Most Valuable Canadian Silver Dollars

Introduction

The Canadian silver dollar holds a special place in numismatics. First struck in 1935 to mark the Silver Jubilee of King George V, it became one of Canada's most celebrated coins over its 33-year production run. At 36mm across and weighing 23.33 grams of 80% silver, the dollar was a substantial coin that carried some of the most beautiful designs in Canadian coinage history.

From 1935 through 1967, the Royal Canadian Mint produced silver dollars in most years, though several wartime gaps and production decisions created a series with dramatic swings in mintage and rarity. The silver dollar was replaced by a nickel composition in 1968 and eventually succeeded by the dollar coin Canadians know today as the loonie, introduced in 1987.

Each silver dollar contains 0.600 troy ounces of pure silver, giving every coin in the series a baseline melt value that fluctuates with the silver spot price. But for collectors, the numismatic premiums on key dates far exceed melt, with the rarest specimens reaching five figures. This guide covers every key date, major variety, and price benchmark across the entire 1935-1967 run.

Physical Specifications

Unlike the cent series, which went through multiple compositions and sizes, the Canadian silver dollar maintained a single specification throughout its entire production run. This consistency makes authentication and identification straightforward.

Attribute	Specification
Years Produced	1935-1967
Composition	80% silver, 20% copper
Weight	23.33g
Diameter	36.0mm
Edge	Reeded
Pure Silver Content	0.600 troy ounces (18.66g)
Designer (Reverse)	Emanuel Hahn (Voyageur)

Each silver dollar contains 0.600 troy ounces of pure silver, so the melt value moves directly with the spot price — multiply 0.600 by the current CAD silver price per troy ounce to find it. Common-date circulated silver dollars typically trade at or modestly above their melt value, reflecting a small numismatic premium. The Canadian Coin Heads app calculates live melt values automatically. For a deeper look at Canadian silver coin compositions across all denominations, see our silver coin guide.

The Key Dates

1948 — The Rarest Regular-Issue Silver Dollar

The 1948 silver dollar is the undisputed king of the series. With a mintage of just 18,780 coins, it is the lowest-production regular-issue silver dollar by a wide margin. Even well-circulated examples command hundreds of dollars, and gem uncirculated specimens are genuinely rare.

The reason for the low mintage is a fascinating piece of constitutional history. When India gained independence on August 15, 1947, King George VI's title changed. The Latin inscription "ET IND IMP" (and Emperor of India) had to be removed from the obverse of all Canadian coins. New dies reflecting the shortened title were not ready until late in 1948, which meant very few silver dollars were struck that year. By the time production could resume in earnest, the calendar had turned to 1949.

Grade	VG-8	VF-20	EF-40	MS-60	MS-63	MS-65	MS-66
1948	$588	$1,520	$1,760	$2,430	$4,040	$16,200	$65,000

1947 Maple Leaf — The Transitional Dollar

The 1947 Maple Leaf dollar is directly linked to the 1948 rarity story. While the Mint waited for new 1948 dies without the "ET IND IMP" inscription, it continued striking coins using modified 1947 dies. To distinguish these coins from genuine 1947 production, a tiny maple leaf was added to the right of the date. The result is one of the most distinctive and historically significant varieties in Canadian numismatics.

With a mintage of 21,135 pieces, the 1947 Maple Leaf dollar is the second-rarest date in the series. It is always in strong demand among collectors, both for its scarcity and for the compelling story behind its creation.

Grade	VF-20	EF-40	MS-60	MS-63	MS-65	MS-66
1947 Maple Leaf	$375	$435	$615	$1,250	$7,800	$12,000

1945 — The Wartime Rarity

The 1945 silver dollar has the second-lowest mintage in the series at just 38,391 pieces. During the final year of the Second World War, demand for dollar coins was minimal. The Mint's resources were directed toward wartime production, and the silver dollar was a low priority. The result is a coin that is scarce in all grades and genuinely rare in uncirculated condition.

Grade	VF-20	EF-40	MS-60	MS-63	MS-65	MS-66
1945	$254	$310	$465	$901	$14,000	$36,900

1947 Pointed 7 — Multiple Sub-Varieties

The 1947 regular-issue (non-Maple Leaf) dollar exists in two major varieties based on the shape of the digit 7 in the date. The Pointed 7 variety, with a mintage of 65,595, has a sharper, more angular tip on the 7. This variety is scarce on its own, but what makes it especially interesting to variety collectors is the range of sub-varieties that exist within it.

The most valuable sub-variety is the Pointed 7 Dot, which features a small dot between the 7 and the denticles. Additional sub-varieties include Double HP (doubled "HP" in the designer's initials) and Quadruple HP. Each carries a different premium.

Variety	VG-8	VF-20	EF-40	MS-60	MS-63	MS-64
Pointed 7	$75	$164	$192	$760	$2,240	—
Pointed 7 Dot	$175	$296	$360	$1,250	$3,850	$8,300

1947 Blunt 7 — The More Common 1947

The Blunt 7 variety of the 1947 dollar has a rounded, less angular tip on the 7. It is the more frequently encountered of the two 1947 varieties, but it is by no means common in absolute terms. Several sub-varieties exist, including 7/7 (a repunched 7), Double HP, and various JOP types (referring to differences in the junction of letters in the obverse inscription).

Grade	VF-20	EF-40	MS-60	MS-63	MS-65
1947 Blunt 7	$120	$145	$225	$490	$7,300

1935 — The First Silver Dollar

Canada's first silver dollar was issued in 1935 to commemorate the Silver Jubilee of King George V (25 years on the throne). With a mintage of 428,707, the inaugural year is far from rare in absolute terms, but its historical significance makes it one of the most collected dates in the series. Several varieties add considerable interest.

The most important variety distinction is the Short Water Lines (SWL) versus normal. The SWL variety shows fewer water lines to the right of the canoe on the Voyageur reverse, the result of die polishing. A separate variety known as JOP Type 2 features differences in the junction of the letters in the obverse inscription and commands higher premiums than the standard coin.

Variety	EF-40	MS-60	MS-63	MS-65
Normal	$42	$55	$96	$560
SWL (Short Water Lines)	$60	$95	$215	$929
JOP Type 2	$720	$870	$1,210	$2,020

1938 — A Scarce Pre-War Date

The 1938 silver dollar has a mintage of 90,304 — well below the six- and seven-figure mintages of later years. This makes it the scarcest "normal" date (excluding the wartime and transitional issues) and a coin that collectors actively seek.

Grade	VF-20	EF-40	MS-60	MS-63	MS-65
1938	$57	$79	$120	$267	$2,750

1955 Arnprior — The Missing Water Lines

The 1955 silver dollar has a total mintage of 268,105, which is modest but not exceptionally low. What makes this year special is the Arnprior variety — a die variety where water lines to the right of the canoe are missing or incomplete. The name comes from a bulk order of silver dollars placed by the Bank of Canada branch in Arnprior, Ontario, which happened to receive coins struck from a polished die that had lost the fine water line detail.

The Arnprior story has made this one of the most recognized variety names in Canadian numismatics. Within the Arnprior category, additional sub-varieties exist: the Arnprior Die Break (showing a crack through the die) and the Fu Manchu (a die break that creates a line resembling a thin moustache on the King's portrait).

Variety	MS-60	MS-63	MS-65
1955 Normal	$55	$67	$435
Arnprior	$73	$182	$1,400
Arnprior Die Break	$110	$310	$2,220
Arnprior Fu Manchu	$120	$339	$1,750

For more on die varieties and error coins across all Canadian denominations, see our errors and varieties guide.

1965 Small Beads Blunt 5 (Coin Alignment) — The Modern Rarity

The 1965 silver dollar exists in several combinations of obverse bead size (Large Beads vs. Small Beads) and the shape of the digit 5 in the date (Pointed 5 vs. Blunt 5). Most are readily available. The exception is the Small Beads, Blunt 5, Coin Alignment combination, which is extremely rare and commands prices that rival the classic key dates.

Variety	MS-63	MS-64
SB Blunt 5 Coin Alignment	$22,300	$23,900

This variety is so scarce that it rarely appears at auction. The narrow price gap between MS-63 and MS-64 reflects the tiny population of known specimens rather than a lack of demand. Any purported example should be professionally authenticated.

1966 Small Beads — The Last Voyageur Rarity

The 1966 silver dollar was the final year of the standard Voyageur reverse (the 1967 dollar carried a centennial design). Like the 1965, the 1966 exists with both Large Beads and Small Beads obverse varieties. The Small Beads variety is genuinely scarce and carries substantial premiums over the common Large Beads type.

Variety	AU-50	MS-60	MS-63	MS-65
1966 Large Beads	$55	$55	$57	$189
1966 Small Beads	$3,200	$3,600	$4,300	$7,700

1967 Diving Goose — The Centennial Variety

Canada's centennial year of 1967 brought a special reverse design to the silver dollar: a flying Canada goose, designed by Alex Colville. The standard version shows the goose in level flight, but a variety known as the Diving Goose shows the bird at a steeper downward angle, as though diving. This die variety has become one of the most popular collectibles in the silver dollar series.

Additional 1967 sub-varieties include Double Struck and Triple Struck specimens, as well as a Coin Alignment variety where the reverse is rotated 180 degrees from the standard medal alignment. The Coin Alignment 1967 is rare and valuable.

Variety	AU-50	MS-60	MS-63	MS-65
1967 Normal Goose	$55	$55	$57	$172
1967 Diving Goose	$711	$920	$1,230	$2,320
1967 Coin Alignment	—	$4,900	$7,200	$15,700

Complete Silver Dollar Run (1935-1967)

The table below shows every year of the Canadian silver dollar series, sorted by mintage from lowest to highest. VF-20 and MS-63 prices are provided for each date. Common-date silver dollars in circulated condition trade near their silver melt value (0.600 ozt × the current CAD spot price), while uncirculated examples of even the most common dates carry a modest numismatic premium.

Year	Mintage	VF-20	MS-63	Notes
1948	18,780	$1,520	$4,040	Series key date
1947 ML	21,135	$375	$1,250	Maple Leaf variety
1945	38,391	$254	$901	Wartime low mintage
1947 Ptd 7	65,595	$164	$2,240	Dot, Double HP varieties
1938	90,304	$57	$267	Scarcest pre-war date
1946	93,055	$51	$245
1950	261,002	$51	$107	Arnprior + SWL varieties
1955	268,105	$51	$67	Arnprior varieties
1936	306,100	$51	$107
1937	207,406	$51	$100
1935	428,707	$42	$96	First year, SWL + JOP varieties
1939	1,363,816	$51	$60	Royal Visit commemorative
1949	672,218	$51	$73	Newfoundland commemorative
1951	416,395	$51	$67	SWL variety
1952	406,148	$51	$63	SWL + NWL varieties
1953	1,074,578	$51	$60	NSF + SF varieties
1954	246,606	$51	$80	SWL variety
1956	209,092	$51	$76
1957	496,389	$51	$57	SWL variety
1958	3,039,630	$51	$55	British Columbia commemorative
1959	1,443,502	$51	$55
1960	1,420,486	$51	$55
1961	1,262,231	$51	$55
1962	1,884,789	$51	$55
1963	4,179,981	$51	$55
1964	7,296,832	$51	$55	Charlottetown commemorative
1965	10,768,569	$51	$55	Bead + date varieties
1966	9,912,178	$51	$57	Small Beads variety
1967	6,767,496	$51	$57	Centennial, Diving Goose

The Voyageur Design

The reverse of most Canadian silver dollars (1935-1966) features the Voyageur design by Emanuel Hahn. It depicts a fur trader and an Indigenous guide paddling a canoe laden with goods, with the Northern Lights shimmering above. The design is rich in detail: the canoe carries bales of fur, and small islets with trees appear in the background. It became one of the most recognized images in Canadian coinage.

The design's fine detail — particularly the water lines to the right of the canoe — is what gives rise to the Short Water Lines (SWL) and Arnprior varieties. When dies were polished to remove minor imperfections, the delicate water lines were often the first detail to be lost. This is why SWL varieties appear across multiple years (1935, 1950, 1951, 1952, 1954, 1957) and why the Arnprior story resonates so strongly with collectors.

Three years broke from the Voyageur pattern with commemorative reverses: 1939 (Royal Visit — Parliament Buildings), 1949 (Newfoundland's entry into Confederation — the ship Matthew), 1958 (British Columbia centennial — totem pole), and 1964 (Charlottetown Conference centennial — meeting scene). The 1967 centennial dollar featured Alex Colville's flying Canada goose. Each commemorative year is collected as part of the silver dollar series, and some — particularly 1939 and 1949 — are common enough that they frequently serve as a collector's first silver dollar.

Silver Content and Melt Value

Every Canadian silver dollar from 1935 to 1967 contains 0.600 troy ounces of pure silver (18.66 grams). The coin's total weight of 23.33 grams is composed of 80% silver and 20% copper — the same alloy used in Canadian quarters, dimes, and half-dollars of the same era.

To calculate the current melt value of a silver dollar, multiply 0.600 by the current silver spot price in CAD. For example, if silver is trading at $50 CAD per troy ounce, the melt value would be 0.600 × $50 = $30.00 CAD. This melt value acts as a price floor for all silver dollars in the series regardless of date or condition. The Canadian Coin Heads app calculates this automatically using live spot prices.

For bullion stackers, common-date silver dollars (1958-1965 dates with mintages in the millions) are an affordable way to accumulate silver at near-melt prices. For numismatic collectors, the key dates offer the potential for returns that far exceed the underlying metal value. For a broader look at silver content across all Canadian denominations, see our silver coin guide. For guidance on the difference between collecting for metal value versus numismatic value, see our bullion vs. numismatics guide.

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.