1928 Canadian 5-Cent (Nickel) Value Guide
Find out what your 1928 Canadian nickel is worth. Complete price guide by grade (G4–MS66) and finish (Business Strike, Specimen) for the King George V Two Maple Leaves 5-cent coin. All values in CAD, updated February 2026.
Most circulated 1928 Canadian nickels are worth $0.50–$35.00 CAD. In Choice Uncirculated condition, value reaches $160.00, and a true Gem Uncirculated (MS65) commands $500.00. The extraordinarily rare Specimen strike starts at $2,500+.
- Circulated (G4–AU50):$0.50–$35.00
- Uncirculated (MS60):$70.00
- Choice Uncirculated (MS63):$160.00
- Gem Uncirculated (MS65):$500.00
- Superb Gem (MS66):$1,200+
- Specimen (SP65):$5,000+
Found in a jar or coin roll? Circulated examples are worth $0.50–$4.00 — accessible type coins for the George V era. Looks shiny or came from an old collection? No Proof-Like (PL) sets existed for 1928 — a bright coin is either a high-grade Business Strike or an extremely rare Specimen; have it assessed by a specialist before assuming either. Is it silver? No — the 1928 Canadian 5-cent is 100% pure nickel with negligible metal value (~$0.08–$0.12 CAD melt). It will stick firmly to a magnet. All values in CAD as of February 2026. See full value chart →
The 1928 Canadian 5-cent piece occupies a central position in the King George V “Two Maple Leaves” nickel series (1922–1936), struck at the height of Canada’s industrial confidence in its own vast nickel resources. With a mintage of 4,588,725, circulated examples are plentiful and affordable — but the coin’s 100% pure nickel composition made it extraordinarily difficult to strike fully and nearly impossible to preserve in gem condition. The result is one of the sharpest value cliffs in Canadian numismatics: a common coin in worn grades, a significant prize in Gem Uncirculated. A complete overview of every date in the series is available in our Canadian Nickel Value Guide.
Note: Errors such as off-center strikes, clip errors, and brockages exist for the George V nickel series but are outside the scope of this standard value guide.
1928 Canadian 5-cent coin — obverse (King George V crowned portrait, left) and Two Maple Leaves reverse (right). The large central “5” flanked by maple leaves is the defining feature of the pre-1937 design; the Beaver reverse was not introduced until 1937.
1928 Canadian Nickel Composition & Melt Value
Canada’s 1922 transition from the small silver “fishscale” 5-cent coin to a large, pure nickel piece was more than a practical change — it was a declaration of national industrial identity, anchored by the massive nickel deposits of Ontario’s Sudbury Basin. The 1928 coin continues that tradition, struck entirely from industrially pure nickel (99.9%), as confirmed by the Royal Canadian Mint’s 5-cent reference.
Melt Value
The intrinsic metal value of the 1928 nickel is negligible. At early-2026 nickel spot prices, melt value is approximately $0.08–$0.12 CAD per coin — well below any meaningful numismatic floor. This coin’s entire value is collector-driven, not metal-driven. Note: melting legal tender coin of the realm is prohibited under the Currency Act of Canada.
Magnetic Properties & Authentication
Pure nickel is ferromagnetic: the 1928 Canadian 5-cent will adhere strongly and definitively to any standard magnet. This is the primary field authentication test:
- Sticks strongly → Genuine. 100% pure nickel as specified.
- Does not stick → Suspect. Possibly a counterfeit in a non-magnetic alloy, or a foreign coin. US 5-cent pieces use a 75/25 copper-nickel alloy and are not strongly magnetic; Canadian pure nickel pieces definitively are.
Metallurgical Impact on Coin Quality
Pure nickel’s exceptional hardness had three direct consequences for the 1928 issue that every collector must understand:
- Strike difficulty: The hard planchets resisted complete die fill, requiring higher striking pressure. Most 1928 nickels show soft or merged detail on the King’s crown pearls — the primary grading focal point for the series. A secondary effect, known as “die wash” or “ghosting,” occurs when the pressure applied to one face causes design elements (such as the King’s portrait) to partially soften the opposing face, contributing to the frequent weakness seen in the large central “5” on the reverse.
- Bag mark severity: Hard nickel gouged rather than merely dented when coins collided in mint bags. The Two Maple Leaves reverse features large, open, unprotected fields that became a canvas for these deep marks, dramatically limiting gem-quality survivors.
- Exceptional durability: Despite 90+ years of existence, many circulated examples still retain fully readable dates and devices. Pure nickel resists corrosion and abrasion far more effectively than the silver-copper alloys it replaced.
1928 Canadian Nickel Value Chart by Grade & Finish
The 1928 Canadian nickel is documented in two finish categories: the standard Business Strike (circulation issue, mintage 4,588,725) and the exceptionally rare Specimen (archival and presentation strikings). No Proof-Like (PL) sets were produced for this year. All values in CAD as of February 2026.
Grade comparison: a heavily circulated 1928 nickel at approximately G4 (left, ~$0.50) versus a Gem Uncirculated MS65 example (right, ~$500). Note the intact cartwheel luster, sharp crown pearls, and mark-free fields on the gem coin. (Illustration — not a photo of your exact coin)
1928 Canadian Nickel — Business Strike (Circulation)
| Type / Design | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS63 | MS65 | MS66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Standard Circulation (Two Maple Leaves) | $0.50 | $1.00 | $2.00 | $4.00 | $15.00 | $35.00 | $70.00 | $160.00 | $500.00 | $1,200+ |
Sources: NGC World Coin Price Guide (KM 29); Calgary Coin; Charlton Standard Catalogue. Supplementary data points: Calgary Coin confirms ICCS AU50 at ~$32.50 and a “Premium Quality” MS62 at approximately $150. NGC lists MS65 at approximately $400 USD (~$540 CAD equivalent). Dealer asking prices for a certified PCGS MS65 have reached approximately $1,000 CAD. An MS66+ business strike example realized approximately $3,500 CAD (~$2,585 USD) at Heritage Auctions. Coins with heavy toning, spotting, or prominent scratches will trade below typical values; coins with blast-white luster or exceptional strike will command premiums.
ℹ️ The Condition Cliff — Why High Grades Cost So Much More
The exponential jump from MS63 ($160) to MS65 ($500) to MS66 ($1,200+) is not catalogue inflation — it reflects genuine scarcity. The vast majority of surviving 1928 nickels in uncirculated condition grade MS60–MS62 due to bag marks and weak strikes. A coin that escaped the mint bag cycle with clean, largely mark-free fields is a statistical outlier. See the PCGS ValueView for the 1928 Canadian 5¢ for high-grade registry context. Confirm rarity of graded survivors via the PCGS Canadian Coins Population Report.
Close-up of a 1928 nickel’s open field showing characteristic bag marks — gouges from coins striking each other in mint bags. On the large, unprotected fields of the Two Maple Leaves design, these marks accumulate rapidly. Gem survivors with clean fields are genuinely rare.
1928 Canadian Nickel — Specimen Strikes
Specimen coins from the 1920s were produced in extremely limited numbers for specific archival, museum, and VIP presentation purposes. They were never intended for public distribution and represent a completely separate manufacturing event from the business strike. They are valued on an entirely different scale.
| Finish | SP63 | SP65 | SP67 | Key Characteristics |
|---|---|---|---|---|
| Specimen (SP) | $2,500+ | $5,000+ | $10,000+ | Matte / satin fields; razor-sharp squared “wire” rims; fully struck crown pearls and maple leaf veins. Most known examples trace to legendary numismatic collections. |
Rarity context: The Norweb Collection catalog (Stack’s Bowers Galleries) estimates that probably fewer than 10 examples of the 1928 Specimen are known to exist. Specimen values are approximate; realized prices depend heavily on auction competition and individual coin quality.
Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Nickel Value Guide.
Most Valuable 1928 Canadian Nickel Varieties
Unlike the 1926 Canadian nickel (famous for its “Far 6” variety) or the 1932 (with its “Far 2”), the 1928 issue is a largely homogeneous date with no major Charlton-catalogued die varieties. There is no documented “Re-engraved 5” for this issue — that variety belongs to the 1858 silver 5-cent coin and should not be confused with the 1928 nickel. Value for the 1928 date is driven almost exclusively by preservation grade and finish (Specimen vs. Business Strike). That said, three condition-based characteristics generate measurable market premiums.
A) Trophy-Level Examples
| Example | Why It Commands a Premium | Documented Value | Source |
|---|---|---|---|
| 1928 Specimen (SP67) | Absolute rarity. Probably fewer than 10 believed to exist. Matte or satin finish, razor-sharp squared wire rims, fully defined crown pearls and maple leaf veins. Most known examples trace to major historical collections. | $10,000+ (estimated) | Norweb Collection, Stack’s Bowers Galleries |
| 1928 MS66+ Business Strike | Condition rarity. A circulation coin that survived mint bag handling without serious gouging at MS66+ is a near-statistical impossibility. At this level, it approaches Specimen values in desirability. | ~$3,500 CAD (~$2,585 USD realized, Heritage Auctions, Lot 3846) | Heritage Auctions |
| 1928 MS65 “Red” Toned Gem | Eye-appeal premium. Nickel typically tones gray or golden; russet / orange “red” toning signals pristine long-term storage in original mint canvas or high-quality archival albums, indicating minimal environmental exposure. | $360 USD realized (Heritage World Coin Auctions Showcase, NumisBids) | Heritage Auctions via NumisBids |
Crown pearl quality comparison on the 1928 Canadian nickel: weak strike (left) shows the norm — merged, blob-like pearls with no separation. Strong strike (right) shows distinct, round, separated pearls commanding a 20–50% premium above typical grade value. Examine under 5× magnification. (Illustration — not a photo of your exact coin)
B) Findable Quality Premiums
The following are not distinct die varieties but condition-based and quality-based characteristics that experienced dealers and registry collectors actively price at a premium over typical catalogue values:
| Characteristic | How to Identify | Typical Premium Impact |
|---|---|---|
| Strong Strike / Full Crown | The pearls on the King’s crown are distinct, round, separated spheres — not merged blobs. This is the primary focal point for quality assessment in the entire George V nickel series. | 20–50% above typical grade value (market-driven; not a Charlton variety) |
| Die Rotation (>15°) | Hold the obverse upright; turn the coin over. If the reverse is noticeably tilted from standard medal alignment (↑↑), a die rotation occurred during production. | ~$20–$50 above typical grade value for rotations exceeding 15° |
| “Near Rim” Field Effect | Fields appear slightly concave, curving upward to meet the rim — a result of die polishing and deterioration. Visually similar to the documented 1922 Near/Far Rim die variety but not the same catalogued item. | Minimal; primarily of interest to advanced George V specialists |
1928 Canadian Nickel Identification Guide
Use this 30-second checklist to confirm what you have and determine which value category applies to your coin.
Business Strike (left) versus Specimen (right) for the 1928 Canadian nickel. Key visual differences: cartwheel luster vs. matte / satin fields; rounded rim vs. sharp squared wire rim; soft typical crown vs. fully struck distinct devices. These represent completely different manufacturing events. (Illustration — not a photo of your exact coin)
30-Second Identification Checklist
Monarch Check (Obverse): The obverse must show the crowned effigy of King George V facing left, designed by Sir E.B. Mackennal. The legend reads GEORGIVS V REX ET IND:IMP: (George V, King and Emperor of India). If the portrait is uncrowned or shows a different monarch, you do not have the correct issue.
Reverse Check: The center displays a large, stylized numeral “5” flanked by two maple leaves, one on each side. The date 1928 appears at the bottom. This is distinctly not the Beaver reverse introduced in 1937 — if you see a beaver on a rock, you have a different year entirely.
Date Confirmation: Verify 1928 at the base of the reverse beneath the two maple leaves.
Edge Check: The edge is plain (smooth). A reeded (grooved) edge would indicate a different denomination.
Magnet Test — Composition Verification: Apply a standard magnet to the coin. It must stick strongly and firmly. The 1928 Canadian 5-cent is 100% pure nickel, which is ferromagnetic. A coin that fails to stick should be treated as suspect immediately — it may be a counterfeit in a non-magnetic alloy. (Note: US 5-cent pieces — 75% copper, 25% nickel — are not strongly magnetic, unlike the Canadian pure nickel pieces of this era.)
Mint Mark Check: There are no mint marks on 1928 Canadian 5-cent circulation coins. This is standard for Canadian circulation coinage of this era. No documented “W” or other facility marks exist for this issue.
Finish Identification — The Critical Step:
- Business Strike: Standard cartwheel luster when tilted under a single light source. Fields will likely show bag marks (small gouges, chatter marks). The high points — the King’s cheekbone and crown pearls — may look slightly soft or flat due to the inherent striking challenges of pure nickel planchets.
- Specimen: Uniform matte or satin surface texture — no cartwheel luster, no mirror-like fields. Strike is exceptionally deep: every crown pearl is a distinct, round sphere and the veins of the maple leaves are sharply articulated. The rim is squared off with a “wire rim” appearance, not rounded like a business strike. If you believe you have a Specimen, consult ICCS, PCGS, or a specialist Canadian numismatist immediately — fewer than 10 are believed to exist.
Strike Quality Check: Under 5× magnification, examine the pearls in the King’s crown. Distinct, round, separated pearls = strong strike (20–50% quality premium above grade).Merged, blobby masses = typical weak strike (standard grade value). The Saskatoon Coin Club’s George V photo grading guide and their specific George V 5-cent grading page provide detailed photographic benchmarks for this series.
⚠️ Never Clean Your 1928 Canadian Nickel
Nickel responds very poorly to chemical dipping or mechanical polishing. Treated coins turn a flat, lifeless “battleship gray” or develop an unnatural blue-white shine that is immediately apparent to any experienced grader. Cleaning permanently destroys original luster and produces hairlines visible under magnification. Any grading service — ICCS, PCGS, or NGC — will assign a “Details — Cleaned” designation, eliminating all numismatic premium regardless of the underlying coin quality. A cleaned coin immediately loses 50–70% of its collector value.
⚠️ PVC Damage Risk (Older Storage)
1928 nickels found in old soft vinyl coin flips or early plastic albums may have been exposed to PVC plasticizer over decades of storage. Signs include a sticky green or yellowish film on the coin’s surface. Do not attempt to wipe or clean it yourself — professional conservation using pure acetone is required. Untreated PVC contamination will continue to chemically etch the nickel surface and reduces the coin to face or melt value.
The definitive field test: a 1928 Canadian nickel must stick firmly to a standard magnet. Pure nickel (100%) is ferromagnetic. A coin that does not adhere immediately warrants authentication scrutiny.
1928 Canadian Nickel Value FAQs
What is a 1928 Canadian nickel worth?
In circulated grades (G4–AU50), a 1928 Canadian nickel is worth approximately $0.50–$35.00 CAD. The real value surge begins in Mint State: a Choice Uncirculated MS63 reaches $160.00, a Gem MS65 commands $500.00, and an MS66 has exceeded $1,200. The extraordinarily rare Specimen strikes begin at $2,500+ even at SP63. All values are in CAD as of February 2026.
Is the 1928 Canadian nickel rare?
As a circulated coin, the 1928 nickel is not rare — 4,588,725 were minted and many survived due to pure nickel’s durability. It is, however, a significant condition rarity: true Gem Uncirculated examples (MS65+) are rare because the hardness of pure nickel planchets made full strikes difficult and caused severe bag marking. Specimen strikes are absolutely rare — the Norweb Collection catalog estimates probably fewer than 10 are known to exist.
Is the 1928 Canadian nickel silver?
No. The 1928 Canadian 5-cent is 100% pure nickel (99.9% Ni). Canada replaced the small silver “fishscale” 5-cent coins with large pure nickel pieces starting in 1922. The 1928 coin carries a negligible melt value of approximately $0.08–$0.12 CAD. It will stick firmly to a magnet; silver coins do not.
How do I tell a weak strike from a worn coin?
This is the most critical and common grading challenge for the George V nickel series. Examine the flat or soft areas under a jeweler’s loupe: if the dull area retains the same surface texture and reflectivity as the surrounding field, it is a weak strike and the coin remains Mint State. If the flat spot is noticeably duller and grayer than the adjacent fields — with no surface sheen — it is genuine wear (AU50 or lower). The crown pearls on the King’s effigy are the primary diagnostic point. The Saskatoon Coin Club’s George V photo grading guide provides detailed photographic examples of this distinction.
What is the difference between a Business Strike and a Specimen?
A Business Strike was produced for general circulation using standard dies and planchets, and displays cartwheel luster. A Specimen from the 1920s era was a purpose-made, non-public striking produced for archival, museum, or VIP presentation use. Specimens feature matte or satin fields (no cartwheel luster), razor-sharp squared “wire” rims, and fully detailed devices that business strikes of this era rarely achieved due to the hardness of pure nickel planchets. The difference in surface texture and rim profile is immediately apparent to a trained eye. 1928 Specimens are believed to number fewer than 10 worldwide.
Should I clean my 1928 Canadian nickel?
Never clean it under any circumstances. Nickel responds very poorly to dipping or mechanical polishing, turning a flat “battleship gray” or an unnatural blue-white. Cleaning permanently destroys the original luster, produces hairlines visible under any magnification, and results in a “Details — Cleaned” designation from ICCS, PCGS, or NGC. A cleaned coin loses 50–70% of its collector value immediately and cannot be restored to original status.
Should I get my 1928 Canadian nickel graded by ICCS, PCGS, or NGC?
Grading becomes economically worthwhile once a coin’s estimated value significantly exceeds the cost of submission (~$35–$50+ per coin at ICCS; higher at PCGS and NGC). For a typical circulated 1928 nickel worth $0.50–$15.00, grading is not economical. However, for any coin appearing to be MS63 or better — particularly if the crown pearls look sharp and the fields are relatively clean — professional grading can unlock substantial value and make the coin competitive in the registry market. In Canada, ICCS is the native market standard; PCGS and NGC are preferred for international auction venues and competitive registry sets. Check PCGS population data for Canadian coins to understand how few high-grade 1928 nickels have been certified.
What are “bag marks” and why do they matter so much for the 1928 nickel?
Bag marks are gouges and dings caused by freshly minted coins colliding with each other in the heavy canvas bags used to ship coinage from the mint. Because 1928 nickels are made of very hard pure nickel, the collisions produced deep gouges rather than soft dents. The Two Maple Leaves reverse design features large, open, unprotected fields that essentially acted as a canvas for these marks. This is the core reason why the price separation between MS62 and MS65 is so extreme — a coin with genuinely clean, largely mark-free fields is not just a better coin, it is a documented rarity.
Methodology & Sources
Values in this guide reflect CAD market prices as of February 2026, synthesized from the following primary sources:
- Charlton Standard Catalogue of Canadian Coins — Mintage figures, variety baselines, and structural formatting
- NGC World Coin Price Guide — Canada 5 Cents KM 29 — Baseline comparative pricing by grade
- PCGS ValueView — 1928 Canadian 5¢ — High-grade rarity data and auction records
- PCGS Population Report — Canadian Coins — Census data on graded survivors
- Calgary Coin — Canadian 5-Cent Reference — ICCS-graded dealer pricing and variety notes
- The Norweb Collection Catalog — Stack’s Bowers Galleries — Specimen rarity data and provenance
- Heritage World Coin Auctions Showcase (NumisBids) — Realized auction prices for trophy-level examples
- Saskatoon Coin Club — George V Coin Photo Grading Guide — Grade-point standards and strike-vs-wear diagnostics
- Saskatoon Coin Club — George V 5-Cent Specific Grading — Crown pearl and strike quality benchmarks
- Royal Canadian Mint — 5-Cent Reference — Official composition and specification data
- International Coin Certification Service (ICCS) — Canadian grading standards and market context
Prices represent typical realized and asking values and may vary by venue, individual coin eye appeal, and market timing. This guide covers standard (non-error) Business Strikes and Specimen coins only. Error coins are outside scope. Heritage Auctions MS66+ realized price converted from USD to CAD at approximate contemporaneous rate as documented in source material.
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.