The humble Canadian cent, discontinued in 2012, has a rich history from 1858 onward, with several low-mintage dates and spectacular errors that command prices from thousands to potentially hundreds of thousands of dollars. While the mention of $1 million is aspirational for the penny, certain authenticated error coins have indeed cracked the six-figure mark.
If you are sorting through old Canadian change, here are the “Holy Grail” pennies, ranging from the Victorian era to the special 1992 Confederation issue, that you must look for.
👑 The Top-Value Rarity: The Six-Figure Penny
The rarest of all Canadian small cents is a dramatic example of a coin produced during a time of crisis:
1. 1936 Dot Cent
This penny is the undisputed champion of Canadian cents, known for its extremely low mintage and compelling history.
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The Story: King George V died in early 1936, and his successor, Edward VIII, abdicated later that year. The Royal Canadian Mint was unable to produce new dies with King George VI’s likeness in time for 1937 production.
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The Error/Variety: To indicate coins struck in 1937 using the old 1936 dies, a tiny, raised dot was placed directly below the date.
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Rarity and Value: Only five examples of the 1936 Dot Cent are currently known to exist. One example sold for approximately $402,000 at auction in 2010.
💰 Low-Mintage Key Dates
These early 20th-century pennies are incredibly valuable due to low production numbers, making them nearly impossible to find in high grades today:
2. 1925 Canadian Penny
This date is the lowest-mintage regular issue small cent in Canadian history.
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Rarity: Only slightly over one million were minted (1,000,652).
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Value: Even a worn, circulated example is valued at a minimum of $25. Near-mint condition coins can sell for nearly $2,700.
3. 1922 Canadian Penny
Another low-mintage coin from a period of economic slowdown.
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Rarity: About 1.2 million were minted. They are difficult to find in good condition.
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Value: Worn coins might sell for $10–$15, while high-grade examples have sold for over $1,900.
4. 1923 Canadian Penny
This date has an even lower mintage than the 1922 issue.
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Rarity: The mintage was 1,019,002 pieces.
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Value: Circulated examples start around $25, with uncirculated pieces selling for up to $500+.
🔍 Error Varieties and Key Features
These coins require close inspection, as the value lies in a small design change or error:
5. 1955 No Shoulder Fold (NSF) Penny
This variety involves a difference in the portrait of Queen Elizabeth II.
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The Error/Variety: In the early years of Elizabeth II’s reign, the initial design had a shoulder fold to indicate her gown. The rare variety is missing this detail, resulting in the “No Shoulder Fold” (NSF) design.
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Value: This variety is a major rarity. Circulated examples start at around $125, with high-grade pieces selling for $700+.
6. 1985 Pointed 5 Cent
This modern variety features a small, yet significant, difference in the date.
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The Variety: On the reverse, the numeral ‘5’ in the date comes in two forms: a blunt 5 and a pointed 5. The Pointed 5 is the variety sought by collectors.
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Value: Circulated examples with a clear Pointed 5 are valued starting at about $2.50, making them a great target for change checkers. High-grade examples command a substantial premium.
🇨🇦 The 1992 125th Anniversary Coin
The 1992 cent often included in collections marks the 125th Anniversary of Canadian Confederation (1867-1992). While the common circulating issue is not highly valuable, it is a popular commemorative date.
Collector’s Note: For all these coins, especially the older issues, the difference between a few dollars and a few thousand dollars depends entirely on its condition (grade). A coin with clean surfaces and crisp details will command the highest prices.
If you find a penny matching one of these descriptions, protect it from any further damage and consider getting it authenticated!
