The first time I saw Chancellor, I thought it should have costed $2 and have its +$2 replaced by +1 card +1 action...
and if you look at the $2 costing cantrips we already have, by order of appearance :
-Pawn (a cantrip only if you want it)
-Pearl Diver (move bottom to top... only when you have that extra $2 and to enable conspirator/TR/KC...)
-Haven (though you lose +1 card due to the duration effect)
-Hamlet (sometimes a great card)
-Vagrant (already better than Pearl diver)
So yeah, just a 6th $2 cantrip, it wouldn't have been that bad, right ? Especially when you have cards such as Courtyard, Fool's gold or Chapel at $2.
Aaaand... to come back to the main topic :
this card is either +1 action +$2 OR cantrip + chancellor effect. The two cards that can give you "+1 action +$2" only for $5 are Mystic (pretty low-ranked on Qvist's cards) and Minion (better when stacked). But this card hasn't many purposes. And I don't know if a price fix would be the best, because so far away we haven't "+1 action +$2" cards for less than $5 other than an activated Conspirator...
plus putting deck into discard pile : chancellor does this, it's a bad card, Trusty steed does this but only coming with 4 silvers along and 3 other options are mainly more interesting, Scavenger does this and it is cool, sometimes. So a pure "discard for nothing" is... bad for $5.