The composition of the United States five-cent piece, commonly known as a nickel, underwent a significant change regarding its silver content. While early examples contained silver, the practice was discontinued. The absence of silver from the coin’s makeup is a defining characteristic of its modern form.
Changes in the composition of circulating coinage are often driven by economic factors, such as fluctuations in the price of metals like silver. Maintaining a stable and manageable currency requires adjustments to the metallic content to prevent the face value of the coin from falling below (or exceeding) the intrinsic value of the metal it contains. Historical circumstances, such as wartime demands for strategic materials, have also influenced such decisions.