1987 Canadian 5-Cent (Nickel) Value Guide

The 1987 Canadian 5-cent coin is a "workhorse" issue from the mature phase of the Arnold Machin portrait era (1965–1989), featuring G.E. Kruger-Gray's iconic Beaver reverse. With over 106 million pieces struck for circulation, it is common in worn grades — but condition-rarity makes bag-mark-free examples genuinely scarce and valuable. Four distinct finishes (Business Strike, Proof-Like, Specimen, and Proof) were produced this year, giving collectors multiple tiers to pursue. For values across all years of this denomination, see our Canadian Nickel Value Guide.

Note: Minor production anomalies such as die cracks or machine doubling may exist for 1987 but are outside the scope of this standard value guide.

1987 Canadian Nickel Composition & Melt Value

Alloy: 75% Copper / 25% Nickel (Cupro-Nickel)

The 1987 Canadian 5-cent coin is struck from a homogeneous alloy of 75% Copper and 25% Nickel — a composition commonly called Cupro-Nickel (CuNi). This alloy replaced the previous standard of 99.9% pure nickel used before 1982, a change driven by rising metal costs and the difficulty of striking the harder pure-nickel planchets. The CuNi blend produces a silvery-white lustre that is slightly warmer in tone than the "steely" white of pure nickel, though the difference is subtle to the untrained eye.

The 1987 production year is compositionally stable — there was no mid-year metal transition. Collectors can be confident that any genuine 1987 nickel is uniformly CuNi. This places it in a distinct middle era between the pre-1982 pure-nickel coinage and the eventual shift to Multi-Ply Plated Steel (MPPS) that occurred in the late 1990s and early 2000s. Technical specifications are confirmed by the Numista catalogue (Elizabeth II 2nd portrait, Copper-nickel) and the Royal Canadian Mint's official 5-cent denomination page.

Magnetic Properties — Critical Authentication Diagnostic

The 1987 nickel is non-magnetic. A standard refrigerator magnet will not attract it. This is the fastest single authentication tool for this denomination:

• Does not stick to magnet: Consistent with genuine 1987 Cupro-Nickel composition.
• Sticks to magnet: The coin is either a later-date Multi-Ply Plated Steel issue (post-~2000) being misidentified as a 1987, or a counterfeit. A genuine 1987 nickel is never magnetic.

Melt Value

The 1987 nickel contains approximately 3.45 grams of copper and 1.15 grams of nickel. It contains no silver, gold, or other precious metals. Its raw industrial metal value is significantly lower than the numismatic value of even low-grade uncirculated examples. Unlike silver-era Canadian coins, the 1987 nickel does not track precious metal spot prices, and its intrinsic value does not meaningfully affect collecting decisions. Numismatic value far exceeds melt value at every grade level.

1987 Canadian Nickel Value Chart by Grade & Finish

The 1987 nickel was issued in four distinct finishes. Values differ dramatically between them — a Proof-Like coin and a Business Strike in the same numerical grade have completely different values and rarity profiles. Always identify your finish before consulting the tables below.

The four 1987 Canadian nickel finishes side by side: Business Strike (cartwheel lustre), Proof-Like (mirror fields, minimal frost), Specimen (brilliant devices against lined/matte fields), and Proof (jet-black mirrors with heavy cameo frost). Identifying the correct finish is the single most important step in valuing your coin. (Illustration — not a photo of your exact coin)

1987 Canadian Nickel — Business Strike (Circulation)

Mintage: 106,299,000. The nine-figure mintage makes this date abundant in circulated grades. Numismatic value does not emerge until the Uncirculated level, and the real "value cliff" sits at MS-65 — the point at which bag-mark-free examples become genuinely scarce despite the massive production run. The cupro-nickel alloy is hard, but coins ejected into hoppers and bagged for shipment suffered significant contact damage that limits most survivors to MS60–MS63.

A typical raw "uncirculated" example pulled from a bank roll grades MS60–MS63 due to pervasive bag marks on the Queen's cheek and the Beaver's flank. The $40–$60 MS65 price point generally applies to coins certified by ICCS, PCGS, or NGC — raw examples often sell for far less because buyers cannot verify the grade.

Grade comparison: a typical MS-63 Business Strike (left, visible bag marks on the Beaver's flank and the Queen's cheek) versus a certified MS-65 Gem (right, clean open fields with unbroken cartwheel lustre). The visual difference is subtle under casual inspection — the difference in market value is dramatic. (Illustration — not a photo of your exact coin)

1987 Canadian Nickel — Proof-Like (PL)

Mintage (estimated): ~212,136. Proof-Like coins were packaged in flat pliofilm (cellophane) sheets with a Red or Blue paper insert as part of the RCM's Uncirculated Sets. The fields are mirror-like but the devices are not heavily frosted, giving a flatter, slightly two-dimensional appearance compared to a true Proof. Because PL sets have frequently been broken open over the decades, many "shiny" 1987 nickels encountered loose are actually PL coins, not rare high-grade Business Strikes.

1987 Canadian Nickel — Specimen (SP)

Mintage (estimated): ~74,441. Specimen coins were packaged in hard book-style cases (often Maroon or Black leatherette) with a certificate of authenticity. The Specimen finish is the most visually distinctive of the four: the devices (Queen, Beaver) are brilliant and sharply defined, while the fields carry a subtle lined or matte (striated) texture that diffuses light rather than reflecting it. This "brilliant relief against a lined background" effect is the definitive diagnostic of a Specimen coin and is not replicated in any other finish.

1987 Canadian Nickel — Proof (PR/PF)

Mintage: 179,004. Proof coins were packaged in luxury black leather or velvet cases as part of the RCM Prestige Proof Sets. The Proof finish is the finest quality available: jet-black liquid mirror fields set against heavily frosted (white) devices — a high-contrast "cameo" effect that is immediately recognizable. Because over 179,000 Proof sets were produced, base-grade Proof examples are affordable. Value is concentrated almost entirely on cameo contrast depth: coins struck from fresh dies exhibit Ultra Heavy Cameo (UHC) contrast — the Queen and Beaver appear as stark white frost against a liquid-black background — commanding a 2×–3× premium over base Proof prices. The PF70 Ultra Heavy Cameo represents the absolute pinnacle.

Values in CAD represent typical market prices as of February 2026. Reference pricing sourced from Canadian-Coins.ca — 1987 5-Cent Nickel and the NGC World Coin Price Guide — Canada 5 Cents KM 60.2a. For the complete denomination price guide, see our Canadian Nickel Value Guide.

Most Valuable 1987 Canadian Nickel Varieties

The 1987 nickel does not feature a famous catalogue die variety. Its highest values are driven by condition rarity (exceptional Business Strike grades) and finish anomalies (Ultra Heavy Cameo contrast on Proof coins; a dealer-recognized struck-through variety on Specimens). Two tiers are covered below.

Trophy-Level Examples

These represent the ceiling of the 1987 nickel market — what a Registry Set collector pursuing the finest-known examples would typically encounter.

Proof finish cameo contrast levels: standard Proof (left, moderate frosting on devices) versus Ultra Heavy Cameo (right, stark white frost against jet-black liquid mirror fields). UHC examples command a 2×–3× premium over the base Proof price at the same grade. (Illustration — not a photo of your exact coin)

Findable Variety: Thread Strike Through (Specimen)

Specialist dealers have documented a variety affecting a specific batch of the 1987 Specimen production run, known as the Thread Strike Through. It is caused by a foreign filament — likely from a cleaning cloth or packaging material — that was trapped between the die and the planchet during striking, leaving a visible linear indentation on the coin's surface. While unlisted in the Charlton Standard Catalogue, it appears on dealer price lists and is recognized in the specialist market for modern RCM anomalies.

Close-up of a 1987 Specimen nickel showing the Thread Strike Through: a distinct linear indentation caused by a filament trapped between die and planchet during striking. This variety is recognized by specialist dealers such as Calgary Coin but is unlisted in the Charlton Standard Catalogue.

To check for this variety: hold your 1987 Specimen nickel under 5×–10× magnification in a raking (low-angle) light source. A genuine Thread Strike Through shows a distinct linear channel with a slightly raised edge along one side, consistent with a compressed textile filament. It is found only on Specimen examples, not on Business Strikes or Proof-Like coins.

1987 Canadian Nickel Identification Guide

Because the 1987 nickel exists in four finishes — Business Strike, Proof-Like, Specimen, and Proof — misidentification is the most common cause of value discrepancies. Use the 30-second checklist below to confirm exactly what you have before consulting the value tables.

1987 Canadian 5-cent coin: obverse (left) showing Queen Elizabeth II in Arnold Machin's Second Portrait, wearing the Girls of Great Britain and Ireland Tiara, with the date 1987; reverse (right) showing the Beaver on a log designed by G.E. Kruger-Gray, with CANADA above and 5 CENTS below.

30-Second Forensic Checklist

1. Confirm the Monarch (Obverse): You should see Queen Elizabeth II wearing a tiara — this is Arnold Machin's Second Portrait, used from 1965 through 1989. The inscription reads ELIZABETH II D GRATIA REGINA CANADA around the rim. If the effigy looks visually different from this description, you may have a coin from a different era.

2. Confirm the Reverse Design: A Beaver sitting on a log, surrounded by maple leaves, with CANADA above and 5 CENTS below. Designed by G.E. Kruger-Gray — the same reverse used nearly continuously since 1937.

3. Confirm the Date: Clearly reads 1987 on the obverse, below the Queen's portrait.

4. Check the Edge: Plain (smooth) — no reeding. All Canadian 5-cent coins of this composition and era have a plain edge.

5. Magnet Test (Composition Verification):
   Hold a standard refrigerator magnet to the coin.
   Expected result for a genuine 1987 nickel: Does NOT stick. The Cupro-Nickel (75% Cu / 25% Ni) alloy is non-magnetic.
   If the coin does stick to the magnet, it is either a later-date Multi-Ply Plated Steel issue (post-~2000) being misidentified as a 1987, or a counterfeit. Do not pay a numismatic premium for a magnetic coin dated 1987.

6. Check for Mint Marks: No mint marks appear on 1987 Canadian circulation nickels. There is no documented "W" (Winnipeg) mark for this year on any finish. A coin with any stamped mint mark should be examined carefully for authenticity.

7. Identify the Finish — The Critical Step:

   • Business Strike (MS): Cartwheel lustre — a sweeping, radiating shine that moves dynamically across the fields as you rotate the coin under a light source. Will almost always show bag marks (small random scratches) on the Queen's cheek or the Beaver's flank. Came from bank rolls or pocket change. Worth face value to $1.50 for typical examples; certified MS-65+ are condition rarities.
   • Proof-Like (PL): Fields reflect images like a flat mirror, but devices are not heavily frosted. The overall appearance can seem slightly flat or two-dimensional compared to a Proof. Originally packaged in a flat pliofilm envelope with a Red or Blue paper insert. Worth $0.50–$2.00 in typical condition.
   • Specimen (SP): The most distinctive finish. Devices (Queen, Beaver) are brilliant and sharply defined. Fields carry a subtle lined or matte (striated) texture — they diffuse light rather than mirror it, giving a "brilliant relief against a matte background" effect. Originally packaged in a hard book-style leatherette case (Maroon or Black) with a certificate. Worth $1.00–$5.00.
   • Proof (PR/PF): Unmistakable: jet-black liquid mirror fields with heavily frosted (white) Queen and Beaver — the classic cameo look. Originally packaged in a luxury black leather or velvet case (Prestige Proof Set). Worth $2.00–$10.00+ depending on grade and cameo depth.

8. Variety Check (Specimen coins only): Examine your Specimen coin under 5×–10× magnification in raking light. Look for a narrow linear indentation (Thread Strike Through). If present, the coin is a dealer-recognized variety worth ~$3.00–$5.00 versus the ~$1.00 base SP63 price.

The magnet test for the 1987 Canadian nickel: a genuine Cupro-Nickel (75% Cu / 25% Ni) coin does not respond to a standard magnet (left). A magnetic response (right) signals a post-2000 Multi-Ply Plated Steel coin — or a counterfeit — and not a genuine 1987 issue.

ICCS vs. PCGS vs. NGC

ICCS (International Coin Certification Service) is the domestic Canadian grading standard, preferred by most Canadian specialist dealers for its conservative, technical approach. ICCS-graded coins are liquid commodities in the Canadian market. PCGS and NGC are preferred by collectors competing on international Registry Sets or selling to global audiences — a PCGS MS67 may command a higher realization than an ICCS equivalent purely due to registry competition dynamics, even if the underlying coin quality is similar.

1987 Canadian Nickel Value FAQs

Methodology & Sources

Values in this guide reflect typical retail market prices for problem-free, certified coins as of February 2026, expressed in Canadian Dollars (CAD). Pricing was synthesized from the following primary sources:

• Canadian-Coins.ca — 1987 5-Cent Nickel (catalogue retail values; MS65 / MS66 benchmarks)
• NGC World Coin Price Guide — Canada 5 Cents KM 60.2a (1982–1989) (mintage confirmation; high-grade market context)
• Calgary Coin — Modern Canadian 5-Cent Listings (dealer asking prices for PL, SP, and Proof finishes; Thread Strike Through variety documentation)
• George Manz Coins — Canadian Nickel Listings (dealer benchmarks for collector finish values)
• Royal Canadian Mint — 5 Cents (official denomination history and specifications)
• Numista — 5 Cents, Elizabeth II 2nd Portrait, Copper-nickel (technical specifications: weight, diameter, thickness, composition)
• Charlton Standard Catalogue of Canadian Coins (variety scope definitions; finish classification)

Prices represent typical retail asking prices and reflect market conditions as of the date noted. Individual coins may sell for more or less depending on eye appeal, grading service, and market conditions at time of sale. No market predictions are made or implied.