1929 Canadian 5-Cent (Nickel) Value Guide
Find out what your 1929 Canadian nickel is worth. Prices from $0.70 (G-4) to $5,600 CAD (MS-66) and $4,760+ CAD for Specimen coins. Near S vs Far S variety guide and weak-strike diagnostic included.
Most circulated 1929 Canadian nickels are worth $0.70–$37.50 CAD. Gem Mint State examples reach $1,660 CAD (MS-65), and Specimen coins command $3,080–$4,760+ CAD.
- Found in a collection, heavily worn (G-4–VG-8):$0.70–$1.30
- Collector threshold (VF-20):$4.20
- About Uncirculated (AU-50):$37.50
- Choice Uncirculated (MS-63):$205
- Gem Uncirculated (MS-65):$1,660
- Superb Gem (MS-66):$5,600
- Specimen (SP-65):$3,080
- Specimen (SP-66):$4,760
Is it silver? No — the 1929 Canadian nickel is 99.9% pure nickel and strongly magnetic. It contains no precious metal. Does the surface look matte or satin rather than bright and flowing? It may be a Specimen (SP) struck for collectors — see the Identification Guide to distinguish SP from Business Strike. Looks uncirculated but details seem flat? Weak strikes are common on this issue — luster on the high points, not dullness, is the uncirculated test. All values in CAD as of early 2026. See full value chart →
The 1929 Canadian 5-cent nickel is the apex production year of the George V nickel series (1922–1936), with 5,562,262 pieces struck — the highest mintage of any year in the 1920s. Released into an economy on the cusp of the Great Depression, the overwhelming majority of these coins entered heavy circulation and were worn down to filler grades. High-grade survivors are genuine condition rarities, with Gem examples representing a tiny fraction of the original mintage. Two documented die varieties — Near S and Far S, differentiated by reverse field curvature — provide specialist depth for variety collectors. For the full denomination history and value context across all years, visit our Canadian Nickel Value Guide.
Note: Errors such as off-center strikes may exist for this year but are outside the scope of this standard value guide.
1929 Canadian 5-cent nickel — obverse (King George V with Imperial State Crown, legend GEORGIVS V DEI GRA: REX ET IND: IMP:, portrait by Sir E.B. MacKennal) and reverse (large "5" flanked by two maple leaves with CANADA above and CENTS below, designed by W.H.J. Blakemore). Catalog: KM#29 / Schön#28.
1929 Canadian Nickel Composition & Specifications
The 1929 Canadian 5-cent piece is struck from 99.9% pure nickel, making it one of the earliest mass-produced pure nickel circulation coins. Unlike the small silver "fish scale" 5-cent pieces it replaced in 1922, this coin contains no precious metal. Its intrinsic metal value is negligible compared to its numismatic value at any grade.
Magnet Test — Primary Authentication Step
The magnet test is the first diagnostic for any 1929 Canadian 5-cent piece. Pure nickel is strongly magnetic — a standard refrigerator magnet will cling firmly to a genuine 1929 nickel. A coin claiming to be a 1929 nickel that fails the magnet test should be examined carefully; silver 10-cent and 25-cent pieces of the same era are non-magnetic and must not be confused with the 5-cent denomination.
Magnet test: a genuine 1929 Canadian nickel (99.9% pure nickel) clings firmly to a standard magnet, confirming its composition and authenticity. A coin that fails this test is not a genuine 1929 5-cent piece.
The Hardness Problem — Why Weak Strikes Are Common
Pure nickel is significantly harder than the silver-copper alloys used in other denominations. This hardness made it difficult to fully fill the coin dies during striking. RCM engineers often reduced striking pressure to extend die life, resulting in coins that left the mint with indistinct high-point details — particularly the King's crown and the hair above the ear — despite being fully uncirculated. Distinguishing a weak strike from actual wear is the most critical grading skill for this series and is covered in detail in the Identification Guide.
Carbon Spots — A Key Preservation Risk
⚠️ Carbon Spots Reduce Value
Pure nickel is prone to developing black carbon spots over decades of storage if exposed to environmental contaminants. Finding a spot-free 1929 nickel is a significant challenge for collectors. Coins with noticeable spots are downgraded by ICCS, PCGS, and NGC and are considered problem coins by advanced registry collectors. Always inspect with a loupe under good lighting before purchasing any Mint State or Specimen example.
Melt value for this coin is not calculated in this guide; the nickel commodity value of a 4.54 g pure nickel coin is negligible relative to even its circulated numismatic value.
1929 Canadian Nickel Value Chart by Grade & Finish
Values below are synthesized from the Coins and Canada 5-cent 1922–1936 price guide and recent auction realizations as of early 2026. All values are in Canadian Dollars (CAD). The 1929 nickel is documented in two finishes: Business Strike (struck for general circulation) and Specimen (struck for collectors with a distinct matte or satin finish). There is no documented Proof-Like (PL) finish for this date.
1929 Canadian Nickel — Business Strike, Circulated (G-4 to AU-50)
| Grade | Value (CAD) | Notes |
|---|---|---|
| G-4 | $0.70 | King's head is a silhouette; rim lettering merges with edge. Little collector premium. |
| VG-8 | $1.30 | Major features distinct but heavily worn; 75% of crown detail gone. |
| F-12 | $1.30 | Moderate wear; crown bands flat with no visible jewels. Still a "filler" coin. |
| VF-20 | $4.20 | Collector threshold. 50% of crown jewels/pearls must be visible. Ear shows wear. |
| EF-40 | $13.80 | Slight wear on high points only. Crown bands distinct; hair separation visible. Scarce. |
| AU-50 | $37.50 | Trace friction; 50%+ original mint luster present. Strong value proposition for this grade. |
💡 Best Value Grade: AU-50 to AU-58
The price gap between AU-50 ($37.50) and MS-60 ($83) is significant. An attractive AU-58 coin often presents better eye appeal than a heavily bag-marked MS-60 and represents strong value for mid-level collectors who want a coin that looks uncirculated without paying the full Mint State premium.
1929 Canadian Nickel — Business Strike, Mint State (MS-60 to MS-66)
| Grade | Value (CAD) | Notes |
|---|---|---|
| MS-60 | $83 | Entry-level uncirculated. Full luster but heavy bag marks and possible carbon spots allowed. |
| MS-62 | $112 | Better luster; marks present but less distracting. Carbon spots remain a concern. |
| MS-63 | $205 | Choice Mint State. Popular intermediate collector grade; clean fields and average marks. |
| MS-64 | $357 | Near-Gem. Significant step up from MS-63; sharp strike increasingly important. |
| MS-65 (Gem) | $1,660 | Condition rarity threshold. Price quadruples from MS-64. Most survivors have too many bag marks to reach this grade. Spot-free surfaces essential. |
| MS-66 (Superb Gem) | $5,600 | Exceedingly rare. Population likely in single digits or low double digits. Razor-sharp strike required. |
Auction context: a PCGS MS-65 Near S example realized $1,650 USD (~$2,200 CAD) at a Heritage Auctions sale catalogued on NumisBids, consistent with the MS-65 valuation above. See also the NGC KM#29 World Coin Price Guide for additional market context across the 1922–1936 series.
⚠️ Never Clean Your Coins
Cleaning strips original luster and leaves hairlines visible under magnification. A cleaned 1929 nickel is graded "Details" (damaged) and loses all numismatic premium regardless of underlying detail. "Whizzed" (mechanically polished) coins can mimic Mint State luster on pure nickel to the untrained eye — third-party grading by ICCS, PCGS, or NGC is the only reliable protection for high-value examples.
Grade comparison — 1929 Canadian nickel. LEFT: VF-20 circulated example (approx. $4.20 CAD) showing a worn, smooth crown band and flattened hair details. RIGHT: MS-65 Gem example ($1,660 CAD) with full cartwheel luster and sharp, distinct crown jewels. The dramatic price cliff between grades reflects genuine condition rarity in this series. (Illustration — not a photo of your exact coin.)
1929 Canadian Nickel — Specimen (SP) Finish
Specimen coins were struck at the Royal Canadian Mint with specially prepared dies and careful planchet handling for sale to collectors. They display a distinctive matte or satin field finish with squared, sharply defined rims — visually distinct from the cartwheel luster of a Business Strike. See the Identification Guide for finish differentiation. Auction archives at GreatCollections (1929 5 Cents SP) and GreatCollections (1929 5 Cents Near S) provide additional realized-price context.
| Grade | Value (CAD) | Notes |
|---|---|---|
| SP-63 | $980 | Choice Specimen; may show light handling marks or weak contrast. |
| SP-64 | $2,450 | Near-Gem Specimen. Significant value jump; very scarce. |
| SP-65 | $3,080 | Gem Specimen. Extremely rare; museum-quality surfaces expected. |
| SP-66 | $4,760 | Superb Gem Specimen. Top-tier rarity for this date. |
| SP-67 | $6,000–$8,000+ CAD (projected) | No fixed list price. Auction records suggest this range; actual realization depends on toning and eye appeal. Top-population coin. |
Values in CAD represent typical market prices as of early 2026. For the complete denomination price guide, see our Canadian Nickel Value Guide.
Finish comparison — 1929 Canadian nickel. LEFT: Business Strike showing flowing cartwheel luster across the fields with visible contact marks from bulk handling. RIGHT: Specimen (SP) showing matte/satin fields and distinctly squared rims characteristic of Royal Canadian Mint collector-set production. (Illustration — not a photo of your exact coin.)
Most Valuable 1929 Canadian Nickel Varieties
The 1929 Canadian 5-cent nickel has two documented non-error die varieties, arising from differences in die preparation affecting the reverse field geometry and the apparent positioning of the letter 'S' in "CENTS." These are identified in the Saskatoon Coin Club Canadian 5-cent variety reference and detailed research published by Calgary Coin. A frequently misattributed "High 9" misconception is also addressed below.
ℹ️ Naming Convention Alert
There is significant confusion in the numismatic community over the terms "Near S," "Far S," "Near Rim," and "Far Rim" for this issue — these terms are sometimes used interchangeably, leading to misattribution. The most reliable diagnostic is field geometry (concave vs flat), not letter position, which can be an optical illusion caused by strike pressure.
A. Trophy-Level Variety — Near S / Concave Fields (Far Rim)
On this variety, the reverse fields curve gently upward toward the rim — a "dishing" effect creating concave fields. The letter 'S' in "CENTS" appears positioned closer to the rim denticles. In Gem Mint State (MS-65+), Near S examples have occasionally realized higher auction prices, driven by registry set collectors seeking to fill specific variety slots. A PCGS MS-65 Near S example realized $1,650 USD (~$2,200 CAD) at a Heritage Auctions sale (catalogued on NumisBids).
B. Findable Variety — Far S / Flat Fields (Near Rim)
On this variety, the reverse fields remain strictly planar, meeting the rim at a near-90-degree angle. This creates sharper edge definition, and the 'S' in "CENTS" appears further from the rim. Calgary Coin research notes that the Flat Field variety often presents superior aesthetic appeal in high grades due to its crisper geometry, making it attractive for registry purposes. In circulated grades (G-4 to AU-50), there is negligible market price difference between the two varieties.
How to Identify the Varieties — The Field Curvature Diagnostic
Unlike bead-count or numeral-tilt varieties, the Near S vs Far S distinction is best confirmed by examining reverse field geometry rather than simply measuring letter distance from the rim.
1929 Canadian nickel reverse — Near S / Concave Fields (left) showing the field gently dishing upward to meet the rim, with 'S' in CENTS appearing close to the rim. Far S / Flat Fields (right) showing a crisp, perfectly planar field meeting the rim at a sharp angle. Field curvature — not letter distance — is the definitive diagnostic. (Illustration — not a photo of your exact coin.)
How to check: Hold the coin at a low angle under a raking light source and examine the reverse near the rim. Concave (Near S) fields will show a subtle inward curve flowing toward the rim. Flat (Far S) fields will appear uniformly level from center to edge, terminating at a sharp right-angle edge. Both varieties are readily available in circulated grades. In MS-65 and above, variety attribution by ICCS or PCGS adds collectibility for registry purposes.
Charlton Standard Catalogue reference numbers for these varieties were not provided in the source documentation consulted for this guide. For authoritative variety attribution and current Charlton numbers, consult the current edition of the Charlton Standard Catalogue of Canadian Coins.
C. The "High 9" Misconception
⚠️ "High 9" Does NOT Apply to the 1929 Nickel
The "High 9" is a recognized and valuable variety of the 1929 Canadian 1-cent penny, not the 5-cent nickel. Novice sellers frequently misattribute this label to the nickel because both coins share the same year and monarch. There is no recognized "High 9" variety for the 1929 nickel in the Charlton Standard Catalogue or ICCS population reports. Any 1929 nickel listed as a "High 9" is either a misattribution of the penny variety or a standard die deterioration anomaly — do not pay a variety premium for such a listing without consulting a specialist.
1929 Canadian Nickel Identification Guide
Use this 30-second checklist to confirm exactly what you have before assessing value.
30-Second Identification Checklist
- Monarch check: The obverse shows King George V facing left, wearing the Imperial State Crown. The legend reads GEORGIVS V DEI GRA: REX ET IND: IMP: The portrait was designed by Sir E.B. MacKennal and appears on Canadian coins of the 1911–1936 era.
- Reverse check: The reverse features a large central numeral "5" flanked by two maple leaves. "CANADA" appears above the numeral; "CENTS" and the date appear below. Designer: W.H.J. Blakemore.
- Date check: Confirm "1929" is present on the reverse below "CENTS."
- Edge check: The edge is plain (smooth). If your coin has a reeded edge, it is not a 1929 5-cent nickel.
- Magnet test — composition verification: Apply a magnet to the coin. A genuine 1929 Canadian nickel is strongly magnetic due to its 99.9% pure nickel composition. A coin that does not firmly attract a magnet is not a 1929 5-cent nickel and requires further examination — do not confuse with a silver 10-cent or 25-cent piece of the same era, which are non-magnetic.
- Mint marks: No documented mint marks on this issue. All 1929 Canadian nickels were struck at the Royal Canadian Mint's Ottawa facility. No "W" (Winnipeg) or other mark exists for this date. Do not be misled by die polish lines near the date or rim.
- Finish identification — critical step that drives value:
- Business Strike (MS): Exhibits flowing cartwheel luster — a rotating brightness that moves across the fields when the coin is tilted under light. May show contact marks (bag marks) from bulk storage and handling.
- Specimen (SP): Fields have a matte, satin, or subtly lined appearance rather than flowing cartwheel brightness. Rims appear squared and more sharply defined than a business strike. Specimen coins come from special Royal Canadian Mint collector sets, not circulation.
- Variety check (Near S vs Far S): After confirming authenticity, hold the coin at a low raking angle under a single light source and examine the reverse field near the rim. A gentle inward curve flowing to the rim indicates Near S (Concave Fields). A flat, uniformly planar field ending at a sharp right angle indicates Far S (Flat Fields). This distinction carries negligible market impact below MS-60.
Grading the Crown — The Pearl Standard
As documented in the Saskatoon Coin Club George V photo grading guide, the vertical band of the Imperial State Crown is the primary grading focus point for this issue. For a coin to reach VF-20 or higher, this band must show distinct separation of the jewels (pearls). A worn-smooth crown band places the coin at F-12 or lower, regardless of how bright or shiny the surface appears.
The Crown Grading Diagnostic — LEFT (F-12 or lower): the vertical band of King George V's Imperial State Crown is worn smooth with no visible jewel or pearl separation. RIGHT (VF-20 or higher): the same band shows distinct individual jewels clearly separated. This is the primary grading focus point for the 1929 Canadian nickel. (Illustration — not a photo of your exact coin.)
The Weak Strike vs Wear Diagnostic — The Most Critical Grading Skill
The single most important skill for valuing a 1929 nickel is distinguishing a weak strike (coin is uncirculated) from actual wear (coin is circulated). Both produce smooth, indistinct high points — but the financial implications are dramatically different.
| Condition | High-Point Surface (ear, crown band) | Field Surface | Grade Implication |
|---|---|---|---|
| Actual Wear (Friction) | Smooth and dull — gray, no luster | May retain some luster in recessed areas | Coin is circulated; grade based on degree of wear (G-4 to AU-50) |
| Weak Strike | Smooth but retains the same frost or sheen as the fields | Full luster consistent across all surfaces | Coin is uncirculated (MS-60+) despite lacking fine detail |
How to check: Under a strong light source, tilt the coin to observe the high points — the King's ear, crown band, and hair above the ear. If those areas are dull and gray compared to the surrounding fields, you are seeing genuine wear. If those areas share the exact same luster quality as the surrounding fields, the indistinct detail is the result of a weak strike and the coin may still grade Mint State.
Weak Strike vs Actual Wear — 1929 Canadian nickel. LEFT (Weak Strike — MS-60+): the King's ear and crown band are flat but retain consistent luster matching the surrounding fields. RIGHT (Circulated — worn): the ear and crown band are flat AND dull, lacking luster entirely. This luster-on-high-points test determines whether a coin grades AU-50 or MS-60+, with a price difference of over $45 CAD at the boundary. (Illustration — not a photo of your exact coin.)
1929 Canadian Nickel Value FAQs
What is a 1929 Canadian nickel worth in circulated condition?
Circulated 1929 Canadian nickels range from $0.70 CAD (G-4, heavily worn) to $37.50 CAD (AU-50, about uncirculated with significant luster remaining). VF-20 is the entry-level collector grade at $4.20 CAD. The vast majority of examples found in collections today grade G-4 to F-12 and are worth under $1.50 CAD. The coin holds no silver or precious metal value — numismatic condition is the sole driver of worth in circulated grades.
Is the 1929 Canadian nickel rare?
In circulated grades, no — 5,562,262 pieces were struck, and lower-grade examples remain abundant. However, in Gem Mint State (MS-65 and above), the 1929 nickel is a genuine condition rarity. Estimated population of certified MS-65 examples across all varieties is likely fewer than 50, and MS-66 examples are likely in the single digits or low double digits, per PCGS census estimates. The survival rate of Gem examples is estimated at less than 0.001% of the original mintage, driven by the coin's heavy circulation history during the Great Depression.
Is my 1929 Canadian nickel made of silver?
No. The 1929 Canadian 5-cent piece is 99.9% pure nickel and contains no silver or other precious metal. The definitive test is a magnet: a genuine 1929 nickel is strongly magnetic. If you are thinking of the silver "fish scale" 5-cent coins, those were replaced by nickel in 1922 — seven years before this coin was struck. The Royal Canadian Mint's 5-cent coin history confirms this transition.
What is the Near S vs Far S variety, and does it affect value?
The Near S and Far S varieties refer to differences in reverse field geometry — specifically whether the fields curve (concave/Near S) or remain flat (Far S/Flat Fields) as they meet the rim. The 'S' in "CENTS" appears to sit at different distances from the rim on each, but field curvature is the more reliable diagnostic than letter distance alone, as the latter can be affected by strike pressure. In circulated grades (G-4 to AU-50), there is negligible price difference between the two. In Gem Mint State (MS-65+), Near S examples have occasionally commanded higher auction premiums among registry set collectors — a PCGS MS-65 Near S example realized approximately $2,200 CAD at auction.
How do I tell genuine wear from a weak strike on a 1929 nickel?
This is the single most important grading skill for this series. Look at the high points — the King's ear, crown band, and hair above the ear. If those areas are smooth and dull (gray, lacking luster), you are seeing genuine wear and the coin is circulated. If those areas are smooth but retain the same frost or sheen as the surrounding fields, the indistinct detail results from a weak strike and the coin is technically uncirculated (MS-60+). The price difference between AU-50 ($37.50) and MS-63 ($205) makes this distinction financially significant.
What is a Specimen (SP) coin, and how do I identify one?
Specimen coins were struck at the Royal Canadian Mint with specially prepared dies and careful planchet selection, then sold to collectors in sets. They feature distinctive matte or satin fields and sharply squared rims — visually different from the bright cartwheel luster of a Business Strike. If your coin's fields look textured or non-reflective rather than flowing-bright, it may be a Specimen. A 1929 SP-63 is valued at $980 CAD and an SP-66 at $4,760 CAD — dramatically higher than business strikes of equivalent nominal grade. Third-party grading by ICCS, PCGS, or NGC is recommended to confirm Specimen status for any coin at this value level.
Should I get my 1929 Canadian nickel certified by ICCS, PCGS, or NGC?
For any example that appears to grade MS-63 or above (roughly $205+ CAD in value), or any example that may be a Specimen, third-party grading is strongly recommended. Pure nickel is susceptible to "whizzing" (mechanical polishing) that can mimic Mint State luster, making authentication difficult without professional tools. ICCS is the Canadian standard and widely recognized authority for Canadian coins; PCGS and NGC are US-based services with international acceptance. For coins grading G-4 through VF-20 (under $15 CAD), certification costs are unlikely to be economical relative to the coin's value.
What is the "High 9" variety — and does it apply to the 1929 nickel?
No. The "High 9" is a documented and genuinely valuable variety of the 1929 Canadian 1-cent penny, not the 5-cent nickel. Both coins share the year and monarch, leading novice sellers to misattribute the penny variety to the nickel. There is no recognized "High 9" variety for the 1929 nickel in the Charlton Standard Catalogue or ICCS population reports. Any 1929 nickel sold as a "High 9" is a misattribution or a standard die deterioration anomaly. Do not pay a variety premium for such a label without specialist verification.
Methodology & Sources
Values in this guide are synthesized from the following primary sources as of early 2026. All prices are in Canadian Dollars (CAD).
- Coins and Canada — 5 Cents 1922–1936 Price Guide (primary value reference)
- NGC World Coin Price Guide — Canada 5 Cents KM#29 (1922–1936)
- GreatCollections Auction Archive — 1929 5 Cents Near S, KM#29
- GreatCollections Auction Archive — 1929 5 Cents Specimen (SP), KM#29
- NumisBids — Heritage World Coin Auctions Monthly Auction 271934 (August 2019)
- Saskatoon Coin Club — Canadian 5-Cent Major Varieties Reference
- Saskatoon Coin Club — George V Nickel Photo Grading Guide
- Calgary Coin — Canadian Five Cent Nickel (George V varieties and field diagnostics)
- Numista — Canada 5 Cents KM#29 (technical specifications)
- Royal Canadian Mint — 5-Cent Coin History
Values represent typical market prices based on published price guides and available auction realizations. Individual coins may realize more or less depending on eye appeal, carbon spots, strike quality, toning, and variety attribution. Market values are dynamic — verify current prices with a specialist or current price guide before buying or selling. Charlton Standard Catalogue data was referenced for variety context; consult the current edition for authoritative attribution numbers. This guide covers standard (non-error) varieties only.
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.