Grading Bank Rolls War Nickels Bulk Submission: The Difference Between $10 and $1,000

Condition is Everything

When evaluating a bulk submission of war nickels, the difference between a common circulated coin worth $10 and a pristine gem worth $1,000 often comes down to microscopic details that only experienced graders can identify. The 1944-P, D, and S Jefferson Nickels present a fascinating case study in bulk grading strategy and the importance of pre-screening.

Understanding War Nickel Composition

Before diving into grading specifics, it’s crucial to understand what makes these coins unique. From mid-1942 through 1945, Jefferson Nickels were struck in a special alloy of 56% copper, 35% silver, and 9% manganese to conserve nickel for the war effort. This composition gives them a distinctive gray appearance and makes them slightly lighter than standard nickels at 4.06 grams versus 5.00 grams.

Key Grading Considerations for War Nickels

The grading process for these coins follows standard Jefferson Nickel criteria, but certain aspects require special attention:

High Point Analysis

The Monticello dome and Jefferson’s hair are the highest points on the obverse and reverse respectively. On well-struck examples, these areas should show full detail with no signs of wear. Even light circulation can obliterate the fine lines in Jefferson’s hair, dropping a coin from MS-65 to MS-63.

Luster Quality

War nickels often exhibit a satiny luster that can range from brilliant to dull depending on the mint and striking conditions. Philadelphia issues from 1944 typically show the best luster, while Denver and San Francisco examples may have a more subdued appearance. Original mint luster should be complete across the entire surface without any breaks or dull spots.

Strike Quality Variations

1944 war nickels were produced during peak wartime production, which sometimes resulted in less than optimal striking. The Philadelphia Mint generally produced the sharpest strikes, while Denver and San Francisco issues may show weakness on the central devices. A fully struck coin with complete detail on Jefferson’s coat and the building’s columns commands a significant premium.

Pre-Screening Strategy: The Critical First Step

Multiple experienced collectors in the discussion emphasized one crucial point: always pre-screen bulk submissions. Opening the rolls and examining each coin individually is not just recommended—it’s essential for cost-effective grading. Here’s why:

• Cost analysis: At $14 per coin for bulk submission plus potential $2 evaluation fees for rejects, sending mediocre coins is financially irresponsible
• Time efficiency: PCGS and NGC graders shouldn’t waste time on obviously low-grade material
• Quality control: You maintain control over which coins represent your submission

Setting Realistic Grade Thresholds

The original poster mentioned a break-even grade of MS-66, where coins typically start around $30 in value. This threshold makes sense for bulk submissions, but requires careful evaluation. Look for:

• No contact marks on the obverse or reverse
• Full, uninterrupted luster
• Sharp strike detail on all design elements
• Clean, problem-free surfaces

PCGS Bulk Submission Economics

Understanding the financial mathematics is crucial before submitting. With 120 coins at stake:

If all coins grade MS-66 or higher: 120 x $14 = $1,680 in grading fees
If none grade: 120 x $2 = $240 in evaluation fees
Break-even analysis must factor in potential returns versus guaranteed costs

Risk Assessment

The poster’s calculation of $400 in worst-case scenario (including shipping and fees) seems conservative. Realistically, if no coins grade, the cost would be closer to $240-$280 just for evaluation. This makes finding even 3-4 high-grade coins essential for profitability.

Identifying Premium Varieties

Beyond standard grading, certain 1944 war nickels carry additional premiums:

Repunched Mint Mark Varieties

The poster mentioned looking for repunched mint marks (RPMs). These can be valuable, particularly:

• 1944-D/D West RPM varieties
• Any 1944-S RPMs
• Strong doubling that’s visible without magnification

Full Steps Designation

On reverse, the steps of Monticello can be designated as “Full Steps” (FS) if five or six complete steps are visible. This designation can add 50-100% to a coin’s value, making MS-64 FS potentially more valuable than a non-FS MS-66.

Common Pitfalls in Bulk Submissions

Several misconceptions emerged in the discussion that collectors should avoid:

The “Unopened Roll” Myth

Many believe unopened rolls contain premium coins. In reality, especially for modern issues like 1944 war nickels, rolls often contain average circulated coins mixed together. The coins in the provided image appear already searched, suggesting previous handling.

Overestimating Survival Rates

Not every coin in a roll will grade MS-66 or higher. Even from original rolls, expect perhaps 10-20% to meet high-grade standards, with most clustering in the MS-60 to MS-64 range.

Professional Grading Standards

Understanding how PCGS and NGC actually grade these coins helps set realistic expectations:

MS-60 to MS-64 Range

These grades show increasing amounts of bag marks and contact, with MS-64 being choice uncirculated with only minor imperfections visible under magnification.

MS-65 Grade

Gem uncirculated with attractive luster and minimal marks. For war nickels, this is often the highest practical grade for bulk-submitted material.

MS-66 and Above

These grades require exceptional eye appeal, full luster, and either complete lack of marks or marks in unimportant areas. The jump from MS-65 to MS-66 can be the difference between a $15 coin and a $100+ coin.

Strategic Submission Recommendations

Based on the collective wisdom shared, here’s a recommended approach:

1. Open all rolls immediately and sort by visual quality
2. Set aside any coins with obvious problems (spots, scratches, cleaning)
3. Select only the top 20-30 coins that meet MS-65 or better standards
4. Within that group, identify any potential varieties or Full Steps candidates
5. Submit only this pre-selected group rather than the entire roll

Conclusion: The Smart Approach to Bulk Grading

The consensus among experienced collectors is clear: pre-screening is not optional for cost-effective bulk submissions. While the excitement of potentially finding a gem in every roll is tempting, the mathematics of grading fees versus coin values demands a selective approach.

For 1944 war nickels specifically, focus on finding coins with exceptional luster, sharp strikes, and pristine surfaces. Even if only 5-10 coins from a 120-coin submission grade MS-66 or higher, the returns can justify the investment. However, sending mediocre coins in hopes of beating the odds is a strategy that consistently loses money.

The true value in bulk submissions comes not from hoping for Christmas in July moments, but from applying professional grading standards to select only the coins most likely to return a profit. This disciplined approach separates successful bulk submitters from those who consistently lose money on grading adventures.

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