1973 Canadian 5-Cent (Nickel) Value Guide

The 1973 Canadian 5-cent nickel sits within the long-running Elizabeth II (Machin Portrait) / Beaver series — a year most notable in Canadian numismatics for the RCMP centennial celebrations, which prompted special commemorative reverse designs on the quarter and dollar. The nickel, however, kept its classic beaver reverse by G.E. Kruger-Gray, unchanged since 1937. Struck entirely in pure nickel (99.9%) at the Royal Canadian Mint in Ottawa, over 53 million examples entered circulation alongside separate collector-quality Proof-Like and Specimen editions. For values across all years and portrait eras of the Canadian nickel, see our Canadian Nickel Value Guide.

1973 Canadian 5-cent nickel: obverse (left) featuring the Arnold Machin Second Portrait of Queen Elizabeth II wearing a tiara, used on Canadian coinage 1965–1989; reverse (right) showing G.E. Kruger-Gray’s beaver design, a staple of the Canadian nickel since 1937.

Note: Errors such as off-center strikes and clipped planchets exist for the 1973 nickel but are outside the scope of this standard value guide.

1973 Canadian Nickel Composition & Melt Value

The 1973 Canadian 5-cent coin is struck from 99.9% nickel — a composition that defined the denomination from the mid-1950s through the early 1980s, before the Royal Canadian Mint transitioned to cupro-nickel and, eventually, multi-ply plated steel planchets around the year 2000. This “hard alloy” era directly shapes both how you authenticate the coin and why high-grade examples are genuinely scarce.

Magnetic Properties & Authentication

Because pure nickel is ferromagnetic, the 1973 5-cent coin is strongly attracted to any standard magnet. This is the fastest and most reliable authentication test available to collectors:

• Sticks firmly: The coin is a genuine 1973 Canadian nickel struck on the correct 99.9% nickel planchet.
• Does not stick: The coin may be counterfeit, a US Jefferson nickel (a cupro-nickel alloy that is non-magnetic), or — extremely rarely — an off-metal error struck on a foreign planchet. Standard US Jefferson nickels are non-magnetic and can occasionally be confused at a glance by casual collectors.

Note that post-2000 Canadian nickels are made from nickel-plated steel and are also magnetic, but for a different reason (a ferromagnetic steel core). The 1973 coin’s magnetism stems entirely from its bulk pure-nickel composition.

Physical Edge

The 1973 nickel has a plain (smooth) edge — no reeding. Unlike Canadian dimes and quarters, which carry reeded edges as a holdover from the silver era to prevent clipping, Canadian nickels have traditionally used a plain edge. If you see reeding on a coin labelled as a 1973 nickel, something is wrong.

Melt Value

As of early 2026, the metallic value of a 4.54-gram pure nickel coin is approximately $0.10–$0.15 CAD. While this technically exceeds the coin’s 5-cent face value, two factors make melt value largely academic:

1. Legal restriction: Canadian law prohibits melting legal tender coinage for its raw metal content.
2. Numismatic floor: Even a basic average-uncirculated example trades for approximately $0.45–$1.00, well above melt. Gem-certified examples trade for many multiples of that figure.

Melt value functions as a theoretical floor, not a practical price driver. The 1973 nickel’s worth lies in its numismatic grade and finish — not its metal content.

1973 Canadian Nickel Value Chart by Grade & Finish

The 1973 Canadian nickel was issued in three distinct finishes. The tables below reflect typical retail replacement prices — what a collector would reasonably pay a reputable dealer for a correctly graded example. All values in CAD as of February 2026. Sources: Coins and Canada — 1973 5-Cent Prices and NGC World Coin Price Guide for Canada 5 Cents (KM 60.1).

Business Strike (Circulation) — 1973 Canadian 5-Cent

Mintage: 53,507,435. Struck at high speed at the Ottawa mint for general commerce. The vast majority circulated; high-grade survivors are condition rarities driven by bag-mark scarcity, not low original mintage. Coins with visible scratches under the naked eye on focal areas (Queen’s cheek, beaver’s flank) typically fall in the MS60–MS63 band.

Grade progression for the 1973 Canadian nickel: heavily circulated with flat grey surfaces (left); average uncirculated MS63 with visible bag marks on the Queen’s cheek (centre, red circle); Gem MS65 showing blazing cartwheel luster and near-mark-free fields (right). (Illustration — not a photo of your exact coin)

Collector Finishes — Proof-Like (PL) & Specimen (SP)

Proof-Like mintage: 243,695 (from pliofilm/cellophane sets). Specimen mintage: 119,891 (from leatherette Prestige/Double Dollar sets). Neither finish was ever placed into circulation — both are collector-only issues. Values below reflect base prices without cameo designation; the cameo premium is explained beneath the table.

Cameo Premium: A Heavy Cameo (HC) or Ultra Heavy Cameo (UHC) designation — where the Queen’s portrait and beaver are strongly frosted against deep mirror fields — adds 20% to 50% to the base PL or SP price listed above, per market data from Calgary Coin — Canadian 5-Cent Nickel Prices. “Heavy Cameo” is the traditional ICCS terminology; it is roughly equivalent to PCGS “Deep Cameo” (DCAM) or NGC “Ultra Cameo.” At the top of the PL-67 and SP-67 scale, a UHC designation can push values to the upper end of the stated ranges and beyond.

Values in CAD represent typical retail replacement prices as of February 2026. For the complete denomination price guide across all years, see our Canadian Nickel Value Guide.

Most Valuable 1973 Canadian Nickel Varieties

A. Trophy-Level Examples (Condition Rarities)

The most valuable 1973 nickels are not variety coins — they are exceptional survivors. Value here is driven entirely by condition rarity, not low mintage. The following represent the market ceiling for this issue:

Note on MS-67: The MS-67 value is an extrapolation from market trends rather than a confirmed auction record — the document acknowledges this grade is “virtually non-existent in population reports.” It represents the theoretical market ceiling, not a typical realized price.

B. Critical Clarification: The “Large Bust” Myth

The confusion is understandable but pervasive. In 1973, the quarter received a special RCMP centennial commemorative reverse design and was struck with two distinct obverse dies producing measurably different portrait sizes:

• 1973 Quarter — Large Bust (Rare): A larger obverse die was used on a small portion of the quarter mintage. This is a genuine, highly valued variety, well documented by PCGS — “Size Matters: Large Bust vs. Small Bust 1973 Canadian Quarters”.
• 1973 Nickel — Large Bust: Does not exist. The nickel used a single standard obverse die throughout its entire production run of 53 million coins. It is not listed in the Charlton Standard Catalogue or any major variety index for this denomination.

If a seller lists a “Large Bust 1973 nickel,” the most charitable explanation is confusion with the quarter; in other cases, it is deliberate misrepresentation. The actionable advice is simple: confirm the denomination (5 cents vs. 25 cents) before purchasing any “Large Bust” 1973 coin.

Myth vs. Reality: the 1973 Canadian quarter (25¢, left) is where the genuine Large Bust variety exists — the nickel (5¢, right) has no such variety. Confirming the denomination before purchase is the only safeguard against this common misattribution.

C. Documented Minor Die Anomalies

While no major catalogue varieties exist for the 1973 nickel, advanced specialists document minor die anomalies. These carry minimal premiums and are of interest primarily to variety specialists:

Close-up of the 1973 Canadian nickel reverse under 10× magnification, showing the documented die crack appearing as a thin raised line beneath the beaver’s tail (red arrow). This minor anomaly adds a minimal premium of approximately $1–$5 over base grade value. (Illustration — not a photo of your exact coin)

Scope note: Production errors — including off-center strikes, clipped planchets, and wrong-planchet errors — exist for the 1973 nickel but are outside the scope of this standard value guide.

1973 Canadian Nickel Identification Guide

Use this 30-second checklist to confirm exactly what you have — and to determine which value row applies to your coin.

30-Second Identification Checklist

1. Monarch Check (Obverse): The coin should show Queen Elizabeth II facing right, wearing a tiara. This is the Arnold Machin Second Portrait, used on Canadian coinage from 1965 to 1989. The legend reads ELIZABETH II D·G·REGINA. If the portrait looks different — a bare head, a laureate wreath, or a diamond diadem crown — you have a different year or series.
2. Reverse Check: The reverse shows a beaver sitting on a rock or log, flanked by maple leaves, with the denomination “CANADA 5 CENTS” and the date. This G.E. Kruger-Gray design has been on the Canadian nickel since 1937 and is unchanged in 1973.
3. Date Check: Confirm 1973 is clearly visible. No dual-date format — this is a standard annual issue.
4. Edge Check: The edge is plain and smooth — no reeding. If you feel or see ridges, you have the wrong coin entirely.
5. Magnet Test (Composition Verification): Apply a magnet to the coin.
   • Sticks firmly: ✓ Correct — genuine 1973 Canadian nickel (99.9% pure nickel is ferromagnetic).
   • Does not stick: ✗ Something is wrong. Could be a counterfeit, a US Jefferson nickel (non-magnetic cupro-nickel alloy), or an extremely rare off-metal error.
6. Mint Mark Check: There are no mint marks on 1973 Canadian circulation nickels, Proof-Like coins, or Specimen coins. No “W” (Winnipeg), no “O” (Ottawa) — blank is correct and standard for this era. If someone claims a mint mark on a 1973 nickel is a premium feature, treat that claim skeptically.
7. Finish Identification (THE Critical Step for Valuation):
   • Business Strike: Displays a “cartwheel” luster — a spinning light effect visible when you rotate the coin under a single light source. May show bag marks. Found in change, bank rolls, or coin jars.
   • Proof-Like (PL): Mirror-like reflective fields (you can see a blurry reflection of your face). Devices may appear slightly frosted or brilliant against those mirror fields. Originally sold in flat, flexible red cellophane/pliofilm packs.
   • Specimen (SP): Sharper, more squared-off rims than a business strike. Fields have a distinct lined or semi-matte texture — neither the cartwheel of a business strike nor the pure mirror of a PL. Strike is crisper and deeper. Originally sold in rigid plastic inserts inside black leatherette Prestige/Double Dollar Sets.
8. Variety Check: Confirm the obverse is the standard Machin portrait — there is no Large Bust variety for the 1973 nickel. If you see a die crack under the beaver’s tail, refer to the minor die anomaly note in the Variants section — the premium is minimal.

Three 1973 Canadian 5-cent nickels showing the three distinct finish types: Business Strike with cartwheel luster (left); Proof-Like with mirror-reflective fields from pliofilm collector sets (centre); Specimen with semi-matte lined fields and squared rims from leatherette Prestige sets (right). (Illustration — not a photo of your exact coin)

Authentication via magnet test: the 1973 Canadian nickel (99.9% pure nickel) sticks firmly to a magnet — a definitive sign of genuine composition. A non-magnetic coin labelled as a 1973 Canadian nickel warrants immediate further examination.

Grading the Focal Points

When assessing your coin’s grade, concentrate on two zones:

• Queen’s cheek: The flattest, most exposed surface on the obverse. Any contact mark here will suppress the grade significantly.
• Beaver’s flank: The broad, smooth body of the beaver on the reverse. Bag marks here are highly visible and penalized heavily by graders.

A coin with no visible marks on these two zones under 5× magnification is a strong MS65 candidate. Visible marks under the naked eye = MS60–63 territory.

1973 Canadian Nickel Value FAQs

Methodology & Sources

Values in this guide reflect typical retail replacement prices as of February 2026, synthesized from the following primary numismatic authorities:

• Coins and Canada — 1973 5-Cent Prices & Auction Data — real-time market data and variety listings for Canadian coinage
• NGC World Coin Price Guide — Canada 5 Cents KM 60.1 (1965–1978) — graded population and price benchmarks
• Royal Canadian Mint — 5 Cents — official mintage figures and technical specifications
• Numista — Canada 5 Cents (Elizabeth II, 2nd Portrait) — specifications and collector set mintage data
• PCGS — Large Bust vs. Small Bust 1973 Canadian Quarters — authoritative source for the quarter variety and the myth-busting context for the nickel
• Calgary Coin — Canadian Five-Cent Nickel Prices — cameo premium data and market context for Canadian collector finishes
• Charlton Standard Catalogue of Canadian Coins — definitive Canadian variety and base pricing reference (print edition)
• Heritage Auctions / Stack’s Bowers — referenced for high-grade realized prices and market trend context

Market values are approximate retail replacement prices and may fluctuate. This guide covers standard (non-error) values only. Coin collecting involves risk; professional appraisal is recommended before significant transactions.