During the war, nickel, an essential element in the production of steel and other industrial materials, was prioritized for defense-related industries. To address this shortage, the U.S. government decided to temporarily reduce the nickel content in nickels. As a result, the 1942 nickels were composed of a silver-copper alloy instead of the traditional nickel-copper alloy, resulting in a distinct composition.
Furthermore, the Jefferson War Nickels feature the revised design known as the "Wartime Jefferson Nickel" or "Jefferson Nickel without Monticello." This design was crafted to reduce production time and metal usage. It eliminated the depiction of Monticello, the iconic home of Thomas Jefferson, which had graced the reverse side of the nickel since 1938. Instead, the reverse of the 1942 nickels showcased a large "P" mint mark above the dome.
The scarcity and distinct features of the 1942 nickel with a P above dome, together with the historical context of World War II, make these coins highly sought after by coin enthusiasts and collectors. While the value of individual coins can vary based on factors such as their condition, rarity, and market demand, they generally carry a premium over their intrinsic metal content.