Among Canadian coin varieties, few are as well-known and sought after as the 1964 Extra Waterline (EWL) 5-cent coin. While millions of regular 1964 nickels were produced, only a small number display this distinctive die variety, making it one of the most desirable modern Canadian circulation coins.
Whether you're an experienced collector or just starting to search through old nickels, the Extra Waterline is a variety worth knowing.
What Is the Extra Waterline Variety?
The 1964 Extra Waterline, often abbreviated EWL or XWL, is a major die variety found on the reverse of certain 1964 Canadian nickels.
The variety is identified by an additional raised line in the water beneath the beaver, just to the left of the beaver's head near the G. KRUGER-GRAY signature. This extra line is not present on normal 1964 nickels and is believed to have resulted from progressive die deterioration during the minting process. It has since become the most recognized variety of the 1964 issue.
Why Is It So Rare?
Unlike intentional design changes, the Extra Waterline was never meant to exist. It appeared only on a limited number of dies before they were replaced.
Although the Royal Canadian Mint struck over 160 million five-cent coins in 1964, only a tiny fraction exhibit the Extra Waterline variety. As a result, collectors often examine rolls and collections from the period in hopes of discovering one that has gone unnoticed.
How to Identify One
When examining a 1964 Canadian nickel:
- Confirm the coin is dated 1964.
- Turn the coin to the reverse (beaver side).
- Look at the water lines beneath the beaver.
- Near the G. KRUGER-GRAY initials, look for an additional raised waterline that does not appear on standard examples.
A 10x magnifying glass or jeweler's loupe is highly recommended, as the extra line can be subtle on circulated coins.
Value
The Extra Waterline variety commands a substantial premium over an ordinary 1964 nickel.
Approximate retail values include:
- VG: around $20 CAD
- VF: approximately $25 CAD
- EF: around $30 CAD
- MS63: about $110 CAD
- MS64: roughly $550 CAD
- MS65: over $2,500 CAD, with exceptional examples bringing even stronger prices depending on eye appeal and certification.
As always, actual market prices depend on certification, strike quality, luster, and collector demand.
A Favorite Among Variety Collectors
The 1964 Extra Waterline has earned legendary status among Canadian variety collectors. It is frequently mentioned alongside other famous Canadian die varieties such as the 1958 Bug Tail nickel, the 1964 Whistling Queen, and the 1965 Large Beads.
Because ordinary 1964 nickels remain common in circulation and old collections, many collectors still enjoy searching rolls in the hope of finding this elusive variety.
Final Thoughts
The 1964 Canadian 5-Cent Extra Waterline is proof that a tiny detail can transform an ordinary circulation coin into a prized collectible. Its fascinating origin, relative scarcity, and strong market demand have made it one of the premier modern Canadian coin varieties.
If you own a collection of 1964 Canadian nickels, take a closer look—you might discover one of Canada's most exciting hidden treasures.
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