1978 Canadian 5-Cent (Nickel) Value Guide
Find out what your 1978 Canadian nickel is worth. Complete price guide by grade and finish (Business Strike, Proof-Like, Specimen) with current CAD values, the Square Jewels variety, composition facts, and a 30-second identification guide.
Most circulated 1978 Canadian nickels are worth $0.10–$0.15 CAD (bullion/melt floor). In top certified grades, the value rises sharply — a Gem MS‑65 Business Strike reaches $25.00 CAD, and the rare MS‑67 condition rarity has realized $300–$500 CAD at auction.
- Circulated (G‑4 to AU‑50): Face value to $0.10–$0.15 CAD (bullion floor)
- Uncirculated MS‑60:$0.25 CAD
- Gem MS‑65 Business Strike:$25.00 CAD
- Superb Gem MS‑66:$120.00 CAD
- MS‑67 (condition rarity):$300.00+ CAD
- Proof‑Like PL‑65:$8.00 CAD | PL‑67: $60.00 CAD
- Specimen SP‑65:$10.00 CAD | SP‑67: $60.00 CAD
Three things to check first: (1) Found in change? — Worth bullion or face value in circulated grades. (2) Shiny or mirror‑like? — Almost certainly a Proof‑Like (PL) coin from a Mint set, not a rare high-grade Business Strike; see the PL/SP value table. (3) Is it silver? — No. The 1978 nickel is 99.9% pure nickel with no silver content; it is strongly magnetic. All values in CAD as of February 2026. See full value chart →
The 1978 Canadian 5-cent coin sits squarely in the Royal Canadian Mint's "Nickel Age" — an era in which Canada's vast pure-nickel deposits translated directly into coin planchets. By 1978, the Winnipeg facility (opened in 1976) was handling the bulk of circulation production alongside Ottawa, which increasingly focused on collector issues. Despite a mintage exceeding 137 million, the 1978 nickel is genuinely elusive in top Mint State grades, where the unforgiving hardness of 99.9% pure nickel combines with mass-production bag contact to create a true condition rarity. For context on the full five-cent series, see our Canadian Nickel Value Guide.
Note: Production anomalies such as off-center strikes and wrong-planchet coins exist for this year but are outside the scope of this standard value guide.
1978 Canadian 5-cent coin — obverse showing Arnold Machin's Second Portrait of Queen Elizabeth II wearing the "Girls of Great Britain and Ireland" tiara, and reverse showing G.E. Kruger-Gray's iconic beaver on a log. Key design features labelled.
1978 Canadian Nickel Composition & Melt Value
The 1978 Canadian 5-cent coin is struck from 99.9% pure nickel — a metallurgical distinction that sets it apart from its American counterpart (a 75% copper / 25% nickel alloy) and from modern Canadian coinage (multi-ply plated steel). Canada, as a leading global producer of nickel historically centred in Sudbury, Ontario, utilized this domestic resource for coinage long after other nations switched to cheaper alloys.
Magnetic Properties — The Primary Authentication Test
Pure nickel is ferromagnetic. A genuine 1978 5-cent coin will be strongly attracted to a magnet. This is the definitive authentication test: a coin of this type and date that is not magnetic is either a foreign issue of similar size or a counterfeit. The coin contains no silver or gold; its intrinsic value is tied entirely to the industrial nickel commodity market. For current nickel spot pricing, see KITCO's base metals nickel page.
Magnet test for the 1978 Canadian nickel: the coin's 99.9% pure nickel composition produces a strong magnetic attraction. A coin of this date and denomination that fails the magnet test is not genuine.
Striking Characteristics Caused by Pure Nickel
The hardness of pure nickel imposes severe stress on minting dies, producing several effects that directly determine grade and market value:
- Orange Peel Effect: On many 1978 business strikes, the field surfaces exhibit a fine texture resembling orange-peel skin — a consequence of die fatigue. As dies wear under high striking pressure, their field surfaces degrade. Coins struck from early die states have smooth, near-reflective fields and are far scarcer and more valuable than late-die-state examples. Achieving MS‑65 or higher typically requires an early-die-state coin free of this texture.
- Die Wear and Flow Lines: High striking pressure generates radial "cartwheel" luster — the signature appearance of a business strike. Under magnification, these flow lines radiate outward from the centre of the coin's fields.
- Ghosting: Metal displaced to form the Queen's high-relief portrait sometimes leaves insufficient material to fill the reverse die, producing a faint "ghost" of the beaver outline visible in the obverse fields — or vice versa. This is a normal striking artifact, not a collectible variety.
Hoarding and the Bullion Floor
The pure nickel content of pre-1982 Canadian nickels has attracted bullion investors who have removed millions of high-quality business strikes from circulation and collector channels. This hoarding reduces the numismatic supply of pristine examples available to collectors. The coin's melt value provides a hard price floor that fluctuates with the industrial nickel spot price.
⚠️ Do Not Melt Canadian Coins
Melting Canadian coinage for its metal content is prohibited under Canadian law. The numismatic value of a Gem-grade 1978 nickel substantially exceeds its metal content in any case.
1978 Canadian Nickel Value Chart by Grade & Finish
The 1978 Canadian 5-cent coin was produced in three distinct finishes: Business Strike (circulation), Proof-Like (PL), and Specimen (SP). Each finish trades on a completely separate value scale. No mint marks appear on coins of any finish — both the Ottawa and Winnipeg facilities struck coins without marks, which is standard for Canadian coins of this era. All values in CAD as of February 2026, based on Charlton Standard Catalogue and Coins and Canada market data.
1978 Canadian Nickel — Business Strike (Circulation)
Grade comparison for the 1978 Canadian nickel (Business Strike): MS‑63 (left) with visible bag marks; MS‑65 (centre) with clean fields and full luster; MS‑67 (right) with pristine, mark-free surfaces — fewer than 50 such examples are documented. (Illustration — not a photo of your exact coin)
Business strikes were produced at both Ottawa and Winnipeg for commerce. With a mintage of 137,079,273, circulated examples are extremely common. The steep premium emerges in Gem and Superb Gem grades, where the pure nickel substrate's susceptibility to bag marks and die fatigue makes pristine examples vanishingly rare.
| Type | G4–AU50 | MS‑60 | MS‑63 | MS‑65 | MS‑66 | MS‑67 |
|---|---|---|---|---|---|---|
| 1978 Business Strike Mintage: 137,079,273 | $0.10–$0.15 Bullion/Face | $0.25 | $2.00 | $25.00 | $120.00 | $300.00+ |
MS‑67 examples have realized $300–$500 CAD at auction when supported by superior eye appeal (even toning, full sharp strike). Combined ICCS/PCGS population reports historically document fewer than 50 examples in MS‑67, confirming this as a genuine condition rarity. See the PCGS Population Report (1866–1988) and PCGS Population Report (1966–date) for current census data.
ℹ️ The Orange Peel Value Cliff
Many 1978 business strikes exhibit the "orange peel" surface texture in their fields — a result of late-state die fatigue. Coins with this texture generally cannot achieve MS‑65 or above regardless of strike sharpness. Early-die-state coins with smooth, clean fields are the examples that reach MS‑66 and MS‑67, and they are correspondingly scarcer.
⚠️ Never Clean Your Coins
Cleaning strips original luster and introduces hairlines visible under magnification. A cleaned 1978 nickel receives a "Details — Cleaned" designation from grading services, eliminating all numismatic premium regardless of its underlying detail or rarity.
1978 Canadian Nickel — Collector Finishes (Proof‑Like & Specimen)
Collector issues were struck at the Ottawa facility. No mint marks appear on PL or SP coins. Proof-Like sets were packaged in red or blue Pliofilm envelopes; Specimen coins came in leatherette prestige/double-dollar cases. Each set contained one example of every denomination.
| Finish | Mintage (Sets) | PL/SP‑60 | PL/SP‑63 | PL/SP‑65 | PL/SP‑66 | PL/SP‑67 | Notes |
|---|---|---|---|---|---|---|---|
| Proof‑Like (PL) | ~260,000 | $1.00 | $3.00 | $8.00 | $25.00 | $60.00 | Square Jewels sub-variety exists (see Variants). Heavy Cameo (HC) contrast adds a market premium. |
| Specimen (SP) | ~188,000 | $1.50 | $4.00 | $10.00 | $25.00 | $60.00 | Double-struck at lower speed. Auction record: PCGS SP‑68 realized $43 USD at GreatCollections. |
PL coins feature mirrored fields and frosted (cameo) devices. SP coins present brilliant devices against lined or semi-matte fields with a sharply squared wire rim. Both finishes should show minimal contact marks. The SP‑68 auction result suggests high-grade Specimens may be undervalued relative to equivalent Business Strike grades.
ℹ️ PL Set Contamination
With approximately 260,000 PL sets produced in 1978, many have been broken open over the decades. A "shiny" 1978 nickel found loose is almost certainly a PL coin — not a rare high-grade Business Strike. Dealers commonly discount raw "Uncirculated" coins of this era because PL origin is assumed.
⚠️ Pliofilm / PVC Damage Risk
Proof-Like coins stored in original red or blue Pliofilm envelopes may develop green PVC residue or surface corrosion over decades. If green spotting is present, professional conservation with pure acetone may help — do not use nail polish remover or other solvents. Coins with PVC damage lose all numismatic premium and revert to melt value.
All values in CAD as of February 2026. For the complete denomination series guide, see our Canadian Nickel Value Guide.
Most Valuable 1978 Canadian Nickel Varieties
The 1978 5-cent coin does not have major landmark die varieties comparable to some other years. Value is primarily driven by grade — especially the dramatic premium for top-condition Business Strikes — and by the recognized Square Jewels sub-variety found in PL and Specimen sets.
1. The MS‑67 Business Strike — Trophy Condition Rarity
The single most valuable standard 1978 nickel is not a die variety but a condition rarity. Combined ICCS/PCGS population reports historically document fewer than 50 examples in MS‑67 from a mintage of over 137 million — a consequence of the pure nickel substrate's extreme susceptibility to bag marks and die fatigue. Registry-set collectors compete aggressively for these top-population coins, which have realized $300–$500 CAD at auction when backed by strong eye appeal such as even golden toning or a full, sharp strike. Current census data is available at the PCGS Population Report (1866–1988) and the NGC World Coin Price Guide for Canada 5 Cents KM 60.1.
2. Square Jewels vs. Round Jewels (PL & SP Sets)
Tiara jewel comparison for the 1978 Canadian nickel: Round Jewels (standard, left) show distinct raised circular beads in the front row of the tiara. Square Jewels (sub-variety, right) show flattened or angular beads — the result of heavy die polishing or a specific master punch. Examine with a 10×–20× loupe. (Illustration — not a photo of your exact coin)
The primary cataloged variety for 1978 concerns the appearance of the jewels in Queen Elizabeth II's tiara on the obverse:
- Round Jewels (Standard): The front row of beads in the tiara presents as distinct, raised, circular dots — the normal production appearance.
- Square Jewels (Sub-variety): The same beads appear flattened or squared off. This effect is attributed to heavy die polishing on collector dies or the use of a specific master punch intended to enhance light refraction for the Specimen finish, though it also appears in PL sets.
Diagnostic method: Examine the front row of jewels in the tiara under a 10× to 20× loupe. Round, distinct dots = Round Jewels (standard). Flattened or squared beads = Square Jewels sub-variety.
Where to find them: The Square Jewels variety is most commonly encountered in PL and Specimen sets. The listing for a 1978 Canadian Square Jewel Uncirculated Proof-Like Set confirms marketplace recognition of this sub-variety. Specific premium data beyond marketplace distinction is not documented in the current reference material; collectors should consult the current edition of the Charlton Standard Catalogue of Canadian Coins for the latest attribution.
3. Clarifications: Varieties That Do NOT Belong to 1978
Two variety names are frequently misattributed to the 1978 nickel in online listings and price tables:
- High 7 / Low 7: These varieties belong to the 1977 5-cent coin, where the numeral 7 was repositioned during the year to correct alignment issues. By 1978, date alignment had been standardized. Any listing for a "High 7" 1978 nickel is either a mislabeled 1977 coin or an attribution error.
- Far 2: The "Far 2" rarity belongs to the 1932 5-cent coin. References to this variety appearing in 1978 data reflect formatting errors in price tables where 1932 data has bled into the 1978 row — not a genuine 1978 variety.
4. Die Deterioration Doubling (DDD)
Many 1978 nickels exhibit a "shadow" or "shelf" effect on lettering such as CANADA and CENTS. This is Die Deterioration Doubling (DDD) — a form of machine doubling or die wear, not a true hub doubled die (DDO/DDR). It does not generally command a significant numismatic premium. Extreme examples may attract novelty collectors but are not recognized as premium varieties in standard references.
1978 Canadian Nickel Identification Guide
Use this 30-Second Checklist to confirm exactly what you have before consulting the value tables. The most common errors are misidentifying a Proof-Like coin as a Business Strike and assuming silver content.
Three-way finish comparison for the 1978 Canadian nickel: Business Strike (left) with cartwheel luster and radial flow lines; Proof-Like (centre) with mirrored fields and frosted cameo beaver; Specimen (right) with brilliant devices against a lined/semi-matte background and a sharply squared wire rim. (Illustration — not a photo of your exact coin)
30-Second Identification Checklist
Monarch Check: The obverse shows Queen Elizabeth II facing right, wearing the "Girls of Great Britain and Ireland" tiara and a draped gown. Inscriptions read ELIZABETH II along the left arc and D.G. REGINA along the right arc. This is the Second Portrait by Arnold Machin, used on Canadian coins from 1965 through 1989.
Reverse Check: The reverse depicts a beaver resting on a rock-studded log in water, designed by G.E. Kruger-Gray. Inscriptions read 5 CENTS above the beaver (flanked by maple leaves), CANADA below, and 1978 along the top arc. The designer's initials K.G. appear to the right of the log.
Date Check: Confirm the date reads 1978 along the top arc of the reverse. High 7 / Low 7 varieties belong to 1977, not this coin.
Edge Check: The edge is plain (smooth). A reeded edge indicates a different denomination entirely.
Magnet Test — Composition Verification: Apply a magnet. A genuine 1978 Canadian nickel composed of 99.9% pure nickel will be strongly attracted. A weak or absent response indicates the coin is not genuine, or is a foreign issue of similar size. This test also confirms the coin is not silver (silver is non-magnetic).
Mint Marks: There are no documented mint marks on 1978 Canadian 5-cent coins of any finish — neither Ottawa nor Winnipeg applied identifying marks. This is standard practice for Canadian circulation and collector coins of this era. Any mark seen on this coin is not a recognized variety mint mark.
Finish Identification (The Critical Step):
- Business Strike (MS) — Cartwheel Luster: Under reflected light, the fields display a rotating band of light caused by radial flow lines. The surface is not mirrored. Fields on late-die-state coins may show an orange-peel texture. Contact marks (bag marks, nicks) are expected and normal.
- Proof-Like (PL) — Mirror Fields + Frosted Devices: Hold a pen tip approximately 5 cm from the coin and look for a clear, sharp reflection in the fields. Devices (beaver, portrait) should appear frosted or cameo-like against the mirror background. Originally packaged in red or blue Pliofilm envelopes. Few or no contact marks, but look for light rub on the highest points from sliding inside plastic film.
- Specimen (SP) — Lined Fields + Wire Rim: The fields present a distinctive lined or semi-matte surface rather than a pure mirror. Devices are brilliant and razor-sharp. The rim is visibly squared and sharp (wire edge) — more angular than a business strike rim. Originally housed in a leatherette prestige or double-dollar set. Virtually no contact marks.
Square Jewels Check (PL & SP Coins Only): Under a 10× to 20× loupe, examine the front row of jewels in the Queen's tiara. Distinct round dots = Round Jewels (standard production). Flattened or angular beads = Square Jewels sub-variety recognized in the marketplace.
Grading the 1978 Canadian nickel — the front row of tiara jewels is the primary wear examination point. At AU‑50, subtle friction appears on the central diamond and uppermost pearls. At MS‑65 and above, all jewels retain full rounded relief with no friction. Red arrow indicates the primary examination area.
⚠️ Carbon Spot Warning
Pure nickel is reactive to environmental contaminants, producing carbon spots — black, indelible dots that permanently lower or eliminate grade eligibility. Prevention is the only effective strategy: store 1978 nickels in low-humidity environments in inert coin capsules (air-tite or equivalent). Never handle coin surfaces with bare hands; finger oils etch pure nickel over time. Once a carbon spot forms, it cannot be removed without surface damage. "Dipping" pure nickel coins is risky and typically produces an unnatural, washed-out appearance.
1978 Canadian Nickel Value FAQs
What is a 1978 Canadian nickel worth?
A circulated 1978 Canadian nickel is worth approximately $0.10–$0.15 CAD — reflecting its bullion/melt floor based on the industrial nickel spot price. In uncirculated MS‑60, it reaches $0.25 CAD; at Gem MS‑65, $25.00 CAD; and the rare MS‑67 condition rarity has realized $300–$500 CAD at auction. Proof-Like (PL‑65) examples trade for approximately $8.00 CAD and Specimen (SP‑65) for approximately $10.00 CAD.
Is a 1978 Canadian nickel rare?
In circulated and lower uncirculated grades, no — 137,079,273 business strikes were produced, making it one of the more common modern Canadian 5-cent coins. However, in MS‑67 condition it is a genuine rarity: combined grading service census data historically documents fewer than 50 such examples. That specific grade level represents a condition rarity actively sought by registry-set collectors at significant premiums.
What makes a 1978 Canadian nickel valuable?
Three factors drive premium values: (1) Grade — the price jump from MS‑65 ($25) to MS‑66 ($120) to MS‑67 ($300+) is dramatic, driven by the extreme difficulty of finding bag-mark-free examples in pure nickel; (2) Finish — Proof-Like and Specimen coins from Mint sets occupy entirely different value scales from business strikes; and (3) Cameo contrast — Heavy Cameo (HC) PL and SP coins with strong frosted-device-on-mirror-field contrast attract collectors willing to pay a premium above standard base prices.
Is my 1978 Canadian nickel made of silver?
No. The 1978 Canadian 5-cent coin is composed of 99.9% pure nickel — no silver, gold, or copper content. It will be strongly attracted to a magnet, which immediately distinguishes it from silver (non-magnetic). Silver Canadian 5-cent coins were last produced during the wartime issues of the 1940s. The beaver-reverse nickel from 1965 onward uses pure nickel through the early 1980s.
What is the difference between a Business Strike, Proof-Like, and Specimen 1978 nickel?
All three are genuine Royal Canadian Mint products but made to different standards. Business Strikes were mass-produced at high speed for circulation, displaying cartwheel luster and typically some bag marks. Proof-Like (PL) coins were struck with polished dies on prepared planchets for Uncirculated Sets packaged in Pliofilm envelopes, producing mirrored fields with frosted cameo devices. Specimen (SP) coins were double-struck at lower speed for Prestige/Double Dollar leatherette sets, yielding brilliant devices against lined or semi-matte fields with a sharply squared wire rim. Collector finishes are not errors or polished business strikes — they are intentional, distinct products.
What is the Square Jewels variety and how do I identify it?
The Square Jewels variety appears when the front-row beads of Queen Elizabeth II's tiara look flattened or squared off rather than as distinct round dots — likely caused by heavy die polishing or a specific master punch used for collector-finish dies. It is found primarily in Proof-Like and Specimen sets and is recognized as a marketplace sub-variety. To check: examine the front row of tiara beads under a 10× to 20× loupe. Round, distinct dots = standard Round Jewels. Flattened or angular beads = Square Jewels. Consult the current Charlton Standard Catalogue for the latest premium data.
What is the "orange peel" effect and does it affect my coin's grade?
Yes, significantly for high grades. The orange-peel effect is a fine textured surface in the fields of business-strike 1978 nickels caused by die fatigue — the hard nickel planchets wore the die steel, roughening its field surface over time. Coins struck from late-stage worn dies exhibit this texture and typically cannot achieve MS‑65 or higher regardless of how sharp their devices appear. Early-die-state coins with smooth, clean fields are the examples that reach MS‑66 and MS‑67.
Do the "High 7" or "Far 2" varieties apply to the 1978 nickel?
No. The High 7 / Low 7 varieties belong to the 1977 5-cent coin, where the numeral 7 was repositioned mid-year. The Far 2 is a famous rarity from the 1932 5-cent coin. Any online listing or price table attributing either variety to a 1978 nickel is either a mislabeled 1977 coin or a data formatting error where values from a different year have bled into the 1978 row.
Should I get my 1978 Canadian nickel certified?
Only if you are confident the coin grades at least MS‑65 for a business strike or SP‑67 for a Specimen. Certification fees of approximately $30–$50 CAD including return shipping exceed the market value of a 1978 nickel below those thresholds. For the Canadian domestic market, ICCS (International Coin Certification Service) is the recognized standard and applies conservative grading. PCGS is preferred for high-end registry-set submissions and for targeting US-based auction markets where PCGS-labelled coins typically command stronger resale.
How do I prevent carbon spots on my 1978 nickel?
Carbon spots — black, indelible dots caused by environmental contaminants reacting with the pure nickel surface — are the primary preservation threat for 1978 nickels. Store coins in low-humidity conditions inside inert coin capsules (air-tite or equivalent). Never touch the coin's surfaces with bare hands; finger oils etch pure nickel over time. Once a carbon spot forms, it is extremely difficult to remove without surface damage, and any attempted treatment that damages the surface results in a "Details" grade designation. Prevention is the only reliable strategy.
Methodology & Sources
Values presented in this guide reflect market estimates as of February 2026, synthesized from the following primary references:
- Coins and Canada — 5 Cents 1965 to 1989 Proof, Proof-Like, and Specimen Price Guide
- NGC World Coin Price Guide — Canada 5 Cents KM 60.1 (1965–1978)
- PCGS Population Report — Canadian 5 Cents (1866–1988)
- PCGS Population Report — Canadian 5 Cents (1966–date)
- GreatCollections Auction Archive — Canada 1978 5 Cents KM‑60.1 SP (PCGS SP‑68, $43 USD)
- Numista — Canada 5 Cents Elizabeth II (2nd Portrait), KM# 60.1
- Royal Canadian Mint — 5 Cents History
- Calgary Coin — Canadian 5-Cent Nickel Reference
- Charlton Standard Catalogue of Canadian Coins (current edition) — primary variety and value reference
- ICCS (International Coin Certification Service) population reports
All values are in Canadian Dollars (CAD) unless otherwise noted. The SP‑68 auction record from GreatCollections is reported in USD as documented in the source material; no currency conversion has been performed. Market values fluctuate with collector demand and commodity prices; prices shown represent typical realized prices and catalogue estimates as of February 2026. This guide covers standard (non-error) circulation, Proof-Like, 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.