As soon as World War II came to an end, budgets were slashed for most federal agencies and bureaus, the U. S. Mint included. As the Mint returned to the pre-war composition of copper and nickel for the five-cent piece, it did so under severe cost restrictions that continued to tighten over the next several years.
Given these conditions it's not surprising that the quality of the nation's coinage eroded even further than it had during the war years. 1946(P) nickels, though plentiful across most grades, were poorly made overall. Top-notch gems are rare, and most reveal incomplete filling of the deeper die cavities, with the result that flaws present on the planchets prior to striking remained afterward.
The low value of this and many other post-war nickels limits the number of submissions to grading services. Thus, the numbers certified in various grades should not be taken as proof of rarity in those grades.
Mintage:
| Philadelphia | Denver | San Francisco |
| 161,116,000 | 45,292,200 | 13,560,000 |
Cents
