1901 Canadian Five-Cent (Silver 'Fish Scale') Value Guide
Complete 1901 Canadian five-cent 'fish scale' value guide. Sterling silver coin prices by grade — G-4 to MS-67 — in CAD, silver melt floor (~$3.75 CAD), Repunched 1 variety premiums, and die clash varieties as of February 2026.
A circulated 1901 Canadian five-cent coin is worth approximately $5.60 CAD in Good (G-4) — effectively its silver bullion floor. In Gem Mint State (MS-65), values reach $1,350 CAD, and the top-pop MS-67 is estimated at $7,500 CAD (trend) to $10,000+ CAD at auction.
- Circulated (G-4 to F-12):$5.60–$12.70 CAD — driven largely by the ~$3.75 CAD silver melt floor
- Mid-Grade Circulated (VF-20 to EF-40):$17.70–$36.10 CAD
- About Uncirculated (AU-50 to AU-55):$85.50–$140.00 CAD
- Choice Uncirculated (MS-63):$446 CAD — the investment entry point
- Gem Uncirculated (MS-65):$1,350–$1,800 CAD — blue-chip territory
- Superb Gem (MS-66):$2,110–$3,500 CAD; MS-67 estimated $7,500–$10,000+ CAD
Is this coin silver? YES — the 1901 five-cent is sterling silver (.925 fine). There are NO Proof-Like or Specimen collector sets for this year. All surviving examples are business strikes. A coin offered as a "1901-H" (Heaton Mint) is either a misidentified 1902-H or a counterfeit — no authentic 1901-H exists.
All values in CAD. Data reflects February 2026 market conditions incorporating silver at ~$108 CAD/oz. See full value chart →
The 1901 Canadian five-cent piece — affectionately known as the "fish scale" for its diminutive 15.494 mm diameter and wafer-thin 0.70 mm profile — is the final issue of the Victorian silver five-cent series that began with the Province of Canada in 1858. Struck entirely at the Royal Mint in London following Queen Victoria's death on January 22, 1901, every coin in this series bears her Mature (Veiled) Head effigy, making the 1901 a bookend in Canadian monetary history. The series would not see a domestic mint until Ottawa's Royal Mint branch opened in 1908; the silver five-cent denomination itself was replaced by the larger copper-nickel format in 1922. For values across all years of the Canadian five-cent denomination, see our Canadian Nickel Value Guide.
1901 Canadian Five-Cent Composition & Silver Melt Value
The 1901 Canadian five-cent coin is struck in sterling silver — 92.5% silver alloyed with 7.5% copper — matching the purity standard of British coinage of the era. The copper component provides hardness that pure silver lacks, but it also means the coin tones naturally over time as copper reacts with atmospheric sulfur. Original, undisturbed patina (sometimes called "original skin") is highly prized by collectors and commands significant premiums over artificially brightened examples.
Silver Content and Melt Value (February 2026)
Each 1901 five-cent contains approximately 1.08 grams of pure silver. With silver trading near $108 CAD per troy ounce as of February 2026 — stabilized from a recent peak of $167 CAD/oz during the current precious-metals super-cycle — the intrinsic melt value of a single 1901 five-cent is approximately $3.75 CAD. This functions as a hard floor for even the most worn examples, effectively eliminating the "cheap bin" status that low-grade Victorian silver once occupied. Note that the Canadian Currency Act prohibits the melting of coins of the realm for commercial gain, so melt value is a theoretical minimum rather than a practical exit strategy.
Authentication by Magnet
Sterling silver is non-magnetic. A genuine 1901 five-cent coin will not be attracted to a magnet. If a coin labeled "1901 five-cent" sticks to a magnet, treat it as a counterfeit or a wrong-planchet anomaly and seek professional inspection before purchase.
Physical Vulnerability
At only 0.70 mm thick, the fish scale is prone to bending — a catastrophic grading defect. A bent coin cannot be certified by PCGS, ICCS, or NGC and is worth only its silver melt value regardless of apparent surface quality. Always verify planarity when examining raw examples. Similarly, the coin's small surface area means that contact marks and fingerprints that might be negligible on a silver dollar are visually significant and grade-impacting here.
The 1901 Canadian five-cent sterling silver coin beside a balance scale and silver bar, illustrating the approximately 1.08 g of pure silver contained in each "fish scale" and its February 2026 melt value of approximately $3.75 CAD. (Illustration — not a photo of your exact coin)
1901 Canadian Five-Cent Value Chart by Grade
The 1901 five-cent was issued exclusively as a business strike. There are no Proof-Like (PL) collector sets, no Specimen (SP) issues, and no silver proof sets for this year — all value tiers below are for business strike coins only. Values reflect February 2026 market conditions, combining auction realizations, dealer spreads, and bullion adjustments as synthesized by Calgary Coin and Coins and Canada. Additional price guidance is available from the NGC World Coin Price Guide (KM 2, 1858–1901).
ℹ️ Two Value Columns Explained
Trend Value is the synthesized catalogue/dealer value. Auction Range is the realized price range at major auction sales (including buyer's premium). The auction range often runs above trend in high grades because of competitive bidding on scarce survivors; at the low end (G-4 to F-12), it tends to match spot silver.
1901 Canadian Five-Cent — Business Strike (All Grades)
| Grade | Trend Value (CAD) | Auction Range (CAD) | Market Notes |
|---|---|---|---|
| G-4 Good | $5.60 | $4.00–$6.00 | Bullion-driven. Portrait is a flat silhouette; date readable. |
| VG-8 Very Good | $10.10 | $8.00–$12.00 | Rim full; braid and crown band partially visible. Entry collector grade. |
| F-12 Fine | $12.70 | $10.00–$15.00 | Veil separates from head; leaf outlines distinct. "Junk silver" crossover. |
| VF-20 Very Fine | $17.70 | $20.00–$30.00 | ~75% of hair detail visible. Shoulder fold of veil distinct. |
| EF-40 Extra Fine | $36.10 | $45.00–$65.00 | Light wear on high points only. Brooch diamond clear. Condition rarity begins here. |
| AU-50 About Unc. | $85.50 | $90.00–$120.00 | Traces of wear; 50%+ luster remains. High variation based on luster retention. |
| AU-55 Choice AU | $140.00 | $130.00–$160.00 | Looks uncirculated at first glance; loupe reveals cheek rub. Often sold raw as "Unc." |
| MS-60 Uncirculated | $179.00 | $180.00–$220.00 | No wear; heavy bag marks and contact marks. "Baggy" eye appeal. |
| MS-62 | $253.00 | $250.00–$300.00 | Marks present but less distracting; decent luster. |
| MS-63 Choice Unc. | $446.00 | $450.00–$600.00 | Marks not in prime focal areas. Investment entry point. |
| MS-64 Near Gem | $671.00 | $700.00–$900.00 | Great eye appeal; few marks; strong luster or attractive toning. A toned MS-64+ has realized over $700 CAD. |
| MS-65 Gem Unc. | $1,350.00 | $1,400.00–$1,800.00 | Blue-chip asset. Finest hair detail visible. Toned examples command the upper end; an MS-65 with autumn toning has previously sold for $800 CAD, but current market trends have pushed values significantly higher. |
| MS-66 Superb Gem | $2,110.00 | $2,500.00–$3,500.00 | Very rare survivors. "Original skin" patina typical. PCGS and ICCS combined populations likely under 25 examples. |
| MS-67 Superb Gem+ | $7,500.00 | $10,000+ (Est.) | Top Pop. Institutional quality. Fewer than 5 known across all services. Auction estimate only — no recent documented sale at this grade. |
⚠️ Eye Appeal Trumps the Number on the Slab
An MS-66 example realized only approximately $200 CAD at a 2024 auction — anomalously below the $2,110 trend — strongly suggesting poor eye appeal (heavy spotting, toning issues, or a cataloguing mismatch). The technical grade number is necessary but not sufficient: strike quality, originality of surfaces, and toning character can double or halve the value relative to the trend figure at any given grade level.
⚠️ Never Clean Your Coins
Cleaning removes original luster and leaves hairlines visible under magnification. A cleaned 1901 five-cent is graded "Details" (damaged) by PCGS, NGC, and ICCS and loses all numismatic premium. "Blast white" coins from 1901 that appear unnaturally bright are almost always dipped — statistically unlikely to retain original surfaces after 125+ years.
All values in CAD. For complete denomination history across all years, see our Canadian Nickel Value Guide.
Side-by-side comparison of a 1901 Canadian five-cent in approximate Good (G-4) grade — showing the flat, worn Queen Victoria portrait — versus a Gem Uncirculated (MS-65) example with full hair and veil detail and brilliant surfaces. Note how small a grade difference can represent a tenfold or greater change in value. (Illustration — not a photo of your exact coin)
Most Valuable 1901 Canadian Five-Cent Varieties
The 1901 five-cent does not have the dramatic positional varieties seen in some other years of the Victorian series, but two documented non-error die varieties reward careful examination. Neither involves a manufacturing mistake that escaped the Mint's quality control; both are the product of the hand-punching and die-working practices of the era that created minor but collectible sub-types.
Variety 1 — Repunched Last 1 (RP-1) [Trophy + Findable]
This is the premier variety for the 1901 issue, referenced by dealers including George Manz Coins and variety cataloguers at CoinVarieties.
What it is: In 1901, date numerals were punched into working dies by hand. If the punch slipped, required multiple strikes, or was not held at a perfectly consistent angle, a secondary "ghost" impression formed alongside or slightly displaced from the primary numeral.
Diagnostics — The Repunched 1 Test: Examine the final digit "1" in the date at 10× to 20× magnification. Look for:
- A secondary "ghost" 1 appearing slightly to the side of the primary digit
- A notched or doubled serif at the base of the 1
- Vertical displacement creating an apparent double image
Value Premium:
- Circulated (VF–EF range): 20–30% premium over the standard grade trend value
- Mint State (MS-63 with rainbow toning):$600–$800 CAD — significantly above the standard $446 MS-63 trend, reflecting both the variety attribution and the toning premium
10× to 20× magnification detail of the date area of a 1901 Canadian five-cent coin. The Repunched 1 (RP-1) variety shows a ghost secondary impression of the final "1" — visible as a doubled serif or offset vertical stroke — indicated by a red circle. Compare to a standard (single) "1" on the left. (Illustration — not a photo of your exact coin)
Variety 2 — Die Clash (DCL) [Findable Die-State Variety]
Die clashes occur when the obverse and reverse dies strike each other without a planchet between them, transferring an incuse impression of each die's design onto the opposing die. The resulting coins carry "ghost" outlines of the opposite design. While die clashes originate mechanically, they are catalogued and collected as die-state varieties in Canadian numismatics — not errors.
Diagnostics:
- On the reverse: Look for the faint outline of Queen Victoria's profile (forehead, nose, chin) traversing the field near or behind the denomination 5 CENTS
- On the obverse: Look for the incuse outline of the maple leaves or the Imperial crown appearing in the Queen's neck area or in the open fields
Value: A 1901 die clash example in EF-40 has sold for approximately $60 CAD — roughly a 50% premium over the standard EF-40 trend value of $36.10. The premium scales with grade and visibility of the clash marks.
Annotated reverse of a 1901 Canadian five-cent die clash (DCL) variety at 10× magnification. Yellow arrows indicate the incuse ghost outline of Queen Victoria's profile (forehead and nose bridge) traversing the field near 5 CENTS — the signature of a die clash event. (Illustration — not a photo of your exact coin)
1901 Canadian Five-Cent Identification Guide
Use the following 30-second checklist to confirm you have an authentic 1901 Canadian five-cent piece and to determine which variety you hold.
Obverse and reverse of the 1901 Canadian five-cent coin. Obverse (left): Queen Victoria Mature/Veiled Head by T. Brock, legend VICTORIA DEI GRATIA REGINA, with CANADA at the bottom — a placement unique to the Victorian series. Reverse (right): L.C. Wyon's crossed maple boughs design with denomination 5 CENTS and date 1901 at base, surmounted by the Imperial St. Edward's Crown.
30-Second Identification Checklist
Monarch Check. The obverse features Queen Victoria in her Mature (Veiled) Head portrait by sculptor T. Brock, introduced on the five-cent in 1892. The Queen faces left, wearing a coronet and a long veil draped over her shoulders. The legend reads VICTORIA DEI GRATIA REGINA. The word CANADA appears at the bottom of the obverse — a placement unique to the Victorian series that was moved to the reverse on Edward VII issues starting in 1902.
Reverse Check. The reverse, designed by Leonard C. Wyon, shows the denomination 5 CENTS flanked by two crossed maple boughs surmounted by the Imperial St. Edward's Crown. The date 1901 is centered at the bottom. The field space is minimal given the coin's 15.494 mm diameter.
Edge Check. The edge is reeded (vertical milling). A plain edge coin is not a genuine 1901 Canadian five-cent.
Magnet Test (Composition Verification). Apply a magnet to the coin. Sterling silver (92.5% Ag, 7.5% Cu) is non-magnetic. A genuine 1901 five-cent will not stick to a magnet. If it does, suspect a counterfeit, base-metal fake, or wrong-planchet anomaly and seek professional grading before purchase or sale.
Die Axis Check. The 1901 five-cent uses coinage alignment (↑↓): when you flip the coin horizontally (left to right, as turning a page), the reverse should appear upside down. This is standard for Victorian-era Canadian coinage and differs from modern Canadian coins, which use medal alignment (↑↑). A coin with medal alignment may warrant additional authentication scrutiny.
Mint Mark Check — The "No H" Rule. Inspect the area below the Queen's bust truncation and around the date. There is no mint mark on any authentic 1901 Canadian five-cent coin. All 1901 pieces were struck at the Royal Mint in London; the Heaton Mint in Birmingham (which uses an "H" mint mark) did not produce Canadian five-cent pieces in 1901. Any coin offered as a "1901-H" is either a misidentified 1902-H (where the bottom of the "2" may appear weakly struck) or a counterfeit. Treat any such claim with extreme skepticism.
Finish Identification. The 1901 five-cent exists only as a business strike. No Proof-Like (PL) collector sets and no Specimen (SP) or Proof issues were produced. Coins sold as "Specimen" are almost certainly high-quality business strikes (early die strikes from polished dies) and should be evaluated and priced as Proof-Like or high-end Mint State coins only — paying a Specimen premium is speculative.
— Original-skin coin: Natural toning ranging from steel gray to deep purple or golden; cartwheel luster visible in the recesses when tilted under a light source.
— Dipped/cleaned coin: Unnaturally bright or flat white; no toning; possible hairlines under magnification. Statistically unlikely to be original after 125+ years.Variety Check (Repunched 1). Using a 10×–20× loupe, examine the final digit "1" in the date. Look for a doubled serif at the base or a ghost image slightly offset from the primary numeral. If present, you have the RP-1 variety — see the Varieties section for premium data.
Strike Quality vs. Wear. The center of the Queen's effigy — particularly the hair above the ear and the veil folds — is a high point of the design that often appears soft due to weak strike rather than wear. A weak strike shows luster in the recesses of the soft area; actual wear shows a break in the luster on the high point (especially the cheekbone). If there is a break in the luster on the cheek, the coin is AU, not MS, regardless of how otherwise fresh it looks.
Side-by-side comparison of a 1901 Canadian five-cent with original, undisturbed patina ("original skin," left) showing natural toning and cartwheel luster, versus a dipped/cleaned example (right) with an unnaturally flat, bright-white surface. Original-skin coins command significant premiums; cleaned coins are graded "Details" by certification services and lose all numismatic value above melt. (Illustration — not a photo of your exact coin)
Authentication guide showing the area below Queen Victoria's bust truncation on an 1901 Canadian five-cent (left) — no mint mark present, confirming London Royal Mint production — compared to an illustrative 1902-H reverse detail (right) where the Heaton Mint "H" mark appears below the date. No authentic 1901-H Canadian five-cent coin exists. (Illustration — not a photo of your exact coin)
1901 Canadian Five-Cent Value FAQs
What is a 1901 Canadian five-cent coin worth?
Most circulated 1901 Canadian five-cent coins are worth approximately $5.60–$36 CAD, depending on grade. Good (G-4) examples are effectively at their silver melt floor (~$3.75 CAD), while Extra Fine (EF-40) coins trade for approximately $36 CAD. Certified Gem Uncirculated (MS-65) examples are valued at approximately $1,350–$1,800 CAD, making them true blue-chip assets. All values are in CAD and reflect February 2026 market conditions.
Is a 1901 Canadian five-cent coin rare?
The 1901 is considered a common date within the Victorian five-cent series relative to key rarities like the 1884 or the heavily melted 1921. Reported mintage figures range from approximately 1,888,638 (Royal Mint archival records) to a rounded 2,000,000 in most commercial catalogues. However, after more than 125 years of attrition, melting, and loss, the surviving population is a fraction of the original. Gem Mint State examples (MS-65 and above) are genuinely scarce — PCGS and ICCS combined populations for MS-66 are estimated at under 25 examples, with fewer than 5 known in MS-67.
Is my 1901 Canadian five-cent coin silver?
Yes. The 1901 five-cent is struck in sterling silver — 92.5% silver and 7.5% copper. It contains approximately 1.08 grams of pure silver. You can verify this with a simple magnet test: sterling silver is non-magnetic, so a genuine coin will not stick to a magnet. At approximately $108 CAD per troy ounce (February 2026), the melt value is approximately $3.75 CAD. Note that this coin is NOT made of the copper-nickel alloy used for most modern Canadian five-cent pieces.
What is the melt value of a 1901 five-cent coin?
Approximately $3.75 CAD as of February 2026, based on approximately 1.08 grams of pure silver (from the 1.167 g total weight at .925 fineness) and silver trading near $108 CAD per troy ounce. This establishes a hard floor for the coin's market price — even the most heavily worn G-4 examples trade at or slightly above this figure. Note that the Canadian Currency Act prohibits melting coins of the realm for commercial gain.
What is the Repunched 1 (RP-1) variety and is it on my coin?
The Repunched 1 is a die variety created when the hand-punch used to sink the final "1" in the date slipped or required multiple strikes, leaving a ghost secondary impression. Under 10×–20× magnification, examine the final digit "1" in the date: look for a doubled serif at the base, a parallel ghost stroke, or a notched corner. If visible, you have the RP-1 variety, which commands a 20–30% premium in circulated grades and approximately $600–$800 CAD for a certified MS-63 example with attractive toning — well above the standard MS-63 trend of $446 CAD.
Is there such a thing as a 1901-H Canadian five-cent coin?
No authentic 1901-H Canadian five-cent exists. The Heaton Mint in Birmingham (identified by an "H" mint mark) did not produce Canadian five-cent pieces in 1901. All genuine 1901 issues were struck at the Royal Mint in London and carry no mint mark. A coin sold as "1901-H" is almost certainly a misidentified 1902-H (where the base of the "2" may strike weakly) or an outright counterfeit. Never pay a premium for a claimed 1901-H without third-party certification explicitly stating the attribution.
Should I get my 1901 five-cent coin graded by PCGS, ICCS, or NGC?
Grading is economically justified once your coin appears to grade AU-55 or higher. At typical grading costs, a G-4 coin worth ~$5.60 CAD does not benefit from a slab, but an apparent MS-63 worth $446+ CAD absolutely does — certification prevents disputes and unlocks the full resale market. ICCS (International Coin Certification Service) is the Canadian standard and is conservative in its grading — a coin in an ICCS AU-55 or MS-60 holder sometimes crosses to PCGS at a higher grade (e.g., MS-62), increasing US-market liquidity. PCGS and NGC are more familiar to American buyers, which matters if you plan to sell through US auction platforms.
Why does toning matter so much for this coin's value?
Original, undisturbed patina on a silver coin is a certification of authenticity — it proves the surfaces have never been chemically altered. In the Victorian fish scale series, attractive toning (steel gray, deep purple, golden peripheral hues) can double the value of a coin at a given grade. A toned MS-64+ example in this series has realized over $700 CAD at auction. Conversely, "blast white" coins that appear unnaturally bright are almost always dipped and trade at a discount — dipping removes the original skin and often reveals hairlines that the toning was masking, effectively lowering the grade.
Why is it called a "fish scale"?
The nickname refers to the coin's combination of very small diameter (15.494 mm) and extreme thinness (0.70 mm) — about the size and feel of a small fish scale. Canada retained this petite silver format long after the United States abandoned its equivalent (the silver half-dime) in 1873 in favor of the larger copper-nickel "nickel." The Canadian five-cent maintained the silver fish scale format until 1921, when production was largely suspended, and was replaced entirely by the larger copper-nickel coin introduced in 1922.
What is the difference between the Trend Value and the Auction Range in the value table?
The Trend Value represents a synthesized catalogue and dealer spread — the price you are likely to pay or receive in a typical dealer transaction. The Auction Range reflects prices actually realized at major auction sales including buyer's premium. In high grades, auctions often push prices above the trend because of competitive bidding on genuinely scarce coins. In low grades (G-4 to F-12), both figures converge near the silver melt floor. Use the trend as a baseline and the auction range as the upper bound for exceptional-eye-appeal examples.
Methodology & Sources
Values in this guide reflect February 2026 market conditions synthesized from multiple authoritative references. Primary pricing data is drawn from Coins and Canada — 5 Cents 1858–1901 and Calgary Coin (Canadian Five-Cent Reference). World coin price benchmarks are provided by the NGC World Coin Price Guide (KM 2). Variety attribution and auction realizations for the Repunched 1 are sourced from CoinVarieties — Canada 1901 5 Cents and George Manz Coins (Silver 5 Cents). Specifications are cross-referenced against Numista — 5 Cents Victoria Canada. Archival mintage data is sourced from Royal Canadian Numismatic Association (CN Journal). Auction realizations are drawn from The Canadian Numismatic Company January 2024 New Year's Sale (NumisBids). Silver spot prices are sourced from publicly available commodity market data as of February 2026. Values represent typical market prices and may vary based on eye appeal, toning character, and individual auction dynamics. This guide covers standard (non-error) varieties only.
A note on images: To help illustrate coin diagnostics and rare varieties — especially complex errors that are difficult to describe in text alone — this guide uses AI-generated images. All written values, diagnostics, and variety attributions have been manually reviewed against the cited sources above. While our editorial team works to ensure every image is accurate and helpful, AI-generated illustrations may occasionally misrepresent fine details. If you spot any discrepancy between an image and its written description, please contact us or leave a comment below — we review all feedback and correct errors promptly. Numismatic knowledge is a community effort, and your input helps us build a more accurate resource for everyone.