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The Canada 5 Cents 1858 5/5 KM#2 is an important coin in the history of Canadian numismatics, representing both the early years of Canadian coinage and the influence of British colonial administration. Struck in 1858, this coin holds significant historical value as one of the first coins to be minted for the newly created Province of Canada, which was formed by the union of the Canadas (Upper and Lower Canada) in 1841. The 5-cent coin was part of a broader move to create a national currency for Canada, which had previously relied heavily on foreign coinage, particularly from the British Empire and the United States. The 1858 5-cent coin was issued during the early stages of Canadian independence, marking the growing importance of local coinage in the Canadian economy.
The Canada 5 Cents 1858 5/5 KM#2 was struck at the Royal Mint in London. Canada did not have its own mint at the time, so coinage was produced by the British Royal Mint, which had also been responsible for striking coinage for many of its colonies. The coin was made from 92.5% silver and 7.5% copper, a standard composition for many coins of the era. The silver content gave the coin both intrinsic and numismatic value, while the copper alloy provided durability for circulation. The decision to strike the 5-cent coin in silver also mirrored the practices of other British colonies at the time, where silver coins were commonly used for smaller denominations, facilitating both domestic and international trade. The coin was an important part of the early Canadian currency system, allowing for greater convenience in everyday transactions and reducing the reliance on foreign coinage.
The design of the Canada 5 Cents 1858 5/5 KM#2 is both straightforward and elegant, reflecting the simplicity of early Canadian coinage. The obverse features the profile of Queen Victoria, who was the monarch of Canada at the time. Queen Victoria’s image was commonly used on Canadian coinage during the colonial period, as Canada was part of the British Empire. The queen is depicted facing left, with her hair tied up in a coronet. Surrounding her image are the words "VICTORIA D.G. REGINA," which translate to "Victoria by the Grace of God, Queen." This inscription was a standard feature on British Commonwealth coinage, reinforcing the queen’s authority over the colony. The reverse of the coin displays the denomination, "5 CENTS," along with the year of issue, "1858," and the mintmark "C" for Canada. The reverse design also features a laurel wreath, a symbol of honor and victory, encircling the central inscription, giving the coin an elegant yet functional appearance. The design elements reflect both the colonial ties to Britain and the emerging identity of Canada as a self-governing entity.
The Canada 5 Cents 1858 5/5 KM#2 was part of the initial series of Canadian coinage that was struck by the Royal Mint for the Province of Canada. These coins were the first official government-issued currency for the colony, which had previously relied on a mix of foreign coins and privately issued tokens for day-to-day transactions. The 1858 5-cent piece, along with other coins from the same series, marked a shift toward a more cohesive and independent currency system. The coin was introduced at a time when the colony was moving toward greater political autonomy, culminating in the formation of the Dominion of Canada in 1867. The 1858 5-cent coin is thus not only a piece of currency but also a symbol of Canada’s early efforts toward national identity and financial independence.
The mintage of the Canada 5 Cents 1858 5/5 KM#2 is estimated to have been around 500,000 coins, making it a relatively common coin for the period. However, despite the relatively high mintage, many of these coins were heavily circulated and worn down over time, resulting in fewer surviving examples in good condition. As with many coins of this era, the 1858 5-cent coin saw extensive use in everyday transactions, leading to significant wear on most pieces. Additionally, the coin’s relatively low face value meant that it was often subject to heavy handling, which contributed to its deterioration. As a result, well-preserved examples of the coin are considered rare and highly desirable among collectors. The 5/5 variety, which features two separate “5”s in the date, is a notable feature that has made this specific coin even more sought after by numismatists.
The condition of the Canada 5 Cents 1858 5/5 KM#2 is one of the most critical factors in determining its value. The coin in question has been graded as “VF” (Very Fine), which means that it shows significant wear but retains enough detail for collectors to appreciate its design. In Very Fine condition, the coin will exhibit worn features, especially on the high points of the design, such as Queen Victoria’s portrait and the laurel wreath on the reverse. The coin will also show some signs of circulation, including surface abrasions and a loss of some of the finer details. However, the overall design will remain visible, and the date and denomination will still be clear. It’s worth noting that the coin has been labeled as “cleaned,” which indicates that the surface of the coin may have been polished or treated to remove dirt or tarnish. Cleaning, while not unusual for older coins, can detract from a coin's overall value, as it can remove some of the original patina and affect the coin’s aesthetic appeal. Despite being cleaned, the coin’s Very Fine condition still makes it a valuable piece for collectors of Canadian numismatics.
The Canada 5 Cents 1858 5/5 KM#2 is highly prized by collectors due to its historical significance and its rarity in higher grades. The coin represents a key moment in the development of Canada’s national currency and provides collectors with a tangible link to the country’s early days as a British colony. The 5/5 variety is particularly sought after, as it adds an element of interest to the coin that appeals to those who specialize in collecting varieties and errors. As with many coins of this era, surviving examples in high condition are relatively scarce, which only increases the coin’s desirability. This coin, despite being cleaned, still holds value for those interested in early Canadian coinage, colonial numismatics, or the study of the development of currency in North America.
In conclusion, the Canada 5 Cents 1858 5/5 KM#2 is a historically important coin that captures a pivotal moment in Canada’s numismatic history. Struck during the early years of the Province of Canada, the 5-cent token represents both the colonial ties to Britain and the growing desire for financial independence. Its design, with the image of Queen Victoria and the inscription “1858,” is a reflection of the political climate of the time, while the coin’s mintage and condition further contribute to its status as a sought-after collectible. Despite being cleaned, the coin’s VF grade and unique 5/5 variety make it a valuable piece for collectors and numismatists interested in Canadian colonial coinage and early North American currency.