1932 Canadian 5-Cent (Nickel) Value Guide
What is your 1932 Canadian nickel worth? Full CAD price guide by grade and variety — common Near 2 vs. rare Far 2 — plus Specimen values, identification tips, and auction records.
The value of a 1932 Canadian nickel hinges almost entirely on one diagnostic: is the numeral '2' in the date positioned high (Near 2 — common) or low (Far 2 — rare)? A circulated Near 2 is worth $3–$25 CAD; the rare Far 2 commands $270–$750 CAD even when worn. In Gem Mint State, top Near 2 examples reach $1,300+ CAD.
- Circulated Near 2 (VG–EF):$3–$25 CAD
- Uncirculated Near 2 (MS-63):$250–$400 CAD
- Gem Near 2 (MS-65):$1,300+ CAD
- Circulated Far 2 (VG–EF):$270–$1,000+ CAD
- Uncirculated Far 2 (MS-60+):$2,500+ CAD (auction-dependent)
- Specimen (SP-68):$2,000+ USD opening bid — fewer than 5 known across PCGS and NGC
All values in CAD unless otherwise noted. Is it silver? No — the 1932 nickel is 100% pure nickel. A magnet should attract it firmly; a coin that does not stick to a magnet warrants scrutiny. Shiny or mirror-like? The only collector finish documented for this date is the virtually unique Specimen; a regular example is a Business Strike. See full value chart →
The 1932 Canadian five-cent coin is one of the most compelling study pieces in the George V nickel series (1922–1936). Struck during the depths of the Great Depression at the Royal Canadian Mint in Ottawa, its 3,198,566-piece mintage was rapidly consumed by commerce, creating extreme condition rarity in uncirculated grades. More significantly, this issue harbours two distinct die varieties — the common Near 2 and the rare Far 2 — that can transform an inexpensive pocket relic into a multi-hundred-dollar collectible based solely on the position of a single date digit.
For the complete denomination series context, see our Canadian Nickel Value Guide.
1932 Canadian Nickel Composition & Physical Specifications
The 1932 five-cent coin is struck from 99.9% pure nickel, a distinctively Canadian metallurgical signature. While the United States used a copper-nickel alloy for its five-cent pieces, Canada leveraged its dominance in global nickel production — particularly the Sudbury, Ontario deposits — to strike the coin from pure metal. This choice carries direct consequences for collectors:
- Strongly magnetic: A genuine 1932 nickel will attach firmly to a magnet. This is the first and quickest authentication tool. Counterfeits struck in lead or base metal alloys typically fail this test. A coin weighing anything significantly other than 4.54 grams also warrants close inspection.
- Hard planchet and weak strike: Pure nickel is significantly harder than silver or copper-nickel, requiring greater striking pressure. The dies often could not fully fill the deepest recesses of the design, producing the weak strike phenomenon characteristic of the George V nickel series. The band of pearls on King George V's crown arches is the canonical strike indicator: a fully struck coin shows eight or more distinct, rounded pearls; many 1932 nickels — even uncirculated examples — show only four to six flat or merged pearls. Collectors consistently pay a premium for "Full Strike" coins with complete pearl definition.
- Carbon spotting: Nickel is reactive in certain storage environments. Black carbon spots are a frequent detriment that significantly reduce eye appeal and grade. A clean, spot-free example commands a meaningful premium over a spotted one at the same technical grade.
- No precious metal: The 1932 nickel contains no silver, gold, or other precious metal. Its intrinsic metal value is negligible at any collectible grade level; all value is numismatic.
1932 Canadian Nickel Value Chart by Grade & Variety
The 1932 nickel's value is governed first by die variety (Near 2 vs. Far 2) and second by grade. The two populations behave as entirely separate markets — a Far 2 in well-worn VG-8 trades at multiples of what a Near 2 commands in choice uncirculated. All values in CAD as of February 2026.
1932 Canadian Nickel — Business Strike, Near 2 (Common Variety)
| Variety | VG-8 | F-12 | VF-20 | EF-40 | AU-50 | MS-60 | MS-63 | MS-65 | Notes |
|---|---|---|---|---|---|---|---|---|---|
| Near 2 (Standard) | $3 | $5 | $10 | $25 | $50 | $100 | $250–$400 | $1,300+ | MS-66 cited as "1 of 5 Known" (ICCS). Fewer than 20 combined certified examples in MS-65. |
Sources: Calgary Coin five-cent variety reference; MS-65 record from Canadian Coin News auction coverage.
ℹ️ The Strike-Quality Premium
For any MS-grade 1932 nickel, strike quality dramatically affects value independent of the technical grade. An MS-63 example with fully defined, rounded crown pearls can trade significantly above catalogue. Always examine the pearls on King George V's crown arches under magnification before purchasing or submitting an uncirculated example. See the Identification section for the full diagnostic.
1932 Canadian Nickel — Business Strike, Far 2 (Rare Variety)
| Variety | VG-8 | F-12 | VF-20 | EF-40 | AU-50 | MS-60 | MS-63 | MS-65 | Notes |
|---|---|---|---|---|---|---|---|---|---|
| Far 2 (Rare) | $270–$400 | $400–$500 | $500–$750 | $1,000+ | $1,500+ | $2,500+ | Market price | — | MS grades auction-dependent. Fewer than 5 MS examples estimated (PCGS/ICCS combined). MS-65: museum quality. |
Sources: Calgary Coin; TCNC Prominence Sale XI — Far 2 in ICCS VF-20 with estimate of "$400 and Up" (Prominence Sale XI catalogue); population data: PCGS Set Registry — Near S Far 2.
⚠️ Third-Party Certification Is Non-Negotiable for the Far 2
The premium between Near 2 and Far 2 can exceed 100× in equivalent grades. For any suspected Far 2 in any condition, certification by ICCS (Canada's primary grading service), PCGS, or NGC is essential before purchase or resale. An ICCS-slabbed "Far 2" attribution is considered a blue-chip asset in the Canadian market. Do not buy a raw (unslabbed) Far 2 at a significant premium unless you are an expert authenticator.
1932 Canadian Nickel — Specimen (SP)
| Finish | Grade | Auction Record / Reference | Known Examples | Notes |
|---|---|---|---|---|
| Specimen (SP) | SP-68 | $2,000+ USD (opening bid) | Fewer than 5 (PCGS + NGC combined) | Razor-sharp strike, full crown pearls, squared wire rims, satin finish. See Platinum Night World Coins catalogue. |
The 1932 Specimen is essentially unique — struck for presentation or archival purposes at the Royal Canadian Mint, it represents the absolute pinnacle of this issue. The satin finish and squared rims distinguish it from even the finest Business Strike at a glance. The Platinum Night opening bid of $2,000 USD represents a floor, not a ceiling; actual realized price was likely substantially higher. The source document does not provide a CAD equivalent; no conversion is applied here.
For the complete denomination price guide across all years, see our Canadian Nickel Value Guide.
Most Valuable 1932 Canadian Nickel Varieties
The 1932 nickel presents two axes of variety: the date position (Near 2 / Far 2) and the reverse field geometry (Near S / Far S). The date variety is the primary value driver; the rim variety is secondary but critical for complete attribution of the rarest combination.
The Far 2 Variety — Trophy-Level Rarity
The Far 2 is the defining rarity of this date and ranks among the most sought-after varieties in the entire George V nickel series. Its origin lies in the misaligned or differently punched '2' digit in a subset of working dies, causing the numeral to sit distinctly lower in the field compared to the rest of the date.
- Why it commands such premiums: The Far 2 represents only a small fraction of the 3,198,566-piece mintage. In any Mint State grade, fewer than five certified examples are estimated across PCGS and ICCS combined. Even in heavily worn VG-8 condition, the Far 2 commands $270–$400 CAD — a 90-fold premium over a Near 2 at the same grade.
- The rarest combination — Near S / Far 2: The specific pairing of concave fields (Near S) with the low date punch (Far 2) is cited as the rarest documented combination. The PCGS Set Registry attributes this as a distinct variety, with population data recording zero higher-graded examples above MS-62 — underlining its extreme condition rarity.
- TCNC Prominence Sale XI (November 2024): A Far 2 in ICCS VF-20 carried an opening bid of $200 with a dealer estimate of "$400 and Up," confirming a strong floor price for this variety at mid-grade. See the Prominence Sale XI catalogue.
The Near 2 Variety — Common, But Conditionally Rare in Gem
The Near 2 accounts for the vast majority of the mintage. In circulated grades it is a semi-key date collectible; its true rarity emerges only in the highest Mint State grades. The ICCS MS-66 is cited as "1 of 5 Known", making a Gem Near 2 one of the most significant condition rarities in the George V series despite being the "common" variety. An MS-65 example realized approximately $1,325 CAD per Canadian Coin News auction coverage.
The Rim Varieties: Near S vs. Far S
The secondary axis of variation concerns the reverse die's field geometry, diagnosed by the proximity of the letter 'S' in CENTS to the rim denticles:
- Far S (Flat Fields): The coin's fields meet the rim at a sharp, distinct right angle. Design elements, including the 'S', appear to extend closer to the rim. This is the common variant for the 1932 date.
- Near S (Concave Fields): The die surface was slightly domed, creating fields that curve up to meet the rim. The 'S' appears to stand further from the rim edge due to the curvature of the field, and the junction between the field and denticles is noticeably softer. When combined with the Far 2 date punch, this constitutes the rarest documented combination.
- Far 2 / Far S: This combination is described in the reference literature as uncertain and unverified; it is rarely cited in major price guides, and its market status remains unresolved.
ℹ️ The "Medium 2" Intermediate State
Research by Calgary Coin has identified a potential "Medium 2" intermediate die state, in which the top of the '2' touches (rather than cuts clearly above or sits well below) a line drawn across the maple leaf tips. The Charlton Standard Catalogue may have historically illustrated the Near 2 using an image that is actually this intermediate state. Most third-party grading services, including PCGS and ICCS, consolidate the Medium 2 into the Near 2 category. For practical collecting, the market binary remains Near 2 vs. Far 2, but specialists studying die progressions should note this intermediate state exists.
Rarity Matrix Summary
| Combination | Rarity Status | Circulated Market Value (CAD) |
|---|---|---|
| Near 2 / Near S | Common | $3–$25 |
| Near 2 / Far S | Common | $3–$25 |
| Far 2 / Near S | Very Rare | $300–$750+ |
| Far 2 / Far S | Uncertain / Unverified | Rarely cited in price guides |
Sources: Saskatoon Coin Club five-cent variety guide; Calgary Coin.
1932 Canadian Nickel Identification Guide
Use this 30-second checklist to confirm exactly what you have — and whether it warrants a closer examination for the Far 2 variety.
- Monarch Check: The obverse shows King George V facing left, wearing the Imperial State Crown and Robes of State. The encircling legend reads GEORGIVS V DEI GRA: REX ET IND:IMP: (George V, by the Grace of God, King and Emperor of India). The portrait is by Sir Bertram MacKennal. If the portrait faces right, or if the legend names Elizabeth II or Charles III, you have a different year or denomination.
- Reverse Check: The reverse, designed by W.H.J. Blakemore, shows the denomination FIVE / 5 / CENTS in the centre field flanked by two maple leaves. CANADA arcs across the top; the date 1932 appears at the bottom. Any deviation from this layout is a red flag.
- Date Check: Confirm the date reads 1932. The position of the final digit '2' is the critical check — proceed to Step 8 for the variety diagnostic.
- Edge Check: The edge is plain (smooth). No reeding or milling. A coin with a reeded edge is not a genuine 1932 five-cent piece.
- Magnet Test: Apply a magnet to the coin. A genuine 1932 nickel is 100% pure nickel and should attract firmly to the magnet. A coin that shows no magnetic response should be weighed (target: 4.54 grams) and examined closely for planchet substitution or counterfeiting.
- Mint Mark Check: There are no mint marks on the 1932 five-cent coin. All pieces were struck at the Royal Canadian Mint in Ottawa. Do not expect any letter marks — their absence is correct and expected for this date.
- Finish Identification:
- Business Strike: Standard cartwheel luster that radiates from the centre outward in characteristic circular arcs under rotating light. Some contact marks are expected and acceptable.
- Specimen (SP): Razor-sharp strike with fully defined crown pearls, distinctly squared wire-like rims, and a satin finish that looks fundamentally different from Business Strike cartwheel luster. Fewer than 5 are known across PCGS and NGC. If you believe you have one, seek professional evaluation immediately — do not clean or dip the surfaces.
- The Far 2 Diagnostic — The Critical Step:
- Step 1 — Magnification is mandatory: Use a 10× or 20× loupe. This distinction is not reliably visible to the naked eye.
- Step 2 — The Horizontal Line Test: Orient the coin so the date is perfectly horizontal. Draw an imaginary straight line touching the top of the '1' and extending right. On a Near 2, the top of the '2' aligns with or nearly matches the '1'. On a Far 2, the top of the '2' sits distinctly below this line — the numeral appears shorter and dropped relative to the rest of the date.
- Step 3 — The Gap Test: Examine the vertical space between the top of the '2' and the bottom tip of the right-hand maple leaf directly above it. On a Near 2, this gap is minimal — the digit intrudes into the zone below the leaf. On a Far 2, the gap is airy and distinct — the '2' sits well clear of the leaf tip, with open space between them.
⚠️ Authentication Warnings
Altered dates: Be alert to 1930 or 1938 nickels whose digits have been retooled to simulate a '2'. Examine the date under magnification for tooling marks, displaced metal, or unnatural smoothing around the numerals. The correct weight (4.54 grams) and strong magnetic response are your baseline checks.
Modern counterfeits: Counterfeits of Canadian key dates exist, often exhibiting mushy or softly defined lettering and incorrect weights. A genuine 1932 nickel must weigh 4.54 grams and be strongly magnetic.
Never clean your coin: Cleaning removes original luster and leaves hairlines visible under magnification. A cleaned coin receives a "Details" grade (damaged) and loses all numismatic premium regardless of its underlying sharpness or variety status.
Assessing Strike Quality: The Crown Pearl Test
Even on genuinely uncirculated 1932 nickels, the hard planchet often prevented full metal flow into the die's deepest recesses. To assess strike quality on any MS-grade example:
- Examine the band of pearls (small rounded beads) on the arches of King George V's crown at 10×–20× magnification.
- A full-strike example shows eight or more distinct, rounded, clearly separated pearls.
- A weak-strike example shows flat, merged, or indistinct pearls despite full cartwheel luster elsewhere.
- Do not confuse weak strike with wear: On a worn coin, the surfaces of the fields are also dulled and lack luster. On an uncirculated weak-strike coin, the protected areas in design recesses still show bright original luster — only the high points are flat.
1932 Canadian Nickel Value FAQs
What is a 1932 Canadian nickel worth?
It depends almost entirely on the variety. The common Near 2 in circulated grades (VG to EF) is worth $3–$25 CAD. In Mint State MS-63, a Near 2 fetches $250–$400 CAD, and a Gem MS-65 has realized approximately $1,325 CAD. The rare Far 2 variety commands $270–$400 CAD even in heavily worn VG-8, rising to $500–$750 CAD in VF-20 and $1,500+ CAD in AU-50. All values are in CAD as of February 2026.
How do I tell a Near 2 from a Far 2?
Use a 10× loupe — this distinction is not reliable to the naked eye. Apply the Horizontal Line Test: imagine a straight line across the tops of '1', '9', '3', and '2' in the date. On a Near 2, the top of the '2' aligns with the top of the '1'. On a Far 2, the top of the '2' sits noticeably below that line. Confirm with the Gap Test: on a Far 2, there is a clear, airy space between the '2' and the maple leaf tip directly above it; on a Near 2, that gap is tight or negligible. If doubt remains after careful examination, submit the coin to ICCS for official attribution.
Is the 1932 Canadian nickel silver?
No. The 1932 five-cent coin is struck from 99.9% pure nickel — it contains no silver, gold, or other precious metal. It is strongly magnetic, which is the quickest verification. Canadian silver five-cent coins were last struck in 1921; all five-cent pieces from 1922 onward through the George V series were pure nickel. There is no silver composition variant for the 1932 date.
Is the 1932 Canadian nickel rare?
As a date, the 1932 nickel is a semi-key with a mintage of 3,198,566. In circulated grades, the Near 2 is accessible and not scarce. The coin is genuinely rare in Mint State, however — the relentless circulation demand of the Great Depression destroyed most examples. Fewer than 20 MS-65 Near 2 examples are estimated across major grading services, and the ICCS MS-66 is cited as "1 of 5 Known." The Far 2 variety is rare in any grade, with fewer than five Mint State examples estimated across PCGS and ICCS combined.
What makes the Far 2 so much more valuable than the Near 2?
The Far 2 resulted from a misaligned or differently punched date stamp on a small subset of working dies, causing the '2' to sit lower in the coin's field. This affected only a fraction of the 3,198,566 mintage. Combined with the already severe attrition of the Depression era — which sent nearly every coin into constant commerce — the survival rate for Far 2 coins in any grade above heavily worn is extremely low. In Mint State, the PCGS Set Registry records zero higher-graded examples above MS-62 for the Near S Far 2 combination, underscoring its extreme rarity at the top of the condition spectrum.
Should I get my 1932 Canadian nickel graded?
For a Near 2 in circulated condition (VG through EF), grading costs typically exceed the coin's market value — professional certification is not economical at those grades. For a Near 2 in AU or higher, or for any suspected Far 2 in any grade, certification by ICCS, PCGS, or NGC is strongly recommended. ICCS is particularly well regarded in the Canadian market for variety attribution accuracy. Without an authoritative slab, selling a Far 2 at a significant premium to knowledgeable buyers is extremely difficult.
What is a Specimen coin, and could I have one?
Specimen coins were struck at the Royal Canadian Mint for presentation or archival purposes, not general circulation. They are characterized by razor-sharp strikes with full, distinct crown pearls, visibly squared wire-like rims, and a satin finish that differs markedly from the cartwheel luster of Business Strikes. Fewer than 5 combined PCGS/NGC-certified 1932 Specimens are known to exist. A 1932 Specimen in SP-68 carried a starting auction bid of $2,000 USD. If you believe you have one, seek professional evaluation immediately and do not attempt to clean or improve the surfaces.
What is the difference between the Near S and Far S rim varieties?
The Near S / Far S distinction describes the reverse die's field geometry. "Far S" coins have flat fields — the field meets the rim at a sharp right angle, and the letter 'S' in CENTS appears close to the rim denticles. "Near S" coins have concave (slightly domed) fields — the field curves up to meet the rim, and the 'S' appears to stand further from the rim edge due to the gentle curve. The rim variety is secondary in value to the date variety, but the Near S / Far 2 combination is the most prized pairing the series offers. The Saskatoon Coin Club variety guide provides further technical detail on diagnosing these rim states.
Methodology & Sources
Values in this guide reflect market prices as of February 2026, compiled from dealer catalogues, auction records, and certified population data. Primary sources include the Calgary Coin five-cent variety reference, the Charlton Standard Catalogue of Canadian Coins, the Saskatoon Coin Club variety guide, Canadian Coin News, the TCNC Prominence Sale XI catalogue, the Platinum Night World Coins catalogue, the PCGS Set Registry, and Numista. Values represent typical market ranges and realized prices; individual coins may vary based on eye appeal, strike quality, and current market conditions. This guide covers standard business strike and specimen issues 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.