Most Valuable Canadian Pennies

The Canadian one-cent piece was struck for 154 years — from the Province of Canada's first decimal coinage in 1858 through the penny's retirement in 2012. Over that span, it went through two major size changes, seven different compositions, six monarchs, and countless design modifications. For collectors, the cent series offers the most affordable path to a meaningful Canadian coin collection, with common dates available for pocket change and key dates that can reach six figures.

This guide covers every key date, major variety, and price benchmark in the series, using mintage figures and market data from our database of 137 cent entries with 285 documented variants and over 1,265 recorded errors and varieties.

Physical Specifications by Era

The Canadian cent changed size, weight, and composition multiple times. Knowing which era a coin belongs to helps with identification and authentication.

Era	Composition	Weight	Diameter
1858–1859 (Province)	95% Cu, 4% Sn, 1% Zn	4.54g	25.4mm
1876–1920 (Large Cent)	95% Cu, 4% Sn, 1% Zn	5.67g	25.4mm
1920–1942 (Small Cent)	95.5% Cu, 3% Sn, 1.5% Zn	3.24g	19.05mm
1944–1979	98% Cu, 0.5% Sn, 1.5% Zn	3.24g	19.05mm
1980–1981	98% Cu, 0.5% Sn, 1.5% Zn	2.8g	19.0mm
1982–1996	98% Cu, 0.5% Sn, 1.5% Zn	2.5g	19.1mm
1997–2006	Copper-plated zinc	2.25g	19.05mm
2007–2012	Copper-plated steel	2.35g	19.05mm

The most important transition was in 1920, when the large cent (25.4mm — the size of a modern quarter) was replaced by the small cent (19mm) that Canadians used until 2012. Both sizes were produced in 1920, making that year a natural dividing line for collectors.

The Key Dates

1858 — Canada's First Cent

The Province of Canada issued its first decimal coinage in 1858, and the one-cent piece was part of that inaugural run. With a mintage of 421,000, it is scarce but not impossible to find. Most surviving examples are in lower circulated grades — these coins saw heavy use for over 60 years before the Large Cent was retired.

The 1858 cent comes in five documented variants. The standard medal-alignment piece is the most common, but a coin alignment variant (where the reverse is rotated 180 degrees from normal) is genuinely rare: AG-3 specimens sell for $400 CAD, climbing to $3,680 in VF-20 and $5,800 in EF-40.

Our database records 13 errors on the 1858 cent, including a triple die clash — evidence of the challenges the young mint faced in its first year of production.

Variant	VF-20	EF-40	MS-60	MS-63	MS-65
Normal (Medal Alignment)	$151	$245	$616	$2,510	$9,500
Coin Alignment	$3,680	$5,800	—	—	—

1922 — First Year of the Small Cent

When the Royal Canadian Mint replaced the large cent with the smaller 19mm coin in 1920, production of the new size was modest. By 1922 — the first year with only small cents in production — mintage was just 1,243,635. This is the first of the "Big Three" small cent key dates (1922, 1923, 1925).

The 1922 cent is always in demand. In VF-20 it sells for $36 CAD, but gem examples are genuinely rare — MS-65 specimens have sold for $10,500.

Grade	VG-8	VF-20	EF-40	MS-60	MS-63	MS-65
1922	$22	$36	$55	$231	$1,380	$10,500

1923 — The Second Key Date

The 1923 cent has an even lower mintage than the 1922: just 1,019,022 pieces. In the early 1920s, wartime-era cents from the 1910s were still circulating heavily, and demand for new cents was low. The result is a coin that is difficult to find in any grade and truly rare in uncirculated condition.

Grade	VG-8	VF-20	EF-40	MS-60	MS-63	MS-64
1923	$36	$57	$76	$326	$1,950	$4,580

1925 — The King of Small Cents

At 1,000,622 coins, the 1925 has the lowest mintage of any regular-issue Canadian small cent. It is the undisputed key date of the series and the coin that every cent collector works hardest to acquire. Even well-worn examples in Good condition command $25 or more, and gem uncirculated pieces are exceptionally scarce.

The 1925 cent is also the most frequently counterfeited Canadian cent — altered dates (particularly 1926 or 1928 modified to look like 1925) are known. For any significant purchase, professional authentication from ICCS, PCGS, or NGC is strongly recommended. See our coin grading guide for more on certification.

Grade	VG-8	VF-20	EF-40	MS-60	MS-63	MS-65	MS-66
1925	$30	$45	$60	$226	$1,130	$6,300	$6,900

1936 Dot — The $300,000 Penny

The 1936 Dot cent is one of the most famous coins in Canadian numismatics. When King George V died in January 1936, the Mint needed time to prepare new dies bearing the portrait of Edward VIII (who would abdicate before any Canadian coins bearing his likeness were produced). To identify 1937-dated coins struck from 1936 dies, a small dot was placed below the date on a handful of coins.

The regular 1936 cent (mintage 8,769,769) is common and worth about $1 in circulated grades. The 1936 Dot is another matter entirely — specimens in MS-63 have been valued at approximately $300,000 CAD, making it the single most valuable entry in our entire coin database. Only a handful of confirmed examples are known to exist.

1953 — Shoulder Fold vs. No Shoulder Fold

The coronation of Queen Elizabeth II in 1953 brought a new obverse portrait to Canadian coinage. Two versions were produced: the No Shoulder Fold (NSF) type, which lacks a visible strap or fold on the Queen's shoulder, and the Shoulder Fold (SF) type, which shows a distinct fold. The SF variety was introduced partway through the year as a design correction.

For the 1953 cent, the NSF version (mintage 67,806,016) is the common type. The SF variety is scarcer and commands strong premiums — $97.50 in MS-63 and $1,290 in MS-65. A sub-variety of the NSF with a "Hanging 3" (where the bottom of the digit 3 drops lower than normal) is also collectible.

Our database documents 17 errors on the 1953 cent, including die cracks, die clashes, and planchet flaws — an unusually high concentration that suggests quality control challenges during the portrait transition year.

Variant	VF-20	MS-60	MS-63	MS-65
No Shoulder Fold	$0.30	$1.30	$3.70	$42.50
Shoulder Fold	$2.00	$22	$97.50	$1,290
NSF Hanging 3	—	—	$25	$121

1955 No Shoulder Fold — The Elizabeth II Key

The Shoulder Fold / No Shoulder Fold distinction continued into 1955, but the rarity reversed. The SF version (mintage 56,403,193) is common. The NSF version, which used the older portrait style, has no separately recorded mintage and is genuinely scarce — likely because the Mint had largely moved to the corrected SF dies by then.

The 1955 NSF cent is the key Elizabeth II cent variety. In VG-8 it sells for $137 CAD, and MS-63 specimens reach $2,250. Gem MS-65 examples are valued at $6,900.

Variant	VG-8	VF-20	MS-60	MS-63	MS-65
Shoulder Fold	—	$0.05	$0.45	$1.80	$27
No Shoulder Fold	$137	$229	$935	$2,250	$6,900

1965 — The Bead Varieties

In 1965, the Canadian cent was produced with two obverse types that differ in the size of the beads (small raised dots) around the rim, and two reverse types with different shapes for the digit 5 in the date. This creates four combinations, two of which are scarce:

• Small Beads, Pointed 5 — The common baseline coin (mintage 304,441,082).
• Large Beads, Pointed 5 — Scarcer variety. VF-20: $4.90, MS-63: $59.60, MS-65: $193.
• Large Beads, Blunt 5 — Moderately common. MS-65: $26.40.
• Small Beads, Blunt 5 — Common. MS-65: $20.10.

The Large Beads, Pointed 5 variety is estimated to represent only 1–2% of the total 1965 cent production, making it the variety to hunt for. Our database records 21 errors on the 1965 cent, including clipped planchets, die chips, and a struck-through-thread specimen. For more on identifying error coins, see our errors and varieties guide.

Other Notable Dates

Beyond the marquee key dates, several other years deserve attention from cent collectors:

Year	Variant	Mintage	VF-20	MS-63	MS-65
1859	Wide 9/8	8,150	$83	$1,940	$20,100
1884	Obverse #1	2,500,000	$256	$7,500	—
1890	H	1,000,000	$25	$333	$2,420
1891	LL-LD Obv #2	1,453,000	$25	$540	$3,180
1892	Obverse #2	1,200,000	$67	$1,120	—
1907	H (Heaton)	800,000	$32	$517	$4,000
1924	Normal	1,593,195	$18	$877	$8,400
1926	Normal	2,143,372	$12	$606	$6,200

The End of the Penny

On February 4, 2013, the Royal Canadian Mint stopped distributing pennies to financial institutions. The decision came after years of debate about the coin's cost: by 2012, each penny cost 1.6 cents to produce. The government estimated annual savings of $11 million.

The last Canadian penny was struck on May 4, 2012, at the Royal Canadian Mint's Winnipeg facility. Cash transactions are now rounded to the nearest five cents (up or down, following the Swedish rounding method), while electronic payments remain exact to the penny.

For collectors, the penny's retirement added a finality to the series. The 2012 cents — the last ones ever produced — carry a modest premium in uncirculated rolls, and the complete small cent run (1920–2012) has become a popular long-term collecting goal. For famous cents and their historical context, see our famous Canadian coins guide.

How to Identify Key Date Pennies

Identifying key dates in the cent series is straightforward — the date is the primary identifier. Here are practical tips:

• Large vs. Small: If the coin is the size of a quarter (25.4mm), it is a Large Cent (1858–1920). If it is the familiar small size (19mm), it is a Small Cent (1920–2012).
• 1953 SF vs. NSF: Look at the Queen's right shoulder. The SF version shows a clear fold or strap; the NSF version has a smooth shoulder. A 10x loupe makes this distinction easy.
• 1965 Bead Size: Compare the beads (small dots) around the coin's rim. Large Beads are noticeably bigger and more widely spaced. The distinction is visible to the naked eye once you know what to look for.
• Magnetic test for composition: A magnet identifies the composition era. Copper cents (pre-1997) are not magnetic. Copper-plated zinc (1997–2006) is not magnetic. Copper-plated steel (2007–2012) is strongly magnetic.
• Watch for altered dates: The 1925 key date is occasionally faked by altering a common 1926 or 1928. Look for tool marks around the digits under magnification. When in doubt, get professional authentication.

Frequently Asked Questions

Sources

• Royal Canadian Mint — Official mintage figures, specifications, and production history
• Coins and Canada — Market pricing data (CAD), variety catalog, and error documentation
• Numista — World coin catalog with technical specifications
• Charlton Standard Catalogue of Canadian Coins — Annual variety and pricing reference

Guide compiled for educational purposes by Canadian Coin Heads. All prices are in Canadian dollars (CAD) sourced from Coins and Canada market data. Prices reflect approximate market values and can vary significantly with condition, certification, and demand. This is not financial advice.