1922 Canadian 5-Cent (Nickel) Value Guide
1922 Canadian nickel value guide: Near Rim vs Far Rim prices from VG8 to MS66, Specimen strike values up to $3,190+ CAD, the 8 Pearls strike premium, and authentication tips.
A circulated 1922 Canadian nickel (Near Rim variety) is worth $0.60–$50 CAD; the scarcer Far Rim variety commands a meaningful premium at every grade up to $0.80–$90 CAD circulated. In Gem Uncirculated, Near Rim examples reach $754–$1,000 CAD and Far Rim examples reach $1,840–$2,500 CAD. The extremely rare Specimen strike ranges from $588 to $3,190+ CAD.
- Circulated — Near Rim (VG8–AU50):$0.60–$50
- Circulated — Far Rim (VG8–AU50):$0.80–$90
- MS63 — Near Rim:$137–$160
- MS63 — Far Rim:$240–$350
- MS65 Gem — Near Rim:$754–$1,000
- MS65 Gem — Far Rim:$1,840–$2,500
- Specimen (SP63–SP67):$588–$3,190+
Is it silver? No — the 1922 nickel is 99.9% pure nickel and is strongly magnetic; it permanently replaced the old silver fish-scale 5-cent coin. Shiny or from an old collection? A coin with exceptional, satiny definition may be a Specimen strike — an immense rarity with fewer than approximately 100 originally produced, worth many times a business strike. Common circulated coin? Always check for the Far Rim variety before selling; misattributed examples are regularly undervalued in dealer bins. All values in CAD as of 2025/2026. See the full value chart →
The 1922 Canadian 5-cent coin marks one of the most consequential transitions in Canadian numismatic history: the end of the diminutive silver "fish scale" and the debut of a larger, industrially significant coin struck in 99.9% pure nickel. Produced exclusively at the Royal Canadian Mint in Ottawa, the 1922 issue (KM# 29) is the inaugural date of the George V nickel series that ran until 1936, setting the physical and artistic template for the denomination for decades to come. Its two principal die varieties — the relatively common Near Rim and the significantly scarcer Far Rim — create meaningfully different value profiles at every grade level, making correct attribution essential before any transaction. For the complete denomination picture across all eras, see our Canadian Nickel Value Guide.
Obverse: George V crowned bust by Sir Bertram MacKennal, with B.M. at shoulder truncation and legend GEORGIVS V DEI GRA: REX ET IND: IMP: Reverse: W.H.J. Blakemore's maple-leaf design with 5 CENTS denomination, CANADA above, 1922 below.
1922 Canadian Nickel Composition and Melt Value
The 1922 5-cent coin was a radical departure from its predecessor. The previous silver fish-scale 5-cent measured just 15.5 mm in diameter and weighed approximately 1.16 grams — barely larger than a fingernail. The 1922 nickel is nearly 37% wider (21.21 mm) and almost four times heavier at 4.54 grams. The weight was deliberately set so that exactly 100 coins equalled one imperial pound, simplifying bulk weighing for banks and commercial counters.
The composition — 99.9% nickel — was unique in world coinage at the time. Unlike the United States, which used a 75% copper / 25% nickel alloy, Canada opted for the pure metal, reflecting its status as the world's foremost nickel producer. The result is a coin that is strongly magnetic, with a distinctively hard, bluish-white appearance very different from the soft gleam of silver.
Authentication via the Magnet Test
The magnetic property of pure nickel is the single most important authentication tool for the 1922 5-cent coin. Apply a strong magnet: a genuine 1922 nickel will be firmly attracted to it. Contemporary counterfeits cast in lead or tin alloys, and modern fakes struck in copper-nickel planchets, will not exhibit the same strong magnetic pull. This test should be the first step before any further examination in grades EF40 and higher.
Metallurgical Challenges and Their Numismatic Consequences
Pure nickel's Vickers hardness rating is significantly higher than the silver-copper alloy it replaced. The RCM's coining presses — originally configured for silver and bronze — struggled with the hard planchets, requiring higher striking pressures that accelerated die deterioration. This produced two lasting consequences for collectors: the rapid die-polishing that created the Near Rim and Far Rim varieties, and a chronic tendency toward softly struck centres, particularly on the crown band. A fully struck 1922 nickel showing all eight crown pearls is genuinely exceptional; understanding this is essential to interpreting both grade and value.
Melt value for the 1922 5-cent coin is not calculated in the source data for this guide. Given that pure nickel has a relatively low commodity price per gram, numismatic value vastly exceeds any intrinsic metal value at all but the lowest circulated grades.
1922 Canadian Nickel Value Chart: Near Rim, Far Rim and Specimen Prices by Grade
The 1922 nickel is priced across three distinct tiers: circulated business strikes, mint-state business strikes, and the separately struck Specimen issue. Within the business-strike tier, variety attribution (Near Rim vs Far Rim) is mandatory for accurate valuation — the Far Rim commands a premium that doubles or more at high grades. All values are in CAD as of 2025/2026.
1922 Canadian Nickel — Circulated Business Strike
| Grade | Near Rim Value (CAD) | Far Rim Value (CAD) | Market Notes |
|---|---|---|---|
| VG-8 | $0.60–$1.00 | $0.80–$1.50 | Stable. Frequently found in bulk lots. |
| F-12 | $1.00–$2.00 | $1.65–$3.00 | Slight Far Rim premium begins here. |
| VF-20 | $2.60–$5.00 | $4.30–$8.00 | Collector demand begins. Far Rim premium approx. 60%. |
| EF-40 | $11.80–$15.00 | $20.30–$35.00 | Far Rim premium doubles. Strong cherry-picking potential at this level. |
| AU-50 | $34.30–$50.00 | $57.20–$90.00 | High demand from album collectors. Traces of luster present. |
The EF-40 grade offers the strongest intersection of visual appeal and affordability. Critically, the Far Rim variety is frequently misattributed in dealer bins at the VF and EF level — collectors willing to apply the flat-field diagnostic (see the Identification section) will find genuine cherry-picking opportunities.
Side-by-side grade comparison: a circulated VF-20 example (left) showing flat, worn crown and leaf details, versus a Gem MS-65 example (right) with full cartwheel luster and sharply struck crown pearls. (Illustration — not a photo of your exact coin)
💡 The 8 Pearls Strike Premium
The band of George V's Imperial State Crown should show eight distinct pearls on a fully struck coin. Due to the hardness of pure nickel causing die wear, most 1922 business strikes (including many MS-65 examples) show only six or indistinct pearls. A coin graded MS-63 that exhibits all eight full pearls will frequently trade at MS-64 prices or higher. Conversely, a coin with a weak, mushy crown band may sell at a discount to its stated grade. Always examine the crown band under magnification before purchasing high-grade examples.
1922 Canadian Nickel — Mint State Business Strike
| Grade | Near Rim Value (CAD) | Far Rim Value (CAD) | Investment Context |
|---|---|---|---|
| MS-60 | $68–$80 | $120–$150 | Uncirculated but heavily marked or dull. Moderate interest. |
| MS-62 | $90–$110 | $150–$225 | Better eye appeal. Good market liquidity. |
| MS-63 | $137–$160 | $240–$350 | Core portfolio grade. Strong luster, average strike. |
| MS-64 | $240–$300 | $400–$600 | Near Gem. Very attractive, good strike. Strong appreciation potential. |
| MS-65 | $754–$1,000 | $1,840–$2,500 | Gem. Fantastic luster, sharp strike, minimal marks. Blue-chip asset. |
| MS-66 | $2,000+ | $4,500+ | Superb Gem. Virtual perfection. Extremely rare. Trophy class. |
The price jumps between MS-64 and MS-65 are exponential — Near Rim values more than triple ($240–$754), and Far Rim values nearly quadruple ($400–$1,840). This sharp gradient reflects the genuine scarcity of Gem examples: the hard nickel planchets caused both heavy die wear and contact marking during striking and handling, meaning fully original, mark-free surfaces in MS-65 represent a tiny fraction of survivors. A certified MS-65 Far Rim is considered one of the most liquid and desirable condition rarities in the entire Canadian 5-cent series. Refer to the Coins and Canada 1922–1936 nickel price data and the NGC Price Guide for KM# 29 for current market benchmarks.
⚠️ Never Clean Your Coins
Cleaning strips original luster and leaves hairlines visible under magnification. A cleaned 1922 nickel — regardless of its underlying detail — is graded "Details" (damaged) by PCGS, NGC, and ICCS and loses all numismatic premium above melt/face value. The "steely" luster of a naturally toned 1922 nickel is part of its character; do not attempt to brighten it.
1922 Canadian Nickel — Specimen (SP) Strike
Specimen coins were struck individually on specially prepared presses for sale directly to collectors. The 1922 Specimen is an immense rarity: no official mintage record exists, but estimates suggest fewer than approximately 100 were produced, and far fewer survive today. PCGS has certified only a handful: approximately 5 in SP-65, 4 in SP-66, and 1 in SP-67. These coins are identified by their distinctive matte or satin finish — fields have a fine-lined, non-reflective texture and the rims are sharply squared. They exist on a completely separate valuation scale from business strikes.
| Grade | Value (CAD) | Rarity Context |
|---|---|---|
| SP-63 | $588–$700 | Very Scarce. May show minor handling or toning. |
| SP-64 | $882–$1,000 | Very Scarce. Sharp details, squared rims, near-perfect matte finish. |
| SP-65 | $1,150–$1,500 | Rare. Full matte or satin finish intact. Population approx. 5 (PCGS). |
| SP-66 | — | Rare. Population approx. 4 (PCGS). No pricing data available in source. |
| SP-67 | $3,190+ | Unique / Top Pop. 1 certified (PCGS). Auction record: PCGS SP-67, Heritage Auctions, August 2019 — $2,406 USD (~$3,200 CAD). See PCGS CoinFacts for the 1922 Specimen. |
The SP-66 row carries no pricing because the source data does not document a value for that grade; the PCGS census population of approximately 4 examples is noted for collector context. Any genuine 1922 Specimen at any grade is a significant acquisition. Given the combined certified population of fewer than approximately 20 high-grade examples across PCGS and NGC, these represent a deeply undervalued asset class relative to comparably rare Commonwealth issues.
Specimen (SP) versus Business Strike (MS) finish comparison: the SP coin (left) shows fine-grained matte or satin fields with sharply squared rims and crisp device definition; the business strike (right) shows the typical cartwheel luster with softer rim junctions. (Illustration — not a photo of your exact coin)
All values in CAD represent typical market prices as of 2025/2026. For the complete denomination price guide across all George V, George VI, and Elizabeth II eras, see our Canadian Nickel Value Guide.
Most Valuable 1922 Canadian Nickel Varieties
The 1922 nickel has two primary die varieties and one finish category that function as distinct collecting tiers. Correct attribution is not optional — the spread between a Near Rim and a Far Rim at MS-65 exceeds $1,000 CAD, and a Specimen represents an entirely different order of rarity.
Trophy Tier: The Finest-Known Examples
1. Far Rim (Flat Field) in Gem and Superb Gem Grades (MS-65 to MS-66+)
The Far Rim variety in MS-65 is the premier condition rarity for this date among business strikes, with documented values of $1,840–$2,500 CAD. At MS-66, values exceed $4,500 CAD and these coins are rightly classified as trophies. The scarcity of Far Rim examples in Gem grades reflects the fact that the flat-field dies were likely either early die states or a minority production run that escaped the heavy basal polishing that created the more common Near Rim. Full details and population data appear in the Coins and Canada price guide for the 1922–1936 nickel series.
2. Specimen (SP-67) — Unique Top-Population Example
A single PCGS SP-67 example exists in the certified population, setting the market ceiling at $3,190+ CAD based on the Heritage Auctions August 2019 result of $2,406 USD (~$3,200 CAD). At the SP-65 level — with approximately 5 certified examples — values reach $1,150–$1,500 CAD. Any 1922 Specimen at any grade is an acquisition of national significance for a Canadian numismatic collection. Auction and census data are documented at PCGS CoinFacts for the 1922 5-Cent Specimen.
Side-by-side reverse comparison: Near Rim (left, common) with the letter S in CENTS visually close to the rim due to the coin's convex dished field; Far Rim (right, scarce) with the S in CENTS clearly separated from the rim by the coin's flat planar field. (Illustration — not a photo of your exact coin)
Findable Tier: Cherry-Picking from Dealer Inventory
Far Rim (Flat Field) — Diagnostic Identification
The Far Rim variety is regularly misattributed in circulated grades, offering genuine cherry-picking potential. The Saskatoon Coin Club's 5-Cent Varieties reference documents the diagnostic in detail. Key attribution points:
- Field geometry (primary test): Tilt the coin under a raking light. A Far Rim coin has a completely flat, planar field that meets the rim at a sharp 90° angle with a distinct flash of light at the junction. A Near Rim coin shows a visibly curved or dished field that rolls gently up into the rim with a softer light transition.
- Visual spacing (secondary test): The letter S in CENTS appears distinctly separated from the rim on the Far Rim; on the Near Rim, the same letter appears to crowd the rim.
- Light reflection pattern: Far Rim coins reflect light evenly across the flat field; Near Rim coins show the softer, rolling cartwheel effect of the convex surface.
At EF-40, the Far Rim commands $20.30–$35.00 CAD versus $11.80–$15.00 for Near Rim — a premium of roughly 70–130%. Patience and a loupe can convert an ordinary purchase into a meaningful upgrade.
Crown band detail under high magnification: a well-struck coin (left) showing all eight distinct pearls on George V's Imperial State Crown band; a soft-struck coin (right) showing only six visible or partially merged pearls. The fully struck version commands a meaningful premium above standard prices for its grade. (Illustration — not a photo of your exact coin)
Strike Quality Premium: The 8 Pearls Factor
While not a die variety in the traditional sense, the "8 Pearls" standard is a documented premium factor for the 1922 nickel. The band of the Imperial State Crown should ideally show eight distinct, fully rounded pearls — but because pure nickel is so hard on die steel, most business strikes show only six, and many MS-65 examples still fail the full-strike standard. A coin graded MS-63 with verifiable 8 Full Pearls will regularly trade at MS-64 prices or above. Buyers and sellers should examine the crown band at 5–10× magnification before finalising any high-grade transaction.
1922 Canadian Nickel Identification Guide
Use this 30-second checklist to confirm exactly what you have before checking the value tables.
30-Second Identification Checklist
- Monarch Check: The obverse shows a crowned bust of King George V facing left. The legend reads GEORGIVS V DEI GRA: REX ET IND: IMP: The designer's initials B.M. (Sir Bertram MacKennal) appear on the shoulder truncation. If you see a female effigy, you have a different coin entirely.
- Reverse Check: The reverse shows 5 CENTS prominently in the centre, flanked by two maple leaves. CANADA arcs across the top. If you see a different animal or design element on the reverse, you do not have a 1922 5-cent.
- Date Check:1922 appears at the bottom of the reverse. Confirm the date is not worn or altered — 1928 and 1932 have occasionally been altered, leaving visible tooling marks under magnification.
- Edge Check: The edge is plain (smooth). A reeded edge means you have a different denomination or year. This also helps distinguish the 1922 nickel from contemporary dimes and quarters, which maintained reeded edges.
- Magnet Test — Composition Verification: Apply a strong magnet. A genuine 1922 5-cent should be strongly attracted — it is 99.9% pure nickel. A coin that shows little or no magnetic attraction is either a counterfeit (cast lead or tin) or a wrong-planchet anomaly. This is the most reliable first-line authentication test. See the visual guide below.
Magnet test for the 1922 Canadian nickel: a standard fridge magnet (or better, a rare-earth magnet) applied to the coin's surface. A genuine 99.9% nickel coin is strongly attracted and will cling to the magnet. Counterfeits in lead, tin, or copper alloys will not respond.
- Mint Mark Check: There are no mint marks on the 1922 5-cent coin. All production was at the Royal Canadian Mint, Ottawa. Do not confuse the B.M. designer's initials on the obverse truncation with a mint mark.
- Finish Identification (Critical for Value):
- Business Strike: Shows cartwheel luster — the light sweeps across the surface in a rotating pattern when the coin is tilted. Rim junction is not particularly sharp. This describes the vast majority of 1922 nickels.
- Specimen: Shows a distinctive matte or satin finish — the fields have a fine-grained, non-reflective, almost velvety texture. Rims are sharply squared and higher than on business strikes. Device detail is extremely crisp. If you believe your coin may be a Specimen, submit immediately to PCGS, NGC, or ICCS for authentication and grading — genuine examples are worth hundreds to thousands of dollars.
- Variety Check — Near Rim vs Far Rim: Tilt the coin at a shallow angle under a single light source and observe the field geometry.
Cross-section view of the rim-to-field junction: Near Rim (top) shows a curved or dished field surface that rolls gently into the rim — the S in CENTS appears close to the beads. Far Rim (bottom) shows a completely flat field meeting the rim at a crisp 90° angle — the S in CENTS has clear separation from the rim. (Illustration — not a photo of your exact coin)
- Near Rim (common): The field is visibly curved or dished. The light transitions smoothly from field to rim. The letter S in CENTS appears close to the rim beads.
- Far Rim (scarce): The field is completely flat and planar. There is a sharp, distinct flash of reflected light right at the rim junction. The S in CENTS has clear separation from the rim beads.
ℹ️ ICCS vs PCGS vs NGC for Canadian Coins
The International Coin Certification Service (ICCS) is the Canadian standard grading service and is widely recognised by Canadian dealers. PCGS and NGC are US-based but maintain strong Canadian market liquidity, particularly for high-grade and Specimen coins. For a 1922 nickel at EF-40 or below, grading fees typically exceed the coin's value — do not submit. For MS-64 and above, or for any suspected Specimen, certification from any of these three services is strongly recommended.
1922 Canadian Nickel Value FAQs
What is a 1922 Canadian nickel worth?
Value depends entirely on three factors: the die variety (Near Rim or Far Rim), the grade (condition), and the finish (business strike or Specimen). A heavily worn circulated Near Rim example (VG-8) is worth approximately $0.60–$1.00 CAD. A Far Rim in EF-40 is worth $20.30–$35.00. In Gem Uncirculated, Near Rim tops out around $754–$1,000 and Far Rim around $1,840–$2,500 at MS-65. The rare Specimen strike begins at $588–$700 in SP-63 and reaches $3,190+ CAD at SP-67. See the full value chart for all grades.
What is the difference between the Near Rim and Far Rim varieties?
Both names refer to the apparent proximity of the letter S in CENTS to the rim of the coin. The difference is caused by how the dies were polished during production. Near Rim coins were struck from dies that had been polished until the field became curved or dished (convex), making the lettering appear to roll up toward the rim. Far Rim coins were struck from dies that retained a completely flat, planar field meeting the rim at a sharp 90° angle, making the same lettering appear well separated from the rim. The Far Rim variety is significantly scarcer across all grades and commands a consistent premium — roughly 70–130% over Near Rim in circulated grades, rising to more than double in Gem Uncirculated.
How do I identify which variety I have?
The most reliable test is the field geometry test: tilt your coin at a shallow angle under a single strong light source and watch how the light transitions from the field to the rim. A Near Rim coin will show a gradual, rolling light curve — the field is dished. A Far Rim coin will show a sharp, distinct flash of light right at the rim junction — the field is completely flat. The secondary test is to observe the visual gap between the S in CENTS and the rim beads: close proximity = Near Rim, clear separation = Far Rim. A loupe at 5–10× magnification makes this diagnostic straightforward.
Is the 1922 Canadian nickel made of silver?
No. The 1922 5-cent coin is 99.9% pure nickel — it contains no silver at all. It was specifically introduced to replace the silver fish-scale 5-cent coin, which had become economically impractical after World War I. The most immediate proof is the magnet test: hold a strong magnet near the coin. A genuine 1922 nickel is strongly attracted to the magnet because pure nickel is ferromagnetic. The old silver 5-cent coin would not react to a magnet. If you have a small, reeded-edge coin from this era with a date in the 1858–1921 range, that is the silver fish-scale — a different and potentially more valuable coin.
What is the "8 Pearls" standard and does it affect value?
George V's Imperial State Crown, as depicted on the obverse, is decorated with a band of eight pearls. On a perfectly struck coin, all eight are fully rounded and distinct. In practice, because 99.9% nickel is extremely hard on die steel, most 1922 business strikes show only six pearls or have softly defined crown detail — even at MS-65. A coin at MS-63 that displays all eight full pearls will typically trade at MS-64 prices or higher, because it demonstrates an exceptional die impression that is simply rare for this issue. When buying high-grade examples, always examine the crown band under magnification and consider the strike quality alongside the technical grade.
What is a Specimen 1922 nickel and how rare is it?
Specimen coins were individually struck on specially prepared presses and sold directly to collectors by the Royal Canadian Mint, rather than being produced for general circulation. They are identified by a distinctive matte or satin surface texture — the fields have a fine-grained, non-mirror appearance — and sharply squared, high rims. No official mintage record exists, but estimates place the original production at fewer than approximately 100 pieces; far fewer survive. PCGS has certified approximately 10 examples in grades SP-65 and above, including a single SP-67 that realized $2,406 USD (approximately $3,200 CAD) at Heritage Auctions in August 2019. Any genuine 1922 Specimen at any grade is a major rarity — submit to PCGS, NGC, or ICCS for authentication before buying or selling.
Should I get my 1922 nickel graded by PCGS, NGC, or ICCS?
Grading fees typically range from $30–$80 CAD per coin depending on tier and turnaround, and this cost must be weighed against the coin's expected upgrade in saleability and price. For circulated 1922 nickels at VG through VF, grading fees will exceed the coin's value — do not submit. At EF-40, submission is borderline for a Far Rim example only. At AU-50 and above — especially for Far Rim coins — certification from PCGS, NGC, or ICCS meaningfully increases liquidity and confirms both the grade and variety attribution. Any suspected Specimen must be submitted regardless of apparent grade. ICCS is broadly recognised by Canadian dealers; PCGS and NGC offer strong international liquidity for high-grade examples.
How do I authenticate a 1922 nickel against counterfeits?
The primary test is the magnet: a genuine 1922 5-cent coin is 99.9% pure nickel and is strongly attracted to a magnet. Contemporary counterfeits cast in lead or tin alloys, and modern fakes struck in copper-nickel, will not exhibit the same strong attraction. The secondary check is weight: a genuine coin weighs 4.54 grams — any significant deviation under a precision scale is a red flag. For coins in grades EF-40 and above, also examine under 10× magnification for tooling marks around the date (especially around the digits 1, 2, 8, and 9, which can be tooled from adjacent dates), and look for unnatural smoothness or filed surfaces that might indicate an altered coin. In those grades, third-party certification from PCGS, NGC, or ICCS is the definitive answer.
Methodology and Sources
Values cited in this guide are synthesised from the following primary sources as of 2025/2026: Coins and Canada — 1922–1936 5-Cent Nickel Prices; the NGC Price Guide for KM# 29; PCGS CoinFacts — 1922 5-Cent Specimen; the Saskatoon Coin Club variety reference; Calgary Coin; and Numista. The Charlton Standard Catalogue of Canadian Coins and Heritage Auctions realised-price archives were consulted for auction record context. Technical specifications are confirmed against the Royal Canadian Mint's official 5-Cent page. Values represent typical market ranges and are not guaranteed. Market conditions for numismatic coins change continuously; verify current pricing with a qualified numismatist or current price-guide data before transacting.
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.