1870 Canadian 5-Cent Silver (Fish Scale) Value Guide

The 1870 Canadian 5-cent piece holds a singular place in numismatic history as the first silver coinage struck for the Dominion of Canada following Confederation in 1867. Nicknamed “fish scales” for their diminutive 15.49 mm diameter, these sterling silver coins were produced at the Royal Mint in London — bearing no mint mark — to a total mintage of 2,800,000 pieces. Their purpose was nothing less than economic nation-building: displacing the flood of depreciated American silver coins that had paralyzed Canadian commerce in the post-Civil War era. Despite the large mintage, genuine Gem Mint State survivors are extreme rarities today due to heavy circulation, small size, and a chronic soft-strike problem inherent to the original dies. For the complete denomination series, see our Canadian Nickel Value Guide.

1870 Canadian 5-Cent Silver Composition & Melt Value

Sterling Silver Standard

The 1870 issue was struck to the ancient British Sterling Silver standard of .925 fine — 92.5% silver and 7.5% copper. This is notably purer than the .800 fine silver used in Canadian coinage from 1920 to 1967. The high silver content gives high-grade examples a brilliant, white spectral luster distinctly different from the greyer appearance of later alloys, and it is one of the factors that makes pristine examples so visually striking.

Melt Value (February 2026)

With silver spot at approximately $78 USD/oz (~$3.20 CAD/g) as of February 2026, the melt value formula is: 1.162 g × 0.925 × $3.20 CAD/g ≈ $3.44 CAD. Even the most worn G-4 example trades at roughly seven times melt value, confirming that the 1870 5-cent is a purely numismatic asset. Bullion prices serve only as a psychological floor for the broader collector market. For current silver spot data, see Trading Economics – Silver Price.

Magnetic Properties & Weight as Diagnostics

Sterling silver is non-magnetic. A genuine 1870 5-cent coin will show zero attraction to a magnet. This test is particularly useful for detecting altered dates: a coin whose host was a later nickel-alloy piece may display unexpected magnetism. More precise authentication relies on weight — the correct range is approximately 1.16 g to 1.17 g. A significant deviation suggests a different host coin, an electrotype, or significant planchet damage. The Canadian Currency Act prohibits the melting of coinage of the realm.

1870 Canadian 5-Cent Silver Value Chart by Grade & Variety

All values below are in Canadian dollars (CAD) synthesized from 2024–2026 auction data and market trends as of February 2026. The Flat Border and Raised Border varieties trade at nearly identical values in circulated grades, diverging slightly at premium Mint State levels. Both varieties are required for a complete set of the 1870 issue. See the Notable Variants section for diagnostic details on how to tell them apart.

1870 Canadian 5-Cent — Flat Border (Wide Rim) Business Strike

The earlier of the two border styles, the Flat Border (Charlton: FB) is distinguished by its broad, shelf-like rim and long rectangular denticles. Die clashes are common on this variety and do not necessarily penalize grade if they are die-state features rather than post-mint damage.

In Gem condition, original grey-blue toning can push realized prices significantly above the $3,500 baseline. A Heritage Auctions sale of a rainbow-toned Wide Rim example demonstrates that exceptional eye appeal can elevate values well beyond standard estimates — see the Heritage Auctions 1870 Wide Rim listing (Sale 3008, Lot 20013).

1870 Canadian 5-Cent — Raised Border (Narrow Rim) Business Strike

The Raised Border (Charlton: RB) features a narrow rim with a distinct raised wire edge and shorter, bead-like denticles. This style became the standard for all subsequent Victorian 5-cent issues from 1871 to 1901, making the 1870 RB the prototype of the series. It generally commands a slight premium over the Flat Border in top Mint State grades due to cleaner fields and better overall strikes.

For current NGC price benchmarks for the Victoria 5-cent series (KM 2, 1858–1901), see the NGC World Coin Price Guide — Canada 5 Cents KM 2. Current market inventory with grade-by-grade pricing can be explored at J&M Coin & Jewellery — 1870 5-Cent Listings.

Grade progression for the 1870 Canadian 5-cent silver coin: G-4 (heavily worn, date barely readable), VF-20 (clear legends, partial braid detail), and MS-63 (full cartwheel luster, sharp wreath). Note the dramatic price differences at each level. (Illustration — not a photo of your exact coin)

1870 Canadian 5-Cent — 1/1 Repunched Date

The 1/1 Repunched Date is the most significant sub-variety of the 1870 issue, found almost exclusively on Flat Border dies. It commands a major premium over a standard attribution. The body text of specialist literature cites a range of $400–$680 CAD at circulated grades “depending on the strength of the variety and eye appeal,” while the consolidated market table places VF-20 at $700 for a certified, attributed example. The variance reflects the strength of the visible doubling on any individual coin.

The 1/1 RPD is listed as a Major Variety in the Charlton Standard Catalogue and Zoell specialist references. Certification by ICCS or PCGS with explicit variety attribution is essential to realizing the full premium.

1870 Canadian 5-Cent — Specimen (“Fremantle Proof”)

True Specimens of the 1870 5-cent were struck under the authority of Sir Charles Fremantle, Deputy Master of the Royal Mint, as archival presentation pieces. The surviving population is estimated in single digits. These coins are not graded on the standard business-strike scale — they receive SP designations (e.g., SP-65) from PCGS or ICCS. Values are highly illiquid and negotiated rather than catalogued by grade step; estimates place them at $15,000–$25,000+ CAD, with Cameo examples potentially reaching significantly higher. The Norweb Collection contained a celebrated example described as “Exhibition or cabinet coin made in 1870… absolutely superb,” sold by Stack’s Bowers Galleries in the Norweb Collection sale.

Visual distinction between an 1870 Canadian 5-cent Business Strike (left, cartwheel luster on both fields and devices) and a Specimen strike (right, deep mirror fields contrasted against frosted devices — the defining cameo effect). The Specimen’s wire-sharp square edge is also visible. (Illustration — not a photo of your exact coin)

Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Nickel Value Guide.

Most Valuable 1870 Canadian 5-Cent Silver Varieties

The 1870 issue offers one of the richest variety landscapes of any single-year Canadian coin, with two distinct die styles, a major repunched date, and die-state curiosities that each carry independent collector premiums.

1. Flat Border (Wide Rim) — Charlton: FB

The Flat Border is believed to be the earlier production style, employing die technology inherited from the 1858 Province of Canada coinage. Its defining visual characteristics are a broad, shelf-like rim and long, rectangular denticles that extend deeply inward toward the legends, leaving minimal breathing room between the lettering and the coin’s edge. This crowded appearance is the primary naked-eye diagnostic.

The Flat Border is also notorious for die clashes — a condition caused when the press cycles without a planchet between the dies. The impact transfers an outline of the reverse wreath onto the obverse (appearing as a “tattoo” across Victoria’s neck or cheek) or Victoria’s profile onto the reverse. Strong clashes on genuine 1870 Flat Border coins serve as excellent authentication markers, as they are specific to the original die state and difficult for counterfeiters to replicate accurately.

The Wide 0 in the date is associated with the Flat Border variety. Currently the market treats this as a secondary diagnostic for the border type rather than an independent premium variety.

A heavily clashed 1870 Canadian 5-cent Flat Border coin showing the ghost outline of the reverse maple leaf wreath on the obverse field — a telltale die-state feature of the Wide Rim dies. Strong die clashes serve as authentication markers for genuine Flat Border coins. (Illustration — not a photo of your exact coin)

2. Raised Border (Narrow Rim) — Charlton: RB

The Raised Border represents the improved die style adopted to better protect the coin’s face during handling and to facilitate stacking. Its rim is narrower but features a distinct raised wire edge on the outer periphery. Critically, the denticles are shorter and bead-like, and the legends appear to “float” with noticeably more open space between the text and the coin’s border. The Narrow 0 in the date is associated with this variety.

The Raised Border became the standard for all subsequent Victorian 5-cent dates from 1871 to 1901, making the 1870 RB the prototype for thirty years of Canadian numismatic history. It generally commands a slight premium over the Flat Border in top Mint State grades due to its cleaner fields and better strike quality. A type set of the Victorian 5-cent series cannot properly begin without both the FB and RB from 1870.

For detailed rim and denticle diagnostics, the Calgary Coin Gallery Victorian 5-cent reference page provides photographic comparisons of the two border styles.

Side-by-side reverse comparison of the two major 1870 Canadian 5-cent varieties. LEFT: Flat Border (Wide Rim) — note the long, rectangular denticles crowding the legend. RIGHT: Raised Border (Narrow Rim) — shorter, bead-like denticles with visible open space below the letters. Both are required for a complete 1870 type set. (Illustration — not a photo of your exact coin)

3. 1/1 Repunched Date (Major Variety)

The most valuable of the 1870 sub-varieties, the 1/1 Repunched Date is a product of 19th-century hand-punching die preparation. The date was punched manually into each working die, and if the initial strike was misaligned or too shallow, the engraver punched again. On this variety, the first digit “1” in 1870 shows a clear secondary image — a notch or shadow — at the top or bottom of the numeral, indicating a vertical shift between the two punch attempts.

The 1/1 RPD is found almost exclusively on Flat Border dies, suggesting it originated early in the production run before the transition to Raised Border dies. It is classified as a Major Variety in the Charlton Standard Catalogue and the Zoell specialist catalog. The premium is substantial: a standard F-12 trades at $50 while a certified 1/1 at the same grade commands $450. Advanced collectors increasingly use high-power magnification (10×–30×) to “cherry-pick” this variety from unattributed dealer lots, driving appreciation of certified examples.

Specialist variety references include the George Manz Coins — Canadian Silver 5 Cents variety listing and the Canadian Coin News catalogue data reproduced by specialist dealers.

Extreme close-up of the date on an 1870 Canadian 5-cent Flat Border coin showing the 1/1 Repunched Date variety. The first “1” displays a visible secondary shadow or notch caused by a second, vertically shifted punch strike. Use 10×–30× magnification on every unattributed Flat Border 1870 coin — this overlooked variety represents a significant value premium. (Illustration — not a photo of your exact coin)

1870 Canadian 5-Cent Silver Identification Guide

Use the following 30-second checklist to confirm exactly what you have — and to distinguish a standard business strike from a Specimen or a high-value variety.

Both sides of the 1870 Canadian 5-cent silver coin. Obverse: Young Head portrait of Queen Victoria by Leonard C. Wyon, with “VICTORIA DEI GRATIA REGINA” legend. Reverse: Maple leaf wreath encircling “5 CENTS / 1870,” with “CANADA” and a small crown. No mint mark on either side — all 1870 5-cent coins were struck at the Royal Mint, London.

30-Second Identification Checklist

1. Monarch Check: The obverse shows a young Queen Victoria in profile, facing right, wearing a simple coronet or bun hairstyle — the “Young Head” portrait by Leonard C. Wyon. The legend reads VICTORIA DEI GRATIA REGINA. If you see “NEWFOUNDLAND” instead of “CANADA,” you have a different coin (see the FAQ below).
2. Reverse Check: The reverse shows a maple leaf wreath with “5 CENTS” inside, the date 1870 at the bottom, and a small crown at the top. The word “CANADA” appears around the rim.
3. Date Check: Single date: 1870. No dual dates.
4. Edge Check: The edge is reeded (milled) — you should see fine vertical lines running around the circumference. A plain edge would indicate a wrong coin.
5. Magnet Test (Composition Verification): Place a magnet near the coin. Sterling silver (.925) is non-magnetic. The coin should show zero attraction. Any magnetic response is an authentication red flag — the coin may be a later nickel-alloy piece used as a host for an altered date.
6. Mint Mark Check: There is no mint mark on any genuine 1870 5-cent coin. All were struck exclusively at the Royal Mint in London. Any visible “H” mark (Heaton, Birmingham) on this date would be anomalous and requires expert examination.
7. Border Variety Check: Examine the rim under a loupe. Long, rectangular denticles crowding the legend = Flat Border (FB). Short, bead-like denticles with open space below the legend = Raised Border (RB). Both are genuine varieties — neither is more “correct.”
8. Date Variety Check (Flat Border only): If you have a Flat Border coin, examine the first “1” in 1870 at 10× magnification. A shadow, notch, or bifurcated serif at the top or base = 1/1 Repunched Date — a major premium variety.
9. Finish Identification (THE CRITICAL STEP):
   • Business Strike: Cartwheel luster radiates across the fields. Normal contact marks may be present. Devices and fields share the same surface texture.
   • Specimen (SP / “Fremantle Proof”): Deep mirror-polished fields reflect like black glass, contrasted against frosted, matte devices (the Queen’s portrait and the wreath). Edges are wire-sharp and square. These are extreme rarities — do not handle with bare hands and do not attempt to grade without expert consultation.

The Soft Strike Diagnostic

The single most important grading skill for this issue is separating weak strike from actual wear on the braid of hair just below Victoria’s ear — the highest relief point of the obverse. Many Mint State 1870 coins display a flat, smooth braid that mimics VF or EF wear. The expert’s test: examine the luster, not the flatness. If the luster is continuous and unbroken across the flat braid (light flows without interruption from the fields across the devices), the coin is Uncirculated. If the luster is broken and dull grey at the high point, it is genuine wear. Senior grading standards at ICCS and PCGS explicitly allow for this strike weakness on the 1870 date.

The most critical diagnostic for the 1870 Canadian 5-cent: LEFT shows a soft-struck braid with continuous, unbroken luster — this coin is Uncirculated (Mint State) despite the flat appearance. RIGHT shows the same area with dull, grey, broken metal — genuine circulation wear. Always assess the luster flow, not just the flatness. (Illustration — not a photo of your exact coin)

1870 Canadian 5-Cent Silver Value FAQs

Methodology & Sources

Values in this guide are synthesized from 2024–2026 auction realizations and current dealer market data, denominated in Canadian dollars (CAD) as of February 2026. Primary sources include: Calgary Coin Gallery — Victorian 5-cent varieties; NGC World Coin Price Guide (KM 2); Heritage Auctions — 1870 Wide Rim auction record; Stack’s Bowers — Norweb Collection catalog; George Manz Coins — Canadian silver 5-cent variety reference; Transactions of the Canadian Numismatic Research Society (Vol. 15); Coins and Canada — 5 Cents 1858–1901 Price Guide; and the Charlton Standard Catalogue of Canadian Coins. Silver spot data sourced via Trading Economics. Market values are estimates only; realized prices vary by eye appeal, strike quality, and toning character. This guide covers standard varieties only — altered dates and other authentication anomalies are addressed in the Identification section.