1939 Canadian 5-Cent (Nickel) Value Guide

The 1939 Canadian 5-cent coin is a historically resonant issue struck during the year of King George VI and Queen Elizabeth's celebrated Royal Visit to Canada — yet it retains the standard Beaver reverse rather than adopting a commemorative design (unlike the silver dollar of that same year). Produced from 100% pure nickel at the Royal Canadian Mint in Ottawa with a mintage of 5,661,123, the 1939 issue belongs to the closing chapter of Canada's pre-war pure nickel coinage era; by 1942, wartime demands would compel the Mint to abandon nickel in favour of Tombac brass. For values across all George VI and other Canadian 5-cent years, see our Canadian Nickel Value Guide.

Note: Errors such as off-center strikes, brockages, and wrong-planchet coins may exist for 1939 but are outside the scope of this standard value guide.

1939 Canadian Nickel Composition & Melt Value

Alloy and Metal Properties

The 1939 Canadian 5-cent coin is struck from >99% pure nickel — a metallurgical purity unique among major decimal coinages of the era. Canada's dominance of global nickel production, primarily through the Sudbury Basin in Ontario, made pure nickel both economically practical and symbolically fitting for the nation's coinage. Unlike the American "nickel" (75% copper, 25% nickel) or Canada's earlier Victorian-era silver 5-cent pieces (the "fishscales"), the Canadian 5-cent issues from 1922 to 1942 were struck from essentially unalloyed metal. Specifications are confirmed by the Royal Canadian Mint and Numista's catalogue entry for the George VI round nickel.

Melt Value and Intrinsic Worth

As of early 2026, the industrial spot price of nickel translates to an approximate melt value of $0.08–$0.12 CAD for a 4.54 g coin. While this nominally exceeds the 5¢ face value, the melt value is effectively irrelevant to the collector market — all numismatic value is derived from condition, scarcity, and historical demand, not metal content. Melting Canadian coins of the realm is prohibited under the Currency Act of Canada.

Magnetic Properties: The Primary Authentication Test

Because the 1939 nickel is >99% pure ferromagnetic nickel, it must adhere strongly to any standard magnet. This two-second test is the first diagnostic every collector should apply. A coin that does not attract strongly should immediately be set aside for professional verification — it is either a counterfeit or a rare wrong-planchet production anomaly (which falls outside the scope of this guide).

The End of an Era: Metallurgical and Historical Context

The 1939 issue holds special historical significance as one of the final years of Canada's pure nickel coinage before World War II intervened. By 1942, nickel had become a critical war material used in armour plating, compelling the Royal Canadian Mint to switch to Tombac (88% copper, 12% zinc) for the duration of the conflict. This wartime transition adds a layer of collecting interest to the 1939 coin as a numismatic "last of its kind" in the pre-war purity lineage. For more context on that metallurgical shift, see the PCGS overview of Canadian wartime nickels (1942–1945).

Strike Challenges and Their Impact on Preservation

Pure nickel's extreme hardness (Vickers hardness ~638 MPa) created significant striking challenges at the Mint. High pressure was required to force metal into fine die recesses, causing rapid die deterioration. The practical result for collectors: inherent flatness on the Beaver's midsection and the King's hair and ear area is a common mint-made characteristic — not evidence of circulation wear. The critical distinction is that weakly struck areas retain their original luster, whereas genuine wear strips luster away. Mastering this distinction is the single most important skill for accurately grading 1939 nickels.

1939 Canadian Nickel Value Chart by Grade

The 1939 Canadian nickel was produced as a business strike (circulation issue) only. No Proof-Like (PL) finish is commercially documented for this year. A Specimen (SP) strike exists in theory but is virtually absent from public commerce and carries no published market price — see the Variants section for a full discussion. All values below represent problem-free, uncleaned examples graded to ICCS/PCGS/NGC standards. Values in CAD as of February 2026, sourced from Coins and Canada (2026) and cross-referenced against the NGC World Coin Price Guide for Canada 5 Cents KM#33.

1939 Canadian Nickel — Business Strike (Circulation)

Source: Coins and Canada (February 2026). Mintage: 5,661,123. Values reflect Canadian domestic grading standards (ICCS/Charlton). See the Varieties section for Re-Engraved Date values, which differ significantly from the figures above.

Left: a heavily circulated 1939 nickel (VF–EF range) showing flat, lusterless high points on the Beaver design and King's portrait. Right: a Gem Uncirculated (MS65) example with full cartwheel luster intact — illustrating why the grade gap commands such dramatically different prices. (Illustration — not a photo of your exact coin)

Understanding the Nickel Cliff: MS64 to MS65

The most dramatic value acceleration in the entire 1939 nickel market occurs between MS64 (~$193–$221) and MS65 (~$529–$668) — a price increase exceeding 150% for a single grade point. Two compounding factors explain this "Nickel Cliff":

1. Bag Mark Scarcity: Pure nickel's hardness means that freshly struck coins ejected into collection hoppers immediately ding and scratch each other. Finding an example that escaped these contact marks is a statistical improbability, not a norm.
2. Full-Strike Requirement: An MS65 grade demands both pristine surfaces and sharp, complete detail. Die deterioration in 1939 commonly produced mushy high points. A coin with flawless surfaces and a fully struck Beaver and royal portrait is a genuine rarity justifying the premium.

The Nickel Cliff: MS64 (near-gem, minor bag marks visible under magnification) versus MS65 (gem, pristine surfaces with full cartwheel luster). A single grade point separates approximately $200 from approximately $600. (Illustration — not a photo of your exact coin)

All values in CAD. For the complete denomination price guide covering all George VI and other Canadian nickel years, see our Canadian Nickel Value Guide.

Most Valuable 1939 Canadian Nickel Varieties

The 1939 nickel's value hierarchy is built primarily on condition rarity rather than a single headline variety. However, one documented die variety — the Re-Engraved Date — offers genuine cherry-picking opportunities, and several die-state curiosities are recognized by specialists. Variety diagnostics are referenced against the Charlton Standard Catalogue of Canadian Coins and the Saskatoon Coin Club's Canadian 5-cent variety reference.

A. Trophy-Level: The Rarest 1939 Nickels

B. Findable Variety: The Re-Engraved Date

The Re-Engraved Date is the primary findable variety for the 1939 nickel, listed in the Charlton Standard Catalogue. It was created when a Mint engraver manually re-cut the date digits directly into a working die that showed signs of wear or weak hubbing, leaving a telltale secondary impression inside or offset from the original digits.

Close-up of the 1939 date area. On the Re-Engraved Date variety, look for a secondary "shelf" or ghost outline visible inside the 9s — best seen at the tail of each 9 under 10× magnification. This diagnostic transforms a common $0.30 coin into a $5–$8 collectible at VG8. (Illustration — not a photo of your exact coin)

How to identify it: Under a 10× or higher loupe, examine the digits of 1939. You are looking for a secondary impression — a raised shelf, double outline, or ghosting — visible inside or slightly offset from the primary digit. The tail of the 9 is the most commonly reported location for this doubling to appear.

Re-Engraved Date values attributed to Charlton Standard Catalogue via Coin World's Canadian Values reference. Only VG8, F12, and MS60 data points are available from documented sources; other grade values are not priced in available references.

C. Die-State Curiosities (Minor Premiums)

The following die-state varieties are unlisted in the Charlton catalogue but are recognised by specialists. They add modest eye-appeal premiums rather than true variety-rarity premiums.

Die-state variety diagnostics sourced from Coins and Canada.

1939 Canadian Nickel Identification Guide

Use this systematic 30-second checklist to confirm the identity of your coin, authenticate its composition, and spot potentially valuable varieties.

1939 Canadian 5-cent coin. Obverse (left): King George VI bare-headed portrait by Thomas Humphrey Paget, facing left; legend reads GEORGIVS VI D : G : REX ET IND : IMP :; designer initials HP appear near the bust truncation. Reverse (right): Beaver sitting on a log above water, designed by G.E. Kruger-Gray; "5 CENTS" above, "CANADA 1939" below; designer initials KG present on the design.

Step 1: The Magnet Test — Do This First

Place a standard magnet against the coin. The 1939 nickel must stick strongly. The coin is >99% pure ferromagnetic nickel — there is no silver, no copper, and no non-magnetic alloy present. Strong attraction = proceed with the checklist. No attraction = set aside for professional examination immediately.

Magnet test for the 1939 Canadian nickel: the coin must adhere firmly to a standard magnet due to its 100% pure nickel composition. Strong pull = genuine. No pull = investigate immediately.

Step 2: Obverse Validation — The Monarch

Confirm the portrait is King George VI, depicted bare-headed (uncrowned), facing left. The designer's initials HP (Thomas Humphrey Paget) appear near the base of the portrait truncation. Read the rim legend: GEORGIVS VI D : G : REX ET IND : IMP : — the phrase IND : IMP ("Emperor of India") is specific to the 1937–1947 coinage era. Its presence confirms you have a pre-Indian-Independence George VI issue.

Step 3: Reverse Validation — The Design

Confirm the central motif: a Beaver sitting on a log above rippling water, flanked by rock and foliage. The denomination 5 CENTS appears above; CANADA and the date 1939 appear below. The designer's initials KG (G.E. Kruger-Gray) are present on the design. Confirm the date reads exactly 1939.

Step 4: Edge Check

Run a fingernail around the coin's edge — it must be completely smooth (plain) with no ridging or reeding. A reeded edge indicates the coin is not a standard 1939 5-cent piece.

Step 5: Finish Identification

Business Strike (the standard coin): In circulated grades, the 1939 nickel will appear flat and matte grey. In high Mint State grades, tilting the coin under a direct light source reveals a rolling "cartwheel" luster sweeping across the fields. Bag marks (small contact nicks from handling) are normal and expected.

Specimen (SP) — Extreme Caution Required: A genuine 1939 Specimen strike would display highly mirrored fields, frosted devices (King and Beaver), and sharply squared-off wire rims. However, because such coins are virtually unknown in commerce, a coin displaying mirror-like surfaces is almost certainly a polished or plated altered circulation strike rather than a genuine Specimen. Do not purchase any raw (uncertified) "1939 Specimen Nickel" — insist on a current PCGS, NGC, or ICCS holder before considering any transaction.

Step 6: The Re-Engraved Date Check

Under a 10× or stronger loupe, examine the digits of 1939, focusing especially on the tail of each 9. A Re-Engraved Date coin shows a secondary impression — a raised shelf, double outline, or ghosted digit — inside or slightly offset from the main numerals. If detected, see the Varieties section for current value data.

Step 7: Weak Strike vs. Genuine Wear — The Critical Distinction

Left: a weakly struck 1939 nickel — flat, vague detail on the Beaver's midsection, but surrounding fields still show original luster, confirming Mint State status. Right: a worn 1939 nickel where the high points are genuinely dull and grey, stripped of luster by circulation. Correctly distinguishing these two conditions is the difference between MS60 (~$60) and AU50 (~$24). (Illustration — not a photo of your exact coin)

Tilt the coin under a direct light source and examine the Beaver's hip (highest reverse point) and the King's hair and ear area (highest obverse points):

• Unbroken luster flows over high points → Coin is Mint State (MS). Any flatness is a weak strike, not wear.
• Dull grey patches on high points, no luster → Coin is Circulated (AU or lower). Luster has been stripped by handling.

A weakly struck MS65 is worth noticeably less than a fully struck MS65 — all three major grading services (ICCS, PCGS, NGC) assess strike quality explicitly when assigning grades to this series.

1939 Canadian Nickel Value FAQs

Methodology & Sources

Values in this guide reflect CAD market prices as of February 2026 and are drawn from the following primary numismatic sources:

• Coins and Canada — 1939 5-Cent Pricing (February 2026): Primary source for all circulated and Mint State base values.
• NGC World Coin Price Guide — Canada 5 Cents KM#33 (1937–1942): Cross-reference for Mint State valuations.
• Coin World — Canadian Values Reference: Source for Re-Engraved Date variety values (Charlton-attributed).
• Saskatoon Coin Club — Canadian 5-Cent Major Varieties: Supporting variety diagnostics and die-state identification.
• Charlton Standard Catalogue of Canadian Coins (print reference): Canonical source for variety classifications and attributions, including the Re-Engraved Date listing.
• Royal Canadian Mint — 5-Cent Denomination: Official composition, weight, and diameter specifications.
• PCGS — Canadian Wartime Nickels of 1942–1945: Historical metallurgical context for the end of the pure nickel era.
• CoinArchives — Canadian Coin Auction Results: Auction market context for high-grade examples.
• Numista — George VI Canada 5 Cents (Round): Specification cross-reference.
• Wikipedia — Nickel (Canadian coin): General series background.

Market values represent typical prices for problem-free coins at the time of publication and are subject to change as market conditions evolve. This guide covers the standard business strike and recognised die varieties only; error coins are outside its scope. For the complete denomination price guide, visit our Canadian Nickel Value Guide.