confidence, seek out sets that have been certified by PCGS or NGC. Third-party grading provides both authentication and a consistent, market-accepted grade. Many dealers and auction houses now sell certified sets with each coin individually graded and holdered. While this approach costs more upfront, it eliminates the risk of overpaying for an improperly described set.

Be aware that the six coins should ideally match in overall appearance. A set where five coins are brilliant and one has heavy toning, or where the grades vary wildly (say, a PR 66 alongside a PR 62), will be worth less than a matched set at a consistent grade level. The most desirable sets show uniform surfaces, consistent brilliance or toning, and a cohesive visual presentation.

The silver war nickel (Type 2) deserves special scrutiny. Because of its silver-manganese-copper composition, it can develop distinctive toning patterns that differ from the other coins in the set. Some collectors find this attractive, while others prefer a more uniform appearance. Either way, the Type 2 nickel should be free from spotting, corrosion, or environmental damage.

Finally, consider provenance. Sets with documented ownership history, especially those from well-known collections, can command significant premiums. Even original Mint packaging, though rare and fragile, adds both value and authenticity to a set.

Why This Set Matters

The 1942 six-piece Proof Set is more than a collection of coins. It is a tangible connection to one of the most consequential moments in American history. These coins were struck as the nation mobilized for total war, and the two nickels tell that story in miniature: one made from the standard peacetime alloy, the other from a wartime substitute born of necessity. Holding both in your hand, you can feel the pivot point where American manufacturing shifted from civilian production to wartime footing.

For collectors who appreciate history as much as numismatic beauty, the 1942 Proof Set is an essential acquisition. Its combination of rarity, historical significance, and visual appeal makes it one of the most rewarding sets in all of American coin collecting.

The suspension of proof coin production after 1942 lasted eight full years. Initially, the delay was caused by the demands of wartime production, as the Mint focused on striking billions of coins for circulation and producing millions of military medals and awards. Even after the war ended in 1945, it took several more years before the Mint had the capacity and the mandate to resume proof production. When the 1950 Proof Set finally appeared, it marked the dawn of a new era in American numismatics, one that would see proof sets grow from a niche collector product into a mainstream offering enjoyed by millions. But the 1942 set remains the capstone of the prewar era, the final chapter of a simpler time in American coinage before the world changed forever.

Browse all Coins →

Related Items