1891 Canadian 5-Cent Silver Coin ('Fish Scale') Value Guide

The 1891 Canadian 5-cent piece — affectionately known as the "Fish Scale" for its diminutive size and silvery sheen — is a cornerstone of the Victorian decimal series and a rewarding study in die variety collecting. Struck entirely at the Royal Mint in London with a total mintage of 1,800,000 pieces, the 1891 issue is notable for presenting two distinct obverse portrait types (Obverse 2 and Obverse 5) on the same date, as well as the recognizable re-punched date varieties (8/8 and 9/9) that attract serious collectors. The coin's survival rate in Mint State is disproportionately low relative to its mintage, because the tiny planchets were prone to heavy wear, bending, and loss in circulation. For values across the entire Victorian and modern 5-cent series, see our Canadian Nickel Value Guide.

Note: Production anomalies such as off-center strikes and planchet clips may exist for this year but are outside the scope of this standard value guide.

1891 Canadian 5-cent sterling silver 'Fish Scale' — obverse showing Queen Victoria's Laureated Portrait (left) and reverse showing the crowned maple wreath and 5 CENTS denomination with date (right).

1891 Canadian 5-Cent Silver Composition & Melt Value

Composition of the 1891 Canadian 5-cent coin: 92.5% silver alloyed with 7.5% copper for hardness. The coin's fine silver weight (ASW) is 0.0346 troy ounces.

Metallurgical Breakdown

The 1891 Canadian 5-cent piece is struck to the British Sterling Silver standard, a metallurgical tradition maintained for Canadian 5-cent coinage until post-World War I debasement to 80% silver in 1920. The alloy breakdown is:

• Silver (Ag): 92.5%
• Copper (Cu): 7.5% — added for the hardness required to withstand the friction of commerce
• Total weight: 1.162 grams
• Fine silver weight (ASW): 0.0346 troy ounces

The 7.5% copper alloy was a metallurgical necessity — pure silver is too soft for the demands of everyday circulation, particularly for a coin as thin as the 5-cent piece (approximately 0.95 mm). Despite the alloy, the high silver content still rendered the coin susceptible to rapid wear on the high points of the obverse portrait (the hair braid and laurel wreath) and the reverse maple boughs, which is why fully detailed examples are scarce.

Melt Value

Using a silver spot price of approximately $78.55 USD per troy ounce (as of February 7, 2026) and a CAD/USD rate of approximately 1.40, the intrinsic melt value of an 1891 Canadian 5-cent coin is approximately $3.79 CAD. Live silver spot prices are available at JM Bullion's silver price charts.

This melt value establishes a hard economic floor below which the coin cannot logically trade. However, even heavily worn examples in G4 condition trade at approximately $6.00–$6.70 CAD — roughly double the metal value — reflecting the numismatic premium collectors place on a genuine Victorian Canadian date. The silver content is a supporting factor, not the primary value driver for this coin.

Magnetic Test (Authentication)

Sterling silver is non-magnetic. A genuine 1891 Canadian 5-cent coin will not respond to a strong magnet. If a coin is attracted to a magnet, it is almost certainly a modern counterfeit — likely made of nickel-plated steel rather than silver. The magnet test is the fastest and most accessible first-step authentication tool for Victorian silver coins and should be performed before any detailed variety examination.

1891 Canadian 5-Cent Silver Value Chart by Grade & Variety

The 1891 5-cent coin is a business-strike-only issue in all major catalogues. No Proof-Like (PL) or Specimen (SP) pricing tables exist for this date. All values below reflect problem-free, uncleaned business-strike coins, consistent with the conservative grading standards of the Coins and Canada 2026 price guide and ICCS methodology. PCGS and NGC grades are widely accepted alternatives, though they may grade luster and eye appeal slightly differently.

Grade comparison for the 1891 Canadian 5-cent 'Fish Scale' — heavily worn G4 (left), near-mint AU50 (centre), and Gem Uncirculated MS65 (right). A clean cheek on Queen Victoria is the hallmark of a Gem coin. (Illustration — not a photo of your exact coin)

1891 Canadian 5-Cent Silver — Business Strike (All Varieties)

All values in CAD. Source: Coins and Canada — 5 Cents 1858–1901 Price Guide. Grade columns follow the Charlton/ICCS terminology mapped to the Sheldon scale (see interpretation notes below).

The value cliff for the 1891 5-cent Obverse 2: MS60 ($261) → MS63 ($650) → MS65 ($1,530) → MS66 (~$4,700). Non-linear pricing reflects intense Registry Set competition for top-grade Victorian survivors. (Illustration)

Grade Interpretation Notes

• Good (G4): Heavily worn — portrait is an outline; date and lettering still readable.
• Very Good (VG8): Design clear but flat; some detail visible in the hair braid.
• Fine (F12): Major details visible; braid and wreath leaves separated.
• Very Fine (VF20): Moderate wear on high points; full legends. Value begins to rise meaningfully above this threshold — the VF20 boundary requires full separation of wreath leaves and clear detail in the ear/braid area.
• Extra Fine (EF40): Light wear only on highest points (hair above ear, ribbon bow); traces of mint lustre present in protected areas.
• About Uncirculated (AU50): Trace of wear on high points; at least 50% original lustre present.
• Uncirculated (MS60): No trace of wear; bag marks from contact with other coins are expected and normal.
• Choice Uncirculated (MS63): Strong lustre, fewer surface marks — a genuinely collectible example.
• Gem Uncirculated (MS65): Blazing lustre, superior strike, minimal marks. The standard for high-end Registry Set coins; extremely difficult to find for this tiny denomination.

For the complete denomination price guide across all years, see our Canadian Nickel Value Guide.

Most Valuable 1891 Canadian 5-Cent Silver Varieties

A) Trophy-Level Examples

The primary driver of extreme value in 1891 5-cent coins is condition rarity, not variety rarity alone. The coin's small size (15.5 mm) and thin profile (approximately 0.95 mm) made it prone to heavy friction, bending, and loss during circulation. Finding a specimen with a full strike and pristine surfaces at MS65 or higher is a genuine statistical anomaly. A clean cheek on Queen Victoria's portrait is the hallmark of a Gem coin.

B) Findable Varieties — Cherry-Pick Your Coins

For intermediate and advanced collectors, the 1891 5-cent offers genuine variety-hunting opportunity. Both obverse types and both re-punched date varieties are identifiable under magnification and can be cherry-picked from unattributed lots. A 10× loupe is the minimum recommended tool.

Re-punched date diagnostic for the 1891 5-cent: look for ghosting or doubling inside the loops of the '8' (Charlton Variety 2a — 8/8) or at the inner loop and tail of the '9' (Charlton Variety 2b — 9/9). A 10× loupe is required. (Illustration — not a photo of your exact coin)

1. The Obverse Duel: Obverse 2 vs. Obverse 5

The coexistence of Obverse 2 and Obverse 5 on the 1891 date is the defining attribution challenge of this issue. The 1891 date sits at a transition point in Royal Mint die production — the death of engraver Leonard Charles Wyon in 1891 and the succession of George William de Saulles created a period of die modification. Both obverses share the Laureated Portrait of Queen Victoria but differ in die-hub relief, most visibly around the mouth. Misattribution is common because unworn examples of Obverse 5 can resemble worn examples of Obverse 2. Detailed diagnostics are documented at the Calgary Coin 5-cent reference and the Saskatoon Coin Club Major Varieties guide.

2. Re-Punched Dates (RPDs) — Charlton Varieties 2a and 2b

In 1891, date digits were punched into working dies by hand. Initial misalignment required a corrective second punch, leaving a ghost of the first impression embedded in the die. The result — a re-punched date (RPD) — is permanent and visible under magnification. Both known RPD varieties for 1891 command a premium of approximately +30% to +50% over standard Obverse 2 values at every grade level.

1891 Canadian 5-Cent Silver Identification Guide

Use this systematic checklist to confirm you have a genuine 1891 Canadian 5-cent sterling silver coin and to determine which variety you hold. A 5× or 10× magnification loupe is strongly recommended. Work through the steps in order — the magnet test and weight check are the fastest authentication tools, while the Lip Test and RPD check require magnification and patience.

30-Second Identity Checklist

1. Monarch Check: Confirm the obverse shows Queen Victoria facing left, wearing a laurel wreath (Laureated Portrait). The legend reads VICTORIA REGINA around the rim.
2. Reverse Check: Confirm the reverse shows the denomination "5 CENTS" centred, topped by a Crown, surrounded by a maple leaf wreath. The date "1891" appears at the bottom.
3. Edge Check: Run your fingernail along the rim — it must be reeded (vertical grooves). A smooth edge on an 1891 5-cent is a red flag for a damaged or counterfeit coin.
4. Magnet Test (Composition Verification): Apply a strong magnet to the coin. Sterling silver is non-magnetic. A genuine coin will not respond. If the coin is attracted to the magnet, it is not genuine silver — most likely a modern nickel-plated steel counterfeit.
5. Weight Check: A digital scale should read approximately 1.16 grams. Heavily worn examples (G4/VG8) may register slightly less (e.g., 1.12 g) due to metal loss from friction. Coins registering above 1.20 g should be treated with suspicion.
6. No Mint Marks: The 1891 5-cent was struck entirely at the Royal Mint in London. There are no mint marks on genuine examples. Do not attribute a mark that is not present.

Magnet test for the 1891 Canadian 5-cent: sterling silver is non-magnetic. A genuine coin will not respond to a strong rare-earth magnet. Magnetic attraction is a clear sign of a counterfeit with a plated-steel core.

Finish Identification

• Business Strike (Circulation) — The Only Documented Finish: Look for a 'cartwheel' lustre on high-grade examples — a spinning light reflection that moves across the fields as you tilt the coin. The fields and devices share a similar mint texture. Bag marks (small nicks from coin-to-coin contact) are expected and normal on uncirculated business-strike coins.
• Specimen (SP) — Extremely Unlikely for This Year: No SP pricing table exists for the 1891 5-cent in major catalogues. If you believe you have an SP coin, look for a matte or lined texture in the fields contrasting with frosted devices and sharp, squared-off rims distinct from a business strike. Any claim of SP status requires professional authentication by ICCS, PCGS, or NGC before any premium can be discussed.

The definitive 'Lip Test' for 1891 5-cent obverse attribution. LEFT — Obverse 2: the upper lip protrudes beyond the lower ('pouty'), with a deep curve in the philtrum. RIGHT — Obverse 5: the lips are flush (even) and the philtrum is flat and straight. Use a 10× loupe and focus exclusively on the mouth area. (Illustration — not a photo of your exact coin)

Variety Identification: The Lip Test

1. Orient the coin so Queen Victoria is upright.
2. Focus your loupe exclusively on her mouth and the area between her nose and upper lip (the philtrum).
3. Ask: Does the upper lip hang over the lower? Is there a distinct curve going up to the nose? → You have Obverse 2.
4. Or: Are the lips vertically even (flush)? Is the area under the nose flat and straight? → You have Obverse 5.

Variety Identification: The Re-Punched Date Check

1. Under 10× magnification, locate the date "1891" at the bottom of the reverse.
2. Examine the numeral "8" closely — look inside both loops for a ghost outline or secondary arc from a first, misaligned punch → 8/8 (Charlton Variety 2a).
3. Examine the numeral "9" closely — look at the tail and inner loop for doubling or a secondary impression → 9/9 (Charlton Variety 2b).
4. If neither RPD is present, you have a standard Obverse 2 or Obverse 5 coin (see the Lip Test above to distinguish them).

ICCS vs. PCGS/NGC: Which Grading Service Is Right for Your Coin?

ICCS (International Coin Certification Service), based in Toronto, is the primary grading authority for Canadian coins and the best choice for variety attribution — including the subtle Obverse 2 vs. Obverse 5 distinction and RPD confirmation. Their grading is generally considered conservative (stricter) compared to US services; an ICCS MS64 may cross-grade to a PCGS MS65.

PCGS and NGC are preferred for high-value 'Trophy' coins (MS65+) where international market liquidity and Registry Set participation are priorities. They may occasionally misattribute obscure Canadian obverse varieties compared to ICCS.

Grading Economics: Submission fees at ICCS, PCGS, or NGC typically range from $30 to $80+ CAD per coin depending on service tier and turnaround. For most circulated 1891 5-cent coins (G4–VF20, worth $6–$34 CAD), grading costs exceed the coin's market value. Professional certification makes economic sense for coins you believe are MS63 or better, or for confirming a re-punched date variety before sale.

1891 Canadian 5-Cent Silver Value FAQs

Methodology & Sources

Values in this guide reflect typical retail prices for problem-free, uncleaned business-strike coins as of February 2026. All prices are in Canadian Dollars (CAD). Primary sources consulted:

• Coins and Canada — 5 Cents 1858–1901 Price Guide (primary value source for all grade-by-grade pricing and trophy-level guide values)
• Charlton Standard Catalogue of Canadian Coins — variety reference numbers (Variety 2a / 2b), attribution methodology, and pricing framework
• PCGS Auction Prices — 1891 Victoria 5 Cents MS66 (verified auction record: $3,360 USD / approximately $4,600 CAD)
• NGC Price Guide — Canada 5 Cents KM#2 (1858–1901) (physical specifications and global context)
• Calgary Coin — Canadian 5-Cent Reference (Obverse 2 vs. Obverse 5 diagnostic descriptions)
• Saskatoon Coin Club — Canadian 5-Cent Major Varieties (detailed variety attribution for Obverse 2 / Obverse 5 and re-punched dates)
• JM Bullion Live Silver Spot Price Charts (silver spot price reference as of February 7, 2026, used for melt value calculation)

Market values are estimates only and may vary based on coin quality, current market conditions, and buyer/seller negotiation. This guide covers standard (non-error) business-strike coins only. Grading is inherently subjective — values above are guidelines, not guaranteed sale prices.