This is not true in general; and in fact this is "never" true.
First, take for example $V=\mathcal C([0,1])$, the space of all continuous functions on $[0,1]$, and let $\Vert\;\Vert=\Vert\,\Vert_\infty$. Let also $W\subset V$ be the space of all polynomial functions on $[0,1]$. Then $W$ is dense in $(V,\Vert\;\Vert)$. Let $E\subset V$ be a linear subspace such that $E\oplus W=V$ (you can find this $E$ with some amount of "choice"). Then $E$ certainly has infinite dimension; so one can find (again with some amount of "choice") a norm $\vert \;\vert_E$ on $E$ which is not equivalent to (the restriction of) $\Vert\;\Vert$ to $E$. Now define the norm $\vert\;\vert$ on $V$ by $\vert e\oplus w\vert=\vert e\vert_E+\Vert w\Vert$ for every $(e,w)\in E\times W$. Then $\vert\;\vert$ are equal on $W$ but not equivalent.
This "construction" works in fact on any (infinite-dimensional) vector space $V$ with any given norm $\Vert\;\Vert$ on $V$. That is, the following holds true: For any infinite-dimensional vector space $V$ and any nor $\Vert\;\Vert$, one can find another norm $\vert \;\vert$ on $V$ such that $\vert\;\vert$ and $\Vert\; \Vert$ coincide on a dense (with respect to $\Vert\;\Vert$) linear subspace $W\subset V$ and yet are not equivalent.
To prove this, all what you need is to find a dense linear subspace $W\subset V$ such that the quotient space $V/W$ is infinite-dimensional; equivalently, for which you can write $V=E\oplus W$ with $\dim E=\infty$.
Now, it is "well known" that you can find a dense set $D\subset W$ (with respect to $\Vert\;\Vert$) which is also linearly independent; se e.g. here: Does there exist a linearly independent and dense subset? Take any sequence $(x_n)\subset D$ such that $\Vert x_n\Vert\to 0$. Then $D\setminus\{ x_n;\; n\in\mathbb N\}$ is again dense in $V$ (wrt $\Vert\;\Vert$). (Indeed, since the set $A=\{ 0\}\cup\{ x_n;\; n\in\mathbb N\}$ is countable, it has empty interior wrt $\Vert\;\Vert$ because nonempty open sets in a normed vector space are uncountable, and moreover $A$ is $\Vert\;\Vert$-closed in $V$; so $V\setminus A$ is dense and open in $V$ wrt $\Vert\;\Vert$, and hence $D\setminus A$ is also $\Vert\;\Vert$-dense in $V$). If you denote by $W$ the linear span of $D\setminus\{ x_n;\; n\in\mathbb N\}$ and by $E$ the linear span of $\{ x_n;\; n\in\mathbb N\}$, then everything is OK.
Note also that the "construction" does not contradict Giuseppe's statement since there is no reason for $\vert\;\vert$ to be complete; but perhaps it could be suitably modified?