1915 Canadian 5-Cent Silver Coin Value Guide

The 1915 Canadian 5-cent coin — known as the “Fish Scale” for its wafer-thin, 15.5 mm profile — is the lowest-mintage issue of the entire King George V silver series (1911–1921). With only 1,172,258 pieces struck at the Royal Mint in Ottawa, production was roughly one-quarter of the adjacent 1914 output (over 4.2 million pieces) and less than half of the 1916 issue (nearly 2.5 million). Struck during the second year of the First World War, this date occupies the critical semi-key position for collectors building a complete set of early Canadian small silver coins. Its scarcity in high grades, combined with the fragility of the sterling silver planchet and the coin’s diminutive size, makes it a genuine condition rarity — small in diameter but outsized in numismatic significance. For prices across every George V and later 5-cent date, see our Canadian Nickel Value Guide.

1915 Canadian 5-cent “Fish Scale” — obverse (left) showing King George V’s crowned bust with the legend GEORGIVS V DEI GRA: REX ET IND:IMP:, and reverse (right) showing crossed maple boughs enclosing “5 CENTS 1915.” No mint mark is present on Ottawa-struck issues.

Note: Mint errors such as off-center strikes may exist for the 1915 5-cent coin but are outside the scope of this standard value guide.

1915 Canadian 5-Cent Composition & Melt Value

Sterling Silver: The “Fish Scale” Alloy

The 1915 5-cent coin is struck in Sterling Silver — 92.5% silver and 7.5% copper. This was the standard alloy for all Canadian silver fractional coinage until the post-World War I era. The copper addition was metallurgically essential: pure silver is too soft and ductile for a coin as physically thin as the “fish scale.” At just 1.167 grams and 15.5 mm in diameter, the planchet required the copper admixture to give the crown bands and maple leaf vein detail the hardness needed to survive years of commerce.

The coin’s Actual Silver Weight (ASW) is 0.0347 troy ounces (approximately 1.08 grams of pure silver). This Sterling Standard remained in place until economic pressures following World War I forced a debasement of Canadian silver coinage to 80% silver in 1920, and ultimately led to the elimination of silver from the 5-cent denomination entirely with the introduction of the pure-nickel “tombac” and then nickel coin in 1922. The 1915 issue therefore represents one of the last years of high-purity Canadian fractional silver.

Melt Value (February 2026)

Based on a silver spot price of approximately $3.43 CAD per gram ($106.48 CAD per troy ounce) as of February 7, 2026 (sources: SilverPrice.org and Canada Gold), the intrinsic metal value of a 1915 5-cent coin is approximately:

1.08 g × $3.43 CAD/g ≈ $3.70 CAD

This figure serves only as a theoretical floor. Even a heavily worn G4 example carries a numismatic premium of approximately 300–400% above its melt value — approximately $14 CAD versus ~$3.70 CAD for metal content alone. In mid-grades and above, that premium multiplies many times over. The 1915 5-cent is emphatically not a bullion coin; its value is entirely driven by historical scarcity and grade, not by its silver content.

Magnetic Properties (Fastest Authentication Test)

Silver is non-magnetic. A genuine 1915 5-cent coin will not be attracted to a neodymium magnet under any circumstances. This is the single fastest authentication test available for this coin. If your coin sticks to a magnet, it has been struck on a steel or base-metal planchet and is almost certainly a counterfeit — do not pay numismatic value for it. The 5-cent denomination was not struck in magnetic alloys until the nickel-plated steel era of the modern Royal Canadian Mint, decades after 1915.

Die Axis

The standard die orientation for 1915 Ottawa issues is Coinage Alignment (↑↓), where the obverse and reverse designs are inverted relative to each other when the coin is flipped top-to-bottom (as with most modern coins). However, Canadian coinage of the early 20th century occasionally shows individual coins struck in Medal Alignment (↑↑). Verification of individual specimens is recommended if die axis is relevant to your collecting purposes.

1915 Canadian 5-Cent Value Chart by Grade

The 1915 5-cent was issued exclusively as a single business strike (circulation) type from the Royal Mint in Ottawa. No Proof-Like (PL) or Specimen (SP) sets were commercially distributed for this year. There is one design and one finish — grade alone determines value. All prices are in CAD as of February 2026 and represent typical retail pricing for problem-free, unaltered coins.

1915 Canadian 5-Cent — Business Strike (Circulation)

Sources: Coins and Canada 2026 pricing matrix; PCGS ValueView — 1915 5c; NGC Price Guide — Canada 5 Cents KM#22. Values in CAD. For prices across all 5-cent dates, see our Canadian Nickel Value Guide.

Grade reference for the 1915 Canadian 5-cent “Fish Scale”: heavily worn G4 (~$14), sharply detailed circulated EF40 (~$75), and full-luster Gem Uncirculated MS65 (~$2,360). The value curve is non-linear — the biggest jumps occur from VF to AU and again from AU to Gem. (Illustration — not a photo of your exact coin)

Grade-by-Grade Market Analysis

Circulated Grades (G4–VF20): The Semi-Key Premium

The 1915 date functions as a “firewall” for budget collectors of the George V silver series. While a common date such as 1912 or 1913 can be acquired for $5–$8 in low grades, the 1915 begins at approximately $14 CAD in Good-4 — a direct consequence of its dramatically lower mintage (1,172,258 versus 5.8 million for the 1912 issue). Even at this entry price, the coin’s provenance as a wartime low-production issue is immediately apparent to any serious collector examining a type set.

At Fine-12 (~$22 CAD), the coin reaches what many collectors consider the sweet spot for the budget tier: a legible date, visible effigy, and intact maple leaf outline, without the substantial financial commitment required for higher grades. Very Fine-20 (~$36 CAD) offers noticeably sharper detail but still represents an accessible entry into the series for most collectors.

Mid-Grades (EF40–AU50): Where Scarcity Becomes Acute

The value curve steepens significantly at Extremely Fine. An EF40 example (~$75 CAD) must show distinct separation in the crown’s band of pearls and only light wear on the highest points; examples that meet this standard are noticeably harder to locate than the equivalent grade in any other George V date. The AU50 grade (~$170 CAD) — a coin retaining only a trace of friction on the absolute highest points — represents a near-5x price increase over VF20 ($36). This extraordinary jump between grades signals that examples with significant original surface detail represent a genuine supply constraint in the marketplace. An AU coin often appears “Uncirculated” to the untrained eye; the difference between AU and MS is the cartwheel luster test described in the Identification Guide below.

Mint State (MS60–MS65): Classic Condition Rarities

True uncirculated survivors are exceptional. A basal MS60 (~$350 CAD) indicates a coin with full cartwheel luster but significant bag marks or surface abrasions accumulated before or during distribution. The market is discerning at this level: heavily abraded, dull, or weakly struck examples may struggle to realize the listed price. At MS63 (~$770 CAD), the coin has entered investment-grade territory, with clearly superior surface preservation over MS60. The most dramatic cliff in the series is at MS65 (~$2,360 CAD) — a Gem coin free of meaningful contact marks with blazing, original luster. This roughly 3x premium over MS63 reflects the extreme difficulty of finding these wafer-thin coins unscathed after a century of potential circulation, storage in abrasive coin purses, and handling.

Strike quality is a secondary but meaningful value driver within the Mint State tiers. Coins where the cross on the King’s crown is fully defined and the center of the maple leaves shows complete vein detail command the upper end of their grade range; weakly struck examples may trade at a discount even within the same certified grade. The physical thinness of the planchet could produce “ghosting” at the central devices, and this weakness is reflected in the market.

Most Valuable 1915 Canadian 5-Cent Varieties

The 1915 5-cent issue is remarkably stable in its die production. Unlike other years in the George V series that are defined by dramatic die varieties — such as the 1926 “Far 6” versus “Near 6” or the legendary 1921 issue — no major die varieties such as overdates, doubled dies, or re-punched dates are listed in the Charlton Standard Catalogue or recognized by ICCS or PCGS for this year. The 1915 is a pure grade-driven market.

The 1915 Canadian 5-cent is a classic condition rarity: survival in Gem Uncirculated condition after more than a century is exceptionally rare, driving MS65+ prices from $2,360 to $11,600+ CAD — all from the same standard business strike design. (Illustration — not a photo of your exact coin)

A) Trophy-Level Examples (Condition Rarities)

The most valuable 1915 5-cent coins are standard business strikes that have survived the past century in exceptional preservation — what numismatists term “Condition Rarities.” The coin’s 15.5 mm diameter made it the smallest Canadian silver denomination in regular circulation, and it was prone to being fumbled, dropped, and stored loosely in coin purses mixed with heavier copper cents. Very few were intentionally set aside in 1915. Today, top-population certified examples are sought by both Registry Set collectors and advanced students of the George V series.

B) Variant Checklist

What to Prioritize When Searching

Since there are no die varieties to hunt for in 1915, the collector’s entire focus is on quality and eye appeal:

• Strike character: Is the cross on the King’s crown fully defined? Are the maple leaf veins distinct all the way to the center? Fully struck examples command the upper end of their grade range.
• Original toning: Natural toning in russet, gold, or blue can add a 10–20% premium over brilliant-white coins when confirmed as original, not artificial. Artificially toned or rainbow-iridescent coins are a red flag and may indicate prior exposure to chemicals.
• Absence of bends: The thin planchet is highly susceptible to warping. Even a slight bend constitutes damage that dramatically reduces value — often to near melt value regardless of the underlying detail.

1915 Canadian 5-Cent Identification Guide

Use this 30-second checklist to confirm what you have and estimate its approximate grade before pursuing third-party certification.

30-Second Identification Checklist

1. Monarch Check: The obverse must depict King George V wearing an imperial crown and facing left. The full Latin legend must read GEORGIVS V DEI GRA: REX ET IND:IMP:. The phrase “DEI GRA” (by the Grace of God) distinguishes this issue from the 1911 “Godless” coinage that lacked this phrase. The effigy was designed by Sir E.B. MacKennal.
2. Reverse Check: The center of the reverse must show the numeral 5, flanked by crossed maple boughs surmounted by the St. Edward’s Crown, with the word CENTS below and the date 1915 at the bottom. This reverse design is attributed to Leonard C. Wyon as modified by W.H.J. Blakemore.
3. Date Check: Confirm that the date reads clearly as 1915. On heavily worn coins, the date occupies a high point on the reverse and may be faint — a 5× loupe is helpful for borderline cases.
4. Edge Check: The edge should be reeded (milled). A smooth, plain, or damaged edge may indicate a counterfeit or a coin that has been filed.
5. Magnet Test (Composition Verification): Apply a strong neodymium magnet to the coin. A genuine 1915 5-cent is 92.5% sterling silver and will NOT be attracted to the magnet. Silver is non-magnetic. If the coin sticks to the magnet, it has been struck on a steel or base-metal planchet and is a counterfeit — do not pay numismatic value.
6. No Documented Marks: No mint marks, plating codes, or privy marks are present on the 1915 5-cent coin. The absence of a mint mark is standard for all Ottawa-struck Canadian circulation coins of this era and is not a deficiency.
7. Finish Identification: The 1915 5-cent was issued exclusively as a Business Strike. No Proof-Like (PL) sets and no commercial Specimen (SP) sets were distributed for this year. Any coin described or priced as “Proof-Like” without ICCS, PCGS, or NGC certification is almost certainly an early die state, a polished piece, or an altered business strike.

Critical wear points on the 1915 Canadian 5-cent: on the obverse, the band of pearls in the King’s crown and the eyebrow/ear area are the first features to flatten; on the reverse, the maple leaf veins and the ribbon tie are the key diagnostic points for establishing grade. (Illustration — not a photo of your exact coin)

Grade Estimation: The Three-Step Test

Because the value climbs from $36 (VF20) to $170 (AU50) — a near-5x jump — accurately estimating grade before seeking professional certification is financially meaningful.

• VG/F Test (~$15–$22): Can you see the major bands of the King’s crown and make out his ear as a distinct feature? If the crown is merged with the head and details are a flat, undifferentiated surface, the coin grades Good (G4) or Very Good (VG8).
• VF/EF Test (~$36–$75): Are the pearls in the crown band distinct and individually separated? Can you see individual veins in the central maple leaves? If details are sharp but the surface has a uniform dull grey patina with no luster remaining, the coin grades VF or EF.
• Lustre Test (~$170+): Hold the coin under a single light source and tilt it slowly. A genuine uncirculated coin will produce a “cartwheel” — a rolling wave of light moving across the surface as the coin is tilted. No cartwheel at all = circulated (EF40 or lower). Trace cartwheel only in the protected areas between letters and devices = About Uncirculated (AU50–AU58). Full blazing cartwheel across the entire surface = Mint State (MS60 and above).

The magnet test: a genuine 1915 Canadian 5-cent (92.5% sterling silver) will not be attracted to a neodymium magnet. A coin that sticks to the magnet is a counterfeit. This single test can be performed in under five seconds. (Illustration — not a photo of your exact coin)

Grading Services: ICCS vs. PCGS/NGC

ICCS (International Coin Certification Service) is the domestic Canadian standard. ICCS-graded coins are highly liquid in the Canadian marketplace and are the preferred certification for most Canadian collectors assembling George V sets. PCGS and NGC are US-based alternatives; PCGS “Gold Shield” holders in particular can command premiums for top-population MS66 and MS67 examples due to Registry Set competition among advanced collectors. For any coin valued at MS60 or above (i.e., $350+), third-party certification from any of these three services is strongly recommended before buying, selling, or insuring.

1915 Canadian 5-Cent Value FAQs

Methodology & Sources

Values in this guide represent typical retail market prices for problem-free, original coins as of February 2026, based on a synthesis of the following sources:

• Charlton Standard Catalogue of Canadian Coins: Primary reference for variety classification, series context, and KM# attribution.
• Coins and Canada — 1911–1921 5-Cent Pricing Matrix: Core pricing data for all circulated and uncirculated grades, and guide values for MS66 and MS67.
• PCGS ValueView — 1915 5-Cent: High-grade relative value scaling and MS66 auction realization (~$4,320 USD).
• PCGS Auction Prices — 1915 5c: Realized auction price archive.
• NGC Price Guide — Canada 5 Cents KM#22: Cross-reference for grade scaling.
• Heritage Auctions Showcase Auction 61318 (June 2023) via NumisBids: MS65 auction realization ($975 USD / ~$1,300 CAD).
• Numista — George V Canadian 5 Cents KM#22: Specifications and market aggregation.
• Saskatoon Coin Club — George V 5-Cent Grading Guide: High-point wear diagnostic reference.
• SilverPrice.org and Canada Gold: Silver spot price data as of February 7, 2026.
• Royal Canadian Mint — 5 Cents History: Official historical and specifications context.

Market values are based on published pricing and auction realizations as of February 2026 and are subject to change with bullion market fluctuations and collector demand cycles. All prices are in Canadian Dollars (CAD) unless otherwise noted. This guide covers standard (non-error) values only.