1937 Canadian Nickel
The 1937 Canadian Nickel is a Canadian nickel struck for circulation with 4.59 million made. Value band: face value. Here is how to recognize it, what makes one worth more and what to check on yours.
- Year
- 1937
- Circulation mintage
- 4,593,263
- 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 1937 Canadian Nickel worth?
With 4.59 million made, the 1937 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 1937 Canadian Nickel rare?
- No. 4.59 million were made, so circulated examples are worth face value.
- How many 1937 Canadian nickels were made?
- 4,593,263 were struck for circulation.
- What is the 1937 Canadian Nickel made of?
- Nickel (99.9%). It weighs 4.54 g and measures 21.2 mm.
- Is the 1937 Canadian Nickel still legal tender?
- Yes. Canadian 5-cent coins are legal tender.
The 1937 nickel in context
The 1937 nickel is the first beaver. With a new king on the throne, Canada took the chance to modernize all its coins. Each denomination received a fresh reverse with a Canadian theme and for the five cents the choice was the beaver, an animal tied closely to the country's history and the fur trade. The design was by George Edward Kruger Gray, an English artist who also created the maple twig cent of the same year. The new reverses were unveiled for the coronation year.
The mint struck 4,593,263 nickels in 1937, a figure close to the 1936 total. The new coins went into circulation in a country still emerging from the Depression and they quickly became familiar. The beaver proved so popular that it is still on the nickel almost nine decades later, under three monarchs and through several changes of metal. That gives the 1937 a special status as the first coin of one of the longest running designs in Canadian coinage. The 1937 also launched Paget's portrait of the new king.
How to recognize it
The obverse shows George VI bare headed, facing left, in a portrait by Thomas Humphrey Paget. The legend names him king by the grace of God and Emperor of India. On the reverse, Kruger Gray's beaver sits on a rock with water around it, with CANADA above and 5 CENTS below. The coin is round, pure nickel, 21.2 mm and 4.54 g. On a sharp coin the beaver's fur, its flat tail and the ripples in the water show crisply. Those are the details that fade first with wear, so look there to judge condition. The design is round on this date; the 12-sided shape came later.
1937 Canadian Nickel by the numbers
In mintage terms the 1937 Canadian Nickel ranks 58th lowest of 161 Canadian nickel dates and varieties from 1858 to 2024. The next scarcer is the 1928 Canadian Nickel (4.59 million); the next more common is the 1922 Canadian Nickel (4.76 million).
For scale, the most common is the 2008 Canadian Nickel with 278.5 million, about 61 times as many. The scarcest is the 1884 Canadian Nickel with 200,000, 23 times fewer than this one.
Compared with the dates around it, the 1937 output was about the same as 1936 and 1.2 times the 1938 figure.
Over the 1930s the Mint produced 40.9 million five cent coins across 10 dates and varieties; the 1937 Canadian Nickel accounts for 11% of that.
What to check on your 1937 Canadian Nickel
- Try a magnet. Nickel (99.9%) is magnetic, so a genuine 1937 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.
The 1937 is not scarce, but as a first year of design it is popular. Collectors look for a well preserved example with a clear beaver and a sharp portrait. Many 1937 nickels have dark, mottled surfaces from long storage. An even, original coin is better than one that has been polished, which leaves an unnatural shine. Look closely at the tip of the beaver's tail and the ripples in front of it, which are the first areas to soften. A strong first year example is a centerpiece for any beaver collection.
George VI and the first beavers (1937 to 1941)
George V died in January 1936 and Edward VIII abdicated before any Canadian coins bore his portrait, so the next king on the nickel was George VI. His bare headed portrait by Thomas Humphrey Paget appeared in 1937, facing left, with a legend naming him king and Emperor of India. More importantly, 1937 brought a complete redesign of the reverses of Canada's coins. The five cents got the beaver by George Edward Kruger Gray, who also designed the maple twig on the cent.
The beaver sits on a rock with water around it, CANADA is above and 5 CENTS below. It is one of the most recognized Canadian coin designs and it is still used today. The coin itself stayed round and of pure nickel, 4.54 g and 21.2 mm across. Output rose with the economy and then jumped in 1940, when wartime spending pushed the mintage to almost 14 million.
These dates are common in circulated grades and a few million were struck in every year. Value comes from condition. Look at the beaver's back and tail and the fine lines of the water: on a well preserved coin they are crisp. Nickel coins of this period often have dull, slightly gray surfaces from decades in pockets, which is normal. Bright, polished coins have usually been cleaned and lose appeal to collectors.
Mintage chart
Specifications
| Country | Canada |
|---|---|
| Denomination | 5 cents |
| Issuer | Royal Canadian Mint |
| Year | 1937 |
| Circulation mintage | 4,593,263 |
| Composition | Nickel (99.9%) |
| Weight | 4.54 g |
| Diameter | 21.2 mm |
| Shape | Round |
| Edge | Plain |
Frequently asked questions
Who designed the beaver on the Canadian nickel?
George Edward Kruger Gray, an English artist who designed several of Canada's 1937 reverses. His beaver first appeared on the 1937 nickel and is still used on the coin today.
Why did the nickel change design in 1937?
A new king meant new dies and Canada used the moment to give every coin a Canadian themed reverse. The nickel got the beaver, the cent the maple twig and the other coins their own designs.
Mintage figures: Nickel (Canadian coin) (Wikipedia, CC BY-SA 4.0), compiled from Royal Canadian Mint figures. How we build these pages.