1918 Canadian 5-Cent Silver "Fish Scale" Value Guide

The 1918 Canadian 5-cent “Fish Scale” is a sterling silver relic of the Dominion’s early coinage system, struck at the Ottawa Mint during the final year of World War I. Part of the George V Silver 5 Cents series (1911–1921), this coin represents the twilight of Canada’s high-purity silver 5-cent era: just four years later, in 1922, Canada abandoned the silver format entirely in favour of a larger pure-nickel coin. With a mintage of 6,052,298, the 1918 date is not a key rarity — but its tiny 15.5 mm planchet meant heavy attrition in circulation, making high-grade survivors disproportionately scarce. For complete values across every Canadian 5-cent era, see our Canadian Nickel Value Guide.

Note: Errors such as off-center strikes, clip errors, and broadstrikes exist for 1918 but are outside the scope of this standard value guide.

Obverse (left): King George V “Crowned Effigy” by Sir E.B. MacKennal. Reverse (right): Crossed Maple Boughs with 5 CENTS and Imperial Crown, designed by W.H.J. Blakemore. The coin measures just 15.5 mm — among the smallest coins ever issued for general circulation in Canada.

1918 Canadian 5-Cent Composition & Silver Melt Value

Alloy Breakdown

The 1918 5-cent piece was struck to the British Sterling Silver standard — the same specification used for Imperial coinage for centuries:

• Silver (Ag): 92.5%
• Copper (Cu): 7.5% — added to harden the planchet, as pure silver is too soft to withstand circulation

This .925 fineness is notably superior to the 80% silver standard Canada adopted in 1920 for the dime, quarter, and half dollar, and to the later silver 5-cent coins that briefly continued through 1921. The 1918 issue belongs to the last generation of full-Sterling 5-cent coins; the silver 5-cent format was abandoned entirely in 1922.

Silver Content & Melt Value (February 2026)

The pure silver content of a single 1918 5-cent coin is calculated as follows:

1.167 g total weight × 0.925 silver fineness = 1.0795 g pure silver per coin

As of February 7, 2026, the silver spot price in Canada was approximately $3.43 CAD per gram (roughly $106.70 CAD per troy ounce), as reported by Canada Gold. This yields a calculated melt value of approximately:

1.0795 g × $3.43 CAD/g ≈ $3.70 CAD per coin

This ~$3.70 melt floor is the economic baseline. Heavily circulated (G4–VG8) examples typically trade for only slightly above this floor ($4.00–$5.50), reflecting minimal numismatic premium. Silver stackers often purchase bulk lots of low-grade Fish Scale coins based on weight, particularly during periods of elevated silver prices. Because the 1918 Fish Scale carries a superior .925 fineness (compared to the .800 issues of 1920–1967 that followed), it is especially attractive to bullion collectors, and this demand has historically accelerated the melting of damaged low-grade examples, slowly reducing the surviving population of even common-grade coins.

Magnetic Test — The Fastest Authentication Check

A standard magnet test is the single fastest way to verify a 1918 5-cent coin’s authenticity and composition:

• Expected result: Non-magnetic. Both silver (92.5%) and copper (7.5%) are non-magnetic metals. A genuine 1918 Fish Scale will show zero attraction to a magnet.
• If the coin IS attracted to a magnet: It is either a counterfeit, an altered coin, or — most commonly — a later Canadian 5-cent piece (1922–1981 nickel, or post-1981 plated steel) that has been misidentified. Pure nickel is strongly magnetic; plated-steel cores are also magnetic.

Never rely on size or appearance alone to distinguish the 1918 silver Fish Scale from later 5-cent coins. The magnet test is definitive.

The 1918 Canadian 5-cent “Fish Scale” (15.5 mm) shown at scale relative to a modern Canadian dime (18.03 mm) — the Fish Scale is notably smaller. Its tiny surface area is a primary reason high-grade examples are so scarce: there is very little room for surfaces to escape contact marks over more than a century of storage. (Illustration — not a photo of your exact coin)

1918 Canadian 5-Cent Value Chart by Grade & Finish

The 1918 5-cent exhibits a classic J-curve value profile: flat and tethered to silver melt for heavily circulated coins, rising moderately through mid-grades, then accelerating sharply into Mint State territory. Values below reflect typical market prices as of February 2026, sourced primarily from Coins and Canada — 5 Cents 1911–1921 and corroborated by Numista user transaction data.

1918 Canadian 5-Cent — Business Strike (Circulation)

Composition: .925 Sterling Silver  |  Finish: Circulation Strike  |  Mintage: 6,052,298

Grade-by-Grade Market Notes

• G4 – VG8 ($4.00–$5.50): Essentially silver bullion items. The King’s portrait is visible but flat, and the rim may be merging with the lettering. Dealers often purchase these by weight. As noted by Calgary Coin, mid-grade circulated examples remain readily available in dealer inventory, confirming that scarcity is exclusively a high-grade phenomenon for this date.
• F12 – VF20 ($6.00–$8.00): Distinct design elements emerge. At F12, major details of the crown band and wreath are visible but worn flat. At VF20, the maple leaves show partial internal vein detail and the crown jewels begin to show separation. The “sweet spot” for budget collectors wanting a presentable historical example without paying a large premium.
• EF40 – AU50 ($12.00–$22.00): Briefly circulated with some original lustre — a “halo” around the lettering. AU50 coins retain most of their cartwheel lustre but show light friction on King George’s crown band, the highest obverse point. Growing appeal as true Mint State examples move out of reach for many collectors.
• MS60 – MS63 ($45.00–$90.00): Strictly uncirculated. MS60 may be plagued by bag marks, dull lustre, or unattractive toning. MS63 (“Choice”) shows good lustre with fewer contact marks. Standard target for serious collectors building a George V date set.
• MS64 – MS65 ($185.00–$450.00): “Choice” to “Gem.” MS65 demands booming cartwheel lustre and surfaces free of distracting marks. The price escalation through this range reflects the extreme difficulty of preserving a 15.5 mm silver planchet to this standard across 107+ years.
• MS66 ($1,020 catalogue value): A condition census rarity suitable for registry sets. Actual auction realisations may vary. See the NGC Price Guide for Canada 5 Cents KM 22 (1912–1919) for high-grade benchmarks.

1918 Canadian 5-Cent — Specimen Strike (SP)

A small number of Specimen-quality 1918 5-cent coins exist, struck individually at the Ottawa Mint for archival purposes or VIP presentation. These were not sold in public collector sets in 1918. Specimen strikes are distinguished by matte or satin background fields, razor-sharp squared-off rims (“wire edges”), and individually prepared planchets — all characteristics absent from standard circulation strikes. Professional certification is mandatory before buying or selling any coin claimed to be a Specimen.

Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Nickel Value Guide.

Grade comparison for the 1918 Canadian 5-cent: a circulated Fine (F12) example (left) with flat crown jewels and merged maple leaf detail, versus a Mint State (MS65) Gem example (right) with full cartwheel lustre and sharply separated wreath veins. Note how the tiny 15.5 mm planchet leaves almost no room for surfaces to escape contact. (Illustration — not a photo of your exact coin)

Most Valuable 1918 Canadian 5-Cent Varieties

The 1918 5-cent is a “clean” date with no major catalogued die varieties (such as overdates or doubled dies) in standard references. Value for this issue is generated almost entirely by condition and finish, not variety. The two primary premium categories are the Specimen strike (a finish rarity) and extraordinary condition survivorship in Mint State grades.

A) Trophy-Level Examples

These coins appear only in major auctions (Heritage, Stack’s Bowers, Geoffrey Bell) and are competed for by registry-set builders and advanced collectors. For Ottawa Mint Specimen and trophy-level auction records, see CoinArchives — Ottawa Mint search and the Heritage World Coin Auctions Monthly 271934 (Aug 2019) for comparable George V silver realisations.

Left: A “white” (undipped) 1918 5-cent in MS64 with attractive original silver skin. Right: A “monster toned” example showing vivid rainbow toning — blues, purples, and gold — from decades in a paper album or canvas bag. Toning of this quality can command 2x–3x the standard grade price. (Illustration — not a photo of your exact coin)

B) Findable Die-State Varieties

Standard catalogues do not list major die varieties for 1918. However, die-state anomalies can be identified by careful examination and may carry modest premiums. The Saskatoon Coin Club — Canadian 5-Cent Major Varieties guide provides useful context for the broader George V silver series.

Die clash diagnostic on the 1918 Canadian 5-cent: a red circle highlights the faint ghost image of the King’s crown outline visible in the reverse maple wreath fields — caused when the obverse and reverse dies struck each other without a planchet in between. This is a curiosity variety carrying a 10–20% premium over standard, not a major catalogued rarity. (Illustration — not a photo of your exact coin)

1918 Canadian 5-Cent Identification Guide

Before assigning any value, confirm you have a genuine 1918 Canadian sterling silver 5-cent — not a later nickel 5-cent, a foreign silver coin, or a counterfeit. Use this 30-second checklist.

30-Second Identification Checklist

1. Monarch Check (Obverse): A left-facing portrait of King George V wearing the Imperial State Crown and Robes of State, designed by Sir E.B. MacKennal. Confirm the legend reads GEORGIVS V DEI GRA: REX ET IND: IMP: — the “DEI GRA” (By the Grace of God) must be fully present. (The 1911 “Godless” variety lacked this wording; 1918 includes it.)
2. Reverse Check: Central denomination 5 CENTS enclosed by a wreath of maple leaves, with a St. Edward’s Crown at the top of the wreath opening. The date 1918 must appear at the bottom of the reverse.
3. Size Check: The coin must be 15.5 mm in diameter — significantly smaller than a modern Canadian dime (18.03 mm). If your coin is larger, it is a different denomination or era.
4. Edge Check: The edge must be reeded (vertical grooves visible all around the circumference). A smooth edge indicates a different coin.
5. Magnet Test (Critical — Do This First): Apply a standard magnet to the coin.
   • No attraction → Consistent with genuine 1918 silver (.925). Both silver and copper are non-magnetic. This is the expected result.
   • Attracted to magnet → NOT a genuine 1918 silver 5-cent. Either a later nickel (1922–1981) or plated-steel coin misidentified, or a counterfeit. Pure nickel is strongly magnetic.
6. No Documented Mint Marks: There are no mint marks on the 1918 Canadian 5-cent coin. This is standard for Ottawa Mint issues of this period. Do not expect any letter beneath the portrait truncation or elsewhere on the coin.
7. Finish Identification (Key Step):
   • Business Strike (Standard): Displays “cartwheel” lustre — a rotating beam of reflected light sweeps across the coin’s fields when tilted slowly under a lamp. Fields may show small contact marks (bag marks). This is the typical finish for 1918.
   • Specimen Strike (SP — Rare): Background fields appear matte or satin, not mirror-bright and not cartwheel. The rim is noticeably sharp and squared off (“wire edge”). Devices (portrait, wreath) are razor-sharp with a distinct non-cartwheel character. If you believe you have a Specimen, professional certification by ICCS, PCGS, or NGC is mandatory before any premium transaction.
8. Variety / Die-State Check (Optional): Examine the reverse fields under 5–10x magnification for a faint ghost outline of the King’s crown (die clash). Flip the coin on its vertical axis to confirm the reverse is upright (↑↑ medal alignment); a noticeably rotated reverse is a collectible variety.

Finish comparison: Left — Business Strike showing characteristic “cartwheel” lustre (rotating diagonal light band across fields); Right — Specimen Strike showing uniform matte/satin fields with no cartwheel effect, razor-sharp devices, and the visibly squared-off “wire edge” rim highlighted in red. If your coin has cartwheel lustre when tilted, it is a business strike. (Illustration — not a photo of your exact coin)

Magnet test for the 1918 Canadian 5-cent: a genuine .925 sterling silver Fish Scale shows no attraction to a magnet (left panel) — confirming silver and copper composition. A later nickel 5-cent (1922+) or steel-core coin is strongly attracted (right panel). This is the fastest and most definitive authentication test. (Illustration — not a photo of your exact coin)

1918 Canadian 5-Cent Value FAQs

Methodology & Sources

Values in this guide reflect typical market prices as of February 2026 and are sourced from the following references. All prices are in Canadian Dollars (CAD).

• Charlton Standard Catalogue of Canadian Coins — Primary reference for variety attribution, mintage data, and catalogue valuations.
• Coins and Canada — 5 Cents 1911 to 1921 — Primary source for circulated and Mint State grade pricing.
• Numista — Canada 5 Cents George V (with DEI GRATIA) — Technical specifications and user transaction data for market corroboration.
• NGC Price Guide — Canada 5 Cents KM 22 (1912–1919) — High-grade and certification market benchmarks.
• CoinArchives — Ottawa Mint auction records — Specimen and trophy-level auction realisation reference data.
• Heritage World Coin Auctions Monthly 271934 (Aug 2019) via NumisBids — Comparable George V silver sales context.
• Calgary Coin — Canadian 5-Cent Coins — Retail market context for circulated examples.
• Saskatoon Coin Club — Canadian 5-Cent Major Varieties — Die variety context for the George V series.
• Canada Gold — Today’s Silver Prices — Silver spot price (February 7, 2026) used for melt value calculation.
• Wikipedia — Nickel (Canadian Coin) — Series history and denomination context.

Values represent typical market transactions and are not guarantees of realisation. Silver melt values fluctuate with the spot market and are provided as of February 7, 2026. Professional certification (ICCS, PCGS, or NGC) is recommended for coins grading EF40 or higher before any significant transaction. This guide covers standard (non-error) values only; error coins are outside scope.