1990 Canadian 5-Cent (Nickel) Value Guide
Find out what your 1990 Canadian nickel is worth. Complete price guide by grade and finish — Business Strike, Proof-Like, Specimen, and Sterling Silver Proof — plus the Bare Belly variety. All values in CAD as of February 2026.
Most 1990 Canadian nickels found in circulation are worth 5¢ (face value). Gem Uncirculated examples (MS65) reach $28.00, and the rarest certified business strike (MS67) has sold for approximately $140 CAD at auction.
- Circulated (G4–VF20): Face value (5¢)
- EF40–AU50: $0.25–$0.30
- Uncirculated (MS60): $1.00
- Choice Uncirculated (MS63): $1.50
- Gem Uncirculated (MS65): $28.00 — the value cliff
- Proof-Like (PL66): $5.00
- Specimen (SP66): $10.00
- Sterling Silver Proof (PF65): $18.00 (silver melt floor ≈ $17.00 CAD)
Found it in a set or looks shiny? Red cellophane packaging = Proof-Like (PL); blue or black booklet = Specimen (SP); black leather prestige case = Sterling Silver Proof. Is it silver? Only the Proof from the Prestige (Double Dollar) Set contains silver — weigh it: 5.35 g = silver; 4.6 g = standard cupro-nickel. Both are non-magnetic, so the magnet test alone cannot distinguish them. All values in Canadian dollars (CAD) as of February 2026. See the full value chart →
The 1990 Canadian five-cent piece is the first year of issue for the Diademed Portrait of Queen Elizabeth II, designed by Dora de Pédery-Hunt — the first time a Canadian artist created the reigning monarch's effigy for circulation coinage, replacing Arnold Machin's tiara portrait used from 1965 to 1989. With 42.5 million struck for commerce plus collector issues across four distinct finishes, the year offers real depth: a recognized die variety (the Bare Belly), genuine condition rarity at the Gem Uncirculated level, and a Sterling Silver Proof with a precious-metal floor. This guide covers standard (non-error) values only; production errors such as off-center strikes exist for this era but are outside the scope of this guide. For the full denomination price series, see our Canadian Nickel Value Guide.
1990 Canadian Nickel Composition & Melt Value
The 1990 five-cent piece was struck in two chemically distinct compositions depending on the intended use. Understanding which you hold determines the coin's intrinsic metal floor value — and since both compositions are non-magnetic, a gram scale is the only reliable way to tell them apart.
Standard Composition — Circulation, Proof-Like, and Specimen
The standard 1990 nickel — covering the 42,537,000 circulation coins as well as the Proof-Like (PL) and Specimen (SP) collector issues — is a cupro-nickel alloy. The specific amounts of copper and nickel in a 4.6 g coin do not reach a melt threshold exceeding face value or numismatic worth. There is no arbitrage opportunity in melting these coins; their entire value is either utility as currency or condition as collectibles.
Magnetic test: The 1990 cupro-nickel coin is non-magnetic. Unlike the pure nickel five-cent pieces of 1955–1981 — which attract strongly to a magnet — or the plated-steel coins introduced in later years (also magnetic), the 1990 CuNi alloy shows no attraction. A 1990-dated coin that sticks firmly to a strong magnet is a red flag warranting closer investigation.
Proof Composition — Prestige (Double Dollar) Sets Only
Proof nickels packaged in the Royal Canadian Mint's Prestige (Double Dollar) Sets were struck in sterling silver at the Ottawa facility, with a mintage of 140,649 to 158,068. These are the only 1990 nickels containing precious metal.
Silver melt value calculation: Silver content = 5.35 g × 92.5% ≈ 4.95 g of pure silver. At a spot price of approximately $3.43 CAD per gram (as of February 7, 2026), the melt floor is approximately $17.00 CAD. This floor floats with the silver spot price and represents the minimum value the coin should command regardless of condition — provided it retains its cameo contrast (see Identification Guide).
Weight as the critical diagnostic: Because both the standard and silver coins are non-magnetic, a magnet test cannot distinguish them. Weigh the coin on a gram scale: 4.6 g = standard cupro-nickel (circulation, PL, or SP); 5.35 g = sterling silver Proof. This approximately 16% weight difference is reliably detectable on a decent postal or jewellery scale. See the Numista listing for the 1990 Sterling Silver Proof 5-cent and the Royal Canadian Mint's official 5-cents page for composition verification.
Standard CuNi coin (4.6 g, left) vs. Sterling Silver Proof (5.35 g, right) on a gram scale — the only reliable way to distinguish the two non-magnetic compositions. (Illustration — not a photo of your exact coin)
1990 Canadian Nickel Value Chart by Grade & Finish
1990 Canadian Nickel — Business Strike (Circulation)
Mintage: 42,537,000. Struck at the Winnipeg facility for general commerce. These coins represent the vast majority of surviving 1990 nickels. For current population-based pricing context, see the NGC World Coin Price Guide for Canada 5 Cents KM 182 and Colonial Acres Coins — 5 Cents 1990–1999.
| Type/Design | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS63 | MS64 | MS65 | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1990 Beaver (Diademed Portrait) | Face (5¢) | Face (5¢) | Face (5¢) | Face (5¢) | $0.25 | $0.30 | $1.00 | $1.50 | $8.50 | $28.00 | MS65 is the key value cliff (+230% over MS64). MS67 auction record: approx. $140 CAD (PCGS). See Variants section for Bare Belly premium. |
ℹ️ The MS65 Value Cliff
Note the jump from $8.50 at MS64 to $28.00 at MS65 — a 230% increase. The beaver design's broad, flat back, flanks, and surrounding water are especially prone to bag marks from the Winnipeg Mint's high-speed bagging process. An example free of distracting contact marks is a genuine survivor from 42.5 million struck. For trophy-grade MS66 and MS67 pricing, see the PCGS CoinFacts page for the 1990 5¢ and the Notable Variants section below.
Grade comparison for the 1990 Canadian nickel: circulated (VF range, left) vs. Choice Uncirculated MS63 (centre) vs. Gem Uncirculated MS65 (right). Bag marks on the beaver's broad back and the Queen's cheek become the decisive factor at top grades. (Illustration — not a photo of your exact coin)
1990 Canadian Nickel — Proof-Like (PL) & Specimen (SP)
Proof-Like mintage: 170,791 (Ottawa; distributed in red cellophane Uncirculated sets). Specimen mintage: 76,611 (Ottawa; distributed in blue or black booklet Specimen sets). These coins were never issued for commerce. See the Numista listing for the 1990 cupro-nickel 5-cent for specifications cross-reference.
| Finish | PL63 / SP63 | PL65 / SP65 | PL66 / SP66 | Cameo Premium | Notes |
|---|---|---|---|---|---|
| Proof-Like (PL) | $1.15 | $2.00 | $5.00 | Cameo is rare on PL examples; adds a modest premium over standard book value. | Originally sealed in flat red pliofilm (cellophane) sets. PVC damage risk — see warning below. |
| Specimen (SP) | $1.30 | $3.00 | $10.00 | Heavy Cameo (HC) examples command a significant premium, especially at SP66 and above. | Matte/lined (striated) fields with frosted devices and squared wire rim. Hard plastic case inside booklet. |
⚠️ PVC Damage Risk
Proof-Like coins stored in original pliofilm (red cellophane) packaging may develop green PVC residue over decades. If you see a greenish haze or slime on the surface, the coin requires professional conservation using pure acetone — do not use nail polish remover. PVC-damaged coins revert to face value and lose all numismatic premium regardless of their underlying detail.
ℹ️ PL Set Contamination
With 170,791 Proof-Like sets produced in 1990, many have been broken open over the decades. A "shiny" 1990 nickel found loose in a dealer's stock almost certainly originated from a PL set — not a rare high-grade business strike. Dealers routinely discount raw "Uncirculated" examples from this era because they assume PL origin. Always check the surface closely: PL fields are reflective; business strikes show cartwheel luster with flow lines.
1990 Canadian Nickel — Sterling Silver Proof (Prestige Sets)
Mintage: 140,649–158,068. Struck in sterling silver at Ottawa; included exclusively in the "Double Dollar" Prestige Sets packaged in black leather cases. Silver melt floor ≈ $17.00 CAD.
⚠️ Cameo Contrast Is Critical for Silver Proof Value
A Silver Proof coin without a Cameo designation is worth significantly less — essentially melt value. Always look for the frost on the devices. Additionally, "dipping" a Proof to remove tarnish strips the frost from the beaver, permanently destroying the cameo effect and reducing the coin to melt value. Never dip or clean a Proof coin.
| Finish | Composition | PF65 | PF67 | PF69 | Notes |
|---|---|---|---|---|---|
| Proof (PR/PF) | Sterling Silver (92.5%) | $18.00 | $24.00 | $35.00+ | Silver melt floor ≈ $17.00 CAD. Standard retail singles: $18–$25 CAD. Ultra Heavy Cameo (UHC/DCAM) examples can reach $60–$100 CAD. ICCS uses "Heavy Cameo" / "Ultra Heavy Cameo"; PCGS/NGC use "CAM" / "DCAM." |
Cameo contrast levels on the 1990 Sterling Silver Proof: standard (left), Heavy Cameo / HC (centre), and Ultra Heavy Cameo / UHC (right). UHC examples represent the first strikes from freshly polished dies — brilliant white frosted beaver against an almost black mirror field. (Illustration — not a photo of your exact coin)
⚠️ Never Clean Your Coins
Cleaning strips original luster and leaves hairlines visible under magnification. Grading services assign a "Details — Cleaned" designation, which eliminates any numismatic premium regardless of underlying detail. For Silver Proof coins, dipping to remove toning also destroys the cameo frost — permanently reducing the coin's value to its silver melt floor.
All values in CAD represent typical market prices as of February 2026. For the complete denomination price history, see our Canadian Nickel Value Guide.
Most Valuable 1990 Canadian Nickel Varieties
A. Trophy-Level Varieties (Condition Rarity and Strike Quality)
The most valuable 1990 nickels are not scarce dates — they are condition rarities or premium-strike examples. Because the coin is modern and widely produced, rarity is created by preservation and die state, not low mintage.
| What It Is | Why It Commands a Premium | Grade Required | Documented Value / Record | Source |
|---|---|---|---|---|
| Business Strike MS67 | Extreme condition rarity: finding a virtually mark-free example from a 42.5-million coin mintage produced via high-speed bagging is statistically improbable. Registry set competition drives demand. | PCGS/ICCS MS67 | $101 USD (~$140 CAD) — PCGS auction record | PCGS CoinFacts — 1990 5¢ MS67 |
| "Bare Belly" Variety MS65 | Recognized die variety (Charlton Variety 1990-01) combined with Gem preservation. Variety premium stacks with condition premium. | ICCS/PCGS MS65 | $80–$115 CAD (Charlton and auction analogs) | Canadian Numismatic Company — Jan. 2024 Sale |
| Silver Proof — Ultra Heavy Cameo (UHC) | Only the first strikes from fresh dies show maximum black-and-white contrast. UHC designation confirms this elite die state, which is scarcer than standard Cameo examples. | ICCS PF67/68 UHC | $60–$100 CAD (estimated from auction analogs) | Auction analogs |
| Specimen — Heavy Cameo (HC) | Specimen coins with deep cameo contrast are scarcer than Proofs with the equivalent designation, due to the matte field technique requiring precise die preparation. | ICCS SP67/68 HC | Significant premium over standard SP book values | Auction analogs |
Market insight: The MS67 auction record of approximately $140 CAD demonstrates that a common-date 1990 nickel can trade at nearly 2,800 times its face value when condition is extraordinary. This premium is driven almost entirely by registry set competition among advanced collectors.
B. Findable Varieties — The "Bare Belly" Beaver (Charlton Variety 1990-01)
The Bare Belly is the primary variety target for collectors searching 1990 nickel rolls or dealer stock. It is listed in the Charlton Standard Catalogue of Canadian Coins as Variety 1990-01 and carries a verified market premium accessible to any collector with a loupe.
| Variety | Charlton Ref. | How to Identify | Cause | Circulated Premium | Mint State Range |
|---|---|---|---|---|---|
| Bare Belly Beaver | 1990-01 | The fur lines on the beaver's underbelly between the front and rear legs are missing or smoothed flat. Normal dies show distinct horizontal texture lines in this area. | Die polishing: after die-clash damage, Mint staff polished the reverse die with an abrasive to salvage it, accidentally erasing the lowest-relief detail — the belly fur — first. | 5× to 10× face value | $20–$80 CAD |
Step-by-Step Bare Belly Diagnostic
- Use magnification — a 5× or 10× loupe.
- Locate the beaver's underbelly on the reverse: the zone between the front and rear legs where the body meets the rock.
- Normal reverse: Distinct horizontal fur lines are clearly visible across the belly area.
- Bare Belly reverse: The belly surface is smooth, polished flat — fur lines are absent or only faintly visible at the edges.
- Degrees matter: The full premium is typically recognized when smoothing covers the majority of the belly zone. Partial polishing may attract a smaller premium.
- Confirm the degree: Partial bare bellies exist. Compare against photographic references at Saskatoon Coin Club — Canadian 5-Cent Major Varieties and Calgary Coin — Canadian Five-Cent Variety Reference.
The Bare Belly diagnostic: standard beaver reverse (left) shows distinct horizontal fur lines across the underbelly; Bare Belly variety (right, Charlton 1990-01) shows a smooth, polished area where those fur lines have been erased by die polishing. (Illustration — not a photo of your exact coin)
💡 Where to Find the Bare Belly
Bare Belly examples can turn up in circulation rolls from the era and in raw dealer stock. Because many dealers and casual collectors are not actively watching for this variety, it can still be cherry-picked from roll lots. A face-value circulated coin becomes a meaningful find; a Mint State example jumps to $20–$80 CAD.
1990 Canadian Nickel Identification Guide
The 1990 nickel exists in four distinct finishes that require different identification steps. Misidentifying a Sterling Silver Proof as a standard cupro-nickel coin — or vice versa — is a common and costly mistake. Use this checklist to confirm exactly what you have.
1990 Canadian 5-cent coin: obverse showing the Diademed Portrait of Queen Elizabeth II by Dora de Pédery-Hunt (left) and reverse showing the G.E. Kruger-Gray Beaver design with designer's initials "K.G." to the right of the rock (right).
30-Second Identification Checklist
- Monarch Check: Is Queen Elizabeth II wearing a diamond diadem (jewelled crown) and a necklace, facing right? Designer: Dora de Pédery-Hunt (Third Portrait, 1990–2003). If you see a plain tiara without a necklace, the coin is pre-1990 (Arnold Machin portrait, 1965–1989).
- Reverse Check: Does the reverse show a beaver on a rock flanked by maple leaves? Are the initials "K.G." (designer G.E. Kruger-Gray) visible to the right of the rock?
- Date Check: Is "1990" clearly legible on the reverse?
- Edge Check: The edge is plain/smooth — not reeded. Confirm by examining the edge or rolling the coin on a flat surface.
- Magnet Test (Composition Verification): Hold a strong magnet to the coin. Both the standard cupro-nickel and the Sterling Silver Proof are non-magnetic. A coin that sticks strongly to a magnet is not a genuine 1990 nickel of either composition.
- Weight Test (Critical — Distinguishes Standard from Silver): Because magnetism cannot separate the two compositions, weigh the coin: 4.6 g = standard cupro-nickel (circulation, PL, or SP); 5.35 g = Sterling Silver Proof.
- No Documented Mint Marks: No "W" or other mint mark appears on 1990 circulation coins or standard collector sets. This is standard for Canadian circulation coinage of this era.
- Finish Identification: See the table below.
Finish Identification at a Glance
| Finish | Surface Appearance | Original Packaging | Composition / Weight | Typical Value |
|---|---|---|---|---|
| Business Strike | Cartwheel luster (spokes of light rotating when tilted). Fields show flow lines and likely bag marks (nicks from coin-to-coin contact). | Rolls, bags, pocket change | CuNi — 4.6 g | Face value to $28.00+ |
| Proof-Like (PL) | Brilliant, reflective fields — semi-mirror appearance. Devices may also be brilliant (not deep cameo). More reflective than a business strike but not as deep as a full Proof. | Flat red pliofilm (cellophane) | CuNi — 4.6 g | $1.15–$5.00 |
| Specimen (SP) | Matte / lined (striated) fields — a distinctive satin look with fine parallel lines visible under light. Devices are sharply frosted. Rim is squared ("wire rim") from the double strike. | Hard plastic case snapped inside blue or black booklet | CuNi — 4.6 g | $1.30–$10.00 |
| Proof (Silver) | Deep black mirror fields — you can see your reflection clearly. Devices are heavily frosted white (strong cameo contrast). The most visually dramatic of the four finishes. | Black leather Prestige / Double Dollar case | Sterling Silver — 5.35 g | $18.00–$35.00+ |
Four finishes of the 1990 Canadian nickel side by side: Business Strike (cartwheel luster, bag marks visible), Proof-Like (semi-mirror, brilliant fields), Specimen (matte/striated satin fields, frosted devices, squared rim), and Sterling Silver Proof (deep black mirror fields, heavy white frost on beaver). (Illustration — not a photo of your exact coin)
Bare Belly Quick-Check
Once you have confirmed finish and composition, examine the beaver's underbelly (between the front and rear legs) with a 5×–10× loupe. Distinct horizontal fur lines = standard die. Smooth, polished area = Bare Belly variety (Charlton 1990-01) — see the Variants section for full diagnostics and premium values.
Magnet test result for the 1990 Canadian nickel: both the standard cupro-nickel (4.6 g) and the Sterling Silver Proof (5.35 g) are non-magnetic. If a purported 1990 nickel sticks to a magnet, investigate further.
1990 Canadian Nickel Value FAQs
What is a 1990 Canadian nickel worth?
Most 1990 Canadian nickels found in pocket change are worth face value (5¢). EF40 examples bring about $0.25 and AU50 coins approximately $0.30. Uncirculated (MS60) examples start at $1.00, rising to $1.50 at MS63 and $8.50 at MS64. The critical threshold is MS65 (Gem Uncirculated) at $28.00 — the "value cliff." Collector-finish coins have their own tracks: PL ranges from $1.15 to $5.00 at PL66; Specimen from $1.30 to $10.00 at SP66; and the Sterling Silver Proof from $18.00 (PF65) to $35.00+ (PF69). All values are in CAD as of February 2026.
Is my 1990 Canadian nickel silver?
Only the Proof version from the Royal Canadian Mint's Prestige (Double Dollar) Set contains silver — struck in sterling silver (92.5% silver, 7.5% copper) and packaged in a black leather case. Standard circulation coins, Proof-Like (PL) set coins, and Specimen (SP) set coins are all cupro-nickel (75% copper, 25% nickel). The fastest diagnostic: weigh the coin. Standard = 4.6 g; Sterling Silver Proof = 5.35 g. Note that both compositions are non-magnetic, so a magnet test alone cannot distinguish them.
What is the Bare Belly variety and how do I find it?
The Bare Belly (Charlton Variety 1990-01) is a recognized die variety caused by over-polishing of the reverse die. To remove clash damage, Mint staff polished the die with an abrasive, unintentionally erasing the shallow fur lines on the beaver's underbelly. Under a 5×–10× loupe, a standard reverse shows distinct horizontal fur lines between the beaver's front and rear legs; the Bare Belly reverse shows a smooth, flat surface in that zone. Circulated Bare Belly examples carry a premium of 5× to 10× face value; Mint State examples trade in the $20–$80 CAD range. Combined with Gem (MS65) preservation, values rise to approximately $80–$115 CAD.
What makes a 1990 Canadian nickel valuable at high grades?
The primary driver is the beaver design's broad, flat planes — the animal's back, flanks, and the surrounding water — which act as bag-mark magnets during the Winnipeg Mint's high-speed production process. Coins were struck and dropped into bags where they clattered against each other, leaving nicks and abrasions on these flat surfaces. MS60–MS63 examples are common because they simply need to be unironed, but finding a 1990 nickel without distracting bag marks (MS65 and above) is genuinely difficult given 42.5 million struck. This scarcity at the top of the grade scale — combined with registry set competition — drives the value cliff between MS64 ($8.50) and MS65 ($28.00).
What is the difference between the Proof-Like (PL), Specimen (SP), and Proof finishes?
All three are collector-only issues struck at the Ottawa Mint, but they differ in manufacturing method and appearance. Proof-Like (PL): Struck with polished production dies and normal blanks; produces reflective, semi-mirror fields. Sold in red pliofilm cellophane sets. Specimen (SP): Struck with specially prepared matte-finish dies at slower presses (double struck); produces distinctive striated (lined/satin) fields with sharply frosted devices and a squared wire rim. Sold in blue or black booklet sets. Proof (PR): Struck in sterling silver with highly polished dies and polished blanks; produces deep black mirror fields with heavy white frosting (cameo contrast). Sold in black leather Prestige cases. The Proof is the only one containing precious metal.
Should I get my 1990 Canadian nickel graded by ICCS or PCGS?
Grading economics only justify the cost for coins appearing to qualify at MS65 or higher (business strike), SP66+ (Specimen), or PF67+ UHC (Silver Proof). At MS63, a $1.50 coin is not worth the grading fee. At MS65 ($28.00) the math is marginal; at MS66–MS67 it can be worthwhile, especially targeting PCGS for the Set Registry market where top-pop examples command significant premiums. ICCS (International Coin Certification Service) is the domestic Canadian standard: Canadian dealers and collectors buy and sell fluidly based on ICCS grades. PCGS/NGC are preferred for trophy-grade coins entering the international market. For cameo-designated coins, note that ICCS uses "Heavy Cameo" / "Ultra Heavy Cameo," while PCGS/NGC use "CAM" / "DCAM."
Why does the value jump so sharply at MS65 for the 1990 nickel?
This is the "value cliff" — a concept common to high-mintage modern circulation coins featuring large flat design fields. MS60–MS63 examples are easy to find because they only need to be unseen by commerce, but the Winnipeg bagging process left nearly every coin with some contact marks on the beaver's broad back and flat water design. An MS65 coin must clear the Gem threshold: no distracting marks, strong luster, sharp strike, and excellent eye appeal. The percentage of 1990 nickels from 42.5 million struck that meet that standard is very small, creating genuine scarcity at the top. The 230% jump from MS64 ($8.50) to MS65 ($28.00) directly reflects this difficulty.
How do I tell a Specimen coin from a Proof-Like coin without documentation?
The quickest field test is the background finish. Proof-Like: Fields are brilliant and reflective — a bright mirror-like sheen. Specimen: Fields are matte or "lined" — under direct light you can see fine parallel striations creating a satin or frosted-ground appearance. The Specimen also typically has a sharper, more squared rim ("wire rim") from the double-strike process. If the original packaging survives, confirmation is immediate: red flat cellophane = PL; hard-plastic-in-booklet = SP. Without packaging, the surface texture is the diagnostic.
Methodology & Sources
Values in this guide reflect the Canadian market as of February 2026 and are expressed in CAD. Prices were compiled and cross-referenced from the following primary sources:
- Charlton Standard Catalogue of Canadian Coins — Primary reference for Bare Belly variety attribution (1990-01) and pricing hierarchy.
- NGC World Coin Price Guide — Canada 5 Cents KM 182 (1990–2003)
- PCGS CoinFacts — 1990 5¢ (Business Strike, including MS67 auction record)
- The Canadian Numismatic Company January 2024 New Year's Sale — NumisBids
- The Canadian Numismatic Company January 2020 Auction — NumisBids
- Numista — Canada 5 Cents, Elizabeth II Third Portrait (Cupro-Nickel)
- Numista — Canada 5 Cents, Elizabeth II Third Portrait (Sterling Silver Proof)
- Royal Canadian Mint — 5 Cents Official Page
- Saskatoon Coin Club — Canadian 5-Cent Major Varieties
- Calgary Coin — Canadian Five-Cent Variety Reference
- Colonial Acres Coins — 5 Cents 1990–1999
- SilverPrice.org — Silver Price Canada (spot price source: $3.43 CAD/g, February 7, 2026)
Market disclaimer: Coin values fluctuate with collector demand, certified population data, and — for silver issues — commodity prices. Prices represent typical dealer and auction realized values as of the stated date and are not guaranteed buy prices. Consult a professional numismatist or grading service for high-value transactions.
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.