1948 Canadian 5-Cent (Nickel) Value Guide
Find out what your 1948 Canadian nickel is worth. Complete price guide by grade and finish for this key-date King George VI Beaver 5-cent coin. Business Strike values from $0.50 to $1,130+ and Specimen values from $196 to $1,230+ — all prices in CAD.
Most circulated 1948 Canadian nickels are worth $0.50–$10.90 CAD. In Gem Uncirculated (MS65), values reach $203. Superb Gems (MS66) trade for $1,130+, and authentic Specimen strikes command $196–$1,230+.
- Circulated (G4–AU50):$0.50–$10.90
- Uncirculated (MS60–MS63):$21.70–$45.20
- Gem Uncirculated (MS65):$203.00
- Superb Gem (MS66):$1,130+
- Specimen (SP63–SP65):$196–$452
- Specimen (SP67):$1,230
Found in change or a jar? Circulated examples are worth $0.50–$10.90 — a genuine numismatic premium driven by the historically low mintage of 1,810,789, not silver content. Coin looks unusually sharp or came from a presentation case? It may be a rare Specimen strike; check for squared rims and a quiet satin field rather than cartwheel luster. Is it silver? No — the 1948 Canadian nickel is 100% nickel and will stick firmly to a magnet. All values in CAD as of February 2026. See full value chart →
The 1948 Canadian 5-cent coin is the undisputed key date of the King George VI Beaver series (1937–1952), carrying the lowest circulation mintage of the entire run at just 1,810,789 pieces. Its scarcity is entirely organic: India's independence in 1947 rendered the imperial title IND: IMP: (Emperor of India) obsolete on the Royal legend, forcing the Royal Mint in London to re-engrave the master obverse dies before they could be shipped to Ottawa. The resulting production delay shortened the 1948 calendar-year striking window dramatically, creating the series' rarest regular-issue date. For values across the complete Beaver nickel series and all other Canadian 5-cent issues, see our Canadian Nickel Value Guide.
Note: Mint errors such as off-center strikes, clips, and wrong-planchet strikes exist for this year but are outside the scope of this standard value guide.
1948 Canadian 5-cent coin — obverse (King George VI, legend ending in REX with no IND IMP) and reverse (Beaver on rock, designed by G.E. Kruger-Gray).
1948 Canadian Nickel Composition & Melt Value
Alloy & Historical Context
The 1948 5-cent coin is composed of 100% Nickel, giving it a specific gravity of approximately 8.9 g/cm³. This purity places it within a narrow post-war window of pure-nickel coinage production in Canada:
- Pre-1922: 5-cent coins were small silver pieces.
- 1922–1942: Large-format 100% nickel coins were introduced.
- 1942–1945 (War Era): Nickel was diverted for armour plating; the Mint used Tombac (a brass alloy) and later chromium-plated steel.
- 1946–1951: Returned to 100% nickel — the 1948 coin falls squarely within this resumption period.
- 1951 onward: The Korean War again diverted nickel supplies, forcing a return to plated steel.
The homogeneous pure-nickel composition means the 1948 coin does not rust in the traditional sense, though it can develop a hazy golden-gray patina over time. Crucially, this alloy is extremely durable — a 1948 nickel circulated for 20 years typically shows less metal fatigue than a silver coin of equivalent circulation.
Magnet Test (Primary Authentication)
Because the coin is 100% nickel, it is strongly magnetic — the single most reliable quick-authentication test available to collectors in the field:
- Genuine coin: Adheres firmly to a household magnet.
- Suspect piece: A coin that does not attract to a magnet is not 100% nickel and should be treated as suspect. Seek professional authentication from ICCS, PCGS, or NGC.
- Weight confirmation: A genuine example weighs 4.54 grams (±0.1 g tolerance). Counterfeits using lead or zinc alloys — which are not magnetic — commonly fail this secondary check as well.
Magnet test for the 1948 Canadian nickel: 100% pure nickel sticks firmly to a standard household magnet, providing the quickest basic authentication at no cost.
Melt Value
Nickel is an industrial metal used in stainless steel production and battery manufacturing. The spot-price value of 4.54 grams of nickel typically ranges between $0.05 and $0.15 CAD. Even in the lowest collectible grade (G4), the 1948 nickel commands approximately $0.50 CAD — a premium of 500%–1,000% over its intrinsic metal content. In Gem Mint State grades, the numismatic premium over melt value is extraordinary by any measure. Under no circumstances should a 1948 nickel be considered for melting. Note that Canadian law (the Currency Act) prohibits the melting or breaking of Canadian coin of the realm to obtain its constituent metal.
1948 Canadian Nickel Value Chart by Grade & Finish
The 1948 nickel exists in two documented finish categories: Business Strike (standard circulation) and Specimen (SP). There is no Proof-Like (PL) issue for this year — PL set production began later in Canadian Mint history. All values in CAD as of February 2026, sourced from Coins and Canada and the NGC Price Guide — Canada 5 Cents KM 42.
1948 Canadian Nickel — Business Strike (Circulation)
| Type / Design | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS63 | MS65 | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| 1948 Business Strike George VI (No IND IMP) / Beaver reverse | $0.50 | $0.85 | $1.05 | $1.80 | $4.90 | $10.90 | $21.70 | $45.20 | $203.00 | MS64 ~$70. MS66: $1,130+ (extreme condition rarity — see Variants section). |
Grade comparison for the 1948 Canadian nickel: progressive loss of high-point detail — King's hair and beaver shoulder fur — from circulated to Gem Uncirculated grades. (Illustration — not a photo of your exact coin)
⚠️ The MS64–MS65 Value Cliff
A coin grading MS64 trades for approximately ~$70; an MS65 commands $203+. Two realities unique to 1948 nickels drive this gap: (1) the hard pure-nickel planchets attracted severe contact marks — "bag marks" — when ejected into mint hoppers, and (2) careful die-pressure management on hard planchets often produced weak strikes, leaving flat hair and beaver-fur detail on otherwise uncirculated surfaces. A fully struck MS64 frequently commands more buyer interest than a weakly struck MS65. Strike quality is as important as surface preservation when evaluating this date.
⚠️ Never Clean Your Coins
Cleaning strips original luster and leaves hairlines visible under magnification. A cleaned 1948 nickel receives a "Details" (damaged) designation from ICCS, PCGS, or NGC and loses all numismatic premium regardless of its underlying detail. Dipping nickel is especially damaging — it can leave the coin looking washed out and flat gray. A natural 1948 nickel has a warm, slightly golden-gray hue that should be preserved.
1948 Canadian Nickel — Specimen (SP)
Specimen strikes were produced in very small numbers — numismatic consensus estimates fewer than 500 pieces — for presentation purposes and were not available to the general public. They are characterized by satin or semi-matte fields, razor-sharp device details, and distinctly squared rims. Eye appeal plays a significant role in auction realizations, and exceptional examples have driven prices considerably above catalogue baselines.
| Finish | SP63 | SP64 | SP65 | SP66 | SP67 | Notes |
|---|---|---|---|---|---|---|
| 1948 Specimen (SP) Satin/semi-matte fields; squared rims; sharply struck details | $196.00 | $365.00 | $452.00 | — | $1,230.00 | SP66 not currently priced in catalogue. Sources: Coins and Canada; Geoffrey Bell Auctions (2023). |
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 1948 Canadian Nickel Varieties
Unlike many Canadian key-date coins, the 1948 nickel is effectively a single-variety issue. There are no Charlton-catalogued doubled-die, re-punched date, or bead varieties for this 5-cent date. Value is driven almost entirely by grade and finish. The primary distinction worth understanding — and worth thousands of dollars — is the difference between a Business Strike and a genuine Specimen.
Trophy-Level Examples
| What | Why It Commands a Premium | Requirement | Documented Value | Source |
|---|---|---|---|---|
| 1948 MS66 Business Strike | Condition rarity: hard nickel planchets and severe bag-mark exposure during minting make a Superb Gem virtually impossible. PCGS population reports confirm very few examples at MS66 or above. | ICCS or PCGS MS66. Must be fully struck and virtually mark-free. | ~$1,130 CAD (catalogue) | Coins and Canada |
| 1948 SP67 Specimen | Absolute rarity: Specimen strikes were never publicly sold. An SP67 represents the finest quality control achievable at the Royal Canadian Mint in 1948, with zero friction marks on satin surfaces. | ICCS or PCGS SP67. Satin finish, sharp squared rims, zero friction. | ~$1,230 CAD (catalogue) | Coins and Canada |
| 1948 SP68 (Theoretical) | If an SP68 example exists, it is believed held in long-term private collections. Any public auction appearance would set a record for the issue. | PCGS or ICCS SP68. | Not currently priced — likely exceeding $2,000 (extrapolated from catalogue data; theoretical) | Extrapolated from Coins and Canada catalogue |
Common Misconceptions Cleared Up
"A to Denticle" — NOT a 1948 Nickel Variety
The A to Denticle variety — where the letter 'A' in the legend points to a rim denticle — is a Charlton-catalogued variety for the 1948 penny (1 cent), not the 1948 nickel. Major Canadian catalogues, including Charlton and Coins and Canada, do not list any A to Denticle variety for the 1948 5-cent coin. This diagnostic does apply to certain nickel years — specifically, to the 1951 date to distinguish the rare High Relief from the common Low Relief — but it carries no premium for 1948. Collectors should not spend time searching 1948 nickels for this feature expecting a catalogue premium. The Saskatoon Coin Club's Canadian 5 Cent Major Varieties guide provides a definitive, date-by-date breakdown of which years carry which nickel varieties.
High Relief — The Standard, Not a Variety
Every 1948 Canadian 5-cent coin was struck with a High Relief obverse die, featuring deeply cut portrait detail for King George VI. In 1951, the Mint introduced a Low Relief master die after discovering the High Relief design was destroying dies too quickly on harder plated-steel planchets. For the 1948 date, all coins — Business Strike and Specimen alike — are High Relief. There is no Low Relief 1948 nickel. "High Relief" therefore describes the normal state of the issue, not a rare subtype to hunt within the year. See Calgary Coin's Canadian Five Cent Nickel reference for historical die context on the High Relief / Low Relief transition.
Left: 1947 Maple Leaf (1947 ML) nickel — struck in 1948 using old dies, with a tiny maple leaf immediately following the '7'. Right: Genuine 1948 nickel — showing '1948' with no leaf or symbol after the numerals. These are entirely separate numismatic items, catalogued and valued differently. (Illustration — not a photo of your exact coin)
1948 Canadian Nickel Identification Guide
30-Second Checklist
- Monarch Check: Obverse shows a male portrait (King George VI) in profile, facing left.
- Legend Check (Critical): The obverse inscription reads GEORGIVS VI DEI GRATIA REX. There must be noIND: IMP: title anywhere in the legend. If the coin reads ET IND IMP, it is a 1937–1947 issue — not a 1948.
- Date: Confirm "1948" in the date field. Do not confuse with the 1947 Maple Leaf issue (see below).
- Reverse Design: Confirm the Beaver seated on a rock in water, designed by G.E. Kruger-Gray.
- Edge: Plain and smooth — no reeding on the 1948 Canadian nickel.
- Magnet Test: The coin must attract firmly and immediately to a household magnet. A non-magnetic result is a red flag requiring professional evaluation.
- Weight Check: 4.54 grams (±0.1 g). A counterfeit using an incorrect alloy typically fails this check.
- Finish Identification: Determine Business Strike vs. Specimen — the most financially significant step for this date.
- Mint Marks: No documented mint marks on 1948 Canadian nickels — standard for circulation issues of this era.
Close-up of the 1948 Canadian nickel obverse legend, showing the inscription ending at REX with no IND IMP. Any coin dated 1948 that retains IND IMP in the legend is a suspect altered piece.
Finish Identification: Business Strike vs. Specimen
Identifying the finish is the single most financially significant step for the 1948 nickel. A genuine Specimen can be worth 10–20 times more than a comparable Business Strike, and the two must be distinguished before a coin is sold or submitted for grading.
| Feature | Business Strike (MS) | Specimen (SP) |
|---|---|---|
| Field Luster | "Cartwheel" effect — rotating spokes of light visible as the coin is tilted under a direct lamp | Quiet satin or semi-matte sheen; uniform surface; absent cartwheel effect |
| Surface Texture | Microscopic flow lines radiating from center; bag marks expected and normal in grade | Smooth, uniform fields without radial flow lines |
| Strike Sharpness | Variable; many show soft King's hair and beaver fur detail due to hard-planchet striking challenges | Exceptionally sharp throughout — King's ear, individual hair strands, and beaver fur all crisply rendered |
| Rim Profile | Slightly rounded or soft transition from face to edge | Distinctly "squared off" — elevated, sharply defined, and geometrically precise |
| Origin | Released via mint bags into circulation channels | Presentation purposes only; not publicly sold; estimated fewer than 500 produced |
Business Strike vs. Specimen finish comparison: the Business Strike (left) shows cartwheel luster with softly rounded rims; the Specimen (right) shows a quiet satin field, razor-sharp portrait detail, and distinctly squared rims. (Illustration — not a photo of your exact coin)
⚠️ Counterfeits & Alteration Red Flags
- Whizzing: Some 1948 nickels have been mechanically polished to simulate luster. Look for unnatural circular hairlines and a "greasy" shine that does not cartwheel properly under direct light.
- Altered dates: Forgers have converted 1946 or 1947 coins to read 1948. A key tell: an altered coin may still carry IND IMP in the legend — a genuine 1948 cannot have this title.
- Dipping: Improperly dipped nickels look washed out and flat gray. A natural 1948 nickel has a warm, slightly golden-gray nickel hue.
- Casting bubbles: Under 10× magnification, look for small pits or raised bumps in the fields — a tell-tale sign of a cast replica rather than a struck coin.
The 1947 Maple Leaf Distractor
In early 1948, before the new master dies arrived from London, the Royal Canadian Mint struck coins dated "1947" with a tiny maple leaf after the date to identify them as 1948-production coins. These 1947 Maple Leaf (1947 ML) nickels are legally 1948 production but are catalogued and valued separately from the genuine 1948-dated coin — and they are far more common, with a mintage exceeding 9.5 million. Always confirm the date field on your coin: a genuine 1948 nickel shows the numerals "1948" with no maple leaf, symbol, or mintmark following the date.
1948 Canadian Nickel Value FAQs
What is a 1948 Canadian nickel worth?
A circulated 1948 Canadian nickel is worth between $0.50 (G4) and $10.90 (AU50) CAD. Uncirculated examples range from $21.70 (MS60) to $203 (MS65), with Superb Gems (MS66) reaching $1,130+. Specimen (SP) strikes begin at $196 (SP63) and reach $1,230 at SP67. All values as of February 2026 in CAD.
Is a 1948 Canadian nickel rare?
Yes — it is the key date of the King George VI Beaver series with the lowest circulation mintage of the entire run: just 1,810,789 pieces. For comparison, the preceding 1947 Maple Leaf issue exceeded 9.5 million and the 1949 issue exceeded 13.7 million. The 1948 is considered rare at any grade and exceptionally rare in Gem Uncirculated or Specimen condition.
Is my 1948 Canadian nickel silver?
No. The 1948 Canadian 5-cent coin is 100% nickel with no precious metal content. The fastest confirmation is the magnet test: it sticks firmly to a household magnet. Canadian silver coins of the same era — dimes, quarters, half-dollars, and dollars — contain 80% silver and are non-magnetic. If a seller is presenting a "silver" 1948 nickel at a silver-content premium, that claim is incorrect.
What makes a 1948 Canadian nickel valuable?
Three factors drive value: (1) Mintage scarcity — just 1,810,789 produced, the lowest of the George VI Beaver series; (2) Grade — pure nickel planchets attracted severe bag marks during minting and often produced weak strikes, making high-grade (MS65+) survivors genuinely rare; and (3) Finish — a Specimen strike is worth 10–20 times more than a comparable Business Strike due to its extremely limited production for presentation purposes.
What is the difference between a Business Strike and a Specimen for the 1948 nickel?
A Business Strike is a standard circulation coin produced at high speed — characterized by cartwheel luster, typical bag marks, and variable strike sharpness. A Specimen (SP) was struck at slower speed in very small quantities (estimated fewer than 500 pieces) for presentation purposes: the result is a satin or semi-matte field, exceptionally sharp device detail, and distinctly squared rims. The Specimen is worth multiples of the Business Strike at equivalent numerical grades. If your coin shows sharp, quiet fields and squared rims, it warrants examination by ICCS, PCGS, or NGC before any sale.
Should I get my 1948 Canadian nickel graded?
Grading makes economic sense if your coin appears to be MS64 or higher (approximately $70+), or if it displays Specimen characteristics — satin fields, squared rims, sharp detail — with values beginning at $196 in SP63. For circulated coins (G4–AU50, values $0.50–$10.90), grading fees typically exceed the coin's market value. ICCS (International Coin Certification Service) is the gold standard within the Canadian dealer network and is known for conservative, technically strict grading. PCGS and NGC are preferred for Registry Set competition and international auction markets, where their holders often command a liquidity premium.
What is the 1947 Maple Leaf nickel, and how does it differ from a genuine 1948 nickel?
In early 1948, before the new master dies arrived from London, the Royal Canadian Mint struck coins dated "1947" with a tiny maple leaf after the date to flag them as 1948 production. These "1947 ML" nickels are catalogued and valued entirely separately from the genuine 1948-dated coin and are far more common. Always verify the date field: a real 1948 nickel reads "1948" with no leaf or any other symbol after the numerals.
Why is the obverse legend different on a 1948 Canadian nickel?
Following India's independence in 1947, the title IND: IMP: (Indiae Imperator — Emperor of India) was formally removed from King George VI's Royal style. The Royal Mint in London had to re-engrave the master obverse dies to remove this title, which delayed delivery to Ottawa and compressed the 1948 production window — directly causing the low mintage. A genuine 1948 nickel reads GEORGIVS VI DEI GRATIA REX with no imperial suffix. Any 1948-dated coin retaining IND IMP in its legend is a suspect altered piece and should be professionally examined.
How do I detect a counterfeit 1948 nickel?
Apply three tests in sequence: (1) Magnet test — a genuine 1948 nickel sticks firmly to a magnet (100% nickel); a wrong-alloy counterfeit will not. (2) Weight test — must weigh 4.54 grams (±0.1 g); counterfeits using lead or zinc typically fail. (3) Legend check — confirm IND IMP is absent; coins altered from 1946 or 1947 often retain the imperial title, immediately revealing the forgery. Under 10× magnification, look for casting bubbles (pits or raised lumps in the fields) indicating a cast — not struck — replica. High-value examples should be authenticated by ICCS, PCGS, or NGC before purchase.
Why is the 1948 nickel so scarce in high grades?
Two metallurgical factors compound each other: (1) Planchet hardness — pure nickel is exceptionally hard. When coins were ejected into mint hoppers after striking, the hard coins clashed violently against each other, causing significant contact marks. Surviving this process without visible scarring is statistically rare. (2) Strike weakness — to extend die life on hard planchets, striking pressure was carefully managed, often producing soft high-point detail (flat hair on the King, flat fur on the beaver) even on technically uncirculated coins. A fully struck, mark-free example is a genuine condition rarity at any grade above MS64.
Methodology & Sources
Values in this guide reflect typical market prices as of February 2026 for problem-free, accurately graded examples acquired from reputable dealers or auction houses — not melt value, not insurance replacement cost.
Primary sources:
- Coins and Canada — 5 Cents 1937–1952 Price Guide (2026): primary pricing data, mintage figures, and Specimen values
- NGC Price Guide — Canada 5 Cents KM 42 (1948–1950): technical specifications and census context
- Geoffrey Bell Auctions — Toronto Coin Expo Spring Sale 2023: realized prices for Specimen and Mint State grades
- Numista — Canada 5 Cents George VI (without IND:IMP:): specifications reference
- Saskatoon Coin Club — Canadian 5 Cent Major Varieties: variety attribution and non-variety clarifications for the 1948 date
- Calgary Coin — Canadian Five Cent Nickel: historical die variety context (High Relief vs. Low Relief; 1947 ML identification)
- Charlton Standard Catalogue of Canadian Coins: variety attribution authority and historical grade definitions
- PCGS Population Report: high-grade rarity context for MS66 and above
Market disclaimer: Coin values fluctuate with collector demand, metal spot prices, and auction results. Values stated here represent the February 2026 market and should be used as a starting point, not a guarantee of realized price. Cross-reference with current auction results and active dealer inventory for the most up-to-date figures.
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.