1916 Canadian 5-Cent (Fish Scale Silver) Value Guide
What is your 1916 Canadian 5-cent Fish Scale silver coin worth? Complete CAD price guide by grade (G-4 to MS-67), melt value for the 92.5% sterling silver composition, trophy-grade auction records, and expert identification tips including the doubled die confusion warning.
Your 1916 Canadian 5-cent "Fish Scale" is a sterling silver coin (92.5% Ag) with a melt floor of approximately $3.69 CAD. Circulated examples trade from $5–$110 CAD depending on grade; Gem Uncirculated (MS-65) specimens reach $1,300–$2,400 CAD. A trophy-grade NGC MS-67 example realized approximately $4,200 CAD at Heritage Auctions.
- Found circulated (G-4 to VF-20):$5–$22 CAD — silver melt floor of ~$3.69 CAD applies
- Extra Fine to About Uncirculated (EF-40 to AU-50):$35–$110 CAD
- Uncirculated (MS-60 to MS-63):$140–$450 CAD
- Near Gem to Gem (MS-64 to MS-65):$600–$2,400 CAD
- Trophy Grade (NGC MS-67 — finest known): ~$4,200 CAD
All values in CAD as of February 2026. Is it silver? Yes — 92.5% sterling silver, melt ~$3.69 CAD. Is it shiny or from a collection? Likely an AU or MS-grade Business Strike — no Proof-Like or Specimen sets were commercially issued for 1916. Strike quality and original toning can add 20–100% above baseline grade values. See full value chart →
The 1916 Canadian 5-cent piece belongs to the beloved "Fish Scale" silver series (1858–1921), struck at the Royal Mint, Ottawa, during the First World War under the reign of King George V. With a mintage of 2,481,675, it is one of the more plentiful George V issues — yet high-grade survivors are genuine conditional rarities, heavily attritioned by wartime bulk handling and the coin's diminutive 15.5 mm diameter. Canada maintained the sterling silver standard for its 5-cent denomination until a postwar debasement in 1920, making the 1916 issue one of the final cohorts of high-purity circulating silver 5-cent pieces. For values across all Canadian 5-cent eras, see our Canadian Nickel Value Guide.
Note: Major mint errors (off-center strikes, wrong-planchet pieces, brockages) exist as a separate collecting category and are outside the scope of this standard value guide.
1916 Canadian 5-Cent Composition & Melt Value
Sterling Silver Alloy
The 1916 5-cent adheres to the British Sterling standard mandated by the Dominion's Coinage Act:
- Silver (Ag): 92.5%
- Copper (Cu): 7.5% — added for hardness and durability in circulation; pure silver would be too soft for commerce
This high-purity alloy produces the brilliant white luster seen on choice Mint State examples. However, the copper fraction also makes the coin susceptible to dark sulfuration (toning) when stored in sulfur-rich paper envelopes or other reactive environments over decades. Canada maintained this sterling standard for its 5-cent, 10-cent, 25-cent, and 50-cent pieces until a postwar debasement to 80% silver in 1920, followed by the complete replacement of the silver 5-cent with a 100% nickel coin beginning in 1922.
Melt Value (February 2026)
The melt value functions as an absolute financial floor — even a holed, bent, or corroded example retains this intrinsic worth regardless of numismatic grade.
- Standard weight: 1.167 grams
- Actual Silver Weight (ASW): ~0.0347 Troy oz (1.167 g × 92.5%)
- Silver spot price (February 7, 2026): ~$3.42 CAD per gram
- Approximate melt value: ~$3.69 CAD
In practice, even the most heavily worn Good-4 examples trade at $5–$8 CAD, reflecting a 35–100% numismatic premium above melt. The 1916 5-cent has thoroughly decoupled from its 5-cent face value. For live silver spot pricing, consult SilverPrice.org Canada.
ℹ️ Magnet Test — Composition Authentication
Sterling silver (92.5% Ag, 7.5% Cu) is a completely non-magnetic alloy. A genuine 1916 5-cent will show zero attraction to a magnet. If the coin sticks, it is either a modern counterfeit with a steel core or a rare wrong-planchet error — in either case, seek expert verification immediately. This is the fastest first authentication step.
Die State and Surface Quality
Beyond intrinsic silver content, two production-related factors significantly affect market premiums for the 1916 issue. Wartime production demands pushed Ottawa dies hard: late die-state coins may exhibit die flow lines (a starburst pattern in the fields), which some collectors prize for added surface reflectivity while others penalize for loss of crisp device definition. Additionally, the small 15.5 mm diameter and the intricate crowned obverse and maple bough reverse made achieving a full strike statistically unusual — a key premium driver detailed in the Variants section below.
1916 Canadian 5-Cent Value Chart by Grade
The 1916 Canadian 5-cent was produced exclusively as a Business Strike for general circulation. No Proof-Like (PL) or Specimen (SP) sets were commercially distributed for this year by the Royal Mint, Ottawa — the Charlton Standard Catalogue does not list a priced Specimen column for the 1916 5-cent circulation issue. All values below reflect problem-free, uncleaned examples with original surfaces, no tooling, and no environmental damage.
Grade comparison: a heavily worn G-4 ($5–$8 CAD) versus a Gem Uncirculated MS-65 ($1,300–$2,400 CAD). The fully struck Imperial Crown and cartwheel luster on the MS-65 are the primary visual differentiators. (Illustration — not a photo of your exact coin)
1916 Canadian 5-Cent — Business Strike (Circulation)
| Type / Design | G-4 | VG-8 | F-12 | VF-20 | EF-40 | AU-50 | MS-60 | MS-62 | MS-63 | MS-64 | MS-65 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1916 Sterling Silver 5¢ (Business Strike) | $5–$8 | $6–$10 | $10–$15 | $16–$22 | $35–$50 | $80–$110 | $140–$180 | $225–$280 | $350–$450 | $600–$850 | $1,300–$2,400 |
Values in CAD as of February 2026. Sources: NGC Price Guide — Canada 5 Cents KM 22, Calgary Coin Canadian 5-Cent Reference, Charlton Standard Catalogue trends, and Coins and Canada. A full strike and original aesthetic toning can add 20–100% above these baseline values — see the Variants section.
Condition Notes by Grade Range
- G-4 to VF-20 (Circulated Range): Heavy to moderate wear. The cross on the Imperial Crown and the crown band are worn flat; maple leaf veins merge and lose individual definition. The silver melt floor (~$3.69 CAD) supports all values in this range, with a numismatic premium atop it. Below Fine (F-12), the coin trades primarily on silver content and a modest collectible premium.
- EF-40 to AU-50 (The "Sweet Spot"): Only the highest-relief points — the King's eyebrow and the central crown jewels — show light friction. Significant original cartwheel luster remains in the fields and legends. An AU-50 to AU-55 offers the visual appeal of a near-mint coin for a fraction of full MS pricing.
- MS-60 to MS-63 (Technical Mint State): No wear, but contact marks ("bag marks") from canvas bag transport are normal and expected. Strike quality and surface preservation become the dominant factors at this level. A fully struck MS-63 will often outsell a weakly struck MS-64.
- MS-64 to MS-65 (The Value Cliff): The jump from MS-64 ($600–$850) to MS-65 ($1,300–$2,400) reflects the extreme scarcity of bag-mark-free surfaces on these small coins. To qualify as Gem, the open fields behind the King's head must be essentially free of significant contact marks under 5x magnification.
The MS-64 to MS-65 value cliff: bag marks in the open field behind the King's head (left, MS-63 range, $350–$450) versus the near-pristine gem surfaces required to cross the Gem threshold (right, MS-65, $1,300+). (Illustration — not a photo of your exact coin)
Trophy-Grade Examples: MS-66 and MS-67
For coins grading above MS-65, values enter registry-set territory. These specimens represent the finest known survivors — believed to have been set aside immediately by a collector or bank teller in 1916, avoiding the bulk bag-handling that afflicted virtually all other examples.
| Grade | Estimated Value (CAD) | Notable Sale | Source |
|---|---|---|---|
| PCGS MS-66 Superb Gem | $2,000–$2,800 | — | Heritage Auctions; Stack's Bowers auction records |
| NGC MS-67 Finest Known | ~$4,200 CAD | ~$3,055 USD realized — Heritage Auctions Sale 3026, October 2013 | CoinVarieties — Canada 1916 5 Cents |
The October 2013 Heritage Auctions result is the most recent publicly documented NGC MS-67 realized price for this issue; current market conditions may vary. For additional certified auction data, see PCGS Auction Prices — 1916 5C MS-64 and Heritage World Coin Auctions (August 2019) via NumisBids.
⚠️ Never Clean Your Coins
"Fish Scale" 5-cent pieces were frequently dipped or polished in the past to restore their bright appearance. A cleaned coin appears flat white or shows fine hairline scratches visible under a loupe. ICCS, PCGS, and NGC grade cleaned coins as "Details" (Improperly Cleaned) — they typically realize 50% or less of the values listed above, regardless of the coin's underlying detail or originality. Never clean, dip, or wipe any coin before seeking a professional assessment.
For the complete overview of Canadian 5-cent values across all eras, see our Canadian Nickel Value Guide.
Most Valuable 1916 Canadian 5-Cent Varieties & Attributes
The 1916 Canadian 5-cent does not carry any major Charlton Standard Catalogue–listed die varieties. Unlike the legendary 1921 5-cent (famous for its melting rarity) or the 1858 Large Date, the 1916 is a standard production issue where value is driven almost entirely by condition, strike sharpness, and original surface preservation. The market-recognized premium attributes are documented below.
A. Trophy-Level Premium Attributes
The full strike premium (+20% to +50%): a fully defined cross on the Imperial Crown and clearly separated leaf veins in the maple boughs are the two key strike quality checkpoints. Wartime production pressures caused dies to fail in exactly these high-relief zones.
| Attribute | Charlton Ref. | Diagnostic | Why It Commands a Premium | Typical Premium |
|---|---|---|---|---|
| Full Strike | N/A (market attribute) | Cross on Imperial Crown fully defined and sharp; all leaf veins in the maple boughs individually separated and clear | Wartime production demands pushed Ottawa dies beyond optimal service life. Achieving a fully struck example required early-die-state production with correct striking pressure — statistically uncommon for this issue. | +20% to +50% above standard grade value |
| Aesthetic / Rainbow Toning | N/A (market attribute) | Concentric rings of blue, red, and gold ("target toning") radiating from the center toward the rim; undisturbed, organic color transitions | Sterling silver typically tones to charcoal grey or black in sulfur-rich environments. Vibrant, concentric rainbow toning is the product of decades of stable, clean storage — prized for exceptional eye appeal. | +50% to +100% above standard grade value |
| Die Clashes | Unlisted | Ghostly outline of the reverse maple wreath visible on the King's head and neck area on the obverse | Die clashes occur when the obverse and reverse dies strike each other without a planchet between them, transferring a faint mirror image onto both dies. A niche interest item for specialists. | +$10 to +$25 above standard grade value |
Variety identification reference: Saskatoon Coin Club — Canadian 5-Cent Major Varieties.
Aesthetic "target" or "rainbow" toning on a sterling silver Fish Scale 5-cent: concentric rings of blue, purple, red, and gold at the rim command a documented 50–100% premium above the standard grade value for the same coin in the same grade.
B. The "Doubled Die" Warning
⚠️ No Canadian "1916 Doubled Die" Exists
Many collectors search for a "1916 Doubled Die" Canadian 5-cent. This is a confusion with the 1916 United States Buffalo Nickel, which carries a famous and highly valuable Doubled Die Obverse variety. No major Charlton-listed Doubled Die variety exists for the 1916 Canadian 5-cent. Any example marketed as a "1916 Canadian Doubled Die" without certification from ICCS, PCGS, or NGC almost certainly represents misattribution or non-value-added machine doubling. Do not pay a variety premium without specialist verification from a reputable grading service.
1916 Canadian 5-Cent Identification Guide
Use this checklist to confirm the identity of your coin, verify its composition, and determine its finish and grade tier before approaching a dealer or grading service.
Obverse of the 1916 Canadian 5-cent "Fish Scale": King George V wearing the Imperial Crown, facing left. Portrait by Sir E.B. MacKennal. Legend: GEORGIVS V DEI GRA: REX ET IND:IMP:
30-Second Identification Checklist
- Monarch / Obverse: Confirm the Crowned Portrait of King George V facing left, designed by Sir E.B. MacKennal. The obverse legend reads: GEORGIVS V DEI GRA: REX ET IND:IMP: — If you see a different monarch, a bare-headed portrait, or different lettering, you have a different coin or series.
- Reverse Design: Look for the denomination 5 CENTS and date 1916 enclosed in a wreath of crossed maple boughs surmounted by the Imperial Crown, designed by Leonard C. Wyon. If you see a beaver, it is a post-1937 Canadian 5-cent. If you see a Buffalo or a Native American head, it is a United States coin entirely.
- Country: The word CANADA must appear clearly on the reverse.
- Edge: The edge must be reeded — vertical grooves running around the full circumference of the coin.
- Magnet Test (Composition Verification): A genuine 1916 5-cent is struck in sterling silver (92.5% Ag, 7.5% Cu) — a completely non-magnetic alloy. A magnet should show zero attraction. If the coin is attracted to a magnet, it is not genuine sterling silver; seek expert verification immediately.
- Weight Check: A precision scale should read 1.16–1.17 grams (a tolerance of ±0.05g is acceptable for worn examples). A coin weighing significantly above ~1.20 grams is suspect and may require further authentication.
- Mint Marks: No mint mark appears on the 1916 5-cent. The Royal Mint, Ottawa struck all domestic silver coinage without a distinguishing mark. The "C" mint mark of the Ottawa facility appeared only on gold sovereigns of this era — not on 5-cent pieces. Any mint mark on the obverse or reverse of a purported 1916 Canadian 5-cent is not consistent with a standard issue.
- Finish Identification:
- Business Strike (all standard 1916 examples): Standard satin or cartwheel luster in high grades; worn silver-grey patina in circulated grades. Small contact marks ("bag marks") on the cheek and open fields are expected and normal for uncirculated survivors from this era of bulk canvas-bag distribution.
- Specimen (SP) — Extremely Rare / Unconfirmed for 1916: The Charlton Standard Catalogue does not list a priced Specimen column for the 1916 5-cent. No commercially distributed Specimen sets exist. A genuine Specimen would display mirror-like fields, frosted raised devices (cameo contrast), and razor-sharp squared-off rims. If you believe you have one, do not clean it — submit immediately to ICCS or PCGS for authentication.
Reverse of the 1916 Canadian 5-cent: crossed maple boughs wreath by Leonard C. Wyon, surmounted by the Imperial Crown. Verify that 5 CENTS, the date 1916, and CANADA are all clearly present and readable.
Authentication step: a genuine 1916 Canadian 5-cent shows no attraction to a magnet. Sterling silver (92.5% Ag, 7.5% Cu) is completely non-magnetic. If the coin sticks, seek expert verification before drawing any conclusions about its value.
💡 The AU-50 "Sweet Spot"
An AU-50 to AU-55 example offers the visual appeal of a near-mint coin — sharp detail, significant cartwheel luster in legends and fields — at a fraction of full Mint State pricing ($80–$110 vs. $140+ for MS-60). For budget-conscious collectors seeking a visually impressive King George V sterling silver 5-cent, the AU grade range is the most popular and cost-effective entry point.
1916 Canadian 5-Cent Value FAQs
What is a 1916 Canadian 5-cent coin worth?
Most circulated 1916 Canadian 5-cent "Fish Scale" coins trade between $5–$22 CAD depending on grade. The coin's 92.5% sterling silver composition sets a melt floor of approximately $3.69 CAD at February 2026 spot prices. In Gem Uncirculated condition (MS-65), values reach $1,300–$2,400 CAD. The finest documented example — an NGC MS-67 — realized approximately $4,200 CAD at Heritage Auctions (Sale 3026, October 2013).
Is the 1916 Canadian 5-cent rare?
With a mintage of 2,481,675, the 1916 5-cent is not rare by issue volume. It is, however, a conditional rarity: high-grade survivors (MS-65 and above) are extremely scarce due to wartime bulk handling in canvas bags, the coin's small 15.5 mm size making it prone to loss and excessive contact, and over a century of attrition. The coin is readily accessible in circulated grades but becomes a genuine trophy asset in Gem condition.
Is the 1916 Canadian 5-cent made of silver?
Yes. The 1916 Canadian 5-cent is struck in sterling silver: 92.5% silver (Ag) and 7.5% copper (Cu), with an actual silver weight (ASW) of approximately 0.0347 Troy oz per coin. The melt value is approximately $3.69 CAD at February 2026 spot prices. Canada reduced the silver content of this denomination to 80% in 1920 and eliminated silver entirely from the 5-cent in 1922 when the modern base-metal nickel was introduced.
What makes a 1916 Canadian 5-cent particularly valuable?
Three factors drive premium value above the standard grade schedule: (1) Grade — the J-curve pricing structure means an MS-65 is worth many times a circulated example; (2) Full strike — a sharply defined cross on the Imperial Crown and individually separated leaf veins add 20–50% above standard grade values; and (3) Original aesthetic toning — vibrant rainbow or "target" toning adds 50–100% above standard values. Conversely, cleaned or damaged coins typically realize 50% or less of problem-free values.
Is there a "1916 Doubled Die" Canadian 5-cent?
No. The famous "1916 Doubled Die" is a variety of the United States Buffalo Nickel, not the Canadian 5-cent piece. No major Charlton Standard Catalogue–listed Doubled Die variety exists for the 1916 Canadian 5-cent. Any coin marketed as such without certification from ICCS, PCGS, or NGC almost certainly reflects misattribution or non-value-added machine doubling. Do not pay a variety premium without specialist verification.
Should I get my 1916 Canadian 5-cent professionally graded?
Certification makes economic sense when the coin's market value meaningfully exceeds the grading service fee. For circulated examples in the $5–$22 range (G-4 to VF-20), grading economics are generally unfavorable. For coins grading MS-63 and above (valued at $350+), certification by ICCS (the domestic Canadian standard) or PCGS/NGC (for international auction or registry set targeting) is strongly recommended — a certified Gem is significantly more liquid than an equivalent raw example.
What is the difference between ICCS and PCGS/NGC for grading this coin?
ICCS (International Coin Certification Service) is the gold standard for domestic Canadian trading. Its grading is conservative, it strictly penalizes cleaning, and ICCS-certified coins are highly liquid within the Canadian market. PCGS and NGC are US-based services preferred for high-grade coins (MS-65+) targeting international auction houses or competitive registry sets — PCGS-graded Canadian coins often realize stronger prices in US-based sales due to the competitive registry phenomenon. For mid-grade examples, ICCS is the recommended choice; for trophy-grade specimens targeting international competition, PCGS or NGC is preferred.
How do I know if my 1916 5-cent has been cleaned?
A cleaned "Fish Scale" typically appears unnaturally bright or flat white, lacking the warm organic luster of an original surface. Under a loupe or 5x magnification, fine hairline scratches become visible in the open fields and on raised devices — caused by polishing cloths or wiping. Legitimately toned coins show gradual, organic color transitions; artificially brightened coins may also show uneven "bright patches" where toning was removed inconsistently. ICCS, PCGS, and NGC classify cleaned coins as "Details" (Improperly Cleaned), and they trade at 50% or less of problem-free values.
Methodology & Sources
Values in this guide reflect typical retail market pricing for problem-free examples as of February 2026, compiled and cross-referenced from the following primary sources:
- Charlton Standard Catalogue of Canadian Coins, 75th Edition — Definitive reference for variety attribution, trends, and Canadian grading standards.
- NGC World Coin Price Guide — Canada 5 Cents KM 22 — NGC certified population and price benchmark data.
- NGC World Coin Price Guide — Canada 5 Cents KM 22 (Mint State grades) — Additional NGC price benchmarks.
- PCGS Auction Prices — 1916 5C MS-64 — Certified auction realized price records.
- Heritage World Coin Auctions Monthly Auction 271934 (August 2019) via NumisBids — High-grade realized prices.
- Canadian Numismatic Company January 2024 New Year's Sale via NumisBids — Recent Canadian market auction data.
- Calgary Coin — Canadian 5-Cent Reference — Dealer pricing and market observations.
- Saskatoon Coin Club — Canadian 5-Cent Major Varieties — Variety identification and attribution checklist.
- CoinVarieties — Canada 1916 5 Cents — Trophy-grade population and auction record data.
- Numista — Canada 5 Cents George V (DEI GRATIA) — Technical specifications and collector reference.
- Royal Canadian Mint — 5 Cents — Official mintage records and technical specifications.
- SilverPrice.org Canada — Live silver spot pricing used for melt value calculations.
All values are in Canadian Dollars (CAD). Prices represent typical retail ranges for problem-free, uncleaned examples; individual coins may realize higher or lower prices based on eye appeal, strike sharpness, toning character, and prevailing market conditions at time of sale. This guide covers standard business strikes only — major mint errors are outside its 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.