1923 Canadian Nickel
The 1923 Canadian Nickel is a Canadian nickel struck for circulation with 2.48 million made. Value band: face value. Here is how to recognize it, what makes one worth more and what to check on yours.
- Year
- 1923
- Circulation mintage
- 2,475,201
- Value band
- Face value
- Composition
- Nickel (99.9%)
Original illustration of the coin's shape and metal. Tap to flip. Not a picture of the actual design.
Face value · Small premium · Collector premium · Significant rarity. We use bands because prices change daily.
What is a 1923 Canadian Nickel worth?
With 2.48 million made, the 1923 Canadian Nickel is common and worth face value in circulated condition. Only uncirculated coins with full luster, recognized varieties and genuine errors interest collectors.
What would make yours worth more:
- Sharp detail with original luster
- A recognized variety for the date
- Professional grading for a key date
For market prices, look at recent sold results for the same coin in the same condition, not asking prices.
Quick answers
- Is the 1923 Canadian Nickel rare?
- No. 2.48 million were made, so circulated examples are worth face value.
- How many 1923 Canadian nickels were made?
- 2,475,201 were struck for circulation.
- What is the 1923 Canadian Nickel made of?
- Nickel (99.9%). It weighs 4.54 g and measures 21.2 mm.
- Is the 1923 Canadian Nickel still legal tender?
- Yes. Canadian 5-cent coins are legal tender.
The 1923 nickel in context
After the big launch year, the mint needed far fewer coins. The 1923 nickel mintage was 2,475,201, roughly half the 1922 figure. The first wave of large nickels had filled much of the demand and the old silver coins were still in many pockets. For collectors that makes 1923 one of the lower mintage dates of the George V nickels, though nothing like the famous 1925. Old silver five cents were still turning up in change as well.
The 1923 also matters for a less obvious reason. Its date ends in a 3 and a worn 3 can look a lot like a 5. Because the 1925 is the key date of the series, worn and altered 1923 coins are among the most common sources of false 1925s. Learning what a genuine 1923 looks like is the best protection if you ever come across a nickel that seems to be the rarer date. It also helps you sort the early years quickly, since the first three dates of the large nickel are often found together in old accumulations.
How to recognize it
The 1923 uses the same design introduced in 1922. Mackennal's crowned George V faces left, surrounded by GEORGIUS V DEI GRA: REX ET IND: IMP:. The reverse shows CANADA above, 5 CENTS in the middle with a maple leaf on each side and the date below. It is pure nickel, 21.2 mm across and 4.54 g. The date sits close to the rim at the bottom of the reverse, which means it is one of the first areas to take wear. Look at the curves of the final digit carefully; a 3 has a notched middle that a 5 lacks.
1923 Canadian Nickel by the numbers
Measured by how many were made, the 1923 Canadian Nickel ranks 36th lowest of 161 Canadian nickel dates and varieties from 1858 to 2024. The next scarcer is the 1904 Canadian Nickel (2.4 million); the next more common is the 1916 Canadian Nickel (2.48 million).
For scale, the most common is the 2008 Canadian Nickel with 278.5 million, about 113 times as many. The scarcest is the 1884 Canadian Nickel with 200,000, 12 times fewer than this one.
Compared with the dates around it, the 1923 output was 1.9 times fewer than 1922 and 1.2 times fewer than 1924.
Over the 1920s the Mint produced 40.1 million five cent coins across 10 dates and varieties; the 1923 Canadian Nickel accounts for 6.2% of that.
What to check on your 1923 Canadian Nickel
- Try a magnet. Nickel (99.9%) is magnetic, so a genuine 1923 coin sticks; a silver one would not.
- Never clean it. Rubbing or polishing leaves fine scratches and an unnatural shine that collectors avoid.
- Look at the high points of the portrait and the design. Wear there sets the grade. The grade in turn drives the value of older five cent coins.
A circulated 1923 is a better date than most nickels of the decade and draws a small premium in nicer grades. Compare the last digit with a known 1925 if you are unsure and check for scratches or tool marks around it. Corrosion spots are common on nickels stored in damp places. A coin with even gray surfaces and a readable crown is a good set example. If you find several early nickels together, sort them by date first; the 1923s often hide among commoner years.
George V large nickel five cents (1922 to 1936)
In 1922 Canada dropped the fiddly silver piece and adopted a large five cent coin in pure nickel, much like the coin its neighbor to the south already used. The choice made sense: Canada was one of the world's great nickel producers, the metal was durable and a coin of 4.54 g on a 21.2 mm round flan was hard to lose. It also gave the denomination the name most Canadians still use: the nickel.
The obverse kept Mackennal's crowned portrait of George V with the full legend that includes DEI GRA. The reverse was new and simple: CANADA above, 5 CENTS in the middle and the date below, with two maple leaves flanking the value. The design stayed in use until 1936. Mintages ran from around two to five million in most years, but output dropped hard in the middle of the decade, with only 200,050 coins dated 1925 and 933,577 dated 1926.
The 1925 is the key date of every Canadian nickel ever struck and the 1926 is the semi key, with a near 6 and far 6 variety to check. The early 1920s dates are also worth a second look in sharp condition. Nickel is hard, so these coins often show long, smooth wear rather than scratches. A clear date matters most, because worn dates can make a common year look like a rare one. Pure nickel coins are attracted to a magnet, which is normal for this period.
Mintage chart
Specifications
| Country | Canada |
|---|---|
| Denomination | 5 cents |
| Issuer | Royal Canadian Mint |
| Year | 1923 |
| Circulation mintage | 2,475,201 |
| Composition | Nickel (99.9%) |
| Weight | 4.54 g |
| Diameter | 21.2 mm |
| Shape | Round |
| Edge | Plain |
Frequently asked questions
Is the 1923 nickel rare?
Not rare, but it is scarcer than many dates. Its mintage of 2,475,201 was about half that of 1922. It is a better date in sharp condition and an easy coin to find in worn grades.
How can you make sure a coin is a 1923 and not a 1925?
Look at the final digit closely. A 3 has two rounded curves joined by a point in the middle, while a 5 has a flat top bar and a single curve. Tool marks around the digit suggest an alteration.
Mintage figures: Nickel (Canadian coin) (Wikipedia, CC BY-SA 4.0), compiled from Royal Canadian Mint figures. How we build these pages.