1904 Canadian 5-Cent (Silver 'Fish Scale') Value Guide
Find out what your 1904 Canadian silver 5-cent 'fish scale' is worth. Complete price guide by grade (G4–MS65) and rare Specimen finish, with current CAD market values as of early 2026.
Most 1904 Canadian silver 5-cent "fish scale" coins are worth $4–$110 CAD in circulated grades, with a silver melt floor of approximately $3.50 CAD. In top Gem Uncirculated grades, values reach $1,800+ CAD. The rare Specimen strike commands $1,500–$2,500 CAD.
- Found circulated (G4–AU55):$4–$300 CAD — silver content provides a melt floor of ~$3.50
- Uncirculated (MS-60):$400–$550 CAD
- Choice Uncirculated (MS-63):$700–$900 CAD
- Gem Uncirculated (MS-65):$1,800+ CAD
- Specimen (SP-63+):$1,500–$2,500 CAD — extremely scarce, mintage likely in the dozens
Yes, this coin is silver — struck in 92.5% Sterling silver with 0.0346 troy oz of actual silver weight. A suspiciously "bright white" example is almost certainly cleaned (worth far less), not a high-grade find. If a coin appears mirror-like, it is not a Proof-Like issue from a collector set — no PL sets exist for this pre-Ottawa Mint era. All values in CAD as of early 2026. See full value chart →
The 1904 Canadian silver 5-cent piece — the "fish scale" — was struck exclusively at the Royal Mint in London and represents the third year of King Edward VII's portrait on Canadian coinage. Its 2,400,000 mintage makes circulated examples affordable, but the coin's fragile 15.5 mm planchet, high attrition through decades of circulation, and eventual mass melting after the 1921 transition to nickel have made Mint State survivors genuinely scarce. The Ottawa Mint would not open until 1908, making this a purely London-struck issue with no mint mark. For values across all years of Canadian 5-cent coinage, see our Canadian Nickel Value Guide. Specifications are also catalogued at Numista's Edward VII 5-Cents reference.
Note: Errors such as off-center strikes and wrong-planchet coins may exist for 1904 but are outside the scope of this standard value guide.
1904 Canadian 5-cent coin — obverse (King Edward VII, facing right) and reverse (maple wreath with "5 CENTS" and "CANADA"). The tiny 15.5 mm diameter is what earned this coin its "fish scale" nickname. (Illustration — not a photo of your exact coin)
1904 Canadian 5-Cent Composition & Melt Value
Size comparison and reeded edge detail of the 1904 Canadian silver 5-cent coin. At 15.50 mm, it is dramatically smaller than a modern Canadian 5-cent piece, and the fine reeding is visible along the coin's edge. (Illustration — not a photo of your exact coin)
Sterling Silver Standard
The 1904 5-cent coin was struck to the British Sterling standard — 92.5% silver and 7.5% copper — not the 90% fine standard used on U.S. silver coinage of the same era. This composition gives the coin an Actual Silver Weight (ASW) of 0.0346 troy ounces. With silver trading around $31–$34 CAD per troy ounce in early 2026, the melt value provides a floor of approximately $3.50 CAD for even the most worn examples.
The 7.5% Copper Content and Toning
The copper component makes these coins chemically reactive to atmospheric sulfur. This reactivity is responsible for both the "terminal black" corrosion seen on heavily worn, improperly stored examples and the spectacular russet, electric blue, and golden toning found on coins stored undisturbed in albums for decades. Collectors prize original "gunmetal grey" patina as evidence of an untouched, original-skin coin. By contrast, the bright, artificial white of a chemically dipped coin is a significant red flag.
Magnetic Properties
The 1904 5-cent coin is non-magnetic. Its sterling silver and copper alloy contains no ferrous (iron) content. A simple magnet test is a quick first-pass authentication check: a genuine 1904 "fish scale" will not attract to a magnet. Any 5-cent coin that sticks to a magnet cannot be this issue.
Die Alignment
The 1904 coin uses coinage alignment (180°): when flipped vertically, the reverse appears upright. This contrasts with the medal alignment introduced on later issues after the Ottawa Mint opened in 1908.
ℹ️ Legal Note on Melting
The Currency Act of Canada prohibits the melting of Canadian coins of the realm. Melt values are presented here as a numismatic reference point, not as an invitation to melt coins. The numismatic value of a 1904 5-cent coin in any grade above G-4 far exceeds its silver content.
1904 Canadian 5-Cent Value Chart by Grade & Finish
The 1904 Canadian 5-cent coin exists in two documented finish categories: the standard Business Strike (the coin as circulated) and the extremely rare Specimen Strike (struck on polished planchets with polished dies for presentation purposes). There are no Proof-Like (PL) sets for this pre-Ottawa Mint era, and no mint marks to distinguish varieties within the business strike population.
⚠️ Never Clean Your Coins
A significant percentage of 1904 silver "fish scales" have been cleaned — whizzed or dipped to create an artificial shine. These coins receive a "Details" grade from certification services and are worth 50–70% less than original examples. Look for unnatural bright white colour or fine parallel hairlines under a loupe.
1904 Canadian 5-Cent — Business Strike (Circulation)
Values below represent the retail market in early 2026, synthesised from auction results and dealer listings. Note that the grade scale follows the document's documented checkpoints for this series, including VF-30 and AU-55 as the key circulated milestones. Reference: NGC Price Guide — Canada 5 Cents KM 13 (1903–1910) and George Manz Coins Canadian Silver 5-Cent listings.
| Grade | G-4 | VG-8 | F-12 | VF-30 | EF-40 | AU-55 | MS-60 | MS-63 | MS-65 |
|---|---|---|---|---|---|---|---|---|---|
| 1904 Business Strike | $4–$6 | $8–$12 | $15–$25 | $35–$50 | $75–$110 | $200–$300 | $400–$550 | $700–$900 | $1,800+ |
All values in CAD. Silver melt floor: ~$3.50 CAD at early-2026 spot prices. EF-40 represents the "tipping point" of scarcity — below this grade, coins are readily available; above it, supply tightens sharply. The jump from MS-63 to MS-65 reflects registry-set demand and the extreme difficulty of finding a fully struck example at Gem level.
⚠️ Overgrading Risk: Weak Strike vs. Wear
Many coins offered as EF are actually VF-30, and many AU examples are sold as MS. Because the DeSaulles crown portrait is notoriously weakly struck, a flat crown on an otherwise lustrous coin may be a strike deficiency, not circulation wear. Check the luster: if the flat area retains microscopic flow lines (mint luster), it is a weakly struck Mint State coin. If the flatness is dull and grey, it is genuine wear. Buying certified examples in MS grades is strongly recommended.
Grade comparison: a circulated 1904 Canadian 5-cent at approximately VF-30 (left) vs. a Mint State example at approximately MS-63 (right). Note the cartwheel luster and sharper detail on the Mint State coin. (Illustration — not a photo of your exact coin)
1904 Canadian 5-Cent — Specimen Strike (SP)
The 1904 Specimen is among the rarest intentional strikings in the Edwardian 5-cent series. Mintage was likely in the dozens. Confirmed by the Alliance Coin & Banknote April 2017 Auction Catalogue, which describes the 1904 Specimen as a "scarce Specimen striking" from an original presentation set.
| Finish | SP-63+ | Notes |
|---|---|---|
| Specimen (SP) | $1,500–$2,500 | Mintage: likely dozens. Diagnostics: satin/matte fields, frosted devices, squared wire rim, razor-sharp crown jewel definition. Seldom trades publicly. |
All values in CAD as of early 2026. See also: Canadian Coins and Paper Money — Prominence XI Sale (November 2024) for recent auction comparables in the Edwardian silver series. For the complete denomination price guide, see our Canadian Nickel Value Guide.
Most Valuable 1904 Canadian 5-Cent Varieties
Trophy-Level: The 1904 Specimen Strike
The single most valuable non-error variety of the 1904 5-cent is the Specimen Strike — an intentional, purpose-struck coin produced on a polished planchet with polished dies for presentation or collector sale. At $1,500–$2,500 CAD for a certified SP-63+, it is a four-figure coin that seldom appears at auction. Its existence is confirmed in the Alliance Coin & Banknote 2017 auction catalogue, which describes an example from an original presentation set as a "scarce Specimen striking."
Specimen strike (left) vs. standard Business Strike (right) for the 1904 Canadian 5-cent. The Specimen shows satin-to-matte fields, frosted devices, and a sharply squared rim. The Business Strike shows the typical cartwheel luster of a Mint State example. (Illustration — not a photo of your exact coin)
Key diagnostics that distinguish a genuine Specimen from a business strike:
- Finish: Satin or matte fields with frosted devices — a subtle contrast, not the deep mirror of a modern proof
- Rim: Sharp, squared "wire rim" — distinctly different from the rounded bevel of a business strike
- Strike: Full separation of all crown jewels and hair strands — a razor-sharp strike that business strikes almost never achieve
Minor Die Anomalies (Specialists Only)
Two minor die phenomena are documented for the Edwardian 5-cent series, including the 1904 date:
- Die Clashes: Because the planchet is so thin, dies sometimes struck each other without a coin in between. This left a "ghost" impression of the King's profile on the reverse or of the wreath on the obverse. Die-clashed examples are of interest to specialists but are not catalogued as major varieties commanding significant premiums.
- Repunched Letters: Minor doubling on CANADA or 5 CENTS exists on some die states. These are not catalogued as major varieties in standard references.
The "Narrow Date" Myth — A Collector Caution
A persistent confusion applies Wide Date vs. Narrow Date variety logic from 1905–1907 to 1904. There is no widely recognised Narrow Date variety for 1904 in the Charlton Standard Catalogue or major auction records. Variations in numeral thickness on 1904 coins are attributed to die polishing or die deterioration, not a distinct punch variety. Do not pay a premium for a "1904 Narrow Date" unless it is certified by PCGS or ICCS explicitly recognising a new discovery — which, as of early 2026, remains undocumented in standard references. See the NGC Price Guide for Canada KM 13 and recent auction results from the Canadian Coins and Paper Money 2025 New Year's Sale for confirmation that no such variety commands a documented premium.
1904 Canadian 5-Cent Identification Guide
Because the 1904 "fish scale" is so easily misgraded — and because cleaned examples circulate widely in the collector market — a structured identification and authentication process is essential before purchasing or selling. Use this 30-second checklist.
30-Second Identification Checklist
Key identification features of the 1904 Canadian 5-cent: obverse legend "EDWARDVS VII D. G. REX IMPERATOR" with the King in Imperial Robes of State (left), and reverse maple wreath with Imperial State Crown above "5 CENTS / CANADA / 1904" (right). Red circles highlight the crown band (primary high point) and date position. (Illustration — not a photo of your exact coin)
- Monarch Check (Obverse): The coin should show King Edward VII facing right, wearing the full Robes of State with the Collar of the Garter and the Imperial State Crown. The legend reads EDWARDVS VII D. G. REX IMPERATOR. The portrait was designed by George William DeSaulles. If the portrait shows a different monarch, you have a different year or denomination.
- Reverse Check: A maple wreath of 22 leaves surrounds 5 CENTS at centre, with CANADA below and the date 1904 beneath the denomination. The Imperial State Crown appears above the wreath. The crown on the reverse should be an Imperial State Crown, not the St. Edward's Crown used on some earlier Edward VII issues.
- Date Check: Confirm 1904 on the reverse, below the denomination. There is no dual-date or commemorative format for this issue.
- Edge Check: The edge is reeded (milled). A plain edge indicates a different coin entirely.
- Magnet Test (Composition Verification): Apply a magnet to the coin. A genuine 1904 5-cent coin is non-magnetic — its sterling silver (92.5% Ag) and copper (7.5% Cu) alloy contains no ferrous metal. If the coin sticks to a magnet, it is not this issue. This is one of the fastest and most reliable authentication checks for Edwardian silver.
- Mint Mark Check: There are no mint marks on the 1904 5-cent coin. All examples were struck at the Royal Mint in London. The absence of any letter or symbol below the bust truncation is correct and expected. No "H" (Heaton) mark was used for 1904 production (Heaton was used for 1902 and 1903 supplemental issues).
- Finish Identification (Critical):
- Business Strike: In Mint State, shows a cartwheel luster — the iridescent sheen that shifts as the coin rotates under light. Contact marks and bag marks may be present in lower MS grades.
- Specimen Strike: Satin or matte fields with frosted devices. The rim is sharply squared ("wire rim") rather than rounded. The strike is razor-sharp throughout, including full crown jewel separation. Specimens do not show cartwheel luster.
- Cleaned Business Strike (Details Grade): Unnaturally bright, uniform white surface with fine parallel hairlines visible under a loupe. No genuine luster. Worth significantly less than original examples.
- Strike Quality Check (The Critical Diagnostic): Look at the band of the Imperial State Crown on the obverse — this is the primary high point. On most 1904 business strikes, this area is weakly struck (flat or "mushy") due to the physics of striking such a thin planchet. To determine whether flatness is strike weakness or wear, examine the surface under magnification: if the flat area retains the microscopic flow lines of mint luster, the coin is a weakly struck Mint State coin. If the flatness is dull grey with no luster, it is circulation wear.
Strike quality comparison on the 1904 Canadian 5-cent obverse crown. LEFT: Weakly struck example — crown band is flat but mint luster flow lines are visible under magnification (still Mint State). RIGHT: Worn example — crown band is flat AND the surface is dull grey with no luster (circulated). This distinction is the most common grading pitfall for this issue. (Illustration — not a photo of your exact coin)
Magnet test applied to a 1904 Canadian 5-cent coin. The coin shows no magnetic attraction — confirming its genuine sterling silver (92.5% Ag, 7.5% Cu) composition. Any 5-cent coin that sticks to a magnet is not a pre-1922 silver "fish scale." (Illustration — not a photo of your exact coin)
For additional grading guidance specific to the Edwardian 5-cent series, see Calgary Coin's Canadian 5-Cent Nickel reference, which covers the high-point wear sequence for Edward VII issues in detail. Auction comparables by grade are catalogued at CoinsNB's 1904 5-Cents auction listing.
1904 Canadian 5-Cent (Silver 'Fish Scale') Value FAQs
What is a 1904 Canadian 5-cent coin worth?
In circulated grades (G-4 through AU-55), values range from approximately $4 CAD to $300 CAD. Uncirculated examples (MS-60) begin at $400–$550 CAD, while Gem Mint State (MS-65) pieces reach $1,800+ CAD. The rare Specimen strike is valued at $1,500–$2,500 CAD for SP-63+. All values are in Canadian dollars as of early 2026.
Is the 1904 Canadian 5-cent coin made of silver?
Yes. The 1904 Canadian 5-cent coin is struck in Sterling silver — 92.5% silver and 7.5% copper — with an actual silver weight (ASW) of 0.0346 troy ounces. Canada did not adopt the cupronickel alloy for the 5-cent denomination until 1922. The silver content provides a melt-value floor of approximately $3.50 CAD at early-2026 silver spot prices, but numismatic value far exceeds melt value for coins graded F-12 and above.
Why is it called the "fish scale"?
At only 15.5 mm in diameter and 1.162 grams, the Canadian silver 5-cent piece was tiny, thin, and easily slipped from cold fingers. The nickname "fish scale" was both descriptive and derisive — these coins were famously difficult to handle in Canada's cold weather, prone to bending, and easily lost. Their physical fragility is also why high-grade survivors are so disproportionately scarce relative to the original 2,400,000 mintage.
Is the 1904 Canadian 5-cent coin rare?
In circulated grades, the 1904 is a common coin, readily available in bulk lots. However, Mint State survivors are genuinely rare: the 1904 sits between the low-mintage 1903 London (a key date at 1,000,000 pieces) and the higher-output years from 1907 onward. Its thin planchet meant coins bent or wore quickly, and the mass melting of "fish scales" after 1921 further reduced the surviving population. Estimated surviving Mint State (MS-60+) examples number around 200, making Gem examples exceptional finds.
What is the "weak strike" problem and how does it affect value?
The DeSaulles portrait was technically challenging to strike on the tiny, thin planchet. The metal could not fully fill the high-relief crown and wreath simultaneously, leaving the band of the Imperial State Crown — the primary high point — flat on most examples, even on coins that never circulated. This means a weakly struck MS-63 with a mushy crown is less desirable than a sharp AU-58, because the eye appeal of the portrait depends entirely on crown jewel definition and beard texture. When grading or buying, prioritise strike quality over grade alone.
How do I identify a Specimen strike?
A genuine 1904 Specimen has three key diagnostics: (1) satin or matte fields with frosted devices — a subtle contrast rather than deep-mirror reflectivity; (2) a sharp, squared "wire rim" distinctly different from the rounded bevel of a business strike; and (3) a razor-sharp strike with full separation of all crown jewels and hair strands. Specimens do not show cartwheel luster. Given that mintage was likely in the dozens and these coins are worth $1,500–$2,500 CAD, any candidate should be submitted to ICCS, PCGS, or NGC before purchase or sale.
Is there a 1904 "Narrow Date" variety worth extra money?
No. Wide Date vs. Narrow Date varieties are documented for 1905, 1906, and 1907. There is no widely recognised Narrow Date variety for 1904 in the Charlton Standard Catalogue or major auction records. Any variation in numeral width on a 1904 coin is the result of die polishing or die deterioration, not a distinct die punch. Do not pay a premium for a "1904 Narrow Date" unless it carries certification from PCGS or ICCS explicitly recognising a new numismatic discovery, which is currently undocumented.
Should I buy a raw (unslabbed) 1904 5-cent coin in Mint State?
It is strongly advisable to avoid raw (uncertified) Mint State examples of the 1904 5-cent. The combination of a notoriously difficult-to-grade weak strike and the widespread prevalence of cleaned coins makes this denomination unusually risky to buy raw above AU grades. A cleaned MS-63 that trades for $900 CAD in original condition may be worth only $270–$450 CAD with a Details grade. ICCS is the standard Canadian grading service; PCGS and NGC are preferred for registry-set competition and the international market.
Methodology & Sources
Values in this guide represent the retail market in early 2026, synthesised from auction results and dealer price lists. Primary references include the Charlton Standard Catalogue of Canadian Coins (definitive variety attribution); NGC Price Guide — Canada 5 Cents KM 13 (1903–1910); George Manz Coins Canadian Silver 5-Cent listings; the Alliance Coin & Banknote April 2017 Auction Catalogue; Canadian Coins and Paper Money Prominence XI Sale (November 2024); Canadian Coins and Paper Money 2025 New Year's Sale; and NumisBids Heritage World Coin Auctions ANA Signature Sale 3075. Specifications cross-referenced with Numista — 5 Cents Edward VII (Canada). Prices are retail estimates and will vary with market conditions. This guide covers standard business strikes and the Specimen variety only; errors are outside scope.
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.